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Financial & Banking

THE GROSS DOMESTIC PRODUCTS IN 2018 WAS, IN REAL TERMS, BY 4.5% HIGHER, AS COMPARED TO 2017

Monday, October 12, 2020

The Gross Domestic Product estimated for 2018 – final data amounted to 951728.5 million lei current prices, increasing – in real terms – by 4.5% as against 2017. As compared to the semi-final version, in the final version the nominal Gross Domestic Product estimated for 2018 decreased by 0.1%. Ressources In 2018, most ...

ARB: the banks offered the population and the companies new loans of 38.5 billion lei in six months

Monday, October 12, 2020

The volume of the new loans offered by the banks to the population and the companies in six months since the beginning of the pandemics Covid-19 is 38.5 billion lei, announced on Monday the Romanian Association of the Banks (ARB) which quotes the BNR data.  ‘The volume of new loans offered by the banks to the population and the companies in six months since the beginning of the pandemics Covid-19 is 38.5 billion lei, which represents 14% of ...

XTB announces partnership with José Mourinho and launches 0% commission on real stocks and ETFs offer

Monday, October 12, 2020

José Mourinho, one of the best football managers and two times UEFA Champions League winner, has been appointed as XTB’s new global brand ambassador. Thus, XTB becomes the first broker with local presence in Romania offering a 0% commission trading on real stocks and ETFs for monthly volumes up to EUR 100,000 on its award-winning xStation platform. XTB’s partnership with José ...

Danescu (ARB): The impredictability of the legislative framework, the main barrier against loans

Monday, October 12, 2020

The impredictability of the legislative framework represents the main barrier  against lending, the engine which finances a gross domestic product and so the individual welfare, stated on Thursday the executive chairman of the Romanian Association of Banks (ARB) Florin Danescu.‘For almost eight years, we have been making an annual study, a barometre of the banks where bankers consider that the main barrier against credit, the engine which finances ...

XTB launches 0% commission on real stocks and ETFs offer

Monday, October 12, 2020

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XTB, as one of the first global stock-exchange listed brokers, announced the introduction of free-of-charge trading on real stocks and ETFs. The 0% commission offer will cover monthly volumes up to EUR 100,000 and will be available for both existing and new XTB clients starting from October 5th. “XTB’s goal has always been to be the first choice, one-stop-shop for investors. In the past few years, we have done a tremendous amount of ...

Authorities plan modernizing CEC Bank

Monday, October 12, 2020

The Public Finance Ministry plans to modernize CEC Bank, harnessing its potential to become a major competitor on the financial-banking market, Minister Florin Citu told the "Banking Forum Online" on Thursday."Regarding the state-owned financial assets, we are indeed mulling a strategy for the next period that includes them all. You know very well that Eximbank's merger with Banca Romaneasca was carried out before we took on rule. But if it could not be ...

IFNs receive more than 10 million euros from foreign shareholders in first eight months of 2020

Monday, October 12, 2020

Consumer credit companies received capital injections worth 10.83 million euros from foreign shareholders in the first eight months through capital increases, up 86% compared to the same period last year, according to the data of the National Trade Register Office (ONRC).Business Microcredit IFN increased its share capital by 5.95 million euros (4.97 million euros in January and 984,700 euros in February). At the same time, Business Lease Romania received a ...

Survey: European consumers prefer cashless payments

Monday, October 12, 2020

Cash is losing ground in Europe, given that 36% of respondents to the Payments and Open Banking survey, conducted by Strategy&, part of the PwC network, say they use cash in 2020, 7 percentage points less than two years ago. However, consumers’ reorientation towards cashless payments is not reflected in an increase in their willingness to share personal data with third parties – a condition for the development of “open ...

BNR has joined the Network of Central Banks and Supervisors for Greening the Financial System

Monday, October 5, 2020

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National Bank of Romania (BNR) has become a member of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). NGFS was established by eight central banks and supervisors in December 2017 at the One Planet Summit in Paris to strengthen the global response required to meet ...

BNR: International reserves – September 2020

Monday, October 5, 2020

On 30 September 2020, the National Bank of Romania’s foreign exchange reserves stood at EUR 32,588 million, compared to EUR 35,768 million on 31 August 2020. During the month, the following flows were recorded:   EUR 304 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, inflows ...

