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Financial & Banking
The internal flows of companies in the financial-banking industry can be affected by the rapid pace of legislative novelties
Monday, May 23, 2022
The internal flows of the companies in the financial-banking industry may be affected by the rapid pace of the legislative novelties, the growth of the number of fiscal reports, digitization of the fiscal administrations, and the intensification of the exchange of information between the Romanian fiscal authorities and those of other countries, said the specialists present at the Tax Forum, organized by EY Romania.The review of ...
CEC Bank reports 54.2 million RON net profit, in first trimester
Monday, May 23, 2022
CEC Bank registered an estimated, unaudited profit of 54.2 million RON in the first trimester of 2022, according to a press release sent to AGERPRES.According to the quoted source, the bank continued to consolidate its position on the market and registered an increase in assets to up to 50.4 billion RON, 19% higher than the first trimester of last year, over the average of assets from the banking system (11.9%)."Despite the challenges during the pandemic context and ...
EIB Group to strengthen impact of RRF investment across Romania
Monday, May 23, 2022
New investment to enhance business financing, climate action and digital investment across Romania under the European Union's Recovery and Resilience Facility (RRF) will be strengthened by technical and financial support provided by the European Investment Bank and European Investment Fund confirmed in Bucharest this week, the European Investment Bank (EIB) informs in a press release on Wednesday.'The European Investment Bank Group is committed to supporting economic ...
Romania’s economy grows 6.5% in first quarter, but pace may not last
Monday, May 23, 2022
Romania’s economy posted a surprising 6.5% growth rate in the first quarter, but economists predict a significant slowdown for the rest of the year, euractiv.com reads. Romania’s GDP grew 6.5% in the first quarter of 2022 compared with the same period of 2021, the statistics institute said in a flash estimate Tuesday (17 May). Against the previous quarter, the GDP growth was 5.2%, coming after a considerably lower ...
Instant Factoring and TechVentures Bank are associating for Romanian businesses
Monday, May 23, 2022
Instant Factoring, the first online micro-factoring fintech in Romania, that is dedicated to small and medium companies and microenterprises, and TechVentures Bank, the Romanian universal bank with a tradition of 13 years on the market, are partnering to support SMEs, but also any other company that has difficulties in managing the cash flow or that wants concrete development solutions. ”The partnership between Instant Factoring and TechVentures Bank ...
Euroins Romania: The time to pay for car repairs continues to be fast: 5 days is the average compensation time
Monday, May 23, 2022
Euroins Romania Asigurare-Reasigurare SA, the most important player in the Romanian insurance industry, announces new positive results in terms of the time required to process claims and prompt payment of claims in which are not recorded human casualties On average, in Q1 2022, Euroins paid the claims in just 5 days, 25% faster than the payments in the last part of 2021. This indicator has been steadily improving over the last ...
Ministry of Finance pays over 8% on 4-year bonds
Monday, May 23, 2022
Romania’s Ministry of Finance reopened a bond issue due in June 2026 and issued RON 366 mln (EUR 67 mln) of new papers - over 20% more compared to the target size of the issue - at a yield of ...
FONDUL PROPRIETATEA FINANCIAL RESULTS FOR Q1 2022
Monday, May 23, 2022
Fondul Proprietatea (hereinafter “The Fund”) published today its financial results for the first three months ended on 31 March 2022 and would like to share the following highlights: The Fund’s share price registered a strong performance in the first three months reaching a price of RON 2.11 at 31 March 2022, a record high value which implied a trading discount of 4.26%, based on the latest NAV available ...
BNR Board decisions on monetary policy
Monday, May 16, 2022
The Board of the National Bank of Romania (BNR), having convened for the meeting of 10 May 2022, decided: to increase the monetary policy rate to 3.75 percent per annum, from 3.00 percent per annum, as of 11 May 2022; to raise the lending (Lombard) facility rate to 4.75 percent per annum from 4.00 percent per annum and the deposit facility ...
Balance of payments and external debt – March 2022
Monday, May 16, 2022
In January - March 2022p, the balance-of-payments current account posted a deficit of EUR 4,676 million, compared with EUR 2,736 million in the same year-ago period. The breakdown shows that the deficit on trade in goods widened by EUR 1,557 million, the surplus on services increased by EUR 72 million, the primary income balance recorded a deficit of EUR 287 million, compared with a surplus of EUR 152 ...
