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Financial & Banking

CEC Bank pays 8.25% for one-month deposit to Romgaz

Monday, July 25, 2022

The state-owned CEC Bank will pay an interest of 8.25% for the RON 86 mln (EUR 17 mln) one-month deposits placed by state-controlled natural gas company Romgaz (BVB: SNG).   Thus, the company’s deposits with CEC Bank reach a value of over RON 1.2 ...

Non-baking financial sector assets stand at 14.11 GDP in 2021

Monday, July 25, 2022

 The cumulative size of the assets of the three non-banking financial markets in Romania (insurance market, private pensions market and capital market) doubled from 2014 until the end of 2021, show the latest report on the stability of non-banking financial markets, carried out by the Financial Supervisory Authority (ASF).According to the report, the year 2021 was marked by increases in the assets of the non-banking financial sectors, compared to 2020. Thus, ...

Banks, exchange offices, payment operators must display fees charged for euro conversion

Monday, July 25, 2022

The government has adopted a piece of legislation by which payment service providers, recte banks, exchange offices, payment operators must clearly display the fees charged for conversion into and from euros, according to a press release issued by the Ministry of Economy on Wednesday.It is about the Decision on the establishment of certain measures for the application of Regulation (EU) 2021/1230 of the European Parliament and of the Council of 14 July 2021 on ...

OTP Bank Romania joins the Start-Up Nation 2022 Program

Monday, July 25, 2022

OTP Bank Romania was selected by the state to join the Start-up Nation 2022 program implemented by the Ministry for Business Environment, Trade and Entrepreneurship. The program provisions a non-reimbursable financial aid granted by the state, within the maximum limit of 200,000 lei, for each start-up established after January 1, 2020, and that meets the eligibility criteria mentioned in the program.   After accessing ...

Mazars publishes CEE Tax Guide 2022

Monday, July 25, 2022

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  The region's tax wedge remains relatively wide, ranging between 15% and 51%. Countries maintain a characteristically different approach to income taxation and tax relief for families with children. VAT remains the prime source of tax revenues in the listed countries; digital technologies have visibly improved the efficiency of tax ...

Mugur Isarescu, BNR Governor: Sustainability and climate change – a more delicate balancing act

Monday, July 18, 2022

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Motto: “Act responsible, think sustainable"   The economy and financial system worldwide saw major transformations in the past decades, boosted by globalization and digitalization or reshaped by key inflexion points such as the 2008 financial crisis, the Covid-19 pandemics and geopolitical shifts. Moreover, the climate change advent - flagged by the Club of Rome’s “Limits to ...

Analysis: Romania has reached the top 5 highest interest rates in the EU

Monday, July 18, 2022

  The recent increase with one percentage point of the interest rate by the National Bank of Romania places Romania in the top 5 of the countries with the highest interest rates in the EU and the first ten countries with high interest rates in Europe, according to an analysis eToro. Romania is 9 – 10 equality with Iceland (4.75%) before us being Poland (6.5%), the Czech Republic (7%) and Hungary (7.75%). With ...

BNR: Balance of payments and external debt – May 2022

Monday, July 18, 2022

In January - May 2022 the balance-of-payments current account posted a deficit of EUR 10,238 million, compared with EUR 5,698 million in the same year-ago period, the BNR ( the National Bank of Romania) data show..   The breakdown shows that the deficit on trade in goods widened by EUR 3,446 million, the surplus on services increased by EUR 505 million, the primary income deficit grew by EUR ...

CAPITAL MARKET IN THE FIRST QUARTER OF 2022: FUNDS PREFERRED EQUITIES TO FIXED INCOME INSTRUMENTS

Monday, July 18, 2022

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The Romanian stock market has reacted to the shock of the war in Ukraine, as it has around the world. However, the impact was smaller than the crisis generated by the outbreak of COVID 19 pandemic, and in the long term stock market indices have been on an upward trend.   "Against the backdrop of political tensions between Russia and Ukraine, the evolution of the Romanian stock market deteriorated, but not ...

Survey: Voluntary health insurance - the Romanians' most sought coverage in 2022

Monday, July 18, 2022

Voluntary health insurance is the Romanians' most sought coverage in 2022, followed by home and foreign travel insurance, as 4 in 10 Romanians (39 percent) report being more interested in the former type of policy, shows the latest UNSAR-IRES Barometer on Risk perception and insurance culture in Romania cited in an UNSAR release.According to the said survey, Romanians are willing to pay extra to social health insurance for faster access to medical services and ...

