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Financial & Banking

The impact of Brexit on Romanian economy

Monday, February 3, 2020

Britain's exit from the European Union will have a small effect on the Romanian economy, as the UK is the Eastern European country's ninth biggest trade partner and came last among the ten biggest foreign direct investors in the country in 2018, according to an analysis by KeysFin consulting company, quoted ...

Economy minister sees EBRD involved in listing of Romanian energy major Hidroelectrica

Monday, February 3, 2020

Romania's Economy minister Virgil Popescu said in an interview with HotNews.ro on Thursday that works was underway for the listing of major energy company Hidroelectrica. He said his government wanted to list it on the exchange this year.A procedure was not yet clear in this regard, nor is the stock considered for listing, but the maximum threshold is 20%."Today (Thursday) I had talks with the EBRD. Next week I'll have more in-depth talks. I'm ...

The Romanian stock market goes up by 35 percent in 2019

Monday, January 27, 2020

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The BET index, which includes the most-traded 16 companies listed on the Romanian stock exchange, except for the Financial Investment Companies, went up by 35% in 2019. It is the largest yearly growth rate in the last decade posted by the Romanian stock market and the second increase rate in 2019 among EU capital markets. Accounting for dividends, the market spiked up by 47%, the Bucharest Stock Exchange (BVB) announced on ...

2020: When Economic Prudence Will Lead to Improved Performance

Monday, January 27, 2020

* 2020 Outlook on Romania By Johan Meyer, CEO Franklin Templeton Investments Bucharest Branch and Portfolio Manager of Fondul Proprietatea Thirty years after the fall of the communist regime, Romania seems to be well anchored in European values and on a clear path of economic development. Even if certain problems linger with respect to the latter issue, Romania has the opportunity to start the new ...

Survey : Two out of three Romanians do not save regularly

Monday, January 27, 2020

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Only 34% of the Romanians save regularly a part of the income, according to a survey made by ISRA Center at the end of 2019 for the Association for Privately Managed Pensions of Romania (APAPR). A similar survey, made in 2018 by the same company, showed that 45% of the people saved regularly from the income. ‘Despite the increase of recent salaries, fewer Romanians manage to save’ the author of the research say. The survey was made between 23 October – 18 ...

Isarescu: the National Bank of Romania, we say, is 16th in the world as setting up of central bank

Monday, January 27, 2020

The National Bank of Romania is 16th in the world in the order of central banks setting up, which proves that the Romanian state has a consistent institutional history, stated on Wednesday the governor of the National Bank of Romania, Mugur Isarescu at a debate about the work’ The Future of central banks. The symposium of the three centuries of the Bank of England’.‘The National Bank of Romania, we say, is 16th in the world as order of setting up ...

EximBank finalises Banca Romaneasca's takeover

Monday, January 27, 2020

EximBank has finalized the acquisition of Banca Romaneasca SA (BROM), with the submitted bid being part of the agreement concluded in June 2019 between EximBank and National Bank of Greece (NBG) on the purchase of the latter's 99.28 percent stake in BROM, the bank said in a release.As a result of the acquisition, EximBank enters Romania's attractive retail market and becomes a universal bank with full services and will continue to fulfill its long-term mission by ...

Deputy PM Turcan: There is money to increase pensions, no need for this topic to be brought up

Monday, January 27, 2020

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Deputy Prime Minister Raluca Turcan said on Wednesday that the money to increase pensions was provided for in the budget, adding that she does not understand why this topic is being "constantly brought up"."I think that the prime minister's point of view must also be added here, who today stated that the money allocated for the increase of pensions exists. And an addition that I allow myself to make is the following: the Romanians do not have to worry. The moment ...

Net assets of investment funds, up to 49.5bn lei, in 2019

Monday, January 27, 2020

The net assets of the 215 investment funds registered an increase of 18.1pct in 2019, and in December last year they reached 49.5 billion lei (10.4 billion euro), informs the Fund Managers Association (AAF).The top 5 funds (open locally) in 2019 registered annual net yields between 36.1pct and 42.9pct.The Fund Managers Association is the professional non-governmental organization of operators in the Collective Investment Undertakings (O.P.C) Romania, ...

