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Financial & Banking

BNR: Monetary indicators – December 2018

Monday, January 28, 2019

At end-December 2018, broad money (M3) amounted to RON 381,161.0 million, up 1.3 percent (1.1 percent in real terms) month on month. In year-on-year comparison, broad money rose 8.9 percent (5.4 percent in real terms), Romanian central bank (BNR) said în a press release. At end-December 2018, non-government loans granted by credit institutions advanced 0.1 percent (down 0.02 percent in real terms) from November 2018 to ...

EY: In 2019 infringement procedure on VAT payment  mechanism can go on

Monday, January 21, 2019

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The European Union sent Romania, last Fall, a formal notification about the VAT payment mechanism, while in 2019 Romania will have to take measures in this respect, otherwise the infringement procedure could go on, Ioana Iorgulescu, Associate Partner Indirect Taxes EY Romania, at the 13th edition of the EY Annual Fiscal Conference. “In November 2018, the European Commission sent Romania a formal notification about the VAT payment mechanism, in ...

 Number of individual debtors with loans denominated in Swiss francs decreased down to 20,651 in Nov

Monday, January 21, 2019

The number of individual debtors with loans denominated in Swiss francs decreased down to 20,651 in November 2018, from 38,519 in December 2016, according to data released by the National Bank of Romania (BNR). "According to the operative information reported by the credit institutions in Romania, the number of individual debtors with loans denominated in Swiss francs decreased down to 20,651 in November 2018, from 38,519 in December 2016 (and 75,412 in ...

Banks in Romania react to new taxes: a Bermuda Pentagon, a “perfect storm” at horizon

Monday, January 21, 2019

The main banks in Romania have reacted on Friday to the new taxes imposed by the government for this year, saying that these measures will have a huge impact on credit activity and on the entire economy, http://business-review.eu reads. The heads of the main banks said that the new taxes risk generating “a perfect storm” in the economy, as investment plans will be frozen, credit activity will decelerate and many companies ...

Deloitte sees no impact of new taxes on Romania’s M&A market

Monday, January 21, 2019

The merger and acquisition (M&A) market in Romania will total around 100 deals in 2019, remaining at a level similar to that prevailing over the past decade (2008-2018), according to estimates by Deloitte Romania Financial Services quoted by romania-insider.com. The average transaction value for 2019 is estimated by Deloitte Romania between EUR 40 and 50 million, slightly above the average of EUR 40 million in the last ...

FinMin plans to restrict deductibility of bank provisions

Monday, January 21, 2019

Romania’s Government plans to no longer accept as deductible for taxation purposes the provisions set aside by banks for non-performing loans, finance minister Eugen Teodorovici admitted in a show at Antena 3. The provisions will be deducted only when the debtor defaults. Banks set aside provisions for problematic loans proportional to their risk category and includes the principal, the interest, fees and penalties. At ...

December 2018: Annual inflation down to 1.6% in the euro area; Down to 1.7% in the EU

Monday, January 21, 2019

 The euro area annual inflation rate was 1.6% in December 2018, down from 1.9% in November. A year earlier, the rate was 1.4%. European Union annual inflation was 1.7% in December 2018, down from 2.0% in November. A year earlier, the rate was 1.7%. These figures are published by Eurostat, the statistical office of the European Union. The lowest annual rates were registered in Greece and Portugal (both 0.6%) and Denmark ...

Third quarter of 2018: EU28 current account surplus €38.7 bn - €49.3 bn surplus for trade in services

Monday, January 21, 2019

The EU28 seasonally adjusted current account of the balance of payments recorded a surplus of €38.7 billion (1.0% of GDP) in the third quarter of 2018, down from a surplus of €59.9 billion (1.5% of GDP) in the second quarter of 2018 and from a surplus of €60.4 billion (1.6% of GDP) in the third quarter of 2017, according to estimates released by Eurostat, the statistical office of the European Union. In the third quarter of 2018 compared ...

Romania reportedly negotiates “important” external loan

Monday, January 21, 2019

Romania’s Government is currently negotiating for an “important” external loan, opposition MP Florin Citu announced quoting unofficial sources. Citu, an influential member of the opposition National Liberal Party (PNL), asked finance minister Eugen Teodorovici to disclose the details of the negotiations. He added that the public debt service increased by EUR 3 billion in 2018 and is projected to increase it by ...

EBRD appoints Mark Davis as new regional director for Romania, Bulgaria

Monday, January 21, 2019

Mark Davis has been appointed the new European Bank for Reconstruction and Development (EBRD) Regional Director for Romania and Bulgaria and will assume his new role in Bucharest on 1 April 2019. Mr Davis follows Matteo Patrone who has become Managing Director for Eastern Europe and the Caucasus. In his new position as Regional Director for Romania and Bulgaria, Mr Davis will lead EBRD operations in the two countries and help boost their economies ...

