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Financial & Banking

Official: Split Value-Added Tax (VAT) payment mechanism should be abrogated, as it has no positive effect

Monday, October 8, 2018

The split Value-Added Tax (VAT) payment mechanism should be abrogated as it hasn't had any positive effect and Romania is criticised by the European Commission for this, Dan Manolescu, the President of the Chamber of Tax Consultants (CCF) stated on Friday at the "Autumn tax update forum" conference."As far as we know, there are some letters, a correspondence between the European Commission and the Romanian authorities, wherein the latter requested a series of ...

President Klaus Iohannis promulgates law concerning insurance distribution

Monday, October 8, 2018

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President Klaus Iohannis promulgated on Friday the law concerning the insurance distribution.The draft law was adopted on September 18, by the Chamber of Deputies, as the decision-making forum.The law has to regulate the entire transposition of the EU Directive 2016/97 of the European Parliament and the European Council of 20 of January 2016, concerning the insurance distribution.This law regulates the distribution activity of insurance and ...

Chiritoiu: We are pleased with BNR's intention of making an exception from debt cap in refinancing

Monday, October 8, 2018

Refinancing loans would be exempted from the debt cap established for the population, the head of the Competition Council, Bogdan Chiritoiu, stated on Saturday in Sinaia."The National Bank of Romania's main duty is to ensure the stability of the banking system. Thus, they are concerned with the banks not taking excessive risks and grant loans to people who won't be able to pay them back, for this would risk the solidity of the entire banking system. What we have ...

Fondul Proprietatea: Draft Emergency Ordinance on Sovereign Fund leaves state enterprises at the discretion of political interference and abuse

Monday, October 8, 2018

Fondul Proprietatea has published a statement saying it is “highly concerned” by the draft Government Emergency Ordinance (“GEO”) setting up the general framework applicable to the Sovereign Fund for Development and Investments (“FSDI”), published by the Ministry of Public Finance on 29 September 2018, http://business-review.eu informs. According to FP, “The draft disregards corporate ...

UniCredit and NESsT support three social businesses from Romania with EUR 50,000

Monday, October 8, 2018

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NESsT Romania Foundation, in partnership with UniCredit Foundation, UniCredit Bank and UniCredit Services, rewards the winners of the “The Power of Social Enterprises – Strategic Financial and Capacity Building Support Program for High Impact Social Enterprises in Romania” competition. The three winners of EUR 15.000 grants each are: The “Curtea culorilor” Association – a cheese ...

Bulgarians have greater financial assets per capita than Russians, Romanians and Turks

Monday, October 8, 2018

Bulgarians have greater financial assets than Slovaks, Russians, Romanians, Turks and Serbs. Regarding the net financial assets per capita, our country ranks 38th out of 53 countries worldwide with a result of 7680 euro per person. For the gross amount, Bulgaria is down one position with a result of 9760 euros, the latest edition of the Allianz Global Wealth Report shows quoted by novinite.com. It includes data for 2017 for the total amount of ...

FinMin Teodorovici: European Commission to support Romania in combating VAT fraud

Monday, October 8, 2018

The European Commission will support Romania in combating VAT fraud, given that the country has a 35.88pct gap in this segment, Finance Minister Eugen Teodorovici announced after Tuesday's meeting with European Commissioner Pierre Moscovici, according to a press release from the Ministry of Public Finance.During the meeting, Minister Teodorovici presented the main elements of the fiscal-budgetary policy for 2018 and 2019, including the measures taken and envisaged ...

Two our of five households confirm they can hardly cope with  current expenses

Monday, October 1, 2018

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Two out of five households (38.9%) say they can hardly cope with current expenses and if we take into account those who declare a certain difficulty in covering daily expenses, the percentage grows to 81.6% of total households, according to a document recently published by the National Statistics Institute. For one out of five households, current expenses do not create special problems and can be easily overcome. “To ...

Overdue lei loans, down 3.1pct, overdue forex loans, down 2.36pct in August 2018

Monday, October 1, 2018

The total amount of overdue household and corporate loans granted in lei reported in August 2018 is 4.882 billion lei, down 3.10 percent from July 2018, while overdue forex loans fell by 2.36 percent, to 3.189 billion lei, according to a report released by the National Bank of Romania (BNR) on Wednesday.Total lei loans were standing at 160.351 billion lei in August (0.68 percent more than in the previous month), of which 64.807 billion were taken out by businesses ...

Mandatory private pension plans report August 2018 assets of nearly 45.8 billion lei, up 21pct

Monday, October 1, 2018

Romania's mandatory private pension plans had assets of 45.8 billion lei as of August 31, 2018, up 21.44 percent from August 2017, according to data with the Financial Oversight Authority (ASF).Government bonds made up the largest share of the assets, at 28.14 billion lei and a 61.42 percent share. The second largest component was stocks, worth 8.49 billion lei (18.54 percent). Bank deposits ranked third, at 4.42 billion lei and 9.65 percebt of the total ...

