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Financial & Banking

Banks can start offering pay over the phone facility

Monday, October 26, 2020

Transfond, a payment operator owned by Romania's National Bank (BNR) and local commercial banks, has developed the infrastructure needed to make payments over the phone possible in Romania.   The service, commercially available under the name AliasPay, allows users to send money based on only the phone number - provided the recipient has set a bank account (or an account of a payment service ...

Private placement of Safetech heavily oversubscribed

Monday, October 26, 2020

Cybersecurity company Safetech Innovations said that the offer for private placement of 20% of its shares was oversubscribed 8.6 times by investors. The company, which planned to raise 2.5 million lei ($603,049/512,862 euro) from Bucharest Stock Exchange investors, saw its offer oversubscribed  within 37 seconds, Safetech said in a press release.  By the end of ...

PwC Report: ”Securing your tomorrow, today. The future of financial services”

Monday, October 26, 2020

In contrast to the global financial crisis (GFC), COVID-19 triggered initial impacts in the real economy and will increasingly manifest itself in a second stage throughout the financial sector. The lockdowns and social-distancing measures imposed by governments around the globe to flatten the infection curves have caused significant damage to many industries, all of which are served by financial institutions.   Compared to ...

State aid: Commission approves €103 million Romanian guarantee scheme to support trade credit insurance market in coronavirus outbreak

Monday, October 19, 2020

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The European Commission has approved, under EU State aid rules, a €103 million (approximately RON 500 million) Romanian guarantee scheme to support the trade credit insurance market in the context of the coronavirus outbreak.   Trade credit insurance protects companies supplying goods and services against the risk of non-payment by their clients. Given the economic impact of the coronavirus outbreak, ...

BNR: The NCMO meeting of 14 October 2020

Monday, October 19, 2020

The third meeting of this year of the General Board of the National Committee for Macroprudential Oversight (NCMO) was held on 14 October 2020 by written procedure, the Central bank (BNR) informs.   During the meeting, Board members examined analyses and adopted measures concerning macroprudential policy and systemic risk, namely: (i) the regular analysis on the recalibration of the countercyclical ...

Bucharest Stock Exchange lost 1.9 billion RON in capitalization last week

Monday, October 19, 2020

The Bucharest Stock Exchange (BVB) has lost lasy week 1.9 billion RON in capitalization, representing 1.45 pct of the total, and the value of stock transactions recorded an increase of 18.99 pct.According to data published by the BVB, market capitalization reached 131.238 billion RON, in the October 12-16 period, from 133,175 billion RON in the previous ...

BNR: Balance of payments and external debt – August 2020

Monday, October 19, 2020

In January - August 2020p, the balance-of-payments current account posted a deficit of EUR 5,789 million, compared with EUR 7,099 million in the same year-ago period. The deficit on trade in goods widened by EUR 851 million, the surplus on services increased by EUR 426 million, the primary income balance saw its deficit narrowing by EUR 1,193 million, and the surplus of the secondary income balance rose by EUR 542 ...

Finance Minister assures no tax raise envisaged for this year or the next

Monday, October 19, 2020

The Finance Ministry has no plan to raise taxes either this year or the next, because it already has solutions for financing the expenses due during this period, Finance Minister Florin Citu said on Thursday."We are not raising taxes. I've said it: we are not going to raise taxes, neither now, nor in the future. This is not the time for putting up taxes. We believe in a liberal economy with few and low taxes which everyone duly pays. You must be confident. ...

Burak Yildiran, the new CEO of Patria Bank

Monday, October 19, 2020

Burak Yildiran will be the new General Manager (CEO) of Patria Bank and will lead bank’s development strategy in supporting local entrepreneurship and private clients, as well as in improving the customer experience and developing digital processes. Burak Yildiran has nearly 25 years experience in finance – banking and technology, of which almost 20 years spent within the Garanti BBVA group. Throughout his tenure he has been ...

XTB analysts win Bloomberg rank for Q3 2020

Monday, October 19, 2020

XTB’s Research Team has been selected the top forecaster for 13 Majors and second in the G10 Bloomberg Ranking for the third quarter of 2020, https://business-review.eu/ reports.  The Bloomberg ranking takes into account the ...

McKinsey’s latest report: CEE’s digital economy grew twice as fast during COVID-19 lockdown as it did in 2017–2019

Monday, October 19, 2020

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During the first five months of the COVID-19 pandemic, the digital economy in Central and Eastern Europe (CEE) grew almost twice as fast as it did in the prior two years, according to McKinsey’s latest report, Digital Challengers in the next normal. Central and Eastern Europe on a path to digitally-led growth. Romania experienced a slightly smaller boost during the same interval. McKinsey estimates that between January and May 2020 the digital economy in ...

