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Financial & Banking

Business environment recommends flat tax preservation, cut of tax evasion, harsher sanctions

Monday, June 27, 2022

The business environment recommends to the authorities several directions for fiscal measures, including maintaining the flat tax, a real reduction of tax evasion, increasing tax collection, combating evasion through harsher actions and re-establishing the tax system so as to stimulate work, a release by the main organizations in the business environment reads.The flat tax rate should be maintained, being a simple and essential tax system for economic growth, ...

BCR lists 702 mln lei green bond on BVB

Monday, June 27, 2022

Banca Comerciala Romana (BCR), part of Austria's Erste Group, listed a 702 million lei ($149 million/142 million euro) senior green bond issue on the main market of the Bucharest Stock Exchange (BVB), the bourse said on Wednesday.   The new bond issue is traded on the bourse's main market under the stock ticker BCR27A, the Bucharest Stock Exchange, BVB, said in a press ...

CEC Bank lends 5 mln euro to industrial group RAAL

Monday, June 27, 2022

Romanian state-owned savings bank CEC said on Wednesday it is lending 5 million euro ($5.3 million) to local cooling systems and heat exchangers manufacturer RAAL.   The loan has a state guarantee issued by EximBank under the Covid-19 state aid scheme for companies, which covers 90% of the funding, CEC Bank said in a press release.   RAAL will use the loan to finance ...

ANAF to start massive controls starting with July 1 to verify personal income

Monday, June 20, 2022

The National Tax Administration Agency (ANAF) will start massive controls starting with July 1 to verify the personal income as a source of each person's wealth, announced on Friday the president of the institution, Lucian Ovidiu Heius, during a conference of press."It is an insult to honest people who work hard, sometimes from morning till night, to see that others around them buy state-of-the-art houses, buy exorbitantly expensive cars, and they have not ...

BNR: Balance of payments and external debt – April 2022

Monday, June 20, 2022

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In January - April 2022p, the balance-of-payments current account posted a deficit of EUR 7,568 million, compared with EUR 4,114 million in the same year-ago period, the Central bank (BNR) informs. The breakdown shows that the deficit on trade in goods widened by EUR 2,589 million, the surplus on services increased by EUR 345 million, the primary income deficit grew by EUR 1,126 million, while the secondary income surplus narrowed by EUR 84 ...

President Iohannis signs decree on deounciation of agreement for setting up International Investment Bank

Monday, June 20, 2022

President Klaus Iohannis on Wednesday signed the decree on the submission for adoption by Parliament of the denunciation of the agreement for the establishment of the International Investment Bank, informs the Presidential Administration.Specifically, it concerns the denunciation of the Intergovernmental Agreement on the Establishment of the International Investment Bank and its Statute, signed in Moscow on July 10, 1970, and the Protocol amending the Agreement on ...

TBI Bank reports record quarterly net profit in Q1 2022, 40% higher than the same period last year

Monday, June 20, 2022

Challenging times like these we live in, require an even sharper company vision, a stronger team effort and customer focus from every business. Over the past years TBI Bank has proven to have all these ingredients and the results follow.   TBI Bank’s consolidated unaudited financial results for the first quarter of 2022 show all-time quarterly record net profit of EUR ...

CEC Bank survey: 66.5% of the Romanians have no savings

Monday, June 20, 2022

66.5% of the Romanians surveyed in a survey conducted by CEC Bank in partnership with the bank comparator FinZoom.ro say that they have no savings, and of those who managed to put money aside, most of them (77.6%) have savings of a lifetime below 10,000 euros, according to a press release issued by the bank, on last Tuesday.According to the source, at the opposite pole, savings of over 20,000 euros manage to have only 9.8% of respondents.When asked ...

Insurer Allianz-Tiriac doubles business in Q1 2022 after City Insurance bankruptcy

Monday, June 20, 2022

Romanian insurer Allianz-Tiriac, a joint venture between German group Allianz and Romanian billionaire Ion Tiriac, doubled its gross written premiums in the first quarter of 2022 compared with the same period of last year as the number of new customers increased fourfold.   The company reported that its business reached RON 820 million (EUR 166 mln) in the first quarter as car insurance subscriptions tripled year-on-year. ...

