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Financial & Banking
Romania’s euro adoption remains in limbo, poll shows
Monday, August 26, 2024
The expectations for the country’s euro adoption expressed by analysts surveyed by CFA Society Romania range between 5 and 20 years, with an average of 11 years after filtering out the opinion of an analyst who expects Romania never to join the single currency area. The wide range of expectations is consistent with the lack of a plan for the adoption of the euro and the current situation in which ...
Banca Transilvania reaches 1.81 billion RON in net profit end of June
Monday, August 26, 2024
Banca Transilvania recorded a net profit of RON 1.81 billion in the first half of this year, 42.6% higher than in the similar period of 2023, according to a press release sent on last Tuesday. During the mentioned period, BT financed companies with RON 11 billion and individuals, with RON 4 billion, and through SME Invest Plus granted financing of over RON 2.4 billion. The number of active customers continued to grow and ...
BCR & Erste Group Fund Nala Renewables’ €214M Romanian Wind Project
Monday, August 26, 2024
Nala Renewables, a global power and renewable energy investment platform and independent power producer (IPP), signed a financing package for the EUR 214 million acquisition and construction of a 99.2 MW onshore wind project. Banca Comerciala Romana SA and Erste Group AG will finance the project costs and provide ancillary facilities as sole lenders, BCR making available also the VAT facility and acting as a facility agent, security agent and account ...
Balance of payments and external debt – June 2024
Monday, August 19, 2024
In January – June 2024p, the balance-of-payments current account posted a deficit of EUR 12,176 million, compared with EUR 9,087 million in January – June 2023, the Central Bank’s data inform. The breakdown shows that the deficit on trade in goods widened by EUR 1,868 million, the surplus on services fell by EUR 1,064 million, the primary income deficit increased by EUR 603 million, while the secondary income surplus grew by EUR 446 ...
Communication regarding the interest rate on interbank money market transactions of 14 August 2024
Monday, August 19, 2024
On 14 August 2024 there were no transactions on the interbank money market, the Central Bank (BNR) informs. Consequently, the daily index will not be calculated for that day and for the quarterly benchmark index only the days in which transactions took place will be taken into account. The daily index on the interbank money market is calculated every business day as a volume-weighted mean of interest ...
Negative surprise in Romanian GDP puts this year’s growth drive at risk
Monday, August 19, 2024
Today’s data paints a rather bleak picture of slower-than-expected growth. Visible improvements in the second half are now needed for growth to accelerate this year. In the meantime, we revise down our forecast from 2.8% to a still optimistic 2.0%. Downside risks for rates have increased, ...
Reuters:Romania's Fondul aims for London listing in December
Monday, August 19, 2024
Romanian investment fund Fondul Proprietatea aims to launch its secondary listing in London in December and hopes to get approval from shareholders for another share buyback, the fund's manager Greg Konieczny said, quoted by Reuters. Bucharest set up the fund in 2005 to compensate Romanians whose properties were seized under communism. It holds minority stakes in a slew of state-owned firms -- some of ...
Law on consumer protection capping interest rates charged by non-bank financial institutions, promulgated by President Iohannis
Monday, August 19, 2024
President Klaus Iohannis promulgated on last Monday the law on consumer protection, which refers to the capping of effective annual interest rates of non-bank financial institutions and the curtailment of claims that debt collectors request.The law was adopted by the Chamber of Deputies on March 26 as the decision-making body. Deputies belonging to the parliamentary group of Save Romania Union and unaffiliated MPs have challenged the law at the ...
European stock market outperforms US: higher yields attract global investors
Monday, August 19, 2024
Since the beginning of the year, the STOXX Europe 50 index, comprising Europe's largest companies, has gained nearly 5%. Unlike the US stock market, which is tech-focused, Europe offers diverse investment opportunities in various sectors such as financial services, biotechnology & health, environmental technologies and green ...
NBR Board decisions on monetary policy
Monday, August 12, 2024
In its meeting of 7 August 2024, the Board of the National Bank of Romania decided the following: to cut the monetary policy rate to 6.50 percent per annum, from 6.75 percent per annum starting 8 August 2024; to lower the lending (Lombard) facility rate to 7.50 percent per annum from 7.75 percent per annum and ...
Isarescu: Lowers Inflation Forecast In Latest Revision
Monday, August 12, 2024
The National Bank of Romania (BNR) has revised its inflation forecast down from 4.9% to 4% for the end of this year, and from 3.5% to 3.4% for the end of 2025, expecting to fall within the target corridor due to recent more favorable price developments than previously anticipated. Governor Mugur Isarescu ...
