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Financial & Banking

BNR Board decisions on monetary policy

Monday, October 11, 2021

The Board of the National Bank of Romania (BNR), having convened for the meeting of 5 October 2021, decided:   to increase the monetary policy rate to 1.50 percent per annum, from 1.25 percent per annum, as of 6 October 2021; to raise the deposit facility rate to 1.00 percent per ...

Raiffeisen Asset Management's AuM at 6 bln lei

Monday, October 11, 2021

 Assets under the management of Raiffeisen Asset Management (RAM) surpassed 6 billion lei at the end of August 2021, placing it at the top of the ranking of Romania's open-end management companies, with over 23 percent of the market, Raiffeisen Bank Romania said in a statement.Raiffeisen Asset Management's assets under management (AuM) increased by over 800 million lei compared to the end of 2020; equity and mixed-asset funds saw the fastest growth, ...

Romanian companies reward investors by growth rates twice as high as their US or European counterparts in the first 9 months

Monday, October 11, 2021

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The Romanian capital market surged by 29% in the first 9 months when looking at the BET index, and by 35.6% when taking into account BET-TR, which includes also dividends.  US’s S&P 500 increased by 14.7% after the first 9 months, while the European index STOXX600 went up by ...

Patricia Andrei appointed as HR Director at CEC Bank

Monday, October 11, 2021

Patricia Andrei is the new HR Director of CEC Bank, a position from which she will coordinate the entire human resources activity of the bank with the largest territorial network in Romania, which includes more than 1,000 units and almost 6,000 employees nationwide.   With more than 22 years of experience in the field, the new HR director has held various positions within the ...

Competition Councul authorizes take over of companies from IDEA Group by Banca Transilvania

Monday, October 11, 2021

The Competition Council authorized the transaction by which Banca Transilvania intends to take over the idea Bank S.A. and, indirectly, Idea Investment S.A., Idea Leasing IFN S.A. and Idea Insurance Broker S.R.L.According to a press release of the Competition Authority submitted on Wednesday, Banca Transilvania is the main company of Banca Transilvania, providing a wide range of financial services in Romania, such as banking services, investment services, ...

EBRD lobbies for amending regulations after entering biggest Romanian insurer

Monday, October 11, 2021

Euroins Romania, the biggest insurer after the collapse of market leader City, will benefit from a EUR 42 mln capital injection from the European Bank for Reconstruction and Development (EBRD) and its Bulgarian owner.   In a joint statement of the EBRD and Euroins, they announce "advanced discussions [with] ASF on the topic of amending the legislation for the insurance industry in ...

Chimcomplex has concluded financing contracts of EUR 56.7 million with CEC Bank and Alpha Bank for the full refinancing of existing loans

Monday, October 11, 2021

Chimcomplex SA Borzesti concluded on September 30, 2021, financing contracts of 56.7 million EURO, which include 26.7 million EURO from CEC Bank and 30 million EURO from Alpha Bank. They will be used for the full refinancing of the existing loans from VTB and Credit Suisse/Argentum Netherlands BV and for the continuation of development ...

Bucharest stocks' Radu Hanga: I think Romanian stock exchange is now registering new takeoff

Monday, October 11, 2021

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  This year the Romanian stock exchange has surpassed the cumulated listings of the last 6 years and now the institution is registering a new takeoff thus fulfilling its goal increasingly better, to help local companies to finance themselves, President of the Stock Exchange Bucharest Radu Hanga told an interview for ...

BNR Press release: Foreign Direct Investment in Romania in 2020

Monday, October 4, 2021

The National Bank of Romania (BNR) , in cooperation with the National Institute of Statistics, conducted the statistical survey regarding the foreign direct investment (FDI), the main data source for FDI Statistics. The major goal of the statistical survey was to determine the FDI net flows during the 2020 financial year, net income from FDI in 2020, as well as the FDI stock as at 31 December 2020 into the resident direct investment ...

BNR: International reserves – September 2021

Monday, October 4, 2021

On 30 September 2021, the National Bank of Romania’s foreign exchange reserves stood at EUR 41,216 million, compared to EUR 41,616 million on 31 August 2021.   During the month, the following flows were recorded:   EUR 779 million worth of inflows representing: changes in credit institutions’ foreign ...

