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Financial & Banking
Gov’t Caps RCA Rates For Six Months
Monday, April 10, 2023
The Romanian Government adopted, on Wednesday, the Government Decision that provides for the capping of the price of RCA car insurances for six months. Prime Minister Nicolae Ciuca announced at the beginning of the Government session that he will condition this ceiling on the elaboration in six months of ...
PM Ciuca: We need financial-banking instruments to complement EU funds for investments
Monday, April 10, 2023
Prime Minister Nicolae Ciuca met on Tuesday at the Victoria Governmental Palace with representatives of the Romanian Association of Banks (ARB) and stressed, in this context, that there is a need for financial-banking instruments capable of complementing European funds for those who want to invest.According to a Government press release, the participants highlighted the good evolution of the banking system, which enjoys stability and liquidity above the ...
FinMin Caciu: Installment of excise duties no longer accepted
Monday, April 10, 2023
Finance Minister Adrian Caciu announces that the Government has approved, on Wednesday, an emergency ordinance amending the Tax Procedure Code regarding the granting of simplified and classic installments."Installment of excise duties is no longer accepted. Neither the classic nor the simplified one. On the simplified installment side, excise duties, withholding tax and gambling taxes are no longer accepted for installments. Obviously, the so-called ...
Mogo Romania streamlines the credit granting process and launches a module for car dealers
Monday, April 10, 2023
Mogo Romania, the 100% digital financial institution that finances used car acquisitions, marks the next steps in implementing its digitalization strategy and launches a new interface for car dealers. Thus, the ...
The NN Health Insurance covered medical costs of over RON 36 million for treatments and surgeries Romanians needed
Monday, April 10, 2023
An accident or a health problem in the family can lead to unplanned expenses that many families in Romania cannot easily sustain. In such a situation, a family would need, on average, 90,000 lei in addition to the available financial resources, according to calculations based on UNSAR data on the Romanians’ protection deficit. Launched on World Health Day, the NN Health Insurance helps customers get the treatment ...
KPMG Private Enterprise Global Family Tax Monitor: Large differences in tax paid for generational transfers across jurisdictions
Monday, April 10, 2023
There are multi-million-euro tax variations for generational transfers of a family business across 57 jurisdictions, including Romania, which means that for many family businesses, maintaining prosperity in the long run depends on how well they plan for transfers of business assets and family wealth from one generation to the next. This is the conclusion of the latest KPMG Private Enterprise Global ...
Green Loan to Romania Unicredit Consumer Financing Project Description
Monday, April 10, 2023
A senior unsecured loan of up to RON 100 million (approximately EUR 20 million equivalent) to UniCredit Consumer Financing IFN SA ("UCFin" or the "Company"), a non-banking financial institution based in Romania, to support green consumer financing solutions. Project Objectives The transaction will allow UCFin to ...
EBRD Vice President visits Moldova
Monday, April 3, 2023
EBRD Vice President Mark Bowman visits Moldova to discuss new Country Strategy for Moldova Bank’s support for Moldova focusses on energy security, private sector investment EBRD is Moldova’s biggest institutional ...
BNR: Quarterly benchmark index for loans granted to consumers, increased to 5.98pct per year
Monday, April 3, 2023
The benchmark index for loans granted to consumers (IRCC) regulated by Government's Emergency Ordinance (OUG) No.19/2019 stands at 5.98pct per year, increasing compared to the one published three months ago, of 5.71pct per year, according to the data published by the National Bank of Romania (BNR) on Friday.The index is calculated as the arithmetic average of the daily interest rates of interbank transactions from the fourth quarter of 2022.According ...
Fitch revises outlook on Romania's BCR, BRD to stable
Monday, April 3, 2023
On Thursday, Fitch Ratings revised its Outlooks on Banca Comerciala Romana S.A.'s (BCR) and BRD-Groupe Societe Generale S.A.'s (BRD) Long-Term Issuer Default Ratings (IDRs) to Stable from Negative and affirmed the IDRs at 'BBB+' according to a Fitch Ratings press release.The rating actions follow the revision of the Outlook on the Romanian sovereign rating to Stable.The affirmation of BCR's and BRD's IDRs and Shareholder Support Ratings (SSRs) ...
