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Financial & Banking

Over 50,000 Romanians have already received a private pension

Monday, March 28, 2022

Over 50,000 Romanians benefited from the amounts accumulated in the private pension account Pillar II in the period 2016 - 2021, most of them being relatives of some taxpayers who died, or contributors who retired due to illness, show the data centralized by the Financial Supervisory Authority (ASF).According to a release sent last week, the total amount paid by the administrators during that period amounts to almost 660 million lei, and the number ...

EY:78% of Romanian CFOs will be significantly involved in strategy development and executions in the coming 3 years

Monday, March 28, 2022

84% of Romanian CFOs declared they will not reduce the number of employees in Finance functions; More than half respondents (52%) declared they will expand remote working in Finance department; The concept of long-term value creation represents the critical priority of 87% of Romanian Finance ...

BNR: Balance of payments and external debt – January 2022

Monday, March 21, 2022

In January 2022p, the balance-of-payments current account posted a deficit of EUR 815 million, compared with a surplus of EUR 9 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 868 million, the surplus on services decreased by EUR 22 million, that on primary income shrank by EUR 93 million and the secondary income balance recorded a surplus of EUR 15 million against a deficit ...

Moody's sends International Investment Bank to junk area with 4-notch downgrade

Monday, March 21, 2022

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International rating agency Moody's has downgraded the International Investment Bank's (IIB) long-term issuer and senior unsecured debt ratings by four notches to Ba1 from A3, placing it just under the upper bound of the junk area.   At the same time, Moody's has placed IIB's ratings on review for further downgrade. The rating action was triggered by the unexpected joint announcement of four European ...

Banca Transilvania anticipates an exchange rate of 5 lei / euro in 2022 and the average inflation will be 6.9%

Monday, March 21, 2022

Romania's economy will grow by 3.5% this year and by 4.5% on average in the coming two years, while the twin deficits would shrink considerably over the coming three years, according to the latest macroeconomic projection from the country's largest financial group Banca Transilvania (BVB: TLV).   The bank thus revised downward its forecast for this year's economic growth from 5.1% envisaged under the ...

The Ministry of Finance launches the first FIDELIS government bond issue for the population in 2022

Monday, March 21, 2022

The Ministry of Finance is carrying out a new public offer for the sale of Fidelis government bonds for individual investors on Bucharest Stock Exchange, between March 17 and April 1. The ministry launches on Bucharest Stock Exchange  (BVB) the first issue in 2022 and the seventh FIDELIS public offer carried out by the Ministry of Finance on the capital market starting with July 2020. Through the previous six offers, the Ministry of Finance attracted from the ...

Contribution for Pillar II of pensions will increase from 3.75% to 4.75%

Monday, March 21, 2022

 Contributions to private pension funds (Pillar II) will increase from 3.75% to 4.75%, after the Government approved on Wednesday an Emergency Ordinance in this sense, the Ministry of Labor announced in a press release sent last week."Milestone ticked in the National Recovery and Resilience Plan: contributions to ...

BCR expects BNR to bring refinancing rate to 3.5% by mid-year

Monday, March 21, 2022

  Faced with inflation likely to reach 12.5% by the end of the year, 1.3pp higher than its own projection, Romania's central bank (BNR) will raise the refinancing rate by 50bp to 3.0% in its next monetary board meeting on April 9 and by another 50bp to 3.5% until the mid of the year, according to a research note of BCR Bank's chief economist Ciprian Dascalu.   February inflation (8.53% YoY) came short of the ...

Alpha Bank’s loan portfolio in Romania exceeded EUR 2.7 Bln

Monday, March 21, 2022

* Alpha Bank Romania reported full year 2021 financial results highlights on last Tuesday.   New financing granted to legal entities advanced at a 72% annual pace, while financing granted to individuals marked ...

Transilvania Investments the first trading day under the ticker TRANSI

Monday, March 21, 2022

Starting with March 14th, Transilvania Investments shares, one of Romania’s biggest investment funds, was traded on the Bucharest Stock Exchange under the stock symbol ...