Fiscal Council chair: PNRR has already become national psychosis

Monday, October 4, 2021

The National Recovery and Resilience Plan (PNRR) has become a national psychosis, and the thesis with the money coming in is not Okay, because we have to succeed with internal resources, not only with European resources, on Tuesday warned the chairman of the Fiscal Council, academician Daniel Daianu, in a debate."Romania needs a solid government. I don't think we have the institutional process that allows us instability. We also have this PNRR that has ...

Popa (BNR): There is excess of bank saving which could go to real Romanian economy

Monday, October 4, 2021

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There is in Romania an excess of bank saving which could go directly to the real Romanian economy by means of the capital market, said Cristian Popa, a member of the BNR Administration Board, on Wednesday.    “We have excess of deposits versus credits, we have excess of bank saving versus bank credits. This excess could finance even budget deficits of other states and we have an indicator ...

BNR governor argues Government is fully responsible for external deficit

Monday, October 4, 2021

Romania's public deficit of 9% of GDP in the context of a current account deficit of only 5% means that "the government sector is the one that creates the [external] deficit altogether," governor of the National Bank of Romania argued in a conference, quoted ...

BSTDB Shareholders Decide to Increase Subscribed Capital

Monday, October 4, 2021

Following the adoption of the Long-Term Strategy for the period of 2021-2030 earlier this year, the Board of Governors of the Black Sea Trade and Development Bank (BSTDB) at its extraordinary meeting decided to increase the subscribed capital of BSTDB from the current EUR 2.29 billion to EUR 3.10 billion, a press release sent to ACTMedia informs.    The new subscription follows the increase in the ...

How Emerging European Economies Found a New Monetary Policy Tool

Monday, October 4, 2021

By William Lindquist, Nadeem Ilahi, and Jaewoo LeeIMF European Department   Amid the financial market turmoil at the start of the pandemic, central banks in Croatia, Hungary, Poland, Romania, Serbia, and Turkey rolled out asset purchase programs (APPs), buying up local currency bonds issued by governments but also by the private sector in the case of ...

EBRD: FIF - Garanti Leasing Romania Loan IV

Monday, October 4, 2021

Project Description   Provision of a senior unsecured loan to Garanti Leasing Romania in the amount of up to EUR 10 million for on-lending to local micro, small and medium-sized enterprises (MSMEs) in Romania under the Financial Intermediaries Framework (FIF), EBRD infoms în a press elease sent to ...

TBI Bank’s flagship 15-month deposit in Lei with 4% interest rate becomes the most preferred product by the bank’s customers

Monday, October 4, 2021

In the volatile economic context generated by the pandemic, many Romanians looked for safe and profitable options to save money. So, the accelerated growth of TBI Bank’s savings solutions comes as no surprise. The 15-month Lei deposit, a well-established and appreciated product by both online and agency’s customers, became a flagship choice in the first six months of 2021.   Offered by TBI Bank, one of the most ...

IFC supports the Romanian private sector with record investments made against the constraints generated by the pandemic

Monday, October 4, 2021

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Despite the economic challenges of the COVID-19 pandemic, IFC ramped up support for Romanian companies with a record investment of $429 million in FY 2021—between July 2020 and June 2021—to protect jobs, save small businesses, and accelerate a green and resilient economic recovery in the country.   IFC’s investments in Romania primarily focused on increasing ...

Shareholders of Fondul Proprietatea have approved the renewal of Franklin Templeton's term

Monday, October 4, 2021

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At the Fund’s General Shareholders’ Meeting (GSM) organised today, the shareholders of Fondul Proprietatea approved the key terms for a new administrator mandate for Franklin Templeton International Services S.À RL for a period of two years, starting with 1 April 2022. This is the 11th year since Franklin Templeton has been managing Fondul Proprietatea, with the initial management mandate signed in 2010. Over the last 11 years, Fondul ...

INCOME, The Alternative Investment Platform, Launches Crowdfunding Campaign Targeting 400,000 Euros On SeedBlink

Monday, October 4, 2021

INCOME, an Estonian loan investment marketplace focusing on investor safety, is targeting to raise €400,000 on the SeedBlink crowdfunding platform. The INCOME equity crowdfunding campaign starts on September 28th. INCOME is a marketplace that enables retail and institutional investors to invest in loans from around the world simply and safely.   In 2021, INCOME was launched with the idea of making investments in loans ...

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