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Financial & Banking

Romania’s road to the eurozone: Objectives, scenarios and obstacles

Monday, February 11, 2019

Romanian authorities have published the Explanatory report for the national plan to adopt the euro currency, after a delay of over a month, http://business-review.eu reports. The 45 decision-makers from all the socio-economic layers who are part of the Euro commission claim that, depending on Romania’s economic development, the country could enter the exchange rates mechanism (ERM), a phase that precedes the switch to the ...

Central Bank: International reserves – January 2019

Monday, February 4, 2019

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On 31 January 2019, the National Bank of Romania’s foreign exchange reserves stood at EUR 31,922 million, compared to EUR 33,065 million on 31 December 2018. During the month, the following flows were recorded: EUR 1,572 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, inflows into the Ministry of Public Finance’s accounts, inflows into the European Commission’s account ...

Study: More than half of Romanians still prefer buying insurance policies offline

Monday, February 4, 2019

When it comes to online financial services, more than half of Romanian internet users (54 percent) continue to be conservative, as they prefer more direct contact for the purchase of this type of service, according to the third edition of the quantitative study “Digital Evolution: Connected Consumer Monitor” (National Representative sample of 1,123 respondents, Internet users, 18-65 years old), conducted by EXACT Business Solutions in November 2018, ...

Vienna Insurance Group launches its first corporate start-up, the ‘viesure innovation center’

Monday, February 4, 2019

Vienna Insurance Group (VIG) has launched its first internal corporate start-up, the “viesure innovation center” (viesure), http://business-review.eu reports. Managed by VIG’s largest Group company, Wiener Städtische Versicherung, the new company will focus on emerging trends in customer service. The start-up will be based at the “Talent Garden Vienna”, the city’s newest innovation hotspot, and will also ...

Private pensions association warns recent reforms of Romania’s Pillar II system could have “devastating” effects

Monday, February 4, 2019

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PensionsEurope and its Romanian Member Association (APAPR) expressed deep concerns about the reform of the Romanian mandatory second pillar pension system introduced by the government at the end of December 2018. The reform, which envisages new disproportionate capital requirements for pension funds, is described by PensionsEurope as “highly political and devastating for the Romanian pension ...

ASF: Mandatory private pension funds register over 47.6 billion lei assets in December, increasing 19.7pct

Monday, February 4, 2019

The mandatory private pension funds had assets worth 47.6 billion lei on 31 December 2018, increasing 19.7 percent from the level in the similar month of the previous year, according to the Financial Supervisory Authority (ASF).Compared to the level of the assets in the previous month, of 48.18 billion lei, in December 2018 there is a decline of 1.2 percent.Securities hold the largest share within the assets, worth 30.35 billion lei, namely 63.77 percent. Shares come ...

Florin Georgescu (BNR): Fiscal system needs to be substantially revised, with a focus on the progressive taxation of incomes

Monday, February 4, 2019

“In order to ensure a solid basis for the provision of public goods and services, it is necessary that the financial system be substantially revised, with a focus on the progressive taxation of incomes for individuals – a measure that is imposed objectively, in the context of the major structural changes in terms of income distribution and population wealth in the past 30 years,” said the National Bank of Romania’s prime vice-governor, Florin Georgescu, during an ...

EC retorts to Valcov on anti-banks campaign

Monday, February 4, 2019

The Representation of the European Commission to Romania has reminded Romanians who have a bank account which are the benefits they are entitled to when making payments in the EU or when they get cash out of an ATM while in a member state. The statement comes after PM Dancila’s state adviser, Darius Valcov, has recently said that he takes his salary cash „in an envelope”, also claiming he knows people who „ran out of money due to the bank ...

Shareholders of the Bucharest Stock Exchange OK local Central Counterparty, a EUR 16 million project

Monday, February 4, 2019

Shareholders of the Bucharest Stock ...

Finance Ministry gives up taking loans from commercial banks, will use the buffer

Monday, February 4, 2019

Finance Minister Eugen Teodorovici has announced on Tuesday he has decided that the ministry will not take any more loans from the domestic market, adding that the treasury has the needed amounts of money for at least six months. The decision comes after the developments on Monday, when the Finance Ministry tried to get loans amounting to RON 400 million from commercial banks. The 7 primary dealers submitted several offers of about 30% of the demanded amount, but the ministry turned ...

Unicredit: Romania to see 3.5 pct inflation in 2019 and economic growth of only 1 pct in 2020

Monday, February 4, 2019

The Romanian government could have difficulty maintaining the budget deficit below 3 percent of GDP despite the higher taxes in the banking, energy and telecommunications sectors as well as higher excise duties, according to a report by Unicredit Bank.   The economic growth rate is expected to fall below potential by 2020, while a risk of a technical recession grows, the report shows. Below is a breakdown of the most important predictions by Unicredit in its Q1 2019 ...