Romanian-German team develops cryptocurrency to support Ukraine

Monday, March 14, 2022

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A team of Romanian and German developers created a cryptocurrency, LOVEUKRAINE, the purpose of which is to help Ukraine, according to a release sent on Friday.A share of 4.8% of the total transactions with this cryptocurrency is redirected to an aid fund (a public crypto wallet).LOVEUKRAINE was launched by the team of developers of Aether, a cryptocurrency that reached a maximum market capitalization of 3.8 million dollars. Presently, LOVEUKRAINE ...

BVB: Romanian capital market grows 55 pct in the two years of pandemic

Monday, March 14, 2022

In the two years of pandemic, the increase of the Romanian capital market expressed through the BET-TR total return index (which also includes dividends) was 55 percent, and 39 percent when expressed through the BET index, the Bucharest Stock Exchange (BVB) informs in a release.According to data reported by the Investor Compensation Fund at the end of 2021, over 80,000 Romanians are trading on the Romanian stock market.Stock Exchange ...

Investment funds' net assets down 0.7 pct in January, to 22.3 billion RON

Monday, March 14, 2022

 Net assets of open local investment funds reached approximately 22.3 billion RON in January, dropping by 0.7 pct compared to the previous month, according to a report of the Financial Supervisory Authority (ASF).At the end of January 2022, net assets related to all categories of open investment funds decreased from the previous month (-2.7%), while net assets of open shares and yield funds registered the highest growths, when comparing with the ...

European Investment Bank Group offers 907 million euros for new investments in Romania in 2021

Monday, March 14, 2022

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Last year the European Investment Bank Group provided EUR 907 million for new investments across Romania.  The EIB Group’s engagement in the country included financing for construction of two new regional hospitals, modernization of the national electricity network to harness renewable energy and deployment of smart meters, improving energy efficiency and scaling up high-impact business ...

The contribution quota to the Second Pillar of pensions increases by one percentage point to 4.75% from January 1, 2024

Monday, March 14, 2022

The contribution to the mandatory pension funds in Romania is supposed to increase from 3.75% currently to 4.75% as of January 2024, according to a Government’s draft emergency ordinance consulted ...

CEC Bank gets its first international rating assigned - 'BB' from Fitch

Monday, March 14, 2022

  CEC Bank received its first ever international rating, being assigned a 'BB' long-term issuer default rating with stable outlook by Fitch Ratings."CEC Bank's obtaining a Fitch rating is a signal that it has a solid financial profile and complies with best corporate governance and transparency practices. The rating from an international agency is a necessary step, as CEC Bank plans to access capital markets through subordinated bond issues.We ...

Gov't Spokesman: Gov't, EIF funding contract on venture capital funds for recovery, approved

Monday, March 14, 2022

 The funding agreement between the Government of Romania, represented by the Ministry of Investments and European Projects, and the European Investment Fund (EIF) regarding venture capital funds for recovery within National Recovery and Resilience Plan (PNRR) was approved in the Government meeting on Wednesday, said Government Spokesman Dan Carbunaru."As a result, the Investment Committee for Recovery within the Recovery and Resilience Plan of Romania will be ...

Banca Transilvania refinances EUR 80 mln loans for real estate developer Anchor Group

Monday, March 14, 2022

Anchor Grup, one of the most important real estate developers in Romania, obtained a EUR 80 mln loan from Banca Transilvania to refinance the retail and office projects. It is one of the largest bank loans extended on the local real estate market. "We are pleased that Banca Transilvania, the largest bank in Romania, supports the development of our projects, trusting in the investment strategy of Anchor Grup. ...

UniCredit Romania to distribute 91% of last year’s profit

Monday, March 14, 2022

UniCredit Bank Romania, a subsidiary of the Italian group of the same name, has decided to distribute to its shareholders (the Italian parent group primarily) some 91% of last year’s net profit as dividends, namely about RON 584 mln (EUR 117 mln).   This proposal, inked by the management of UniCredit Bank Romania, is to be discussed by the bank's shareholders at the Ordinary General Meeting of ...

Optional pension funds, assets of almost 3.43 billion RON, up 14 pct, in January

Monday, March 14, 2022

Optional pension funds had assets worth 3.43 billion RON, on August 31, 2021, up 14% compared to the level recorded in the same period last year, shows a report of the Financial Supervisory Authority (ASF)."The majority of investments were made locally (92%), most of them denominated in RON (90%)," reads the report.Government securities had the largest share in assets, of 2.109 billion RON, respectively 61.54%, followed by shares, with 974,495 ...

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