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Financial & Banking
Minutes of the monetary policy meeting of the National Bank of Romania Board on 6 November 2019
Monday, November 18, 2019
13 November 2019 The National Bank of Romania Board members present at the meeting: Mugur Is?rescu, Chairman of the Board and Governor of the National Bank of Romania; Florin Georgescu, Vice Chairman of the Board and First Deputy Governor of the National Bank of Romania; Leonardo Badea, Board member and Deputy Governor of the National Bank of Romania; Eugen Nicol?escu, Board member and Deputy Governor of the National Bank of Romania; Csaba ...
BNR: Balance of payments and external debt – September 2019
Monday, November 18, 2019
Accordingto data issued by the Central bank (BNR),in January - September 2019p, the balance-of-payments current account posted a deficit of EUR 8,103 million, compared with EUR 6,798 million in the same year-ago period. The deficit on trade in goods widened by EUR 2,342 million, the surplus on services income increased by EUR 343 million, the deficit of the primary income balance narrowed by EUR 747 million, and the surplus of the secondary income balance decreased ...
UniCredit expects Romania’s economic growth to weaken below region’s average
Monday, November 18, 2019
UniCredit Bank Romania, in its November quarterly report, affirmed the estimate expressed in October by its chief economist Florin Andrei for Romania’s 4.2% economic growth this year, a robust performance compared to projections as pessimistic as 2.8% voiced in April by the same bank. However, the “populist public spending” has exhausted the resources for increasing the spending in any other area, the bank’s economists warned in ...
Eurostat: Romania ranks second in the EU in terms of inflows of funds through personal transfers
Monday, November 18, 2019
In 2018, flows of money sent by residents of the European Union (EU) to non-EU countries, referred to as personal transfers, amounted to €35.6 billion, compared with €32.6 bn in 2017. Inflows to the EU totalled €10.9 bn in 2018, unchanged compared with 2017. This resulted in a negative balance (-€24.6 bn) for the EU with the rest of the world. The majority of personal transfers consist of flows of money sent by migrants to their country of ...
Extra-EU personal transfers mostly directed to Africa and Asia
Monday, November 18, 2019
In 2018, the highest shares of intra-EU inflows among total inflows of personal transfers were recorded in Slovakia (99%), Hungary (90%), Luxembourg and Romania (both 89%), Poland (85%) and Sweden (83%). On the contrary, extra-EU inflows accounted for about three-quarters of total inflows in France (74%) and for about two-thirds in Malta (63%) and Belgium (61%). Slovakia (97%), Luxembourg (88%), Ireland (79%) and Finland (70%) were the Member ...
Fondul Proprietatea reports profit of almost 2bln lei, nine months into 2019
Monday, November 18, 2019
Fondul Proprietatea reported a net profit of 1.936 billion lei in the first nine months of 2019, up 103.7% from the same period last year, according to a quarterly report submitted on Friday to the Bucharest Stock Exchange (BVB).The main contributors to the profit recorded in the first nine months of 2019 were the gross annual dividend income of RON 723.4 million, and the positive net change in fair value of equity investments classified at fair value through ...
Raiffeisen Bank ends Q3 2019 with net profit of 536 mln lei
Monday, November 18, 2019
Raiffeisen Bank ended the third quarter of 2019 with a net profit of 536 million lei, compared to 718 million lei in the same period of last year, according to a press release of the bank."The 25pct decrease in the net profit (year on year) comes from several non-recurring events such as: the methodological changes in the provision of credit risk and the provision of the participation in the Aedificium Bank for Housing subsidiary," the release ...
Bank of China to start operations in Romania this December
Monday, November 18, 2019
Bank of China will begin operations in Romania in December, Romania’s National Bank (BNR) governor Mugur Isarescu announced during a speech on the occasion of the 70th anniversary of Romania-China's bilateral ...
CEZ invites bidders to submit offers for its assets in Romania next month
Monday, November 18, 2019
Czech energy group CEZ will invite potential buyers of its assets in Romania to submit their offers next month, after having received more than 30 letters of interest during the market testing ...
ASF gets re-elected as member in Executive Committee of the IOPS
Monday, November 18, 2019
Romania, represented by the Financial Supervisory Authority (ASF) has been re-elected for a 2-year mandate (2019-2021) as member of the Executive Committee of the International Organisation of Pension Supervisors (IOPS), an ASF release informs.According to the quoted source, the Financial Supervisory Authority will be represented in this organisation by Vice-President of Private Pensions System Dan Armeanu.The International Organisation of ...