ASF: There is still a high degree of uncertainty that hovers around the future evolution of economic activities

Monday, October 19, 2020

Present at the online debate: “The Romanian insurance market” organized by Media XPRIMM, the Director of the Strategy and Financial Stability Department within ASF, Mr. Valentin Ionescu, said: “According to IMF, the global economy is projected to contract sharply by 3% in 2020 reflecting a much deeper economic shock than during the financial crisis of 2009 when growth contracted only by 0.7%. In EU the forecast for Euroa area is ...

US Export-Import Bank to finance nuclear project at Cernavoda

Monday, October 12, 2020

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The Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed today signed a memorandum of understanding (MOU) with Romania’s, Ministry of Economy, Energy, and Business Climate, aimed at enhancing trade and economic opportunities between the two countries, a statement issued by the bank informs. EXIM Chairman Reed and Romania Minister for Economy, Energy and Business Climate Virgil-Daniel Popescu ...

THE GROSS DOMESTIC PRODUCTS IN 2018 WAS, IN REAL TERMS, BY 4.5% HIGHER, AS COMPARED TO 2017

Monday, October 12, 2020

The Gross Domestic Product estimated for 2018 – final data amounted to 951728.5 million lei current prices, increasing – in real terms – by 4.5% as against 2017. As compared to the semi-final version, in the final version the nominal Gross Domestic Product estimated for 2018 decreased by 0.1%. Ressources In 2018, most ...

ARB: the banks offered the population and the companies new loans of 38.5 billion lei in six months

Monday, October 12, 2020

The volume of the new loans offered by the banks to the population and the companies in six months since the beginning of the pandemics Covid-19 is 38.5 billion lei, announced on Monday the Romanian Association of the Banks (ARB) which quotes the BNR data.  ‘The volume of new loans offered by the banks to the population and the companies in six months since the beginning of the pandemics Covid-19 is 38.5 billion lei, which represents 14% of ...

XTB announces partnership with José Mourinho and launches 0% commission on real stocks and ETFs offer

Monday, October 12, 2020

José Mourinho, one of the best football managers and two times UEFA Champions League winner, has been appointed as XTB’s new global brand ambassador. Thus, XTB becomes the first broker with local presence in Romania offering a 0% commission trading on real stocks and ETFs for monthly volumes up to EUR 100,000 on its award-winning xStation platform. XTB’s partnership with José ...

Danescu (ARB): The impredictability of the legislative framework, the main barrier against loans

Monday, October 12, 2020

The impredictability of the legislative framework represents the main barrier  against lending, the engine which finances a gross domestic product and so the individual welfare, stated on Thursday the executive chairman of the Romanian Association of Banks (ARB) Florin Danescu.‘For almost eight years, we have been making an annual study, a barometre of the banks where bankers consider that the main barrier against credit, the engine which finances ...

XTB launches 0% commission on real stocks and ETFs offer

Monday, October 12, 2020

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XTB, as one of the first global stock-exchange listed brokers, announced the introduction of free-of-charge trading on real stocks and ETFs. The 0% commission offer will cover monthly volumes up to EUR 100,000 and will be available for both existing and new XTB clients starting from October 5th. “XTB’s goal has always been to be the first choice, one-stop-shop for investors. In the past few years, we have done a tremendous amount of ...

Authorities plan modernizing CEC Bank

Monday, October 12, 2020

The Public Finance Ministry plans to modernize CEC Bank, harnessing its potential to become a major competitor on the financial-banking market, Minister Florin Citu told the "Banking Forum Online" on Thursday."Regarding the state-owned financial assets, we are indeed mulling a strategy for the next period that includes them all. You know very well that Eximbank's merger with Banca Romaneasca was carried out before we took on rule. But if it could not be ...

IFNs receive more than 10 million euros from foreign shareholders in first eight months of 2020

Monday, October 12, 2020

Consumer credit companies received capital injections worth 10.83 million euros from foreign shareholders in the first eight months through capital increases, up 86% compared to the same period last year, according to the data of the National Trade Register Office (ONRC).Business Microcredit IFN increased its share capital by 5.95 million euros (4.97 million euros in January and 984,700 euros in February). At the same time, Business Lease Romania received a ...

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