FTSE Russell keeps Romania on watch list for potential reclassification

Monday, October 1, 2018

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Romania has been kept by FTSE Russell on the watch list of countries for possible reclassification from Frontier to Secondary Emerging market, the Bucharest Stock Exchange (BVB) reported on ThursdayAccording to BVB, market liquidity in Romania is said to be sufficiently broad to support sizeable global investment, with an upgrade from Not Met to Restricted, following an uptick in broad market liquidity.FTSE Russell released on September 26, 2018 its ...

Corporate, retail deposits up 1.3pct, in August

Monday, October 1, 2018

The deposits of non-government clients rose by 1.3pct in August 2018 compared to July 2018, up to the level of 314.293 billion lei, while compared to August 2017 these increased by 10.5pct and 5.2pct in real terms, according to the data made public by the National Bank of Romania on Tuesday.Retail deposits in lei decreased by 0.3pct, to 114.489 billion lei. Compared to August 31, 2017, these deposits increased 6.1pct (1pct in real terms).The ...

Non-government loans, up 6.6 percent in August 2018, year-over-year

Monday, October 1, 2018

Non-government loans registered an increase of 6.6 percent (1.5 percent in real terms) on 31 August 2018, as opposed to 31 August 2017, on account of the 14.1 percent increase RON-denominated loans (8.6 percent in real terms) and a decrease of 5.1 percent in foreign currency-denominated loans expressed in RON (when expressed in Euro, the foreign currency-denominated loans decreased by 6.2 pct) according to data of the Romanian National Bank.RON-denominated loans to the ...

Romanians lose RON 7 bln per year only from current accounts at current inflation level

Monday, October 1, 2018

Romanians are losing RON 7 billion per year only from their current accounts at the current inflation level, Financial Supervisory Authority (ASF) vice-president Mircea Ursache said on Tuesday, cited by Agerpres, http://business-review.eu informs. ” We have RON 150 million in current accounts with practically zero interest. At an inflation rate of 5 percent per year, Romania’s population loses RON 7 ...

FondulProprietatea: Exemption from application of corporate governance in state companies throws Romania in 'total darkness time'

Monday, October 1, 2018

Fondul Proprietatea criticizes the resuming of the talks in Parliament regarding a new draft law on the exemption from the application of corporate governance in several state companies and specifies in a release that 'we will enter a time of total darkness wherein we shall know nothing about these companies' performance.' 'Fondul Proprietatea expresses its major worry regarding a new draft law, currently discussed upon in the select committees of the Chamber ...

PwC: Over 6 bln euro losses from uncollected VAT in Romania, solution is modern collection IT technologies

Monday, October 1, 2018

The collection deficit of the value-added tax (VAT) grew in 2016 against 2015 in Romania, and the noncompliance in the VAT matter went up, although the standard rate for this tax curtailed from 24pct to 20pct, a release of the PwC informs.'In 2016, Romania ranked again last as regards the VAT collection degree among all the EU member states, the VAT collection deficit parking at 35.88pct. Worrisome is that the cashing deficit of the VAT went up in 2016 against the ...

CFA Romania: EUR to reach record level, 3-month ROBOR Index anticipated at 3.88pc in the next 12 months

Monday, October 1, 2018

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Economic analysts anticipate that the European currency will reach a record level in the coming period, romaniajournal.ro reads. The Macroeconomic Confidence Index, calculated as based on the organization members’ estimations, increased in August by 4.9 points to 50 points against the previous month, the figures released on Monday by CFA Romania reveal. Analysts thus anticipate that the EUR could exceed the level of RON 4.72 in the next 12 ...

FinMin announced tax amnesty in October

Monday, October 1, 2018

Finance Minister Eugen Teodorovici has announced that the tax amnesty would be renamed financial restructuring, while its mechanism will be concluded in October, romaniajournal.ro informs. „Let’s call it a financial restructuring, not amnesty, which, next to insolvency, is providing benefits to the business environment”, minister Teodorovici told Antena 3 private broadcaster. He added the restructuring ...

FinMinTeodorovici: The reserve fund is now at 1, 2 billion lei; the buffer is higher than in December 2017

Monday, September 24, 2018

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The reserve  fund at the disposal of the government reached approximately 1.2 billion lei, stated on Monday in a press conference the minister of public finances Eugen Teodorovici by  underlying that as regards the buffer ( the reserves in foreign currency of the treasury) they are higher than at the end of 2017 but they have a different structure.At the beginning of this month, before the budgetary revision the minister of finances announced that the ...

ProCredit Bank signs 60 million Euro financing agreement with European Investment Fund, for agriculture

Monday, September 24, 2018

 ProCredit Bank Romania signed a financing agreement worth 60 million Euro with the European Investment Fund (EIF), dedicated to the agricultural and rural sector, which is part of a first mandate of the Funds for Agriculture in Romania, according to a press release, sent to AGERPRES, on Friday.ProCredit Bank will offer Romanian farmers European Funds for Agricultural Development (FEADR) in order to support the growth of the agricultural sector and businesses ...

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