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Financial & Banking

Moody’s: Romania, one of the main winners of the increase of the EU financing for the CEE region

Monday, April 26, 2021

The increase of financing from the EU available for the governments in the Central and Eastern Europe  will stimulate the growth of the GDP but the challenges for implementation will limit the gains in some countries, considers the rating agency Moody’s Investors Service in a report published on Tuesday. ‘An increase of financing from the EU will accelerate the economic growth in the CEE and the fiscal ...

BSTDB Helps Improve Bulgarian Airport Infrastructure

Monday, April 26, 2021

The Black Sea Trade and Development Bank (BSTDB) together with a group of international development institutions and commercial banks, is supporting the concession and the capital expenditure programme of Sofia airport. The Bank’s committed amount of EUR 73 million is part of a EUR 240 million loan provided to SOF Connect AD, a special-purpose vehicle majority owned by Meridiam Eastern Europe Investments ...

Deloitte : Tax Administration Agency digitalization, only solution to beef up budget revenues

Monday, April 26, 2021

 The digitalization of the National Tax Administration Agency (ANAF) remains the only solution to beef up revenues to the state budget, in conditions where this year the increase in taxes is out of the question and the facilities granted by the state are clearly defined, believes Vlad Boeriu, coordinating partner of Tax and Legal Services, Deloitte Romania."Given that this year's tax increase is out of the question and the facilities granted by the state are ...

Assets held by Pillar II and Pillar III pension funds top 80 bln lei

Monday, April 26, 2021

The assets managed by Pillar II and Pillar III pension funds topped 80 billion lei, while the annual contributions are in excess of 10 billion lei, according to data presented on Tuesday in a specialist video conference by vice-president of the Association of Romania's Privately-managed Pension Funds (APAPR) Andreea Pipernea."The assets held by Pillar II and Pillar III pension funds have exceeded 80 billion lei, and the figure is constantly growing. Annual ...

Cristian Popa (BNR): 7 million Romanians waiting to invest billions of Euro in state listings

Monday, April 26, 2021

The argument "we are not selling this country for peanuts" will not hold, because we can actually buy it ourselves, there are 7 million Romanians who are waiting to invest billions of Euro in these state listings and here I am referring to the private pension funds, said, on Tuesday, in a specialty video-conference, Cristian Popa, Board member of the National Bank of Romania (BNR)."The stock market is the barometer of the economy. The fact that stock indexes are ...

IFC finances with 72 million euros construction of eco-friendly office compound at Palas Campus Iasi

Monday, April 26, 2021

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 IFC, member of the World Bank Group, provides Palas Campus Iasi funding of approximately 72 million euros for the construction and operation of an energy-efficient office building, which will be used by companies in the IT&C field, IFC announced in a press release sent on last Tuesday.This is the first green loan granted by IFC to a Romanian company based in Romania. Iulius Holding is a local developer of real estate projects with multiple purposes, ...

Bucharest Stock Exchange launches new platform with research reports on listed companies

Monday, April 26, 2021

Bucharest Stock Exchange (BVB) has launched BVB Research Hub, an online platform that gathers essential information about Bucharest-listed companies from various sources. The platform aims to increase the visibility of listed ...

Romanian Association of Banks becomes OECD/INFE affiliated member

Monday, April 26, 2021

 The Romanian Association of Banks (ARB) has become an affiliated member of the Organization for Economic Cooperation and Development - International Network on Financial Education (OCDE/INFE), starting in April 2021, according to a press release sent last week.OECD/INFE affiliated ...

Mugur Isarescu, NBR Governor: Speech at Regional Economic Outlook: Europe - IMF meeting

Monday, April 19, 2021

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Let me commend the European Department Director Alfred Kammer and the former mission chief for Romania, Jaewoo Lee, now in a new position – not only for this Regional Economic Outlook, but also for their trusted cooperation, helpful policy advice and open communication.   A few facts about the macroeconomic situation in ...

Bucuresti Stock Exchange: the regulated market of the stock exchange had total tradings of 4.66 billion lei in the Q1

Monday, April 19, 2021

The total value of tradings with all types of financial instruments increased by 30.4% in the first three months of this year against the similar period of last year, and on the Regulated Market of the Stock Exchange Bucuresti (BVB) there were total tradings of 4.66 billion lei. The Stock Exchange announced on Monday that the BET and BET-TR indicators are at historic maximum and increased over the last year by 50% and the capital market  could become ...