BNR INFLATION REPORT May 2022 - Summary
Monday, May 16, 2022
Developments in inflation and its determinants The annual CPI inflation rate continued its strong upward trend in 2022 Q1, increasing by 1.96 percentage points to reach 10.15 percent in March (from 8.19 percent in December) in a context of global broad-based inflationary pressures. Behind this rise stood mainly ...
Citizens of Great Britain and Ukraine spent the most money in Romania in the last two months
Monday, May 16, 2022
The citizens of Great Britain and Ukraine, who entered Romania in March and April, were the foreigners who spent the most in our country, making, together, over 123 thousand card transactions (123,581), worth almost 16.5 million lei (16,431,491 lei). According to an analysis conducted by Global Payments, a world leader in providing technological payment services, with over 50 billion global annual ...
Inflation reached 13.8% in April
Monday, May 16, 2022
The annual inflation rate increased to 13.76% in April 2022, compared to April 2021, according to data released on Wednesday by the National Institute of Statistics (INS). Non-food goods increased by 16.35%, food by 13.54%, and services by 7.11%. The highest food prices were recorded for potatoes (over 40%), and for energy, gas almost doubled its price ...
First Bank had a RON 57 million net profit in 2021
Monday, May 16, 2022
First Bank reported for 2021 a net profit of RON 57.1 million, a significant increase compared to the same period the previous year. The bank’s net operating revenues increased by 7% compared to 2020, reaching the value of RON 354 million. At the end of 2021, the total assets of the bank exceeded RON 6.9 billion, while the equity reached almost RON 800 million and the sources attracted from the customer amount to RON 5.2 billion. The total capital adequacy ratio ...
Romania, the most dynamic market at regional level by number of SMEs registering on the platform
Monday, May 16, 2022
After 8 months since its launch on the Romanian market, the local office of iBanFirst, one of the largest providers of foreign exchange and international payments in Europe, has recorded the highest rate of onboarding on the fintech platform in the region, with over 200 active SMEs in its portfolio. On the back of the war in Ukraine, the number of Romanian companies opening accounts on the trading platform has doubled in ...
Banca Transilvania show robust growth in Q1
Monday, May 16, 2022
Banca Transilvania (BT), the financial group that includes Romania's largest lender by assets, announced that it extended 63,000 new loans amounting to RON 6,357 mln in Q1 this year, 61% more compared to the same period last year. The number of transactions for both the individuals and legal entity customers across all BT channels was 35% higher compared to the same period of ...
International reserves – April 2022
Monday, May 9, 2022
On 30 April 2022, the National Bank of Romania’s foreign exchange reserves stood at EUR 40,501 million, compared to EUR 40,143 million on 31 March 2022. During the month, the following flows were recorded: EUR 3,562 million worth of inflows representing: changes in credit institutions’ foreign currency-denominated required reserves with the NBR; inflows ...
Romanians abroad send 91 million Euro to country through Revolut, in Q1, 33% more than 2021
Monday, May 9, 2022
The data from Revolut shows that during the first trimester of this year, Romanians abroad have sent 91 million Euro to the country, with 33% more than the same period of last year, according to a press release sent last week.A Revolut user that is working or established outside the country's border has sent, on ...
CEC Bank becomes primary dealer on government bond market
Monday, May 9, 2022
Starting Monday, CEC Bank will become the primary dealer on the government bond market, informs the bank in a release.According to the quoted source, this status allows the bank to participate directly in the public auctions and subscriptions of government bonds organized on the primary market, together with the other 7 financial institutions that have the status of primary dealer."Obtaining the status of primary dealer is a confirmation of the ...
Credit Europe Bank Romania recorded a net profit of 70 million lei in 2021 02.05.2022
Monday, May 9, 2022
The net profit of 70 million lei registered by Credit Europe Bank Romania in 2021 comes mainly as a result of the increase in credit cards turnover, but also of the decrease in the operational expenses. Between January and December 2021, the bank's assets reached 4.3 billion lei, up from 2020, while the loan portfolio reached 2 billion lei and deposits attracted by the bank ...