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Financial & Banking
European Economic Forecast Autumn 2024
Monday, November 18, 2024
After a prolonged period of stagnation, the EU economy is returning to modest growth, while the disinflation process continues. The European Commission's Autumn Forecast projects GDP growth in 2024 at 0.9% in the EU and 0.8% in the euro area. Economic activity is forecast to accelerate to 1.5% in the EU and to 1.3% in the euro area in 2025, and to 1.8% in the EU and 1.6% in the euro area in ...
The latest macroeconomic forecast for Romania
Monday, November 18, 2024
In 2024, real GDP growth is expected to decelerate markedly to 1.4%. Buoyant private consumption supported domestic demand and imports, while export growth remained subdued. A gradual recovery in external demand, easing of financial conditions and resilient private consumption and investment are set to accelerate growth above 2% in 2025 and in 2026. Headline inflation is projected to decelerate slightly, but to remain above 5% in 2024, as ...
Balance of payments and external debt – September 2024
Monday, November 18, 2024
In January – September 2024p, the balance-of-payments current account posted a deficit of EUR 19,777 million, compared with EUR 16,063 million in the same year-ago period. The breakdown shows that the deficit on trade in goods widened by EUR 2,840 million, the surplus on services fell by EUR 1,342 million, the primary income deficit decreased by EUR 66 million, while the secondary income surplus grew by EUR 402 ...
Three-month ROBOR index, increases to 5.58% per year
Monday, November 18, 2024
The three-month ROBOR index, which is used to calculate the cost of consumer loans in RON with variable interest rates, rose on Friday to 5.58% per year, up from 5.56% per year in the previous session, according to data published by the National Bank of Romania (BNR).At the beginning of the year, the three-month ROBOR index was 6.21%, and on January 3, 2023, it was 7.56%.The six-month ROBOR index, used to calculate interest rates on mortgage ...
7 key factors Romanian stock market investors should consider in November–December
Monday, November 18, 2024
As the year draws to a close, several critical factors beyond the U.S. presidential election are expected to influence stock market dynamics and shape companies’ performances. Analysts at Freedom24, the trading platform that provides access to the world’s largest stock exchanges, ...
ING: Why we’re raising our inflation forecasts for Romania
Monday, November 18, 2024
Romania’s October inflation rate came in at 4.67%, above consensus. There are renewed pressures from the drought in the country, and that’s prompting us to revise our inflation forecasts from 4.2% to 5% this year and to 4.4% from 4.1% in 2025, https://think.ing.com/ ...
Eurostat: Romanians pay interest rates on loans almost double compared to rest of Europeans
Monday, November 18, 2024
Romanians pay loan installments with annual effective interest rates almost double compared to many European countries. According to Eurostat data, the average annual effective interest rate on mortgage loans in Romania is 6.5%, well above the euro area average of 3.8%. Significant differences are also present in consumer loans. In Romania, the ...
Romanians between optimism and caution: Responsible behavior and insurance barometer of Romania 2024
Monday, November 18, 2024
A new study by LIFE IS HARD, a leader in digitalizing the insurance industry, in collaboration with research firm Cult Research, provides an in-depth view of Romanians’ outlook, concerns, and openness towards insurance in 2024. Based on a representative sample of 795 active online users, the study identifies four distinct segments within the population: Pioneers, Self-Focused, Social Spectators, and Socially Disconnected. This initiative aligns with LIFE IS HARD’s ...
NBR Board decisions on monetary policy
Monday, November 11, 2024
In its meeting of 8 November 2024, the Board of the National Bank of Romania (NBR) decided the following: to keep the monetary policy rate at 6.50 percent per annum; to leave unchanged the lending (Lombard) facility rate at 7.50 percent per annum and the deposit facility rate at 5.50 percent per ...
7 key factors Romanian stock market investors should consider in November–December
Monday, November 11, 2024
As the year draws to a close, several critical factors beyond the U.S. presidential election are expected to influence stock market dynamics and shape companies’ performances. Analysts ...
InterCapital to Launch New ETF on Bucharest Exchange for Slovenia
Monday, November 11, 2024
InterCapital Asset Management, a Croatian independent asset manager with 500 million euros in assets under management, announces its intent to launch a new Exchange Traded Fund (ETF) on the Bucharest Stock Exchange. This ETF, expected to debut by year-end, will track the SBITOPtr index, the primary equity benchmark of the Ljubljana Stock Exchange, comprising nine Slovenian blue-chip ...
