RSS
Financial & Banking
DIY chain seeks funding on the Bucharest Stock Exchange
Monday, June 29, 2020
MAM Bricolaj, a supplier of materials and accessories for furniture controlled by the Gavan family, wants to list its shares on the Bucharest Stock Exchange this fall. The company is looking to draw EUR 2 million from investors by selling a 25% stake in an initial public offering (IPO). The retailer plans to use the money for development. Local brokerage firm Tradeville will manage the IPO. "We want to ...
IMF: Reopening from the Great Lockdown: Uneven and Uncertain Recovery
Monday, June 29, 2020
The COVID-19 pandemic pushed economies into a Great Lockdown, which helped contain the virus and save lives, but also triggered the worst recession since the Great Depression, Interna?ional Monetary Found -mIMF informs. Over 75 percent of countries are now reopening at the same time as the pandemic is intensifying in many emerging market and developing economies. Several countries have started to recover. However, in the absence of a medical ...
EximBank and Agricover Credit IFN extend their cooperation and increase the loan agreement up to 200 Million Lei
Monday, June 29, 2020
Eximbank and Agricover Credit IFN have agreed to extend and supplement the loan agreement existing between the two parties in order to support the necessary resources for developing new financial products and services for the Romanian farmers. ”The new agreement provisions an add-on of 50 Million Lei and the extension of the disbursement period up to 2022. Agriculture is a strategic domain for us and the partnership with Agricover Credit IFN ...
Black Sea Trade & Development Bank has approved projects of over 1 billion euros under the 2019-2022 business plan
Monday, June 29, 2020
The Board of Governors of the Black Sea Trade and Development Bank (BSTDB) held its 22nd Annual Meeting under the Chairmanship of Ukraine. The Meeting was held via a teleconference to observe the restrictions due to the Covid-19 pandemic. The Board of Governors evaluated the Bank’s operational activities and approved the 2019 financial statements. 2019 was the first year of implementation of the BSTDB Medium-Term Strategy and Business Plan for ...
Banks solve 90 pct of requests to postpone credit payments in three months
Monday, June 29, 2020
The banks in Romania have solved up to now 90 pct of the requests submitted by clients to suspend the monthly payment obligations stemming from credit contracts, according to a release sent on Monday by the Romanian Banks' Association (ARB)."The banks in Romania have solved 321,000 requests, representing approximately 90 pct of the approximately 362,000 requests submitted by individuals and companies to suspend the monthly payment obligations stemming from credit ...
Press statement from Mugur Isarescu, the BNR Governor
Monday, June 22, 2020
Over the past four weeks, the National Bank of Romania (BNR) has further implemented the measures decided by the NBR Board on 20 March 2020 and reconfirmed as line of action in the Board meeting of 29 May 2020. Providing the necessary liquidity for the financing of real economy and government expenditures has remained the topmost priority. Thus, given a liquidity shortfall on the money market, the NBR conducted new bilateral repo operations (as set ...
Balance of payments and external debt – April 2020
Monday, June 22, 2020
In January - April 2020p, the balance-of-payments current account posted a deficit of EUR 1,782 million, compared with EUR 2,258 million in the same year-ago period. The deficit on trade in goods widened by EUR 880 million, the surplus on services increased by EUR 465 million, the surplus of the primary income balance went up by EUR 427 million, and the surplus of the secondary income balance rose by EUR 464 ...
Deputies sweeten restructuring law for corporate debt to budget
Monday, June 22, 2020
Deputies have passed the Government ordinance that sets a mechanism for the restructuring of companies’ overdue debts to the state budget. They also sweetened the terms of the ordinance by delaying the ...
Banks grant loans of 4 billion lei under IMM Invest programme
Monday, June 22, 2020
As of June 15, banks had granted loans to the amount of 4 billion lei under the IMM Invest programme, and this week the one billion euro equivalent mark will be passed, Cristian Paun, chairman of the Board of Directors of the National Credit Guarantee Fund for Small and Medium-Sized Enterprises SA - IFN (FNGCIMM SA - IFN), said on Wednesday."From my point of view, I think the programme is within its parametres. And to give some figures: on Monday, the programme ...
Scope affirms Romania’s credit rating at BBB-; Outlook remains Negative
Monday, June 22, 2020
Deteriorating public finances and limited external reserves drive the Negative Outlook. EU membership, high growth potential, and moderate public as well as external debt levels support Romania’s BBB- ratings. Rating action Scope Ratings GmbH has today affirmed Romania’s long-term local-currency and foreign-currency issuer ratings and senior unsecured debt ratings at BBB-. The agency ...
