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Financial & Banking

EBRD report : Recovery on track in most emerging economies but risks persist

Monday, November 5, 2018

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The economic recovery remains on track in most of the countries where the European Bank for Reconstruction and Development (EBRD) invests but risks persist from global trade tensions, high corporate debt levels and continued geopolitical ...

BCR’s net profit reaches EUR 218 million in the first nine months, up 15.5 percent y/y

Monday, November 5, 2018

Banca Comerciala Romana (BCR) recorded a net profit of RON 1,015.2 million (EUR 218.2 million) in the first nine months of 2018, generated a new volume of loans granted in local currency of RON 6.3 billion and recorded a 46 percent increase in personal needs loans, http://business-review.eu/ reads.   The operating result increased to RON 1.2 billion (EUR 262.8 million), 14 percent higher than the previous ...

Aforti Finance, providing financing to SMEs, enters the IFN register of BNR, ready to start operations in Romania

Monday, November 5, 2018

Aforti Finance Romania IFN S.A. announced that it will enter the register of the non-banking financial institutions of the National Bank of Romania (BNR) and is thus ready to begin operations in Romania as a fully-fledged lender. Aforti Finance is part of AFORTI – a Polish financial capital group, of which the leader, Aforti Holding, is listed on the NewConnect market of the Warsaw Stock Exchange. The Group is already present in Romania through the fintech Aforti ...

Alejandro Hajdenberg (IMF): Avoid tax rate cuts in the future!

Monday, November 5, 2018

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Alejandro Hajdenberg, resident representative for Romania & Bulgaria at the International Monetary Fund (IMF), suggested that Romania doesn’t have any more room for additional fiscal easing, which would mean another reduction of taxes. Among the recommendations of the IMF representative was the increase of tax collection rate by streamlining the process. He added that Romania had the largest fiscal relaxation in Europe over the past 3 year, ...

Jan-Sep cons budget deficit widens to 1.77%/GDP

Monday, November 5, 2018

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Romania's consolidated budget deficit widened to 1.77% of the projected 2018 gross domestic product (GDP) in the first nine months of 2018, up from 0.81% of GDP a year earlier, the finance ministry said. Romania's consolidated budget showed a deficit of 16.8 billion lei ($4.1 billion/3.6 billion euro) in the nine months through September, the ministry said in a statement late on Monday. Consolidated budget revenue rose ...

Garanti Group Romania posts RON 133 M net profit in the first 9 months

Monday, November 5, 2018

Garanti Group Romania, one of the most dynamic financial groups on the local market, composed of Garanti Bank, Garanti Leasing and Garanti Consumer Finance, registered, in the first nine months of the year, an increase of 11% in total asset volume, which currently exceeds RON 12 billion, romaniajournal.ro informs. The Group has further recorded a consolidated net profit of RON 133 million in the first nine months of the year, increasing by over 7% from ...

ING, the first fully digitised bank in Romania

Monday, November 5, 2018

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ING Bank will close all banks’ physical registers as of Monday, while focusing exclusively on online transactions and turning its subsidiaries in self-service units. The bank announced this year that the main trading system will be ING’s Home’Bank, while Self’ Banks will have new types of ATMs which replace the traditional cash machines. Employees will still work in the bank, but will focus on guidance ...

Isarescu : Not skeptical, just trying to stay realistic about joining euro

Monday, October 29, 2018

Romania is not skeptical about joining the euro, but we are trying to be realistic and to ensure a certain amount of time for this moment, governor of the National Bank of Romania (BNR) Mugur Isarescu told a specialist conference on Thursday. "With regard to the differences among the countries' strategies, some might find it amazing that Bulgaria considers joining the euro even faster than Romania, Hungary, Poland or the Czech Republic. It's true that these ...

Eurostat: În Romania, public debt declined this year despite higher government spending

Monday, October 29, 2018

Romania’s total public debt slightly declined this year from 35 percent of gross domestic product (GDP) at end-2017 to 34.1 percent at end-June despite higher public spending and deficits, according to Eurostat data. Romania’s gross public debt declined last year to a 6-year low level of 35 percent of GDP, down from 37.6 percent of GDP in 2016, due to the rapid growth of the economy. However, despite higher spending ...

RON loans maintain hot pace in September while savings slow down

Monday, October 29, 2018

Bank loans in RON granted to individuals rose by 1.3 percent month-on-month and by 20.1 percent year-on-year in September, up to a fresh all-time high of RON 92.9 billion (EUR 19.9 billion) despite higher interest rates but Romanians are less interested in keeping savings in bank accounts, according to National Bank of Romania (BNR) data released on Tuesday. Bank loans granted to individuals and corporate clients in Romania rose 6.3 percent ...