Patria Bank sells EUR 70 mln NPL bundle to Kruk

Monday, February 4, 2019

Romania’s Patria Bank sold to Kruk Romania a bundle of 934 non-performing secured loans (NPL) granted to legal persons and individuals, with a nominal value of RON 332 million (EUR 70 mln), the bank announced on January 25. This was the second phase of Patria Bank’s NPL sale project started in 2018, which was aimed at improving the profitability indicators, which have already shown a positive trend beginning with the second quarter of 2018. In October 2018, Patria ...

Competition Council starts analysis on ROBOR level

Monday, February 4, 2019

The Competition Council (CC) has started an analysis on the ROBOR level in the latest period of time, given the index’s fluctuation after the GEO 114 on fiscal measures, Bogdan Chiritoiu, the institution’s chief, said on Monday. “We are conducting an analysis about ROBOR. We aim at ROBOR not the exchange rate, as debates were carried out and we are interested to see the consequences of Ordinance 114,” Chiritoiu said, according to ...

BNR struggling to find balance between exchange rates and interest rates amid lack of fiscal predictability and concern from investors

Monday, January 28, 2019

National Bank of Romania (BNR) spokesman Dan Suciu claims that the depreciation of the Romanian leu cannot be linked to a speculative attack, even though the euro reached a record level of 4.7569 lei on Wednesday, but confirms that there were some pressures on the exchange rate related to a lack of credibility for investors holding the RON currency, http://business-review.eu reads. “I wouldn’t call ...

Cristian Bichi, BNR: Tax on bank assets is different in Poland and Hungary

Monday, January 28, 2019

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Romania, Poland and Hungary are the only countries in the European Union that collect an asset tax from banks, but in Poland and Hungary the taxation of banks and other financial institutions was based on the adoption of laws after consultation with the European Central Bank by the Hungarian Economy Ministry and the Polish Parliament, writes Cristian Bichi, advisor to the central bank governor, in an article published on the BNR Opinion blog, cited by Agerpres, ...

UK analysts warn: Romania’s currency is vulnerable; EUR could reach a value of RON 5 this year

Monday, January 28, 2019

The euro could reach a value of RON 5 this year, according to Liam Carson, an analyst from the macroeconomic research firm Capital Economics, cited by Reuters quoted by http://business-review.eu. The euro grew by more than 1 percent in less than a month, and reached historical maximums on every day of the past week. Yesterday’s exchange rate was RON 4.7142/EUR. New taxes on banks, telecommunications and energy companies, ...

Economists cut Romania’s GDP growth forecast in 2019 below 3 pct following new tax announcements

Monday, January 28, 2019

Analysts have begun to significantly cut their forecast regarding the gross domestic product (GDP) growth rate in Romania this year following the introduction of new taxes by the government as they estimate these measures will affect major sectors of the economy. Banca Transilvania analysts has recently announced that they cut their GDP growth forecast to 2.8 percent in 2019 as private consumption, the main driver of economic growth during the last ...

What to Expect in 2019: Overall Well-performing Economy, Essentially Conditioned by Legal Stability and Investments - 2019 Outlook on Romania

Monday, January 28, 2019

By Johan Meyer, CEO Franklin Templeton Investments Bucharest Branch and Portfolio Manager of Fondul Proprietatea Romania has again been one of the best performing economies in the European Union in 2018, with an estimated 4% real GDP growth year-on-year. However, following record growth and significant acceleration in the last couple of years, Romania’s economy is currently set for a rather uncertain ...

BVB: Romanian blue-chip index drops almost 5 percent in 2018, ending six-year consecutive growth

Monday, January 28, 2019

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The Bucharest Stock Exchange (BVB) closed 2018 with a 4.77 percent decrease of the local market's blue-chip index, the BET, which includes the most traded 15 companies, BVB said in a release."The Romanian stock market closed 2018 in the negative after the BET index dropped 4.77 percent, thus ending six years of straight growth. The BET-TR, which includes the dividends paid by BET companies, succeeded however to stay positive, with a plus of 4.3 percent, which - ...

Competition Council: We have not found evidence of a possible understanding between banks

Monday, January 28, 2019

In the investigation of the behavior of banks during October to November 2008, finalized in 2013, no evidence was found of a possible understanding between banks, the Competition Council has announced in response to Senator Daniel Zamfir’s statements. The Competition Council says that the investigation into the behavior of banks during October – November 2008, due to the malfunctioning of the monetary market (the climax of the international ...

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