Insurance policies up by 28pc reported by City Insurance for 2019

Monday, January 27, 2020

The insurance-reinsurance company City Insurance has issued during 2019 insurance policies in the amount of EUR 410 million, an increase of 28% compared to the year 2018, according to the company’s preliminary results for 2019. At the same time, the amount of compensations paid reached the level of EUR 244 million (the equivalent of 1.1 billion lei), up by 33% compared to last year. The number of claim files paid up to the ...

Dentons strengthens its CEE banking and finance practice

Monday, January 27, 2020

Dentons law firm has hired seven lawyers to strengthen its Banking and Finance practice in Bucharest and across CEE. Partners Simon Dayes and Simona Marin and an additional five banking and finance lawyers joined Dentons over the last few months. Perry Zizzi, Managing Partner of Dentons Romania, stated: “The appointment of two of the most experienced Banking and Finance partners in the region marks a new era for us, and is a crucial building ...

Banca Transilvania becomes associate member of ARIR

Monday, January 27, 2020

Banca Transilvania, the largest lender of the Romanian economy, has become Associate Member of the Romanian Investor Relations Association ...

Minutes of the monetary policy meeting of the National Bank of Romania Board on 8 January 2020

Monday, January 20, 2020

15 January 2020 The National Bank of Romania Board members present at the meeting: Mugur Is?rescu, 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 Nicol?escu, Board member and Deputy Governor of the National Bank of ...

BNR: Balance of payments and external debt – November 2019

Monday, January 20, 2020

In January - November 2019p, the balance-of-payments current account posted a deficit of EUR 9,924 million, compared with EUR 8,205 million in the same year-ago period, Central Bank data said. The deficit on trade in goods widened by EUR 2,473 million, the surplus on services income increased by EUR 135 million, the deficit of the primary income balance narrowed by EUR 485 million, and the surplus of the secondary income balance rose by EUR 134 ...

PM Orban: ANAF not being computerized, reason for lowest tax collection rate in EU

Monday, January 20, 2020

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Prime Minister Ludovic Orban said on last Thursday night for the B1 TV private broadcaster that Romania has the lowest tax and duties collection rate in the European Union, one of the reasons being that the computerization of the National Tax Administration Agency (ANAF) was not carried out, although all the companies were required to change their cash registers."I give the example once again, for all Romanians to know: the Ministry of Finance obliged companies to ...

Ciprian Dascalu, the new head economist of the Romanian Commercial Bank

Monday, January 20, 2020

Ciprian Dascalu will be the new head economist and research manager at the BCR starting with 15 January, announced the bank on Monday. He follows after Horia Braun-Erdei who starting with 1st November 2019 has been elected CEO of Erste Asset Management Romania. Aged 40, Ciprian Dascalu has been working in the banking system since 2003, with consistent experience in macro and micro-economy, financial markets and economic models, as well as în ...

Association for private pensions: Pillar 2 had best profit in 2019

Monday, January 20, 2020

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The seven compulsory private pension funds (Pillar 2) had an 2019 an average profit of 11.8%, the best performance in the last 9 years, on the background of recovering depreciation caused by effects of Government order 114/2018 in economy and in financial markets, as well as unexpected evolution of Bucharest Commodity Exchange,  the Association for Privately Administered Pensions in Romania (APAPR) announced on Thursday. “The overall profit ...

Private pension funds in Romania reach EUR 13 bln in assets

Monday, January 20, 2020

The net assets (NAV) of the voluntary private pension funds rose by 21.3% year-on-year to RON 2.47 billion (nearly EUR 0.5 bln), at the end of November, according to the Financial Supervisory Authority (ASF) data quoted ...

În 2020, Romania has to borrow some RON 86.9 billion (EUR 18.1 bln) to finance its 3.6% of GDP budget deficit

Monday, January 20, 2020

Romania has to borrow some RON 86.9 billion (EUR 18.1 bln) this year to finance its 3.6% of GDP budget deficit and refinance the debt due during the period, the Finance Ministry ...

Daniel Daianu: Budget consolidation is urgent; it must start in 2020

Monday, January 20, 2020

Budget consolidation is urgent, and this should start in 2020 by bringing the budget deficit as close to 3 percent of GDP as possible, according to Daniel Daianu, advisor to the BNR Governor and chairman of the Fiscal Council, in an article published on the BNR Opinion blog. “The Romanian economy depends on what is happening in the European economic area, on the ECB’s monetary policy; the monetary policy rates from us, the internal monetary ...

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