ECB, BNR renew framework arrangement for provision of liquidity in euros for Romanian central bank
Monday, August 12, 2024
The European Central Bank (ECB) and the National Bank of Romania (BNR) have renewed the framework arrangement for the provision of liquidity in euros for the BNR through the Repo line until January 31, 2025, according to a press release from the BNR."The European Central Bank and the National Bank of Romania have agreed on the renewal of a framework agreement for the provision of liquidity in euros for the BNR, through a Repo line. The liquidity lines aim to ...
BVB Group reports RON 5.48 ml in Q2 net profit
Monday, August 12, 2024
The Bucharest Stock Exchange (BVB) Group reported a consolidated net profit of RON 5.48 million for Q2 2024, up 244 percent from the RON 1.59 million recorded in the same quarter of the previous year, and 85 percent higher than in Q1 2024.BVB Group's consolidated net profit in H1 advanced 152 percent to RON 8.44 million, and its consolidated operating profit reached RON 7 million, by RON 6.85 million more compared to the previous period, mainly due to the ...
Banca Transilvania Group: Updates In Top Management
Monday, August 12, 2024
Following the National Bank of Romania’s approvals, Luminita Runcan is the new CEO of OTP Bank Romania, appointed by Banca Transilvania to oversee the integration of OTP Romania into the BT Group, while C?t?lin Caragea is the new Deputy CEO – Chief Risk Officer at Banca ...
Over 21.7 million bank cards active in Romania at end- 2023
Monday, August 12, 2024
The total number of active bank cards in Romania at the end of December 31, 2023 was standing at 21,751,803, up 665,814 from the end of June 2023, according to data with National Bank of Romania (BNR).Of these, 21,549,687 had a cash function, 587,008 more than at the end of the first half of 2023.As of December 31, 2023, there were 10,229 cash dispensers in Romania, down 15 from June 30, 2023, as well as 456,897 POS devices, up 39,130, and ...
Optional pension funds, up by over 29%, at end of June
Monday, August 12, 2024
Optional pension funds had assets worth 5.33 billion RON, at the end of June, up 29.7% compared to the level recorded on the same date of the previous year, according to a report by the Financial Supervisory Authority (ASF)."Most investments were made locally (96%), most of them being denominated in RON (89.7%)," the report reads.According to the cited source, the amount of contributions transferred in June was 56.7 million RON, while the ...
CEC Bank, syndicated loan of 20 million euros for AAylex One, owner of Cocorico brand
Monday, August 12, 2024
CEC Bank coordinated a syndicated loan of 20 million euros for AAylex One, a company in the food industry, the owner of the Cocorico brand, informs the bank through a statement sent on Friday."The AAylex One group, one of the main players in the Romanian food industry, owner of the Cocorico brand, signed a syndicated credit facility worth 20 million euros to support the company's operational activity and development in the same trend from the last few years. ...
UniCredit Bank Coordinates RON 1.93B Syndicated Loan For Transgaz
Monday, August 5, 2024
SNTGN TRANSGAZ S.A., the technical operator of the National Natural Gas Transportation System, signed a syndicated credit facility in the total amount of RON 1.93 billion to support the Development Plan of the National Natural Gas Transportation System. UniCredit Bank has successfully completed the coordination of a syndicated loan for TRANSGAZ as Mandated Principal Arranger, Coordinator, Bookrunner, Lender, Documentation and Payment Agent ...
Ilinka Kajgana, CRO BCR, is taking on a new responsibility at Erste Group starting August 1
Monday, August 5, 2024
Banca Comerciala Romana announces that, starting August 1, 2024, Ilinka Kajgana, Chief Risk Officer BCR, assumed a new responsibility within Erste Group. Ilinka Kajgana will take on the role of Chief Risk Officer (CRO) and Chief Operating Officer (COO) at Austrian subsidiary of Erste Group, Erste Bank Österreich, subject to all necessary regulatory approvals. The recruitment process for the role of Chief Risk Officer BCR is ...
tbi bank and Xiaomi Romania simplify access to smart technology
Monday, August 5, 2024
The complicated economic and social context of 2024 has increased people’s need for smart financing tools that allow them to maintain a comfortable lifestyle and adapt to the latest trends in technology. In this context, tbi bank, one of the leading challenger banks in Southeast Europe, has entered into an agreement with one of the most dynamic retailers in Romania, Mi-home.ro, the official online store of Xiaomi Romania. Customers can now buy an extremely wide range of smart devices ...