EBRD worsens prognoses about Romania's economic evolution in 2020 and 2021

Monday, October 5, 2020

EBRD has worsened its estimates on Romania's economic evolution in 2020 and 2021, as a result of the crisis triggered by the coronavirus pandemic, according to a report released on Thursday by the international financial institution.   According to the latest EBRD provisions, Romania's economy will register this year a 5% drop, compared to a 4% decline foreseen in May. For 2121, EBRD is expecting a 3% ...

Finance Minister announces OUG to regulate simplified 12-month phased payment of budget liabilities

Monday, October 5, 2020

Public Finance Minister Florin Citu announced that an emergency ordinance is in the works to regulate the simplified 12-month phased payment of the budget liabilities accumulated since the coming in force of the state of emergency until October 25, 2020, inclusive."As some of the forbearance measures expire on October 25, and also given that there are economic sectors that have not yet recovered one hundred percent, we are preparing this ordinance that will ...

The Romanian market of investment funds, affected by crisis, will resume growth in the second part of the year

Monday, October 5, 2020

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The market for investment funds in Eastern Europe, including Romania represents only 1% of the total of European market which at half year surpassed 17 trillion euro, states Thomas Tilley, senior economist with the European Association of the Funds Administrators  (EFAMA) whihc mentions that the Romanian market of investment funds, affected by the crisis in the first months of the year, will resume growth in the second half of the ...

Euler Hermes study: Romania has a high risk of inflation overshooting

Monday, October 5, 2020

The Covid-19 pandemic marked a turning point for ‘unconventional’ monetary policies in Emerging Markets (EMs), several of which embarked on government bond purchase programs to address market dislocations and ease monetary conditions in the short run, according to a Euler Hermes study.  However, debt sustainability and inflation are the biggest risks ahead, especially for Brazil, Costa Rica, India, Turkey and ...

BCR, BRD-GSG and Raiffeisen Bank, equal-shareholders in CIT ONE

Monday, October 5, 2020

Banca Comerciala Romana (BCR, Romanian Commercial Bank), BRD - Groupe Societe Generale and Raiffeisen Bank Romania have completed the tripartite transaction by which they hold an equal share of 33,(3) pct in CIT ONE, one of the most important integrated transport, processing and value storage services companies on the Romanian market, announced the banks on Thursday.The transaction was authorised by the Competition Council, with the three banks firmly committed to ...

Quarterly Consumer Credit Reference Index falls to 2.17% per year

Monday, October 5, 2020

The key indicator for loans for consumers (IRCC) is higher than ROBOR as the decision to modify IRCC led to the calculation of some interests which happened almost six months before, this being a non-inspired, inappropriate decision, politically driven, stated the spokesperson of the BNR Dan Suciu. ‘The decision to modify the key indicator for the loans of creditors (IRCC) led to the calculation of interests which ...

Deloitte : Lending could recover in 2021 with the help of regulatory support measures

Monday, October 5, 2020

Banks in Central and Eastern Europe expect new loan disbursements to rebound in 2021, supported by regulatory measures aiming to sustain the lending activity, after a significant year-on-year decrease in 2020, according to COVID-19 CEE banking sector impact ...

EUR 4.1 bln soft loans under SURE to support employment

Monday, October 5, 2020

Romania can use loans up to EUR 4.1 billion, at affordable interest rates, after the EU Council approved the EUR 87.4 bln financial support for 16 member states on September 25.   The support comes in the form of loans under SURE - a temporary EU instrument designed to mitigate unemployment risks during the COVID-19 crisis. Of the 87.4 billion euros granted at European level, Romania will benefit from ...

Historic moment Emerging Romania: The Romanian capital market becomes Emerging Market

Monday, September 28, 2020

It’s a historic moment for the Romanian capital market, which is included in the Emerging Markets indices of the global index provider FTSE Russell, starting from September 21st, 2020. It’s been 25 years since the reopening of the Romanian stock exchange and now Romania is welcomed in an unprecedented investment universe: new investment funds that manage billions of euros will be able to invest in the companies listed on the Bucharest Stock ...

Public statements regarding the historic moment of Emerging Romania

Monday, September 28, 2020

Romania’s inclusion in the Emerging Market indices, as of September 21st, 2020, by the global index provider FTSE Russell is a historic moment for the local stock exchange, reverberating strong echoes in the political, institutional, and business environments.   The promotion of Romania to the Emerging Market status after 25 years from ...

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