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Financial & Banking

Time to revisit development financing in wake of coronavirus, EBRD President says

Monday, June 1, 2020

The international community needs to revisit financing goals for the 2030 global development agenda in order to respond to the economic challenge of the coronavirus pandemic, the President of the European Bank for Reconstruction and Development (EBRD) said. In a discussion hosted by ...

Press statement from the BNR Governor

Monday, May 25, 2020

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After overcoming at end-March 2020 the peak of tensions generated by the COVID-19 crisis on the domestic financial market, the National Bank of Romania's (BNR) immediate objective was to preserve the regained stability and provide the necessary liquidity for the smooth financing of the public and corporate sectors, as well as of households. To this end, the BNR significantly increased the volume of bilateral repo operations (the average daily stock of ...

EC recommends Romania to avoid implementing permanent measures endangering fiscal sustainability

Monday, May 25, 2020

The European Commission has recommended Romania to pursue fiscal policies in line with the Council's recommendation of 3 April 2020 that Romania should put an end to the present excessive deficit situation by 2022 at the latest, according to the recommendations in the European Semester Spring package released on Wednesday.In early April, the European Council assessed that Romania should reach a general government deficit target of 3.6% of GDP in 2020, 3.4% of GDP ...

FinMin Citu says 152k bank clients benefit so far from installment deferral

Monday, May 25, 2020

As many as 152,000 customers of the financial-banking system have so far benefited from the provisions of Ordinance 37 on deferral of installments and the total loans with postponed installments up to 9 months is about 3.3 billion lei, according to Finance Minister Florin Citu.Prime Minister Ludovic Orban, Finance Minister Florin Citu and the head of the Prime Minister's Chancellery, Ionel Danca, met Friday morning with representatives of the Romanian Association ...

Garanti BBVA Mobile recorded a 61 percent increase of the number of transactions during the first month of distancing

Monday, May 25, 2020

Garanti BBVA bank recorded a 61 percent increase in the number of transactions performed by its retail customers during March 16 and April 16, over the same period of last year. For the retail customers and all digital channels, mobile and online, the number of transactions grew with over 36 percent and the volume of transactions increased with 25 percent, compared with the same period from 2019. During the above-mentioned ...

Romania’s financing costs on international markets increase compared to January

Monday, May 25, 2020

Romania raised more than planned and paid a lower yield than expected under the indicative terms of the Eurobonds launched on May 19. Still, the spreads over the mid-swap (reference) interest rate and thus the financing costs were significantly higher than in January. For the five-year tranche (EUR 1.3 billion), the yield was set at 2.793% and the coupon at 2.75% (305bp over ...

One in five Romanian debtors use moratorium on bank loan repayment

Monday, May 25, 2020

One in five individual debtors have invoked the moratorium on bank loan repayment that allows them to defer the payment of loan installments until the end of this year. One in seven firms with bank loans have postponed their payments to banks as ...

Finance minister promises tax allowances for employers

Monday, May 25, 2020

Romanian finance minister Florin Citu promised tax allowances to the employers that are "good taxpayers" and can increase employment. He also said that targeted measures for specific economic sectors in need, such as the retailers in the shopping malls, are under preparation as well. "We are working on fiscal incentives for employers. I have prepared measures for the good taxpayers because ...

Fitch downgrades UniCredit Bank rating and worsens rating outlook for Banca Transilvania and Garanti Bank

Monday, May 25, 2020

Fitch Ratings has taken rating actions on five Romanian banks in light of the coronavirus outbreak in Europe. The agency has downgraded the credit rating of UniCredit Bank to 'BB+' from 'BBB-' and revised the outlook on the ratings of Banca Transilvania and Garanti Bank to Negative from Stable. Fitch has also affirmed the Long-Term Issuer Default Ratings of Banca Transilvania, Garanti Bank, Banca Comerciala Romana (BCR), and ProCredit ...

Fiscal Council chairman Daianu: Romania needs a promotional (development) bank

Monday, May 25, 2020

Romania needs smart, hands-on public policies, "for instance a promotional (development) bank is necessary, and reviving the idea of a National Development Fund, after the Polish model, should also be considered," Fiscal Council chairman Daniel Daianu writes in an op-ed.Emphasizing that solutions must be found in the short term to a possible blockage of the supplier (commercial) credit in the economy, Daianu explains that "it's not clichés what we need, but ...

