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Financial & Banking

CFA: EUR could exceed the RON 4.7 threshold in the next six months

Monday, July 2, 2018

The CFA Romania Macroeconomic Confidence Index has dropped in May against the previous month by 8 points, down to 41.5 points, a release from the association of investment professionals informs, romaniajournal.ro reads. Thus, the Current Conditions Index fell against the previous month by 9.5 points, down to 56.9 points. The anticipations index fell by 7.2 points, down to 33.8 points. In regard to the EUR/RON exchange rate, ...

Deposits of non-government resident customers increase by 0.5pct in May

Monday, July 2, 2018

Deposits of non-government resident customers increased by 0.5 percent month on month to RON 308,682.1 million in May 2018. At end-May 2018, deposits of non-government resident customers increased by 10.6 percent (5.0 percent in real terms) versus the same year-ago period, according to a press statement released by the National Bank of Romania on Monday. RON-denominated household deposits moved down 0.3 percent to RON 113,287.4 million. At end-May 2018, ...

BNR: Balance of loans to companies and population up 0.3 pct in May 2018

Monday, July 2, 2018

 The balance of non-governmental loan granted to credit institutions went up by 0.3 per cent in May 2018 (-0.2 per cent in real terms) compared with April 2018, up top the level of 239.121 billion lei, according to data sent by the National Bank of Romania (BNR) on Monday.In April, the non-governmental loan climbed 0.7 per cent compared with March.Loans in lei increased by 1.4 Per cent (0.9 per cent in real terms) in May against April, in the ...

OECD’s Gurría: ‘People are angry and frustrated’

Monday, June 25, 2018

OECD Secretary-General Ángel Gurría has blamed governments for the rise of populism and political fragmentation across Europe, claiming they also did not deliver benefits that were promised to citizens, he told EURACTIV in an interview.  On the day of a landmark agreement between France and Germany to deepen the eurozone, Gurría said that strengthening the bloc is “the most important and meaningful” long-term ...

Romania's FinMin Teodorovici, appointed one-year chairman of EIB Board of Governors

Monday, June 25, 2018

Finance Minister Eugen Teodorovici, as Romania's Governor with the European Investment Bank (EIB), was appointed chairman of the Board of Governors of the EIB, under a decision taken at the annual meeting held in Luxembourg on Friday, according to Romania's Finance Ministry."I am very honoured to take over the chairmanship inside one of the most important international financial institutions, the European Investment Bank. I am looking forward to supporting the ...

Banca Transilvania to place 285 mln euro bonds

Monday, June 25, 2018

Banca Transilvania said it plans to place to selected investors corporate bonds worth up to 285 million euro ($328 million) in par value due in 2028. The bonds will be made available for subscription via private placements addressed to eligible investors, Banca Transilvania said in a statement filed with the Bucharest Stock Exchange (BVB) late on Thursday. The maximum number of bonds to be placed is 2,850 with a nominal value of ...

Eurostat: Structure of government debt in 2017: Debt mainly held by non-residents in half of the EU Member States

Monday, June 25, 2018

*Long-term initial maturities largely prevail across Member States Significant differences can be observed across the European Union (EU) regarding the sector in which government debt is held. Among Member States for which data are available, the share of public debt held by non-residents in 2017 was highest in Cyprus (82%), followed by Lithuania (73%), Latvia (68%), Finland, Austria and Slovenia (all 67%). In contrast, ...

Hungary and Romania called on to correct significant budgetary deviations

Monday, June 25, 2018

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On 22 June 2018, the Council adopted a decision establishing that Romania has once again failed to take effective action to correct a significant budgetary deviation, consilium.europa.eu informs. It issued a new recommendation, the third to Romania since June 2017 under the EU's 'significant deviation procedure'. The Council also issued a recommendation on measures to ...

Pillar II funds made more than 21,000 payments of pension rights totaling RON 111.3 million in ten years

Monday, June 25, 2018

Romania’s compulsory private pension funds (Pillar II) have made 21,588 payments between 2008 and May 2018, mostly because of the death of contributors, according to Financial Supervisory Authority (ASF) data transmitted following a Business Review’s request. ASF data transmitted to Business Review show that Pillar II funds have made 8,202 payments of pension rights of contributors totaling RON 73.76 million until May 2018, 416 payments of ...

Two out of five Romanian adults don’t have bank accounts

Monday, June 25, 2018

More than two out of five (42%) adult Romanian adults don’t have a bank account, which places Romania next to countries such as Rwanda, Paraguay and Montenegro, according to the World Bank’s Global Findex report, romania-insider.com informs. Moreover, a third of un-banked adult Romanians still get their payment in cash compared to only a quarter in Russia and ...