Maib, lagest bank in Moldova, 11% increase in net profit, up to almost EUR 57 million
Monday, November 11, 2024
Maib, the largest bank in Moldova, delivers excellent quarter in the context of significant progress of the Republic of Moldova of accession to the European Union. The net profit reached MDL 1,095 million, equivalent to EUR 56.9 million (average exchange rate: MDL/EUR 19.25), a 10.9% increase YoY (year-on-year). The YoY growth was largely driven by higher net interest income and increased net foreign exchange gains. The ...
Four months after launching online lending process, Garanti BBVA reports significant results
Monday, November 11, 2024
Garanti BBVA reports significant results four months after introducing new functionalities in the Mobile Banking app, enabling clients to quickly and easily apply for personal loans and Bonus Cards, without visiting branches. As a result, after 4 months from the launch, we have reached to a point that in October, 13% of loan applications and 21% of Bonus Card requests have been now submitted exclusively online, directly through the ...
Credit Europe Bank launches the Confirmation of Payee Service – SANB
Monday, November 11, 2024
Credit Europe Bank is launching the Confirmation of Payee Service – SANB (Serviciul Afisare Nume Beneficiar), which offers free of charge to all customers an even higher level of security through the option to verify the identity of the real beneficiary of payments and transfers in lei, made through electronic channels such as Internet and Mobile Banking. The service is offered in ...
SIGNAL IDUNA acquires the majority stake in the company Garanta Asigurari
Monday, November 11, 2024
SIGNAL IDUNA continues its expansion on the Romanian market and announces the signing on 1 November 2024 of the agreement for the acquisition of a majority stake in the Garanta Asigurari company, whose main shareholder is The Ethniki, Hellenic General Insurance Company, the no. 1 composite insurer in Greece. The acquisition of the majority stake in Garanta Asigurari company marks a significant step in ...
Transaction by which UniCredit takes over majority stake in Alpha Bank Romania, completed
Monday, November 11, 2024
The transaction through which UniCredit took over the majority stake in Alpha Bank Romania has been completed and thus the third banking group in the country in terms of assets held will be created.According to a joint release by UniCredit and Alpha Services and Holdings, the transaction is part of the strategic partnership between the two entities, announced on October 23, 2023."UniCredit S.p.A. (UniCredit) and Alpha Services and Holdings ...
BRD records net profit of RON 1.1 billion in 9M 2024
Monday, November 4, 2024
During the first nine months of 2024, BRD materialized solid commercial performance across all its business segments, marking significant growth in net loans outstanding, of +15% compared to the same period in 2023. The corporate segment was particularly strong, expanding by +23% YoY, while the retail segment improved notably. Individuals’ loan origination reached record levels, totaling RON 8.4 billion, representing a remarkable +48% increase, benefitting from solid ...
World Savings Day: Why and how do Romanians save?
Monday, November 4, 2024
On the occasion of World Savings Day, Revolut, the global fintech company with over 45 million customers worldwide, asked over 1,000 Romanians about their savings behavior and approach to personal finance. Why do Romanians save for and what are the main obstacles preventing them from saving? The results come from a survey conducted by Dynata in September 2024. Financial well-being: Is saving money an ingredient for a ...
BCR Group records increase in net profit to RON 2.22 billion, nine months into 2024
Monday, November 4, 2024
The BCR Group recorded a net profit of RON 2.217 billion (EUR 446 million) in the first nine months of 2024, up 30.6% compared to a result of RON 1.698 billion (EUR 344 million) in the same period last year, due to an improved operational performance, supported by a higher volume of business with customers, according to a press release sent on last Thursday.Between January and September 2024, BCR Group's operating result improved by 22.2% to RON 2.841 ...
Garanti BBVA and EIF partner to offer a minimum €30 million in guarantees, to support Romanian companies
Monday, November 4, 2024
Garanti BBVA and the European Investment Fund (EIF) have signed a strategic agreement to provide guarantees of a minimum of 30 million euros, to enhance Romanian companies` competitiveness and sustainability. The InvestEU guarantees will enable Garanti BBVA to facilitate a minimum of €42 million in financing for small and medium-sized enterprises (SMEs) across Romania, driving growth and supporting the country’s transition to a ...