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Financial & Banking
Romanian banking industry adopts fresh banking principles in new Code of Conduct
Monday, November 12, 2018
The Romanian banking industry, through the the Romanian Banking Association (ARB) and the Banking Employers’ Council from Romania (CPBR), has adopted the new Code of Conduct, a document that highlights compliance with the principles of banking ethics in relation to all stakeholders in the banking system and focuses on the protection of consumers who have financial difficulties, http://business-review.eu ...
Central Bank decisions on monetary policy
Monday, November 12, 2018
In its meeting of 6 November 2018, the Board of the National Bank of Romania decided: to keep the monetary policy rate at 2.50 percent per annum; to leave unchanged the deposit facility rate at 1.50 percent per annum and the lending facility rate at 3.50 percent per annum; to maintain the existing levels of minimum reserve requirement ...
Daianu: Joining euro requires at least two-year wait in antechamber
Monday, November 12, 2018
Academician Daniel Daianu, who sits on the Board of Directors of the National Bank of Romania, said during a lecture delivered at the University of Craiova on Wednesday that Romania would have to wait at least two years in the antechamber in order to join the euro area; in this time span it should prove economic robustness and reduce the budget deficit to about 1 pct."We want to join the eurozone. In order to not suffocate in the eurozone - because there are ...
BRD Group, net profit up 7.1 percent, in first nine months
Monday, November 12, 2018
The BRD Group recorded a net profit of 1.142 billion lei after the first nine months of 2018, higher by 7.1 percent as opposed to the same period of last year, while the bank reported a net result of 1.137 billion lei, higher by 8.9 percent, according to the Interim Financial report sent on Thursday to the Bucharest Stock Exchange.Adjusted with the non-recurring elements regarding the cost of risk, the net profit of the group was 1.073 billion lei, higher by +28.2 ...
European Commission urges Romania to abolish the split VAT payment mechanism
Monday, November 12, 2018
The Commission decided today to send a letter of formal notice to Romania for applying a split payment mechanism for VAT. Since 1 January 2018, Romania applies this alternative VAT collection mechanism where VAT is paid to a separate blocked account, causing a major administrative burden for honest companies doing business there. This arrangement is mandatory for certain businesses which are required ...
Softronic gets EUR 14 M financing from Raiffeisen Bank, secured by EximBank, for the production of electric locomotives
Monday, November 12, 2018
Raiffeisen Bank will grant EUR 14 million financing, secured by EximBank, to Romania-based Softronic company in Craiova. The credit is destined to cover the costs of production and delivery of six electric locomotives, which will be purchased by Green Cargo AB company, Sweden’s largest actor in rail freight. In June 2017, Softronic signed a contract worth EUR 6 million with Green Cargo to deliver eight Transmontana locomotives. The first two have ...
BNP Paribas Romania appoints Nicolae Ciobanu as senior consultant in the office division
Monday, November 12, 2018
BNP Paribas Real Estate has appointed Nicolae Ciobanu as a Senior Consultant in the Office Agency. Nicolae joined BNP Paribas Real Estate Romania in November 2018. During his career, Nicholas has successfully conducted numerous office transactions, leasing and relocation mandates of national companies and international corporations, by representing owners, tenants and investors. He has actively ...
The first private industrial park in Craiova, Southern Industrial Park, financed by OTP Bank Romania
Monday, November 12, 2018
OTP Bank Romania financed the first private industrial park in Craiova, Southern Industrial Park, being the first investment of Zacaria company in the south of the country. The total investment in the project is EUR 28 million. Southern Industrial Park has a total area of 53,000 square meters of Class A industrial spaces, fully equipped for storage, logistics, cross-docking or production activities. “Southern ...
BNR: International reserves – October 2018
Monday, November 5, 2018
On 31 October 2018, the National Bank of Romania’s (BNR) foreign exchange reserves stood at EUR 32,369 million, compared to EUR 31,421 million on 30 September 2018. During the month, the following flows were recorded: EUR 2,723 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, inflows into the Ministry of Public Finance’s accounts ...
Isarescu’s four recommendations for commercial bankers
Monday, November 5, 2018
Romania’s central bank governor Mugur Isarescu spoke to an audience of over 150 bankers during the Banking Compliance Summit organised by the Romanian Banking Institute, http://business-review.eu reports. As part of his speech, Isarescu listed four recommendations he had for commercial bankers. Plan serious debates, don’t fall for ...