The Romanian capital market has fully recovered from the decline caused by the war in Ukraine as the BET-TR index increases by almost 1 percent in the first 6 months

Monday, July 18, 2022

The outbreak of the war in Ukraine at the end of February caused the Romanian capital market to decrease by 3.6% in the second month of the year when looking at the BET-TR index, which also includes dividends. Four months later, the capital market returned an increase of 0.8%, also for the BET-TR index. The Romanian capital market fully ...

EY Future Consumer Index: Rising cost of living forces consumers to tighten grip on finances 

Monday, July 18, 2022

Consumers globally are preparing to hunker down for a long financial squeeze, as the increasing cost of living and geopolitical uncertainties push them to seek financial control amid low economic confidence, according to the latest EY Future Consumer Index (FCI).   The 10th edition of the global research of 18,000 consumers, conducted between 18 May to 7 June 2022, finds that 79% of consumers say their finances are a ...

NN and MedLife join forces in a strategic partnership for health

Monday, July 18, 2022

NN, the leader of the Romanian life insurance market, and MedLife, the leader of the Romanian private medical services market, sign a strategic partnership and amplify their efforts to support Romanians take care of their health.   The long-term partnership between NN and MedLife will represent a foundation for new synergies between private health services and health insurance aimed to increase the quality of life of ...

BNR Board decisions on monetary policy

Monday, July 11, 2022

In its meeting of 6 July 2022, the Board of the National Bank of Romania (BNR) decided: to increase the monetary policy rate to 4.75 percent per annum, from 3.75 percent per annum, as of 7 July 2022; to raise the lending (Lombard) facility rate to 5.75 percent per annum from 4.75 percent per annum and the deposit facility rate to 3.75 percent per ...

The government is analyzing the rise in taxes on restaurants and hotels

Monday, July 11, 2022

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The government analyses the amendment of the taxation paid by HoReCa, namely the increase of the taxation for restaurants and hotels with high income, as well as for a possible increase of the taxation for the companies in the domain of gaming, supplementary to the plan to increase taxation for gaming to 40% announced for the first time in Profit.ro.   The authorities intend to present a draft of ordnance ...

STUDY: The economic impact of the banking system in Romania is estimated at 2.247 billion lei in the period 1990-2020

Monday, July 11, 2022

During 1990-2020,  the Romanian banking sector’s economic impact is estimated to stand at 2,247 billion lei, according to the survey ″The contribution of the banking sector to the  economy in the last 30 years″, drawn up by KPMG Advisory, upon the request of the Romanian Association of Banks. The banking industry’s impact upon the production of goods ...

Deloitte : The new fiscal provisions must be doubled by efforts for the increase of collection

Monday, July 11, 2022

The tax changes announced by the authorities these days will have a moderate impact on the business environment. However, beyond their complexity and direct effect on the taxpayers concerned, it is to be appreciated that many of them are subject to debate and approval six months before the entry into force, according to an opinion material made by Deloitte Romania consultants.   On the other hand, in ...

Banca Transilvania received a very good ESG rating from Sustainalytics

Monday, July 11, 2022

Romania's largest lender by assets, Banca Transilvania (BT), obtained a very good ESG Risk Rating (17) and is included in the Low Risk category following the Sustainalytics analysis in terms of ESG initiatives and performances.   "The transparency of the objectives, impact and performance of our operations is essential to maintain the trust of our customers and investors, which is why we wanted an independent evaluation," ...

Garanti BBVA’s RO consumer loan arm gets EUR 10 mln from IFC for “green” lending

Monday, July 11, 2022

Garanti BBVA Consumer Finance, part of Garanti BBVA Group Romania, one of the most dynamic financial groups on the local market, has signed a loan agreement of EUR 10 million with the International Finance Corporation (IFC) aiming to help Romanians reduce their homes’ carbon footprints. Through the new agreement, Garanti BBVA Consumer Finance has become the first non-banking financial institution (NBFI) active in this segment in Romania to ...

Romanian pension fund managers object to planned ban on PE investments

Monday, July 11, 2022

The decision envisaged by the Financial Supervisory Authority (ASF) to ban mandatory private pension funds (Pillar 2) from investments in private equity funds "does not serve the interest of the Romanian economy," argue representatives of seven private associations of assets management, investors and contributors to pension funds.   ASF announced it considers such a ban in the context of the frauds revealed at pension fund ...

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