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Financial & Banking

The financial wealth of the Romanians has increased on average by 7% over the last 20 years

Monday, July 20, 2020

The financial wealth of the Romanians has increased on average by 7% over the last 20 years, in a slower rhythm than the growth of 10% recorded in Central and Eastern Europe, the Baltic states and Russia during the same period, shows an analysis made by Boston Consulting  Group (BCG) which considers that the wealth of the Romanians could be less affected by the crisis generated by Covid-19, as compared to other states in the area. The Romanians ...

Survey: pandemics forced the Romanian employees to spend less and to save money

Monday, July 20, 2020

Pandemics forced the Romanian employees to spend less and to save money, and two out of three interviewees will keep this habit in the future as well, shows a survey made by the recruitment platform BestJobs according to which the recruitment of the new employees is mostly moved online. Almost 50% of the interviewees state they got used to avoiding the crowded areas, and 32% consider working at home as much as possible. Two out of three want to keep ...

Balance of payments and external debt – May 2020

Monday, July 20, 2020

In January - May 2020p, the balance-of-payments current account posted a deficit of EUR 2,881 million, compared with EUR 3,414 million in the same year-ago period. The deficit on trade in goods widened by EUR 921 million, the surplus on services increased by EUR 379 million, the primary income balance recorded a positive contribution of EUR 513 million, and the surplus of the secondary income balance rose by EUR 562 ...

EU Court of Justice fines Romania over anti-money laundering directive

Monday, July 20, 2020

The Court of Justice of the European Union decided Romania should pay a EUR 3 million lump sum for the delayed, incomplete transposing of the directive on money laundering and terrorist financing. Ireland was fined EUR 2 million over the same issue. “Both Member States failed to transpose in full, within the period prescribed, the directive on the prevention of the use of the financial system for the purposes of money ...

NN Romania slated to enter general insurance market by year-end

Monday, July 20, 2020

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NN Romania is looking to expand its activity to the general insurance market, and the completion of the authorization process is expected for autumn this year, the company said in a release on Thursday."NN Romania obtained on July 15 the approval of the Financial Supervisory Authority for the registration of the legal entity that will operate the new line of business, according to the existing legislative framework. The full operation authorization process is ...

Scope Ratings: 2020 output drop in Romania of 6.3%

Monday, July 20, 2020

As some of the first in Europe to lift lockdowns, Central & Eastern European countries should see growth rebound in 2H 2020. Uncertainties around the duration of the Covid-19 crisis and exposure to uneven Western European recovery are risks. Scope is not projecting full recovery in most countries in Central and Eastern Europe (CEE) to pre-crisis output levels until after 2021. Under Scope’s baseline scenario, the expected significant GDP ...

Filip & Company assists the Ministry of Public Finance in a USD 3.3 billion US bond issue

Monday, July 20, 2020

Filip & Company law firm in collaboration with Linklaters assisted the Ministry of Public Finance in a two-tranche bond issue that drew over USD 3.3 billion from the international ...

Euroins Romania signs partnerships with the members of ACODAREN

Monday, July 20, 2020

Euroins Romania Asigurare Reasigurare SA announces the conclusion of a long-term partnership with the members of ACODAREN – Association of Dacia, Renault, Nissan Dealers, through which the beneficiaries of the compensations based on the MTPL policies will have access to the best quality repairs. With almost 70 members, ACODAREN is the largest association of branded car services, covering virtually the entire national territory with repair ...

Central bank official: Loan interests not so high and keep dropping gradually

Monday, July 20, 2020

Interests on deposits are not very high, but neither are loan interests, and they keep dropping gradually, director of the National Bank of Romania's Stability Department Eugen Radulescu told a specialist conference on Wednesday."I don't think interest rates on deposits are too high, but neither are loan interest rates, and they continue to drop slowly. If we look at the figures we'll see that every month there has been a small decrease in loan interest rates, at ...

Romania's public deficit could exceed 9 pct without pension increase from 1 September

Monday, July 20, 2020

Romania's public deficit could exceed 9 pct, without taking into account the pension increase from 1 September, Eugen Radulescu, director of the Stability Directorate of the National Bank of Romania (BNR), warned at a select conference on Wednesday. "It is not only what happens in the banking system that matters. Everything that happens in the country's financial system matters. We now have a particularly serious problem called a public deficit. It started ...

