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Financial & Banking

Winter 2024 Economic Forecast: A delayed rebound in growth amid faster easing of inflation

Monday, February 19, 2024

The Commission publishes macroeconomic forecasts for the EU and its member countries four times a year.  This Winter interim Forecast lowers the growth outlook for this year and sets inflation on a lower downward path than projected last autumn. Economic activity in 2023 is now estimated to have expanded by only 0.5% in both the EU and the euro area. The growth outlook for 2024 is revised down to 0.9% in the EU and 0.8% in the euro area. In 2025, economic activity ...

BNR Board decisions on monetary policy

Monday, February 19, 2024

  In its meeting of 13 February 2024, the Board of the National Bank of Romania (BNR) decided:   to keep the monetary policy rate at 7.00 percent per annum; to leave unchanged the lending (Lombard) facility rate at 8.00 percent per annum and the deposit facility rate at 6.00 percent per ...

Balance of payments and external debt – December 2023

Monday, February 19, 2024

In January - December 2023, the balance-of-payments current account posted a deficit of EUR 22,694 million, compared with EUR 26,040 million January through December 2022. The breakdown shows that the deficit on trade in goods declined by EUR 2,990 million, the surplus on services expanded by EUR 204 million, the primary income deficit decreased by EUR 9 million, while the secondary income surplus increased by EUR 143 ...

NN Asigurari launches NN Safety Belt

Monday, February 19, 2024

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NN Asigurari launches the NN Safety Belt, an insurance policy that provides protection and financial support in the event of a car accident resulting in death, developed in a strategic partnership with www.roviniete.ro. The insurance has a fixed annual cost and can be purchased 100% online, quick and easy, supporting customers to protect their family's financial situation in unfortunate ...

Reuters:Romania raises 2 bln euros from debut green bond

Monday, February 19, 2024

Romania will raise 2 billion euros ($2.15 billion) from its first ever green bond launched on Thursday, Refinitiv and IFR data showed, as the country seeks to diversify its investor base and tap into growing demand for environmentally focused debt, Reuters correspondent reports.   Pricing for the long-awaited eurobond, which is due Feb. 22, 2036, was launched at 300 basis points over mid-swaps, some 45 ...

Erste sees inflation in Romania at 4.3% at end-2024

Monday, February 19, 2024

 Austrian banking group Erste said that Romania’s inflation is expected to reach 4.3% by the end of 2023, in line with its previous forecast.   Romania's consumer ...

Credit Europe Bank Romania continues its digitalization journey

Monday, February 19, 2024

  Credit Europe Bank announces the launch of a new service that will further simplify the relationship between the bank and its retail customers. As of today, clients can update their personal data safely, completely electronically, from anywhere, without having to visit the bank’s branch. The new service is available via both the computer and mobile devices and can be accessed by visiting the Credit Europe Bank website. The update process is simple, ...

Cybersecurity remains the top risk for European banks on a 12 months horizon

Monday, February 19, 2024

For the second consecutive year, the EY and Institute of International Finance (IIF) Bank Risk Management ...

EIB Group and Deutsche Leasing Romania join forces to support Romanian businesses and farmers

Monday, February 12, 2024

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The European Investment Bank Group (EIB Group), which includes the European Investment Bank (EIB) and the European Investment Fund (EIF), is strengthening its cooperation with Deutsche Leasing Romania IFN SA (DLRO), part of the Deutsche Leasing Group, by signing a synthetic securitisation transaction along with new lending commitments that will boost liquidity for Romanian businesses. The agreement aims to provide capital relief for DLRO, freeing up lending capacity, which ...

BRD’s net profit in 2023 increased by 24% to RON 1.65 billion

Monday, February 12, 2024

BRD Groupe Société Générale registered, in 2023, at consolidated level, according to the International Financial Reporting Standards (IFRS), a strong lending activity and on last mile towards our 2025 sustainable financing target, a good performance on corporate financing (+23% YoY), driven by both SME (+18%YoY) and large corporate customers (+26% YoY), and a record RON 7.7 billion of new loans to individuals and best year in consumer loans ...