Fitch downgrades Euroins Romania to 'CC'
Monday, April 3, 2023
Fitch Ratings has downgraded Euroins Romania Asigurare-Reasigurare S.A.'s (Euroins Romania) Insurer Financial Strength Rating (IFS) to 'CC' from 'B+' and placed it on Rating Watch Evolving (RWE).At the same time, the agency has placed the remaining IFS ratings of the Euroins Insurance Group (EIG), Insurance Company Euroins AD (Euroins Bulgaria) and Insurance Company EIG Re AD (EIG Re), on Rating Watch Negative (RWN)The rating actions follow the ...
Eurohold: Claim payments to be resumed in lieu of Guarantee Fund if ASF renounces revocation of Euroins license
Monday, April 3, 2023
EIG Re and all other reinsurer groups will immediately renew the reinsurance contracts and resume the payments for all current and future claims in lieu of the Guarantee Fund if the Financial Supervisory Authority (ASF) renounces the revocation of the Euroins license, Eurohold Bulgaria representatives say in a press release sent on Thursday."Two weeks after the abusive revocation of the Euroins Romania license, the compulsory car insurance market is in ...
Mastercard and BRD launch exclusive experiences for Premium card holders in Romania
Monday, April 3, 2023
Mastercard and BRD announce the launch of a collection of experiences and benefits from categories such as art and culture, sports, gastronomy, entertainment, travel or shopping, dedicated exclusively to Mastercard BRD Premium cardholders: Noir (World Elite), Platinum or Gold available through the ...
OMRO IFN, the first microfinancing institution in Romania to partner with BNP Paribas
Monday, April 3, 2023
OMRO IFN, the company that supports small Romanian entrepreneurs, partners with BNP Paribas, marking the first ...
The Export Import Bank Of Romania – EximBank SA Becomes Exim Banca Romaneasca SA
Monday, April 3, 2023
The Export Import Bank of Romania – EximBank SA will become Exim Banca Romaneasca starting May 10th, 2023, a change in its name and logo approved today by the Extraordinary General Meeting ...
The NCMO meeting of 23 March 2023
Monday, March 27, 2023
The first meeting in 2023 of the General Board of the National Committee for Macroprudential Oversight (NCMO) was held on 23 March 2023. The NCMO was established by virtue of Law No. 12/2017 on the macroprudential oversight of the national financial system, thus ensuring that Recommendation of the European Systemic Risk Board (ESRB) No. 3/2011 on the macroprudential mandate of ...
Monetary indicators - February 2023
Monday, March 27, 2023
At end-February 2023, broad money (M3) amounted to RON 612,242.3 million, up 1.4 percent (0.4 percent in real terms month on month. In year-on-year comparison, broad money rose by 7.3 percent (down 7.1 percent in real ...
President Iohannis: At this moment, Romania does not yet meet the criteria to join Eurozone
Monday, March 27, 2023
President Klaus Iohannis stated on Thursday that, at this moment, Romania doesn't yet meet the criteria regarding the accession to the Eurozone, underscoring that is is not realistic for our country to set a deadline for it."When we have overlapping crises, the energy crisis, we have major problems with European industry, we are seeking solutions for European competitiveness, we have high inflation, it is quite complicated to give a deadline. I don't think it is ...
CEC Bank and EximBank finance Toneli Holding
Monday, March 27, 2023
CEC Bank granted a financing of about 40 million RON to the Toneli Holding SA company, part of the Toneli Group, the largest egg producer in Romania, according to a press release from the bank.The financing benefits from a guarantee granted by EximBank within the state aid scheme in the context of the economic crisis generated by Russia's aggression against Ukraine.According to the general director of the Toneli group of companies, Toni Khoury, ...
iBanFirst targets more than €1bn in international payments from Romanian companies in 2023
Monday, March 27, 2023
In 2022, the company made €700 million worth of international payments for Romanian clients, representing a 300% increase compared to 2021, the first year of activity on the local market. The main foreign trade partners of Romanian companies are from the EU, China and Turkey. With 70% year-to-year international growth, iBanFirst has been included for the ...