NN’s Romanian pension fund management branch recruits CIO from Fondul Proprietatea
Monday, November 18, 2019
Dutch financial group NN announced that Dan Gheorghe will serve as Chief Investment Officer (CIO) of its Romanian pension fund management division NN Pensii, his mandate being authorized by the Financial Supervisory Authority (ASF). Dan Gheorghe will succeed Cristian Popa, who was appointed to the Board of Directors of Romania’s National Bank (BNR). "I am looking forward to starting this new ...
Report: One in ten small banks will disappear in the 5 years
Monday, November 18, 2019
Banking system in Romania evolved strongly in 2018 and over the last years. In terms of profit, 2018 brought a record high for Romanian banks. In fact, over the past few years, the top line performance and profitability was above the European average, shows a AT Kearney report. Despite previous more pessimistic views, 2018 brought a growth in loan stock of 4 percent and new loans production or 6 percent across segments (retail, corporate) – in companies ...
BNR Board decisions on monetary policy
Monday, November 11, 2019
In its meeting of 6 November 2019, the Board of the National Bank of Romania (BNR) decided the following: to keep the monetary policy rate at 2.50 percent per annum; to leave unchanged the deposit facility rate at 1.50 percent per annum and the lending facility rate at 3.50 percent per annum; to maintain the existing levels of minimum ...
BNR report: the behaviour of the fiscal policy and that of income keeps its relevance as an important source of risks
Monday, November 11, 2019
The behaviour of the fiscal and income policy keeps its relevance as an important source of risks during the interval of projection, says the Quarterly report on inflation. ‘On the basis of the most recent information regarding the budgetary execution, the behaviour of the fiscal and income policy keeps its relevance as an important source of risks during the interval of projection. The configuration of these policies, under the specter of the electoral calendar of ...
OTP Bank Romania: Financial results for the third quarter of 2019
Monday, November 11, 2019
OTP Group announces the financial results for the first nine months of 2019. According to the report published in Budapest, which presents the consolidated result adjusted in accordance with the Group’s reporting standards, OTP Bank Romania recorded a consolidated after-tax profit of RON 79 million (HUF 5.4 billion), with 14% higher than the base period. In the third quarter the Romanian operation posted RON 26 million (HUF 1.8 billion) profit, ...
International Investment Bank bonds issue floats on Bucharest Stock Exchange
Monday, November 11, 2019
International Investment Bank (IIB) recently attracted a new round of financing on the Romanian capital market, for the fifth consecutive year. The bonds, with a 3yrs maturity and a fixed interest rate of 3.98% p.a. payable annually, were listed on Thursday, ...
BVB outperformed most European peers in Jan-Oct
Monday, November 11, 2019
Boasting a yield of 40% (including dividends) delivered to investors in the first ten months of 2019, the Bucharest Stock Exchange (BVB) ranked as the second best performing stock exchange in the European Union, after the Athens Stock Exchange (+48%) according to data aggregated ...
Finance minister: Not sure we can keep deficit below 3%
Monday, November 11, 2019
The new Government in office in Romania since November 5 will target a 3%-of-GDP budget deficit this year, finance minister Florin Citu announced. The new finance minister also has to decide if he keeps the head of the tax collection agency - ANAF and wants to have the budget planning for next year drafted, “based on current laws”, by December 15. “Current laws” include the revised Pension Law and the 40% pension hike planned ...
The European Commission expects the Romanian economy to slow down from 4.1% in 2019 to 3.6% in 2020 and 3.3% in 2021
Monday, November 11, 2019
The pace of growth of the Romanian economy will slightly speed in at the end of this year, up to 4.1%, from 4% in 2018, but will slow down up to 3.6% in 2020 and to 3.3% in 2021, according to the autumn economic forecast released by the European Commission on Thursday. Compared to the economic forecast released in July, the EC has slightly revised upward the forecast on Romania, considering they were counting back then on a 4 pc rise in 2019 and an ...
BRD-GSG three-quarter net profit up 7.9 pct
Monday, November 11, 2019
BRD Groupe Societe Generale made a three-quarter net profit of 1.226 billion lei, 7.4 percent higher than the 1.142 billion lei registered in the same period of 2018, the bank said in a statement on Wednesday.The gross operating result increased to 1.26 billion lei from 1.185 billion lei in the first nine months of 2018 (+ 9.2 percent in annual terms, the contributions to the Bank Deposit Guarantee Fund and the Bank Resolution Fund excluded).The first ...