Banca Transilvania signs contract to acquire OTP Bank Romania

Monday, February 12, 2024

Banca Transilvania signed on Friday a contract for the acquisition of 100% of OTP Bank Romania's shares, as well as other OTP Romania Group companies, including OTP Asset Management SAI and OTP Leasing Romania IFN, in a transaction worth EUR 347.5 million.According to a BT report submitted to the Bucharest Stock Exchange a day ago, BT's Board of Directors approved the completion of the transaction."We would like to point out that both Banca ...

Romanians' appetite for lending returns, interest rates fall, housing becomes more expensive 

Monday, February 12, 2024

The volume of mortgage loans in RON granted by banks doubled in the last three months of 2023, compared to the same period in 2022, and exceeded RON 10 billion, according to the latest data published by the National Bank of Romania, quoted in a press release by Imobiliare.ro Finance."The lending market is coming back strongly after an extremely difficult period marked by uncertainty and high financing costs. More and more Romanians are now looking to take out a ...

Compensation of over 119.2 million RON based on home insurance, in 9 months in 2023

Monday, February 12, 2024

Insurance companies paid compensations of over 119.2 million RON based on home insurance, in the first 9 months of last year, up 61% compared to the amount paid in the same period of 2022, it is shown in a press release of National Union of Insurance and Reinsurance Companies from Romania (UNSAR).Over 83% of the value of these compensations (99.2 million RON) were paid on the basis of optional home insurance, an increase of about 38% compared to those made in the ...

Rate Of Non-Performing Loans In The Banking System Reaches Historic Low ?

Monday, February 12, 2024

  The robustness of the banking sector, the absorption of customers’ liquidity problems, the consolidation of lending on a sustainable basis, the acceleration of digitization and a strong increase in savings are the strengths of the banking sector in Romania, according to a note from the European Banking Federation. Through the decrease registered during 2023, the rate of non-performing loans reported at the level of the Romanian banking system ...

EIB President Calviño opens second EIB Group Forum and unveils Annual Investment Report

Monday, February 12, 2024

  The European Union’s economy and businesses continue to demonstrate remarkable resilience in the face of multiple overlapping challenges, according to the EIB’s flagship Investment Report published today. ” This resilience and past accomplishment has come about largely thanks to a well-coordinated EU policy response, which should serve as a blueprint for the future,” said EIB President ...

Deloitte: Taxman checks on individuals grow 80 pct over Jan - Sep 2023

Monday, February 12, 2024

   Inspections by tax authorities on individuals have intensified in the last five years, and alone in the first three quarters of 2023 such activities increased by more than 80 percent compared to the previous year. The 127 taxation decisions issued in this interval amounted to a total of RON 53.5 million, shows a report released on Tuesday by Deloitte."The checks carried out by the tax authorities at natural persons have increased in the ...

Metropolitan Life announces a 3.65% increase in gross written premiums in the first nine months of 2023

Monday, February 12, 2024

In the first nine months of 2023, Metropolitan Life recorded gross written premiums amounting to 468.393.397 lei, compared to the same period of the previous year, when the value of gross written premiums amounted to 451.907.428 lei, an increase of 3.65%.   “The results from the first nine months of 2023 primarily reflect the team’s ability to adapt to market dynamics, continuing the positive trend ...

International reserves – January 2024

Monday, February 5, 2024

On 31 January 2024, the National Bank of Romania’s foreign exchange reserves stood at EUR 61,416 million, compared to EUR 59,770 million on 31 December 2023.   During the month, the following flows were recorded:   EUR 5,665 million worth of inflows representing: changes in credit institutions’ foreign ...

IMF Staff Concludes Visit to Romania

Monday, February 5, 2024

Last year’s fiscal package was a step in the right direction and creates additional revenue. Nonetheless, we project fiscal deficits above 6 percent of GDP in the next few years, given the fiscal costs of the new pension law. New measures will be needed to reduce the deficit to sustainable levels.   Inflation is decelerating but remains well above the target. Monetary policy ...

Pension system in Romania affected by structural inequalities, special pensions , unjustified early pension

Monday, February 5, 2024

The pension system in Romania is affected by structural inequalities, the existence of special pensions, early, unjustified retirement, according to an analysis made by the European Institute for Economic Studies.   “The latest amendment provides a 40% pension increase as of 2024. This model points out the way in which Pillar 1 of the pension system is frequently used by politicians to ensure ...

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