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Financial & Banking

NBR Board decisions on monetary policy

Monday, July 8, 2024

In its meeting of 5 July 2024, the Board of the National Bank of Romania decided the following: to cut the monetary policy rate to 6.75 percent per annum from 7.00 percent per annum starting 8 July 2024; to lower the lending (Lombard) facility rate to 7.75 percent per annum from 8.00 percent per annum and the deposit facility rate to 5.75 percent per annum from 6.00 ...

International reserves – June 2024

Monday, July 8, 2024

  On 30 June 2024, the National Bank of Romania’s foreign exchange reserves stood at EUR 64,392 million, compared to EUR 65,072 million on 31 May 2024.   During the month, the following flows were recorded:   EUR 1,964 million worth of inflows representing: changes in credit institutions’ foreign ...

The Ministry of Finance (MF) attracted over RON 2 bn from the population in the June 2024 edition of the Fidelis program

Monday, July 8, 2024

Blood donors bought Fidelis government bonds worth almost RON 274 mn, at an interest rate of 7% p.a.  The government bonds issued in this offer were listed on Thursday, July 4, at the Bucharest Stock Exchange, where they are traded transparently, through authorized ...

The link between €8 billion in uncollected VAT and CO2 emissions

Monday, July 8, 2024

According to a European Commission report, in 2021, member states lost around 61 billion euros in uncollected VAT, of which over 8 billion in Romania alone. Our country thus ranked third among European states in terms of non-collection of VAT, i.e. the difference between forecasted and actual VAT revenues.   In this context, after Romania introduced the e-invoice from January 1, 2024 – the mandatory inter-firm ...

tbi bank capitalized its 2023 profit to support future growth

Monday, July 8, 2024

tbi bank, one of the leading challenger banks in South-East Europe, announces that it has capitalized its entire consolidated net profit for 2023 for the amount of 42.5 million euro.   tbi’s profit for the first six months of 2023 has already been capitalized upon approval by the Bulgarian National Bank at the end of 2023. Now, tbi bank’s shareholders decided to also reinvest the profits from H2 2023, supporting ...

Assets of voluntary pension plans, up more than 29pct in May 2024

Monday, July 8, 2024

   Voluntary pension plans had assets worth RON 5.19 billion at the end of May, up 29.4% year-on-year, according to a report by the Financial Oversight Authority (FSA)."Most investments were made locally (96%), most of them being denominated in the lcoal currency, the leu (89.5%)," the report mentions.According to the quoted source, the value of the contributions paid in May was RON 59.7 million, while the average contribution ...

Mandatory private pension funds in May have assets worth RON 139.4 billion

Monday, July 8, 2024

Mandatory private pension funds had assets worth RON 139.4 billion at the end of May 2024, up 29.7% compared to the same date in 2023, according to statistics of the Financial Supervisory Authority (ASF)."Investments by privately managed pension funds were 93.6% in Romanian assets, most of which were denominated in lei. A large part of the Romanian instruments are represented by government securities or shares listed on the BVB," the report ...

Forvis Mazars' 2024 CEE Tax Guide highlights key taxation trends

Monday, July 8, 2024

The global minimum tax introduces a new standard for multinational taxation Digitalisation in tax systems is enhancing transparency and compliance globally Significant disparities in tax rates and competitiveness indicators across the CEE region   Forvis Mazars Group, the ...

Romanians lack confidence in national economy, but are confident about their investment portfolios

Monday, July 8, 2024

92% of Romanian investors are expecting a positive return on their investments this year 63% of Romanian investors do not believe in a positive evolution of the Romanian economy Inflation continues to be perceived as the main investment risk, while investors are increasingly concerned about the prospect of an international ...

Raiffeisen Asset Management Manages Total Assets Of More Than €1 Billion, Invested Mainly In Romania

Monday, July 8, 2024

Raiffeisen Asset Management (RAM) has surpassed 1 billion euros in total assets under management through 13 investment funds and the Raiffeisen Acumulare voluntary pension fund, thereby solidifying its top position in the investment fund market in Romania.   Additionally, Raiffeisen Romania Dividend, a fund that predominantly invests in local stocks listed on the Bucharest Stock Exchange, has reached a ...

BNR: Monetary indicators - May 2024

Monday, July 1, 2024

According to the Central Bank (BNR) data, at end-May 2024, broad money (M3) amounted to RON 690,193.4 million, up 0.2 percent (0.3 percent in real terms) month ...