Dan Suciu: 3-month ROBOR down by almost 1 percentage point from March

Monday, May 25, 2020

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The 3-month ROBOR index has fallen by almost one percentage point from March until now and we will probably have an equalization with the Reference Index for Consumer Credit (IRCC), the spokesman for the National Bank of Romania (BNR), Dan Suciu, said on Tuesday. "We have seen that the 3-month ROBOR, which is the indicator that is most often taken into account, has fallen by almost one percentage point from March to today and we will probably have a 3-month ...

BCR postpones payment of installments for over 30,000 individuals

Monday, May 25, 2020

The Romanian Commercial Bank (BCR) has received, since March until now, approximately 36,000 requests for postponement of installments from individuals, from which it has managed to implement about 30,000 requests, according to a bank's release.Among the clients with approved requests, 65% are for the BCR solution, with three months' postponement, and 35% for the one offered by Government Ordinance 37/2020, with up to nine months' postponement.BCR also ...

Banks in Romania have solved 83pct of the 317,000 requests from customers to suspend installments

Monday, May 25, 2020

The banks in Romania have solved, two months after the onset of the health crisis generated by the COVID-19 pandemic, more than 83pct of the approximately 317,000 applications submitted by customers, individual and legal persons for the suspension of monthly payment obligations from credit agreements, announced on Monday the Romanian Association of Banks (ARB).Thus, about 265,000 applications were solved, half of which were based on the Emergency Ordinance ...

Euroins Romania launches Travel insurance, valid from June 1 to August 31, 2020

Monday, May 25, 2020

Euroins Romania is launching the Travel insurance, valid as of June 1 to August 31, 2020, covering practically the entire tourist season, without limitations on the number of departures from the country, according to a company statement.Thus, for an insurance premium of 25 lei, the buyer can get insured, together with the entire family (spouse and children up to 18 years old), in order to travel abroad. The Travel insurance policy offered within the promotional ...

Analysts suspect fiscal stimulus pushed Romania's Q1 economic growth

Monday, May 25, 2020

The GDP figures released by Romania's statistics office INS on May 15 surpassed the consensus expectations and prompted positive revisions of banks' forecasts for the whole year. But the analysts still expect a steeper decline in the second quarter of the year (Q2), as reopening the economy depends on the developments in the country's leading trade and economic partners that have faced deep economic ...

BNR: The NCMO meeting of 8 May 2020

Monday, May 18, 2020

According to the statement of the Central Bank, BNR, the first meeting of this year of the General Board of the National Committee for Macroprudential Oversight (NCMO) was held on 8 May 2020 by written procedure. During the meeting, Board members discussed issues focusing on macroprudential policy and systemic risk, namely: (i) the regular analysis on the recalibration of the countercyclical capital buffer, (ii) the draft Annual Report of the National ...

Balance of payments and external debt – March 2020

Monday, May 18, 2020

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According to BNR, the Central Bank, in January - March 2020p, the balance-of-payments current account posted a deficit of EUR 1,365 million, compared with EUR 1,120 million in the same year-ago period. The deficit on trade in goods widened by EUR 640 million, the surplus on services stood EUR 39 million higher, the surplus on primary income increased by EUR 137 million, and the surplus on secondary income rose by EUR 219 million. Non-residents' ...

GDP grew by 2.4 percent in the first quarter of 2020

Monday, May 18, 2020

Romanian economy grew by 2.4 percent in the first quarter of the year, according to the National Institute of Statistics (INS) data. The first quarter was affected by the pandemic only in the second half of March, which means that the full extent of the crisis will be showed in Q2 2020 data. Gross Domestic Product (GDP) increased by 2.4 percent in the first quarter and by 2.7 percent in the seasonally adjusted series, compared to the same period of ...

SMEs apply for EUR 15 bln bank loans under Govt.- backed program

Monday, May 18, 2020

Romanian small and medium firms (SMEs) have applied for loans worth RON 74 billion (over EUR 15 bln) in the first three weeks after the launch of the Government-backed lending program IMM Invest. The demand is five times higher than the RON 15 bln (EUR 3.1 bln) planned size of the program. But the rate of success has been low as banks have so far rejected most of the requests processed. As of May 13 at noon, 54,498 SMEs had ...

Banca Transilvania expects quick, robust post-COVID recovery in Romania

Monday, May 18, 2020

Romania's economy is already recovering after the lockdown shock in April, and the GDP will return next year to the level reached in 2019 (EUR 220 billion), according to Andrei Radulescu, chief economist of the country's biggest bank - Banca ...

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