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Financial & Banking

Fitch Affirms BCR at 'BBB+'; Outlook Negative

Monday, December 19, 2022

Fitch Ratings has affirmed Banca Comerciala Romana S.A.'s (BCR) Long-Term IDR at 'BBB+' with a Negative Outlook and Viability Rating (VR) at 'bb+'. A full list of rating actions is at the end of this commentary.   KEY RATING ...

More than 6 million Romanians will make finance-focused New Year’s resolutions, trumping fitness and professional goals

Monday, December 19, 2022


Half (50%) of those making 2023 New Year’s resolution will focus on their finances but less than the 51% that will focus on health and wellbeing Side hustles, investing, saving and budgeting are most common financial aspirations for next ...

 Avis Romania estimates GROWTH OF BUSINESS in 2023, sustained by the upward trend of the rent a car market

Monday, December 19, 2022

The rental car market is on an upward trend, and as passenger traffic at airports continues to grow, the industry will continue to see growth next year, according to Avis Car Rental Romania estimates.   The company is anticipating higher growth domestically in 2023, operating with a larger fleet, and a growth ...

CNAIR to sanction Austria on blocking Romania’s Schengen accession

Monday, December 19, 2022

  The National Road Infrastructure Administration Company (CNAIR) is the first large state company to sanction Austria for the vote given in the JHA Council, where it prevented Romania’s accession to Schengen. CNAIR has decided to close all its accounts with BCR, a member of Erste Group, Austria, one of the most important financial groups in ...

Raiffeisen Bank Romania returns 13.4 mln euro to customers

Monday, December 19, 2022

Romania’s consumer protection authority, ANPC, said on Friday that the Romanian arm of Austria’s Raiffeisen Bank has reimbursed with 13.4 million euro ($14.2 million) as many as 5,530 customers affected by unfair commercial practices. The reimbursements represent an initial share out of a total of roughly ...

Romania still loses third of VAT to budget, but ANAF digitalization to have visible impact 

Monday, December 19, 2022

  Romania ranks last in the EU in terms of VAT collection, once again recording the largest VAT gap from the total amount that should be collected, estimated at 35.5 percent, according to the recently published report of the European Commission (EC), which uses data for 2020, says Daniel Anghel, partner, leader of Tax&Legal PwC Romania, in a document sent on ...

Report: 36% of the Romanian consumers say they save more than they did 12 months ago

Monday, December 12, 2022


Inflation generated a domino effect in the growth of food and energy prices, and 36%  of the Romanian consumers (against 32% the European average)say they save more than they did 12 months ago, as they make sure they have financial reserves in case of economic trouble, according to the European  Report Regarding Consumers Payments,  edition 2022.   The Intrum report shows, according to a ...

ARB: Banking industry is also financing Romania, not only offering loans to make a profit

Monday, December 12, 2022

 The banking industry is not only offering loans to make a profit, but is also the financier of Romania, said on Friday, during the debate "Learned Lessons in Crises Times A Global Puzzle", the executive president of the Romanian Association of Banks (ARB), Florin Danescu."If we look at it this way, suddenly the perception of someone giving credit to make a profit changes massively. Perhaps we should realize that this industry that finances a country, if it ...

Investment fund assets at roughly 45 bln RON at end-Q3

Monday, December 12, 2022

Investment fund assets followed a steady upward trend over the last ten years, and statistics indicate that they have trebled in the last decade, executive director of the Fund Managers Association (AAF) Jan Pricop told the debate "Between risks and opportunities" organized on Wednesday by the Bucharest Stock Exchange (BVB) and AAF with fund managers.Pricop said that although at one point the share of open-end investment funds was approximately equal to that of ...

Banking sector's net pay growth between 4 and 46 pct since 2018

Monday, December 12, 2022

 The average net salaries for the most coveted banking jobs increased between 4 and 46 percent since 2018, with financial analyst positions standing at the lower end, and credit analysis experts seeing the highest pay rise, reveals a survey conducted by online platform Undelucram.ro.The most sought-after jobs in the banking sector are financial analyst, relationship manager, branch manager, loan officer/credit analyst or banking services consultant, with ...