ING Bank climbs up one place to become fifth-largest lender in Romania
Monday, June 22, 2020
ING Bank, the local branch of the Dutch group ING, has climbed up in the local banks' ranking by assets, reaching the fifth place. ING has surpassed Raiffeisen Bank Romania, Ziarul ...
PM Orban: 200,000 beneficiaries of measure to postpone interest rates with banks; record in settling medical leave
Monday, June 22, 2020
Prime Minister Ludovic Orban on last Tuesday stated that there are almost 200,000 beneficiaries of the measure to postpone the interest rates with banks and that the amount settled in May for medical leaves was 600 million lei."There are almost 200,000 beneficiaries of the measure that we adopted to postpone interest rates until December 31. These 200,000 beneficiaries are only those who benefited from the emergency ordinance issued by the Government, because ...
Deloitte Survey: CFOs in Romania expect reduction of revenues and number of employees
Monday, June 22, 2020
The perception of the CFOs in Romania regarding the evolution of the main financial indicators of their companies has changed dramatically in only several months as a result of the COVID-19 pandemic, according to CFO Survey ...
BVB: Jan – May trading at over 1 bln euros, almost 20 pct up YoY
Monday, June 22, 2020
Trading in stocks and other financial instruments listed on the Bucharest Stock Exchange (BVB) reached 1.1 billion euros at the end of the first five months of the year, up 19.6 percent compared to the same period last year, shows a report published by BVB."The value of trades in all types of financial instruments registered on the BVB regulated spot market in the first five months of the year was a combined 5.29 billion lei, the equivalent of 1.1 billion euros, ...
Minutes of the monetary policy meeting of the BNR Board on 29 May 2020
Monday, June 15, 2020
12 June 2020 On 29 May 2020, the Board of the National Bank of Romania held a meeting in which the following members took part: 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 ...
Mugur Isarescu, BNR Governor: Online speech held with occasion of the Center of Excellence in Finance Governing Board Annual Meeting
Monday, June 15, 2020
Virtual meeting, Bucharest, 11 June 2020. Esteemed Ministers and Governors, Honoured colleagues, Distinguished staff, It is my pleasure to meet with you virtually today and, at the same time, I am grateful that even during this unprecedented times, we are able to carry on the work within our organization. I would like to thank our hosts for making this ...
ECB: Romania needs stability-oriented policies to meet criteria for ?urozone entry
Monday, June 15, 2020
Romania needs stability?oriented economic policies and wide?ranging structural reforms in order to meet the convergence criteria for eurozone entry, the European Central Bank (ECB) said on Wednesday. "Achieving an environment that is conducive to sustainable convergence in Romania requires stability?oriented economic policies and wide?ranging structural reforms," ECB said in its biennial Convergence Report. The Romanian ...
ING: Political volatility in Romania increases downgrade risks
Monday, June 15, 2020
The near-term risks of a rating downgrade have disappeared in Romania, after S&P's rating affirmation. Still, downgrade fears will run high into the rating reviews in the fourth quarter and beyond due to the uncertainty about the pension hike and populistic initiatives ahead of the elections, according to the latest research report of ING Romania. There is an increasingly likely scenario where we could see the Romanian Government toppled but still ...
Romanians’ financial well-being severely hit by COVID-19
Monday, June 15, 2020
The financial well-being of 67% of Romanians has deteriorated compared to six months ago due to the COVID-19 pandemic, shows a report by Intrum. The share is similar to that in Greece and the highest in the EU. The EU average is 48%. The percentage of Romanians expecting their well-being to increase over the next six months, 28%, is also above the EU average (23%), but not among the highest. The Estonians are by far the most optimistic, with 63% of them expecting an ...
Banks extend 16% of Govt.-guaranteed loans to SMEs
Monday, June 15, 2020
Romanian banks have already extended state-guaranteed loans worth RON 2.45 billion (EUR 510 mln) to small and medium-sized enterprises (SMEs) under the IMM Invest program. "There are 3,083 companies that took financing under IMM Invest. The total value of the loans granted is RON 2.45 bln. The pace of submitting loan requests has accelerated," finance minister Florin Citu announced on June 4, quoted ...