General data regarding banking system, far better from all points of view over 2008

Monday, July 20, 2020

The banking system of Romania is more solid and more prepared to face some difficulties, and the general data is far better from all points of view over the data of the crisis of 2008, said, on Wednesday, in a specialty conference, Eugen Radulescu, director of the Stability Directorate of the National Bank of Romania (BNR)."All indicators are incomparably better at the time in comparison with 2008, showing that we learnt the lessons that should have been learnt ...

Mandatory private pension funds, assets worth 64.6 billion lei, in May, up by 21.06 pct

Monday, July 20, 2020

Mandatory private pension funds had assets worth 64.6 billion lei, on May 29, 2020, up by 21.06% compared to the level on May 31, 2019 and by 4,45% above the level of the previous month, according to the data of the Financial Supervisory Authority (ASF).Government securities make up the largest share of the assets, of 41.78 billion lei, respectively 64.63%. Shares came in second, at 12.62 billion lei (19.53%). Corporate bonds rank third in this respect, with 3.55 ...

Assets of optional pension schemes at 2.56-plus bln lei as of May 29, 2020

Monday, July 20, 2020

Assets held by the optional pension system stood at 2.56-plus billion lei as of May 29, 2020, up 15.9 percent from the same period of the year before, shows data of the Financial Supervisory Authority (ASF).Government securities account for the highest share of the assets with 1.563 bln lei (60.98 pct), followed by shares with 612.113 ml lei (23.88 pct) and corporate bonds with 131.906 million lei (5.15 pct of the total).According to ASF data, total ...

Leonardo Badea (BNR): Economic reconstruction must also target the future, not only the present

Monday, July 13, 2020

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* Leonardo Badea is Deputy Governor of the National Bank of Romania (BNR) “Our society, as we know it today, is at a moment of decision being at an evolutionary crossroads. The trend of worsening social inequalities has been manifesting for a long time and as most long-term developments have accelerated in recent years due to globalization, the increasing degree of automation of activities, much faster amplification of the complexity of ...

SEEPEA: The Romanian Fund for Investments will allow infusions of Romanian capital  in real economy

Monday, July 13, 2020

The Association of Private investments and risk capital in south-east Europe (SEEPEA) welcomes the decision of the government of Romania to constitute the Romanian Fund for Investments as sovereign fund for development and investments according to a press release on Monday. ‘We hope this will become a cathalyst for the development of industry of private equity (investment funds with acquisition strategies, growth or mezzanine) and risk capital in Romania.It is another ...

Analysts: Romania's promotion to emerging secondary market will attract new investments

Monday, July 13, 2020

Romania's reclassification by global index provider FTSE Russell from frontier market to emerging secondary market will bring new investments to the Bucharest Stock Exchange (BVB), consider Wood & Co analysts cited in a BVB statement.The two Romanian companies that will be included in the FTSE Russell indices, specifically Banca Transilvania and Nuclearelectrica, will attract 59 million dollars in cumulative investments as a result of the promotion of the ...

EBRD unveils proposal to be majority green bank by 2025

Monday, July 13, 2020

The European Bank for Reconstruction and Development (EBRD) has unveiled an ambitious plan to scale up even further its climate and environmental finance and its work supporting a green, low-carbon and resilient future. Already at the forefront of climate and environmental action, the EBRD is now considering a goal of devoting over 50 per cent of its annual investments to the green economy by 2025. In addition to the aim of ...

Between two groundless accusations, Autocar invoices amounts as if repairing cars with gold – 5 times above the national average prices

Monday, July 13, 2020

 After months of unjust accusations and calumnies, Euroins Romania Asigurare Reasigurare SA has no choice but to make public a comparison between the tariffs invoiced by Autocar and the associated repair shops which have been attacking the insurer for months now, and rates charged by any other similar shop in Romania, a statement sent to ACTMedia reads. The differences are indecent and made Euroins Romania to officially inform all the competent authorities for the ...

OTP Bank launches the micro department, dedicated to financing local entrepreneurs

Monday, July 13, 2020

OTP Bank Romania has established its Micro Department, through which it provides dedicated financing and consulting services for small companies, with a turnover of up to one million euros per year. Through the new specialized direction, OTP Bank aims to support the business environment and liberal professions with banking products and solutions adapted to the specific needs and size of this type of entrepreneurial companies, which usually do not have ...

WB upgrades Romania to high-income country group

Monday, July 13, 2020

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Romania made it to the high-income group of countries, with a gross national income (GNI) per capita of USD 12,630 in 2019, up from USD 11,290 in 2018 (current exchange rates), the World ...

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