Total assets held by privately-managed pension funds at 92.04 bln RON as of end-September

Monday, December 12, 2022

Total assets held by Romania's privately-managed pension system stood at 92.04 billion RON as of end-September, up 2 percent YoY, but 0.5 percent down from December 2021, the Financial Supervisory Authority (ASF) reports.The total net assets held by the mandatory privately-managed pension funds (Pillar II) amounted to 88.71 billion RON, up 2 percent from the year-ago period, and 1.5 percent higher compared to June 2022.As of the same date, net assets ...

Number of direct stock exchange investors doubles from 2019 at more than 120,000

Monday, December 12, 2022

There are currently more than 120,000 direct investors on the stock exchange, double compared to the end of 2019, Bucharest Stock Exchange CEO Adrian Tanase said at the debate organized on Wednesday with investment fund managers "Between risks and opportunities".In his opinion, developments in the open-end investment fund industry is a very important barometer of the general sentiment regarding capital market investments.Tanase said that a quite ...

iBanFirst USD forecast for 2023: Dollar index to rise to 115 points

Monday, December 12, 2022


The dollar is currently in a depreciation phase since its mid-September peak (114/Dollar Index), but iBanFirst analysts anticipate that the most likely medium-term scenario will be an appreciation of the US dollar around 115 (dollar index). The ...

The growing rhythm of electronic commerce will be reduced in the next five years, but it will be over 10%

Monday, December 12, 2022

The growing rhythm of electronic commerce reached during the pandemics will be reduced  in the next five years but there will continue to be annual positive rates evaluated at over 10%, according to the report 'The evolution of competition in the key sectors' made by the Competition Council.   As refers to the expectations regarding the structure of the future market, a plausible scenario presented ...

BestJobs: 7 out of 10 Romanian employees save from their salaries

Monday, December 12, 2022

About 70% of employees say they make savings, in the attempt to be protected from an uncertain economic future, according to the latest survey made by the online recruiting platform BestJobs, but half of them succeed to save regularly, while the rest make savings occasionally.   “Recent years have been marked by crises and uncertainties, but employees have learned how to adapt to change and become ...

BNR: International reserves – November 2022

Monday, December 5, 2022

On 30 November 2022, the National Bank of Romania’s (BNR) foreign exchange reserves stood at EUR 45,594 million, compared to EUR 46,291 million on 31 October 2022.   During the month, the following flows were recorded: EUR 2,187 million worth of inflows representing: changes in credit institutions’ foreign currency-denominated required reserves with the NBR; ...

Banking sector's operating profit at 22.596 bln RON in 2021

Monday, December 5, 2022


The banking sector's operating profit in 2021 was 22.596 billion RON, up from 19.462 billion RON reported the year before, shows data centralized by the National Institute of Statistics.Income from banking operations decreased to 77.214 billion RON from 83.311 billion RON in 2020, as did banking expenses, which amounted to 54.618 billion RON (63.849 billion RON in 2020).The operating profit per 1,000 RON of revenue from banking operations increased ...

CFA Romania: Banking analysts anticipate a decrease in housing prices in the big cities

Monday, December 5, 2022

About 80% of CFA experts anticipate a fall in the prices of residential properties in large cities (no opinion of price increases was recorded), while more than 83% of participants consider these prices to be overvalued (none of the survey participants considered that they would be undervalued).   Regarding the EUR/RON exchange rate, over 83% of the participants anticipate a depreciation of the leu in the next 12 months ...

Analysis: Romanian companies need to take solid currency hedging measures

Monday, December 5, 2022

Romanian companies must take solid measures to hedge away currency risk, as fluctuations in the financial markets tend to increase along with economic problems growing critical, shows an analysis conducted by Moneycorp Romania."The recent significant fluctuations in the US dollar's exchange rate, along with the evolution of bond yields, herald a period fraught with challenges, during which financial markets are expected to react to the ever growing risk of ...

Loans granted by NBFIs in Romania, record high in 2022

Monday, December 5, 2022

The amount of loans granted by non-banking financial institutions (NBFIs) in Romania reached a record level of over lei 41 billion mid-2022, after a 9.2% advance in the first six months of this year (compared to the same period in 2021), according to the latest KeysFin analysis. In the post-pandemic year, the loans granted by the NBFIs registered in the General Registry increased by 8.1% to lei 38 billion.   As share of the ...

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