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Financial & Banking

BNR : International reserves – June 2022

Monday, July 4, 2022

On 30 June 2022, the National Bank of Romania’s foreign exchange reserves stood at EUR 42,033 million, compared to EUR 40,920 million on 31 May 2022.   During the month, the following flows were recorded: EUR 5,252 million worth of inflows representing: changes in credit institutions’ foreign currency-denominated required reserves with the NBR; ...

Savings average represents 807 RON per month, in 2021

Monday, July 4, 2022

   Savings have represented 807 RON per month, last year, on average, per household, which represented 14.2% of total income, going down from the previous year by two percentage points, according to the data published by the National Institute of Statistics.The situation for analyzed household categories presents itself as such: pensioner households saved on average +15.4% of income, self-employed and non-agricultural activities - 14.7%, ...

NN marks 25 years in Romania and amplifies its strategy to protect the financial future of Romanians

Monday, July 4, 2022

NN Asigurari de Viata, the leader of the life insurance market, closed the first 25 years of activity in Romania with a significant footprint in society and in the local economy.   Since July 1997, NN supports clients to protect everything that matters most to them, contributes to relevant social causes in the communities it is part of and, throughout its overall activity, amplifies its role and impact in the economy ...

IFC has a new Vice President for Europe

Monday, July 4, 2022

International Finance Corporation (IFC) today announced the appointment of Alfonso Garcia Mora as the new Vice President for Europe, and Latin America and the Caribbean. In his new role, Garcia Mora will spearhead IFC’s operations in the two regions, including overseeing IFC’s response to the war in Ukraine and encouraging the growth of the private sector to tackle main development ...

BRD Pensii Private manager hit by scandal as police starts fraud investigation

Monday, July 4, 2022

The former general manager of BRD Pensii Private, the private pension arm of Romanian lender BRD Groupe Societe Generale, is reportedly under investigation for embezzling money from the company – some RON 23.5 mln (EUR 4.75 mln), according ...

Libra Bank ready to pay 5.5%-6.5% for 10-year bonds denominated in euros

Monday, July 4, 2022

  The Board of Directors of Romanian bank Libra Internet Bank, a member of the American investment group New Century Holdings, approved on June 28 the terms for a new foreign currency bond issue, with a maturity of ten years, to be listed at Bucharest Stock Exchange (BVB), according to ...

Govt. approves but doesn't recommend bank loan moratorium

Monday, July 4, 2022

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The bank loan moratorium, for bank debtors facing financial problems due to the crisis prompted by the war in Ukraine, was enacted by the Romanian Government on June 29. Those who face increases in spending by 25% are entitled to request the moratorium, which allows for the deferral of installments.  Finance minister Adrian ...

Four in five homes in Romania are uninsured despite law making it mandatory

Monday, July 4, 2022

Only 1.8 million (19%) out of the nearly 9.6 million homes in Romania were insured in case of natural disaster at the end of 2021, despite a law making home insurance mandatory it since 2009.   A major earthquake or flood would, therefore, find 81% of homeowners exposed and liable for any damages, according to data collected by Romania’s Financial Supervisory Authority (ASF) and cited ...

Quarterly Consumer Credit Reference Index up 2.65 pct per annum

Monday, July 4, 2022

The Consumer Credit Reference Index (IRCC), regulated by Emergency ordiannce 19/2019, stands at 2.65 pct per annum, calculated as the arithmetic average of the daily interest rates of interbank transactions in Q1 2022, up from 1.86 ppa three months ago, according to data announced on Monday by the National Bank of Romania (BNR).According to OUG 19/2019, "for loans granted in national currency, the interest rate will be composed of a reference index ...

EBRD supports development of Romania’s insurance market

Monday, July 4, 2022

The EBRD expressed optimism about the development of the Romanian and regional insurance market, after record-breaking results for 2021 from Bulgaria’s Euroins Insurance Group (EIG), led by the strong performance of its largest entity, Euroins Romania Asigurare Reasigurare.   EIG is one of the largest independent non-life insurance groups in central, eastern and south-eastern Europe. The EBRD took a minority stake in ...

Nuclearelectrica places RON 53.5 mln in deposits with Eximbank for 9.1% interest

Monday, July 4, 2022

The nuclear company Nuclearelectrica (BVB: SNN) informed its shareholders that, based on the current account framework contract with the Import-Export Bank of Romania (Eximbank), it placed another term deposit without default renewal and maturity of some seven months, in the amount of RON 53.5 mln, on June 24.   The interest rate that applies to the term deposits is 9.1% per year. The maturity date is ...