46% of Romanians believe that their purchasing power has decreased in the last 12 months

Monday, June 20, 2022

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The circular economy, a concept that is gaining more and more validation: 27% of Romanians say they regularly buy second-hand product.   80% of Europeans have a positive image of the circular economy; 1 in 2 Europeans say they have recycled more and reduced their waste in the last three years, with Romanians being among the leaders in this ...

IMF projecting moderate economic growth in Romania at around 3.5% -4.5% in 2022 and 2023

Monday, June 13, 2022

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The International Monetary Fund (IMF) has improved Romania's economic growth forecast to about 3.5% - 4.5% for 2022 and 2023, IMF official Jan Kees Martijn told a news conference on Friday."Romania's economy has recovered well from the COVID pandemic, but?like other EU countries?is now facing strong headwinds. GDP reached pre-crisis levels in in the first half of 2021 and rebounded very strongly in Q1 2022 from the COVID wave in the fall of last year. However, the ...

Loan agreement with IBRD worth over 467 million euros, negotiated by government

Monday, June 13, 2022

  The government on Thursday approved, through a memorandum, the negotiation of the Loan Agreement with the International Bank for Reconstruction and Development (IBRD) for a development policy program (DPL1, Development Policy Loan) for green and inclusive growth worth 467.5 million euros, a press release by the government informs.The negotiation of the Agreement on non-reimbursable financial assistance, amounting to 24.2 million dollars, as ...

Survey finds 27 pct of Romanian bank account holders pay via internet and mobile banking

Monday, June 13, 2022

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The pandemic has given a boost to digitization, as 27 percent of the Romanians with a bank account are now paying via internet and mobile banking, executive director at the Romanian Banks Association (ARB) Gabriela Folcut told the first edition of the Financial Education Forum on Thursday."Digitization received a boost. It didn't start during the pandemic, it only picked up speed. We saw a strong acceleration in the transition to cashless, contactless ...

Visa Study: Romanians prefer card/mobile payments when travelling abroad

Monday, June 13, 2022

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With the pandemic threat receding, travelling abroad is yet again a popular option among Romanians. And according to the Travel and Payment Intentions Study 2022 announced by Visa, Romanian travellers spending their holidays abroad prefer card/mobile payments over cash.   According to the study, which covered eight Central and Eastern Europe markets, 61% of residents of Romania declared they would prefer ...

Erste nearly doubles the 2022 growth forecast for Romania to 5.1%

Monday, June 13, 2022

The Austrian banking group Erste, the owner of local bank BCR, has significantly improved its economic growth forecast for Romania, estimating an advance of 5.1% in 2022, compared to the previous forecast of 2.8%. This is more than the Government's expectations (+2.9% this year).   It also revised downwards the growth forecast for Romania's growth next year to 4% (versus 4.4% projected by the Government), ...

SIF Oltenia seeks to exit EximBank

Monday, June 13, 2022

The retail investment fund SIF Oltenia [BSE:SIF5] said that it is seeking to sell its 3.27% stake in majority state-owned EximBank after the lender's shareholders approved its merger by absorption with Banca Romaneasca. The stake is equivalent to some 4.34 million shares in EximBank, SIF Oltenia said in a statement filed with the Bucharest Stock Exchange, BVB, on ...

TBI Bank launches a new 5-year deposit with a market leading 10% interest rate

Monday, June 13, 2022

The rising prices continue to reduce the purchasing power of the Romanians and the ever-increasing inflation continues to erode their savings.   To help customers protect their money and achieve positive real returns, TBI Bank launches a new 5-year long deposit with a 10% interest rate. In addition, the Bank updated all other rates in Lei to also address the customers which prefer short and midterm ...

Simplu Credit launches a 100% online credit product that can be accessed in just a few minutes

Monday, June 13, 2022

The biometric identification service was developed in partnership with the French company Ariadnext, a leading international player; An estimated volume of 100 credit applications/day by the end of the year; The maximum amount granted is 5,000 lei for ...

Study: Three in ten Romanians prefer to keep their savings stashed at home

Monday, June 13, 2022

Three in ten Romanians (28%) continue to keep their savings stashed at home, one third of them fail to save, and another third believe they will save less than before, according to the findings in a recent study in latest developments in Romanians' attitudes towards saving and investing.According to the Reveal Marketing Research data published on Tuesday, two in three Romanians have difficulty saving for a rainy day, but if they could, they would choose to keep ...

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