EBRD report : Recovery on track in most emerging economies but risks persist
Monday, November 5, 2018
The economic recovery remains on track in most of the countries where the European Bank for Reconstruction and Development (EBRD) invests but risks persist from global trade tensions, high corporate debt levels and continued geopolitical ...
BCR’s net profit reaches EUR 218 million in the first nine months, up 15.5 percent y/y
Monday, November 5, 2018
Banca Comerciala Romana (BCR) recorded a net profit of RON 1,015.2 million (EUR 218.2 million) in the first nine months of 2018, generated a new volume of loans granted in local currency of RON 6.3 billion and recorded a 46 percent increase in personal needs loans, http://business-review.eu/ reads. The operating result increased to RON 1.2 billion (EUR 262.8 million), 14 percent higher than the previous ...
Aforti Finance, providing financing to SMEs, enters the IFN register of BNR, ready to start operations in Romania
Monday, November 5, 2018
Aforti Finance Romania IFN S.A. announced that it will enter the register of the non-banking financial institutions of the National Bank of Romania (BNR) and is thus ready to begin operations in Romania as a fully-fledged lender. Aforti Finance is part of AFORTI – a Polish financial capital group, of which the leader, Aforti Holding, is listed on the NewConnect market of the Warsaw Stock Exchange. The Group is already present in Romania through the fintech Aforti ...
Alejandro Hajdenberg (IMF): Avoid tax rate cuts in the future!
Monday, November 5, 2018
Alejandro Hajdenberg, resident representative for Romania & Bulgaria at the International Monetary Fund (IMF), suggested that Romania doesn’t have any more room for additional fiscal easing, which would mean another reduction of taxes. Among the recommendations of the IMF representative was the increase of tax collection rate by streamlining the process. He added that Romania had the largest fiscal relaxation in Europe over the past 3 year, ...
Jan-Sep cons budget deficit widens to 1.77%/GDP
Monday, November 5, 2018
Romania's consolidated budget deficit widened to 1.77% of the projected 2018 gross domestic product (GDP) in the first nine months of 2018, up from 0.81% of GDP a year earlier, the finance ministry said. Romania's consolidated budget showed a deficit of 16.8 billion lei ($4.1 billion/3.6 billion euro) in the nine months through September, the ministry said in a statement late on Monday. Consolidated budget revenue rose ...
Garanti Group Romania posts RON 133 M net profit in the first 9 months
Monday, November 5, 2018
Garanti Group Romania, one of the most dynamic financial groups on the local market, composed of Garanti Bank, Garanti Leasing and Garanti Consumer Finance, registered, in the first nine months of the year, an increase of 11% in total asset volume, which currently exceeds RON 12 billion, romaniajournal.ro informs. The Group has further recorded a consolidated net profit of RON 133 million in the first nine months of the year, increasing by over 7% from ...
ING, the first fully digitised bank in Romania
Monday, November 5, 2018
ING Bank will close all banks’ physical registers as of Monday, while focusing exclusively on online transactions and turning its subsidiaries in self-service units. The bank announced this year that the main trading system will be ING’s Home’Bank, while Self’ Banks will have new types of ATMs which replace the traditional cash machines. Employees will still work in the bank, but will focus on guidance ...
Isarescu : Not skeptical, just trying to stay realistic about joining euro
Monday, October 29, 2018
Romania is not skeptical about joining the euro, but we are trying to be realistic and to ensure a certain amount of time for this moment, governor of the National Bank of Romania (BNR) Mugur Isarescu told a specialist conference on Thursday. "With regard to the differences among the countries' strategies, some might find it amazing that Bulgaria considers joining the euro even faster than Romania, Hungary, Poland or the Czech Republic. It's true that these ...
Eurostat: În Romania, public debt declined this year despite higher government spending
Monday, October 29, 2018
Romania’s total public debt slightly declined this year from 35 percent of gross domestic product (GDP) at end-2017 to 34.1 percent at end-June despite higher public spending and deficits, according to Eurostat data. Romania’s gross public debt declined last year to a 6-year low level of 35 percent of GDP, down from 37.6 percent of GDP in 2016, due to the rapid growth of the economy. However, despite higher spending ...
RON loans maintain hot pace in September while savings slow down
Monday, October 29, 2018
Bank loans in RON granted to individuals rose by 1.3 percent month-on-month and by 20.1 percent year-on-year in September, up to a fresh all-time high of RON 92.9 billion (EUR 19.9 billion) despite higher interest rates but Romanians are less interested in keeping savings in bank accounts, according to National Bank of Romania (BNR) data released on Tuesday. Bank loans granted to individuals and corporate clients in Romania rose 6.3 percent ...