Study: Women are more concerned with saving money, but men save more

Monday, October 29, 2018

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Women are more concerned with saving money than men, but they manage to put money aside in a smaller percentage than men, according to a study by OTP Bank Romania through the Right to Education Foundation. The study also identifies other gender differences in financial behaviors. According to the data, the main concern of men is the level of retirement, while a higher percentage of women say they are quiet in this ...

The fourth bonds issue of International Investment Bank starts trading on BVB

Monday, October 29, 2018

A new series of corporate bonds issued by International Investment Bank (IIB) on the Romanian capital market is admitted to trading on the main market of the Bucharest Stock ...

Scope downgrades Romania’s credit rating to BBB- from BBB, Outlook remains Negative

Monday, October 29, 2018

The continued deterioration of fiscal performance and weak debt trajectory drive the downgrade. Sustained policy uncertainty underscores the Negative Outlook. The country’s high growth potential and moderate levels of debt support the BBB- rating. Scope Ratings GmbH has today downgraded Romania’s long-term local- and foreign-currency issuer and senior unsecured debt ratings to BBB- from BBB and affirmed the Negative Outlook. The short-term ...

RONCOIN, the first cryptocurrency with a 1:1 parity to Romanian RON

Monday, October 29, 2018

Bitcoin Romania, the first and largest crypto exchange on the Romanian market, has launched  Roncoin (RONC), the first token to have a 1:1 parity with Romania’s currency (RON), which means it’s protected against price volatility, http://business-review.eu informs. Each RONC unit is backed by 1 RON in the Roncoin platform’s reserve account, and this way each Roncoin is 100 percent ...

Erste Group's pan-European financial platform 'George' deployed to Romania

Monday, October 29, 2018

 BCR officially launched on Thursday the digital banking platform developed by Erste Group - 'George', which offers Romanians a different way to do banking: easier, highly customized and one hundred percent online, the bank announced on Thursday. A brainchild of Erste Group's in-house innovation hub in Vienna, 'George' is the first smart banking system in Romania."Our path in the development of 'George' started from the expectations of the ...

Ignacio Jaquotot (Intesa Sanpaolo): Romania is a country where we want to stay and invest

Monday, October 29, 2018

Romania is a country where we want to stay and invest, Ignacio Jaquotot, head of Intesa Sanpaolo's International Subsidiary Banks Division said on Thursday, adding that he sees a promising future for Romania.If we look at the fundamentals of the Romanian economy, in the past year we see something unique, a 7 percent GDP growth in just one year. The public debt share of the GDP is about 35 percent, the unemployment rate is very low, four years ago the banking ...

UniCredit Bank : Romania's GDP to grow 3.7% in 2018

Monday, October 22, 2018

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Romania's economy will grow by 3.7% in 2018 and by 3.3% in 2019, UniCredit Bank said on Friday. UniCredit's forecast for Romania's 2018 economic growth is below the government's projection of a 5.5% increase. "Political and fiscal risks will dominate the agenda this year and next. Economic growth is expected to fall to 3.7% this year and 3.3% in 2019 amid tighter financial conditions, limited scope for fiscal stimulus and slow income growth," UniCredit ...

ING Bank about the ROBOR growth: there are worries that the central bank will not inject liquidity on the market again

Monday, October 22, 2018

The growth of the ROBOR comes before the announcement on Monday of the National Bank of Romania referring to the organisation of the market operations, with worries that the central bank will not inject liquidity on the market any more, says Ciprian  Dascalu, head –economist of ING Bank Romania.He said that ROBOR for 3 months was expected  to close the year 2018 at a level of 3.20%.‘We expect that ROBOR for 3 months close the year ...

FinMin: Tentative budget scenarios include freezing public sector wages, earlier enforcement of wage law

Monday, October 22, 2018

Minister of Public Finance Eugen Teodorovici and Liberal Senator Florin Citu traded fire over the next state budget draft, following a document the Ministry of Public Finance sent to the EC listing a set of measures pondered in order to keep the budget deficit within the limit of 3 percent of GDP.Senator Florin Citu published a fragment of the document on his Facebook account, blaming the government that it plans to default on its promises. In reply, Finance ...

BNR caps indebtedness degree to 40pct for national currency loans

Monday, October 22, 2018

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The board of National Bank of Romania (BNR) has decided on Wednesday to limit indebtedness-to-income rates for all individuals taking loans from banks to 40 percent for RON loans and 20 percent for hard currencies loans from January 1st, 2019, the central bank said in a press release. The current indebtedness-to-income rates are 47 percent (average of the market) for mortgage loans and 45 percent for consumer loans, according to central bank ...

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