IFC's first "blue" loan in Central and Eastern Europe goes to Banca Transilvania

Monday, July 4, 2022

The International Financial Corporation (IFC) will extend a landmark EUR 100 mln loan to Banca Transilvania (BT), Romania's largest lender, as the first "blue" financing loan in Central and Eastern Europe to increase funding for the sustainable use of water (blue) projects in Romania.   To comply with all the European Union (EU) requirements relating to the water and wastewater sectors, Romania will have ...

Fitch downgrades Euroins Insurance Group IFS Rating to 'B+'; Outlook Negative

Monday, July 4, 2022

Fitch Ratings has downgraded Euroins Insurance Group AD's (EIG) operating non-life insurers' Insurer Financial Strength (IFS) Ratings to 'B+' (Weak) from 'BB-' (Somewhat Weak) and removed them from Rating Watch Negative (RWN). The affected companies are Insurance Company Euroins AD, Insurance Company EIG Re AD and Euroins Romania Asigurare-Reasigurare S.A. The Outlook is Negative.   The downgrade reflects ...

BNR report: Romanian households' net wealth up 10 pct in 2021

Monday, June 27, 2022

The Romanian households' net wealth continued to grow at a robust pace of 10 percent in 2021, with real estate assets acting as the main growth driver, shows the Financial Stability Report released by the National Bank of Romania (BNR).According to the cited document, the households' net wealth last year was in excess of 2.600 billion RON."The households' net wealth continued to increase at a robust pace during 2021 (+10 pct). Real estate assets are ...

Insurance market marks historic record based on competition's increase, but also system's concentration

Monday, June 27, 2022

Subscribed Gross Premiums (PBS) from Romanian insurance companies, have reached almost 4.66 billion RON during the first three months of 2022, the highest trimestrial value registered in the history of Romanian insurance market, going up by 46% from the similar period of last year, according to a press release sent by the Financial Supervisory Authority (ASF).Subscribed Gross Premiums related to general insurance have gone up by 53.9%, while premiums for life ...

Raiffeisen Bank is listing the third green bonds issue on BVB

Monday, June 27, 2022

Raiffeisen Bank is listing on Friday, June 24, a new issue of green bonds at the Bucharest Stock Exchange (BVB) worth RON 525mn. The bonds traded under the RBRO27 stock ticker are the third ...

BSTDB concludes the 24th Annual Meeting of the Board of Governors

Monday, June 27, 2022

The Board of Governors of the Black Sea Trade and Development Bank (BSTDB) held its 24th Annual Meeting under the Chairmanship of Mr. Samir Sharifov, Minister of Finance of the Republic of Azerbaijan.   The Board of Governors approved the 2021 Financial Statements, and the net profit of EUR 43.9m million, allocated to the Bank, meaning it is in profit for the seventeenth consecutive ...

Norway, Iceland and Liechtenstein launch new round of grants for Romanian startups

Monday, June 27, 2022

Romanian startups can apply for grants of EUR 10,000-200,000 under a new round launched by Norway, Iceland and Liechtenstein through the EEA and Norway Grants. The focus of the projects should be one of the three main areas of the Programme: Green Industry Innovation, Blue Growth and ICT.   The projects should contribute to "increased competitiveness for Romanian enterprises within the mentioned ...

Raiffeisen Bank RO sees twin deficit issues but robust growth for 2022

Monday, June 27, 2022

With the trade deficit at 12%-13% of GDP and a current account (CA) gap of rather 8% of GDP (from 7% of GDP last year) on the external balance side and the budget deficit at 5.8% of GDP (with a little help from the sharply rising nominal GDP), the twin deficit problem remains acute for Romania, according to a research report of Raiffeisen Bank Romania published by chief economist Valentin Tataru.   "Even ...

OTP Bank expects 4% economic growth in Romania, to possibly ease below 3% in 2023

Monday, June 27, 2022

Romania's economy will grow by 4% this year, and the growth will slow down to 3.5% in 2023 as the central bank will have to rise the refinancing rate to 7% by the end of this year (versus the 8%-9% ideal rate of the refinancing rate), according to a research report published by OTP Bank Romania.   The fiscal consolidation has stalled and will resume maybe next year, while the current account (CA) deficit ...

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