ING Romania makes changes at top management level

Monday, June 25, 2018

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After 4 years with ING Bank Romania, Ronald Oort is appointed Chief Risk Officer (CRO) at ING Spain, where he will start work on 1 August 2018, http://business-review.eu informs. Ronald will be succeeded by Thomas Bernert, currently Co-Director of the Treasury of Group. ...

Erste Group buys SIF Oltenia stake in BCR for RON 654 mln and increases its participation to 99.88 percent

Monday, June 25, 2018

Erste Group Bank has reached a preliminary agreement with SIF Oltenia, minority shareholder in Banca Comerciala Romana (BCR), for the acquisition of its entire 6.29 percent stake or 1,023,534,303 shares in BCR, business-review.eu/ informs. Subject to the successful completion of Erste Group and SIF Oltenia’s corporate and regulatory approval processes (Extraordinary General Meeting of Shareholders in SIF ...

The World Bank:  the biggest foreign debt of Romania was in 2013

Monday, June 18, 2018

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The biggest  foreign debt of Romania between 2007 and 2016 was in 2013,when it reached almost  124 billion dollars, show the data of the World Bank. The debt of 2013 is divided  in three categories: that of the private non-guaranteed one with a share of 51% of the total, public guaranteed debt ( state ) with a share of 36% and the short-term debt with a share of13%. This last category includes the one year loans. The debt of 2013 was with three billion dollars lower ...

Bucharest Stock Exchange, in the black five months into 2018

Monday, June 18, 2018

The BET index keeps a 4.2pct advance after the first five months, while Romania remains among highest rises of the main stock market indices in the European Union, according to the Bucharest Stock Exchange (BVB)'s monthly report.According to the document, the BVB ended May at 8,080 points for the main BET index, which includes the most traded 13 companies on the main market excluding SIFs, after testing the threshold of 9,000 points in April. The ex-dividend adjustments for BET ...

Optional pension funds' assets of 1.88bn lei at end-April 2018

Monday, June 18, 2018

Optional pension funds had assets of approximately 1.885 billion lei on April 30, 2018, up 15.54pct from the level recorded on April 30, 2017, according to the Financial Supervisory Authority (ASF).Government securities held the largest share within the assets, 1.098 billion lei, 58.25pct respectively. Shares were on the second place, with 404.55 million lei (21.46pct). Corporate bonds ranked third in this respect, with 121.506 million lei, or 6.44pct of total ...

Romania’s insurance sector doubled profit in 2017

Monday, June 18, 2018

The insurance sector in Romania doubled its net profit last year to RON 508 million (EUR 110 million) from RON 251 million in 2016, according to data compiled ...

Isarescu on cryptocurrencies: Few retailers accept Bitcoin, payments cost more

Monday, June 18, 2018

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The governor of the National Bank of Romania (BNR), Mugur Isarescu, suggested that it’s hard to believe that cryptocurrencies can become actual “money” because they can’t fulfill its basic functions. Isarescu went on to say that the “biggest problem” of ...

Net assets of investment funds, down 2 percent in May

Monday, June 18, 2018

The net assets of the 200 domestic and foreign open-end and closed-end funds (except for the Financial Investment Society and Fondul Proprietatea) dipped in May by 2 percent, to 25.6 billion lei (5.5 billion euro), whereas as compared to the beginning of the year, by 3 percent, a press release of the Association of Fund Managers in Romania (AAF) remitted to AGERPRES on Thursday informs.May's net outflow totaled 342.7 million lei (73.9 million euro).The net assets of ...

Risk of non-repayment of loans contracted by non-government sector, on the rise

Monday, June 18, 2018

The risk of non-repayment of loans contracted by the non-government sector is on the rise, in the current Report on financial stability issued by the National Bank of Romania (BNR), vs the previous report where it used to be presented as moderate, the central bank's Vice Governor Liviu Voinea, told on Thursday a presentation conference of the said document. 'The main risk is the setback of the investors' confidence in the emerging economies. This was also present in the ...

BR analysis : Romania is spending RON 2.5 million more per day on interest rates

Monday, June 18, 2018

Since the beginning of 2018, Romania has spent RON 2.5 million more per day due to the increase of interest rates for state loans, according to an analysis conducted by Business Review, http://business-review.eu reads. The causes of this increase include the rapid hike of inflation, the growth of the ROBOR index and the state’s growing financing needs due to an increase in spending, analysts say. The ...

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