Press release on the National Bank of Romania’s position concerning virtual currencies

Monday, April 19, 2021

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The National Bank of Romania takes note of the ongoing increase in general public’s interest in virtual currencies1 (also known as crypto-assets) and draws attention that, in its opinion, ...

Balance of payments and external debt – February 2021

Monday, April 19, 2021

In January - February 2021p, the balance-of-payments current account posted a deficit of EUR 1,627 million, compared with EUR 431 million in the same year-ago period. The breakdown shows that the deficit on trade in goods widened by EUR 485 million, the surplus on services increased by EUR 265 million, the primary income surplus narrowed by EUR 463 million and the secondary income balance recorded a deficit of EUR 358 million, compared with a surplus of EUR ...

Inflation eases slightly to just over 3% in March

Monday, April 19, 2021

Romania's annual inflation rate slightly eased in March to 3.05% from 3.16% in February, the National Statistics Institute (INS) announced.   The higher electricity price (+17% year-on-year) accounted for 0.78 pp of the annual inflation.   The prices of non-food goods (electricity included) rose by 4.3% in February compared to the same ...

Moody’s upgrades by two notches Alpha Bank’s mortgage covered bonds

Monday, April 19, 2021

International rating agency Moody's has upgraded by two notches to A3 the rating of the EUR 200 million covered bonds issued by Alpha Bank Romania. This places the bonds in the category of "upper-medium grade and low credit risk" up from "medium grade, with some speculative elements and moderate credit risk" previously.   "Based on further analysis of the legal ...

Bitcoin Romania setting to get 250,000 users by end-2021

Monday, April 19, 2021

Bitcoin Romania, the largest cryptocurrency trading platform in the country, has set to get 250,000 customers by the end of 2021, 50,000 more than its current base.According to a press statement released on Tuesday, the company plans to reach a network of 300 ATMs in 2021 and to address the NGO segment through a pilot programme to be carried out during the COVID-19 pandemic.One of Bitcoin's most important partnerships is with Auchan, with the two ...

ING Bank Romania lends Agrinvest Credit IFN 10m lei

Monday, April 19, 2021

ING Bank Romania has opened 10 million lei credit facility to Agrinvest Credit IFN non-banking financial institution to increase lending to small and medium-sized farmers and to cover the company's working capital needs in 2021, according to a statement of the bank."The products we offer are designed mainly for small and medium farmers, with loans customised for to each type of client - authorised individual trader, sole proprietorships, family businesses, ...

EIB confirms EUR 24 million support to strengthen research, education, and public health at Bucharest University of Medicine and Pharmacy

Monday, April 19, 2021

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The European Investment Bank has agreed a new EUR 24 million loan to enhance research, academic and student facilities at the “Carol Davila”  University of Medicine  and Pharmacy in Bucharest. This is part of the EIB’s EUR 100 million higher education investment initiative to support university investments in Romania.   The 25 year long-term financing EIB will support EUR 48 ...

Smart Fintech obtains National Bank of Romania authorization and becomes the first third party payment provider (TPP) through open banking in Romania

Monday, April 19, 2021

Smart Fintech announced today that they have officially received the authorization from NBR (National Bank of Romania), the regulatory authority, as a Payment Institution authorized to perform Payment Initiation Services (PIS). Thus, the start-up becomes the first open banking ...

Bloomberg: Sovereign Supply Glut Joined by Busiest Borrower in East Europe

Monday, April 12, 2021

Romania seeks 12-year and 20-year maturity in first 2021 sale   Italy and Portugal also in Europe’s primary market Wednesday   Romania is back in the international debt markets as it ratchets up spending to boost infrastructure projects and Covid-relief efforts.In its first foray this year, the ...

BNR: Press release on ceasing the publication of LIBOR (London Interbank Offered Rate) settings

Monday, April 12, 2021

  The National Bank of Romania (BNR) is the national competent authority in the field of supervising interest indices used by credit institutions and non-bank financial institutions as benchmarks in credit agreements, as regulated at European level ...

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