Current account deficit up to EUR 8.7bn in 11 months, FDI up to EUR 4.8bn

Monday, January 21, 2019

In January – November 2018, the balance-of-payments current account posted a deficit of EUR 8,730 million, compared with EUR 5,468 million in January – November 2017. The deficit on trade in goods widened by EUR 2,535 million, the surplus on services income narrowed by EUR 169 million. The deficit of the primary income balance increased by EUR 260 million, and the surplus of the secondary income balance decreased by EUR 298 million, a release posted on the ...

Annual inflation rate down to 3.3% in December

Monday, January 21, 2019

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The annual inflation rate has slightly decreased to 3.3% in December 2018, down from 3.4% in the previous month, the National Statistics Institute (INS) informs. Thus, the indicator is below the forecast of the National Bank of Romania (BNR) for 2018, of 3.5%. In December 2018, as compared to December 2017, the foodstuff prices increased by 3.1%, the prices of non-food goods by 3.75% and of the services by 2.44%, the same source ...

Isarescu about ROBOR-based tax on bank assets:“Nonsense”, “bomb”, “innovation”

Monday, January 14, 2019

National Bank of Romania (BNR) governor Mugur Isarescu held a press conference on last Monday to talk about the government’s Emergency Ordinance 114, which aims to tax banks’ assets at levels based on the evolution of the ROBOR rate. Isarescu had a clear negative reaction to the idea, calling it either nonsense, a “hard to comprehend bomb”, or ironically saying it was an “innovation” in finance. Linking ROBOR to the ...

Vasilescu: the  banks brought 4 billion euro to Romania during the crisis. They did not need money from the state

Monday, January 14, 2019

Adrian Vasilescu, adviser of the governor of the  National Bank of Romania (BNR) Mugur Isarescu stated on Saturday in  a show,that the banks brought 4 billion euro to Romania,during the crisis, and they did not need money from the Romanian state. ‘In Romania,not a single leu was taken from somebody’s pocket, brought to the budget to save a bank. Everytime the banks  were in danger, the National Bank had one way to act: called ...

BNR Board decisions on monetary policy

Monday, January 14, 2019

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In its meeting of 8 January 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's International reserves – December 2018

Monday, January 14, 2019

On 31 December 2018, the National Bank of Romania’s foreign exchange reserves stood at EUR 33,065 million, compared to EUR 32,531 million on 30 November 2018. During the month, the following flows were recorded: EUR 1,640 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, inflows into the Ministry of Public Finance’s accounts ...

Banks in Romania that are “too big to fail”

Monday, January 14, 2019

The National Bank of Romania (BNR) has revised last year the list of 9 systemic importance banks, replacing Bancpost, acquired by Banca Transilvania, with the local subsidiary of Hungary’s OTP. The systemic importance banks are required to have additional mandatory capital since January 1, 2019. The list was revised on September 24, 2018, in a meeting of the National Committee of Macroprudential Surveillance, a body headed by BNR governor Mugur ...

WB: Emerging, Developing Economies Should Rebuild Policy Buffers, Boost Productivity to Sustain Growth

Monday, January 14, 2019

Global economic growth is projected to soften from a downwardly revised 3 percent in 2018 to 2.9 percent in 2019 amid rising downside risks to the outlook, the World Bank said on Tuesday. International trade and manufacturing activity have softened, trade tensions remain elevated, and some large emerging markets have experienced substantial financial market pressures. Growth among advanced economies is forecast to drop to 2 percent this year, the ...

Fitch affirms Bucharest municipality ratings at 'BBB-' with stable outlook

Monday, January 14, 2019

Fitch Ratings on Friday affirmed the Romanian City of Bucharest's Long-Term Local- and Foreign-Currency Issuer Default Ratings (IDRs) at 'BBB-' with stable outlook, according to a release of this financial rating agency.Moreover, the rating agency also affirmed the Short-Term Foreign-Currency IDR at 'F3'."The affirmation reflects Bucharest's continuing sound operating performance, moderate debt levels relative to the city's operating balance and ...

Romanian banks and financial institutions to have access to EUR 350 mln EBRD bond market programme in 2019

Monday, January 14, 2019

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The European Bank for Reconstruction and Development (EBRD), a major lender in Romania, will launch this year a new programme of EUR 350 million to support the bond market in the country, which will target commercial banks and non-bank financial institutions, according to an announcement of the international institution. “The EBRD is considering the approval of Romania – Bond Market Framework II (the “Framework”), for the Bank ...

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