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Financial & Banking

BNR: Monetary indicators – July 2020

Monday, August 31, 2020

At end-July 2020, broad money (M3) amounted to RON 446,125.4 million, up 0.5 percent (in both nominal and real terms) month on month and 14.0 percent (10.9 percent in real terms) year on year, National Bank of Romania – BNR's data ...

ECB and BNR have agreed to extend the framework arrangement to provide euro liquidity to the BNR until end-June 2021

Monday, August 31, 2020

The European Central Bank (ECB) and Banca Nationala a Romaniei (National Bank of Romania - BNR) have agreed to extend the framework arrangement to provide euro liquidity to the BNR via a repo line, in order to address possible euro liquidity needs in the presence of market dysfunctions due to the COVID-19 shock. Under a repo line, the ECB provides euro liquidity to a foreign central bank in exchange for adequate ...

 Over 18.43 million cards, issued in Romania until end-June 2020

Monday, August 31, 2020

The total number of cards issued in Romania at the end of the second quarter of 2020 was 18,436,032 units, up 0.3% compared to the end of the previous quarter, according to data centralised by the National Bank of Romania (BNR). According to the BNR, out of this total, 13,812,436 cards (72.78%) were active, compared to 14,163,211, at the end of March 2020. A number of 15,431,242 cards had a debit function and 2,910,162 a credit function.On the other hand, as of ...

Garanti BBVA Leasing, EFSE signed loan of 7 million euros to financesmall companies in Romania

Monday, August 31, 2020

Garanti BBVA Leasing, part of Garanti BBVA Romania Group, announced on Thursday that it had signed an accord for the loan of 7 million euros with the European Fund for South Eastern Europe (EFSE) to grant financing to small and very small companies in Romania. Garanti BBVA Leasing, a partner of EFSE since 2014, is one of the main players in the leasing market in Romania. The new financing will be used to extend the leasing offer of the institution for ...

CEC Bank active stock grew by 10% by mid year

Monday, August 31, 2020

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CEC Bank active stock was 36.1 billion lei by mid year, on the rise by 10% compared to the end of the year, the bank announced on Wednesday. Ionut Lianu, chief officer will ensure the management of CEC Bank active and passive stock. “Sources attracted from non banking clients exceeded 30 billion lei at the end of June, of which over 22 billion lei are amounts attracted from private persons. About 78% of sources attracted by the bank from clients are in the national ...

Net assets of the 223 Romanian and foreign investment funds dropped by 13% since the beginning of the year at 43 billion lei

Monday, August 31, 2020

The net assets of the 223 open and closed investment funds, local and foreign have increased in July by 0.8% up to 43 billion lei (8.9 billion euro) and dropped by 13% since the beginning of the year, announced on Wednesday the Association for Funds Management (AAF). ‘The net assets of the 223 open and closed funds, local and foreign have increased in July by 0.8% up to the level of 43 billion lei (8.9 billion euro) and dropped by 13% since the ...

Over 12 bln lei granted through IMM Invest programme, of which 51 pct for investment

Monday, August 31, 2020

Companies accessed loans worth 12.047 billion lei through the IMM Invest programme, with 51 pct of the amount granted for investment, i.e. 6.144 billion lei, said Dumitru Nancu, Managing Director of the National Credit Guarantee Fund for Small and Medium Enterprises (FNGCIMM), in an interview with Agerpres. He stated that of the 21 banks enrolled in the programme, 12 have already requested an increase in the ceiling.Nancu asserted that the National Investment and ...

Allianz-Tiriac Insurance turnover dropps by 1.6 pct in H1, to 688 million RON

Monday, August 31, 2020

Allianz-Tiriac Insurance has recorded gross written premiums of 688 million RON in the first semester, a drop of 1.6 pct over the same period of last year, on the backdrop of the restrictions imposed by the state of emergency, according to a release of the company sent on Thursday."The total value of the gross written premiums was relatively constant, with a drop of just 1.6 pct, down to 688 million RON, despite restrictions imposed by the state of emergency, ...

IFC appoints new regional manager for Central and Southeast Europe

Monday, August 31, 2020

The International Finance Corporation (IFC), a member of the World Bank Group, has appointed Ary Naïm as its Regional Manager for Central and Southeast Europe, based in Belgrade, and overseeing operations in Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Slovenia, Kosovo, Montenegro, North Macedonia, Poland, Romania and Serbia. Naïm is taking over the position from Thomas Lubeck, who was recently appointed as Manager for Transaction Advisory ...

VIG profit in Romania - fourfold increase to 9.5 million euro in H1

Monday, August 31, 2020

The insurance companies owned by the Vienna Insurance Group (VIG) have recorded, in the first six months, a profit before tax of 9.5 million euro, an increase by 295 pct over the same period of last year, according to the financial results published on Wednesday by the Austrian group. In the first semester of 2019, VIG recorded in Romania a profit before tax of 2.4 million euro.On the Romanian market, VIG owns the companies BCR Life Insurance, Omniasig and ...