BCR and European Investment Bank sign €200 million financing agreement for large companies

Monday, July 1, 2024

The Romanian Commercial Bank (BCR) and the European Investment Bank (EIB) signed an agreement for the implementation of the PNRR portfolio guarantee through which BCR will grant loans up to 200 million euro to the companies with over 500 employees.   "Through BCR, companies will be able to access loans of up to EUR 25 million (or equivalent in lei), guaranteed up to 80% by the EIB, for investment projects and to support the ...

Romanian fintech Instant Factoring IFN to expand its debt and institutional capacity to support micro and small companies with EIF support

Monday, July 1, 2024

EIF subordinated loan strengthens Instant Factoring’s capital base, helping increase lending to underbanked businesses in Romania. Deal marks first time a Romanian fintech and factoring company receives InvestEU funding. This agreement was facilitated by the InvestEU programme, which aims to trigger over €372 billion in additional investment over ...

EBRD slightly reduces stake in Banca Transilvania

Monday, July 1, 2024

The European Bank for Reconstruction and Development (EBRD) has slightly reduced its stake in Banca Transilvania (BT), the largest lender in Romania, according to a press release.   EBRD sold 13.7 million shares in an accelerated bookbuild placement at the Bucharest Stock Exchange (BVB). The shares sold on June 27, 2024 represent 1.7% of the total shares of Banca Transilvania. EBRD maintains a ...

tbi bank successfully issued a EUR 20M bond on the Bulgarian market

Monday, July 1, 2024

tbi bank, one of the leading challenger banks in Southeast Europe offering flexible payment solutions, has successfully issued public bonds of 20 million euro (MREL eligible). The issue was oversubscribed, which allowed it to reach the highest range of the planned amount (from 10 to 20 million), making it the largest bond issued by tbi bank to date.   The issue process was solely managed by the tbi team, and the ...

ING Bank gives EUR 150 M loan to Digi Group

Monday, July 1, 2024

ING Bank supported Digi Romania and Digi Communications, the parent company of the telecommunications operator, in arranging a credit facility worth 150 million euros, for a period of 3 years after the first use. The loan will be used to repay the group’s bonds, worth 450m euros, due in 2025.   The transaction was led by ING as Coordinator, Subscriber, Mandated Principal Arranger, Original Lender ...

Large state companies listed on stock exchange have cumulative capitalization of almost 110 billion RON

Monday, July 1, 2024

The large state companies listed on the Bucharest Stock Exchange (BVB) currently have a cumulative capitalization of almost 110 billion RON (rd 22 billion EUR), compared to 26 billion RON 10 years ago, BVB president Radu Hanga told Wednesday's event celebrating the tenth anniversary of Electrica's listing on the BVB."In the meantime, the listing of Hidroelectrica, among others, happened, but even beyond that, we see a fourfold increase in the capitalization ...

Insurance Brokerage Academy: 7 out of 10 companies in Romania were not insured at the end of 2023

Monday, July 1, 2024

Most companies in Romania, 7 out of 10 cases, risk severe damages or the closure of the activity, because they are not insured for their specific needs, shows the internal data of the Insurance Brokerage Academy, one of the main centers for education and training of specialists in the field of insurance. Among the most exposed companies by field of activity are those in production, retail, agriculture, construction or HoReCa, and many of these do not have insurance risk ...

The second meeting of the General Board of the National Committee for Macroprudential Oversight (NCMO), 18 June 2024

Monday, June 24, 2024

This year’s second meeting of the General Board of the National Committee for Macroprudential Oversight (NCMO) was held on 18 June 2024.   During the meeting, Board members examined analyses and adopted measures concerning macroprudential policy and systemic risk, namely: (i) examining the regular analysis on the recalibration of the countercyclical capital buffer, (ii) complying ...

OTP Bank Romania utilizes FLOWX.AI for modern digital mortgage platform dedicated to brokers

Monday, June 24, 2024

OTP Bank Romania has launched a state-of-the-art mortgage lending platform based on the cutting-edge technology of FLOWX.AI. After only 10 weeks of development, the new platform optimizes the working experience for partner brokers, eliminates the need for face-to-face interaction at the branch, and significantly reduces the waiting time for bank clients.   The mortgage lending experience ...

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