Analysis: Romanian pensions and politics are key to fiscal prospects

Monday, August 31, 2020

 The Romanian government's proposed 14% pension increase from September would reduce the challenge of consolidating public finances compared with the previously budgeted 40% increase, Fitch Ratings says. However, the eventual increase may depend on complex political calculations amid looming elections, and a large pension hike remains a risk to our baseline fiscal forecasts. The minority centre-right PNL government approved an emergency ordinance ...

Uniqa Insurance and Uniqa Life Insurance, net profit worth 3.5 million euro in H1

Monday, August 31, 2020

Uniqa Insurance and Uniqa Life Insurance have managed a cumulated net profit of 3.5 million euros in the first half of 20202, according to IFRS, quoted by a company release.Uniqa Insurance has reported in the first six months of 2020 an increase of 15 pct in the segment of non-car insurance, compared to the similar period of last year, recording gross written premiums worth 17.9 million euro on this line of activity, according to the IFRS.The activity ...

Deloitte Survey: Central European private equity firms hit lowest confidence level since the financial crisis

Monday, August 31, 2020

Central Europe’s private equity (PE) firms’ confidence hits lowest level since the global financial crisis, as a result of the COVID-19 impact, but deal-doers are more optimistic than during the 2008 crisis, according to the latest Deloitte CE Private Equity Confidence Survey. The confidence index, which ...

Gov't approves responsibilities of EXIMBANK interministerial committee for loans to large companies

Monday, August 24, 2020

The government approved a draft decision on the responsibilities of the EXIMBANK Interministerial Committee on Finance, Guarantees and Insurance, which will carry out a lending program for large companies, said the head of the Chancellery of the Prime Minister, Ionel Danca."The government has adopted a draft decision on the responsibilities of the EXIMBANK Interministerial Committee of Finance, Guarantees and Insurance, which will develop a credit programme for ...

Total transactions on Bucharest Stock Exchange, up 5% in the first 7 months

Monday, August 24, 2020

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The transactions with all the types of financial instruments traded on the Bucharest Stock Exchange (BVB) totaled EUR 1.38 billion in the first 7 months of the year, up 5% compared to the same period of last year. The equities segment dominated the market transactions, with a total of EUR 1.28 billion, a slight 0.35% increase year-on-year. The average daily ...

Higher digital adoption can help banks increase overall customer satisfaction

Monday, August 24, 2020

New insights from the “Financial Pulse Survey” conducted by McKinsey & Company show that, Romanian consumers have immediate support needs from banks related to more convenient credit aid and improved service via digital channels. For example, 52% of them would want their bank ...

ING Bank Romania, net profit drops to 320 million RON in H1

Monday, August 24, 2020

ING Bank Romania announced in the first semester a profit before tax dropping to 369 million RON, by 18 pct smaller than last year, and a net profit of 320 million RON, dropping by 17 pct, according to a release of the bank.According to the quoted source, total incomes recorded an increase of 4 pct, reaching 1.05 billion RON. The credit portfolio reached the total value of 27.9 billion RON, recording a 2 pct increase. Crediting for individuals grew more rapidly ...

Banca Transilvania group’s net profit down 27% in H1

Monday, August 24, 2020

Banca Transilvania, the largest financial group in Romania by assets, reported a net profit of RON 690 mln (EUR 142 mln) in the first half of the year (H1), down 26% compared to the same period last year. At an individual level, the bank's profit decreased by 28%, to RON 607 mln (EUR 125 mln), according to the half-yearly data published by the financial ...

Minutes of the monetary policy meeting of the NBR Board on 5 August 2020

Monday, August 17, 2020

14 August 2020 On 5 August 2020, the Board of the National Bank of Romania held a meeting in which the following members took part: Mugur Isarescu, Chairman of the Board and Governor of the National Bank of Romania; Florin Georgescu, Vice Chairman of the Board and First Deputy Governor of the National Bank of Romania; Leonardo Badea, Board member and Deputy Governor of the National Bank of Romania; Eugen Nicolaescu, Board member and Deputy Governor of ...

Balance of payments and external debt – June 2020

Monday, August 17, 2020

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In January - June 2020p, the balance-of-payments current account posted a deficit of EUR 3,497 million, compared with EUR 4,373 million in the same year-ago period, the National Bank of Romania's data show.. The deficit on trade in goods widened by EUR 1,127 million, the surplus on services increased by EUR 376 million, the primary income balance recorded a positive contribution of EUR 1,123 million, and the surplus of the secondary income balance rose by EUR 504 ...

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