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Financial & Banking

Deputy PM Turcan: There is money to increase pensions, no need for this topic to be brought up

Monday, January 27, 2020

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Deputy Prime Minister Raluca Turcan said on Wednesday that the money to increase pensions was provided for in the budget, adding that she does not understand why this topic is being "constantly brought up"."I think that the prime minister's point of view must also be added here, who today stated that the money allocated for the increase of pensions exists. And an addition that I allow myself to make is the following: the Romanians do not have to worry. The moment ...

Net assets of investment funds, up to 49.5bn lei, in 2019

Monday, January 27, 2020

The net assets of the 215 investment funds registered an increase of 18.1pct in 2019, and in December last year they reached 49.5 billion lei (10.4 billion euro), informs the Fund Managers Association (AAF).The top 5 funds (open locally) in 2019 registered annual net yields between 36.1pct and 42.9pct.The Fund Managers Association is the professional non-governmental organization of operators in the Collective Investment Undertakings (O.P.C) Romania, ...

Insurance policies up by 28pc reported by City Insurance for 2019

Monday, January 27, 2020

The insurance-reinsurance company City Insurance has issued during 2019 insurance policies in the amount of EUR 410 million, an increase of 28% compared to the year 2018, according to the company’s preliminary results for 2019. At the same time, the amount of compensations paid reached the level of EUR 244 million (the equivalent of 1.1 billion lei), up by 33% compared to last year. The number of claim files paid up to the ...

Dentons strengthens its CEE banking and finance practice

Monday, January 27, 2020

Dentons law firm has hired seven lawyers to strengthen its Banking and Finance practice in Bucharest and across CEE. Partners Simon Dayes and Simona Marin and an additional five banking and finance lawyers joined Dentons over the last few months. Perry Zizzi, Managing Partner of Dentons Romania, stated: “The appointment of two of the most experienced Banking and Finance partners in the region marks a new era for us, and is a crucial building ...

Banca Transilvania becomes associate member of ARIR

Monday, January 27, 2020

Banca Transilvania, the largest lender of the Romanian economy, has become Associate Member of the Romanian Investor Relations Association ...

Minutes of the monetary policy meeting of the National Bank of Romania Board on 8 January 2020

Monday, January 20, 2020

15 January 2020 The National Bank of Romania Board members present at the meeting: Mugur Is?rescu, Chairman of the Board and Governor of the National Bank of Romania; Florin Georgescu, Vice Chairman of the Board and First Deputy Governor of the National Bank of Romania; Leonardo Badea, Board member and Deputy Governor of the National Bank of Romania; Eugen Nicol?escu, Board member and Deputy Governor of the National Bank of ...

BNR: Balance of payments and external debt – November 2019

Monday, January 20, 2020

In January - November 2019p, the balance-of-payments current account posted a deficit of EUR 9,924 million, compared with EUR 8,205 million in the same year-ago period, Central Bank data said. The deficit on trade in goods widened by EUR 2,473 million, the surplus on services income increased by EUR 135 million, the deficit of the primary income balance narrowed by EUR 485 million, and the surplus of the secondary income balance rose by EUR 134 ...

PM Orban: ANAF not being computerized, reason for lowest tax collection rate in EU

Monday, January 20, 2020

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Prime Minister Ludovic Orban said on last Thursday night for the B1 TV private broadcaster that Romania has the lowest tax and duties collection rate in the European Union, one of the reasons being that the computerization of the National Tax Administration Agency (ANAF) was not carried out, although all the companies were required to change their cash registers."I give the example once again, for all Romanians to know: the Ministry of Finance obliged companies to ...

Ciprian Dascalu, the new head economist of the Romanian Commercial Bank

Monday, January 20, 2020

Ciprian Dascalu will be the new head economist and research manager at the BCR starting with 15 January, announced the bank on Monday. He follows after Horia Braun-Erdei who starting with 1st November 2019 has been elected CEO of Erste Asset Management Romania. Aged 40, Ciprian Dascalu has been working in the banking system since 2003, with consistent experience in macro and micro-economy, financial markets and economic models, as well as în ...

Association for private pensions: Pillar 2 had best profit in 2019

Monday, January 20, 2020

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The seven compulsory private pension funds (Pillar 2) had an 2019 an average profit of 11.8%, the best performance in the last 9 years, on the background of recovering depreciation caused by effects of Government order 114/2018 in economy and in financial markets, as well as unexpected evolution of Bucharest Commodity Exchange,  the Association for Privately Administered Pensions in Romania (APAPR) announced on Thursday. “The overall profit ...

Private pension funds in Romania reach EUR 13 bln in assets

Monday, January 20, 2020

The net assets (NAV) of the voluntary private pension funds rose by 21.3% year-on-year to RON 2.47 billion (nearly EUR 0.5 bln), at the end of November, according to the Financial Supervisory Authority (ASF) data quoted ...

În 2020, Romania has to borrow some RON 86.9 billion (EUR 18.1 bln) to finance its 3.6% of GDP budget deficit

Monday, January 20, 2020

Romania has to borrow some RON 86.9 billion (EUR 18.1 bln) this year to finance its 3.6% of GDP budget deficit and refinance the debt due during the period, the Finance Ministry ...

Daniel Daianu: Budget consolidation is urgent; it must start in 2020

Monday, January 20, 2020

Budget consolidation is urgent, and this should start in 2020 by bringing the budget deficit as close to 3 percent of GDP as possible, according to Daniel Daianu, advisor to the BNR Governor and chairman of the Fiscal Council, in an article published on the BNR Opinion blog. “The Romanian economy depends on what is happening in the European economic area, on the ECB’s monetary policy; the monetary policy rates from us, the internal monetary ...

Banca Transilvania expects Romanian households to keep high savings rate

Monday, January 20, 2020

The savings rate will be at a high level among Romanian households in the following quarters, against the background of the fiscal-budgetary consolidation expected on the short term and the development of the capital market in the medium term, according to Andrei Radulescu, chief economist of Banca Transilvania - the country’s biggest lender. The savings rate among the Romanian households increased in the first nine months of 2019 by a percentage ...

NBR Board decisions on monetary policy

Monday, January 13, 2020

In its meeting of 8 January 2020, the Board of the National Bank of Romania decided the following: 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 ...

Mandatory private pension plans report Nov. 2019 assets of 60.09 billion lei, up 26.48pct y-o-y

Monday, January 13, 2020

Mandatory private pension plans had assets worth over 60.09 billion lei, as of November 30, 2019, up 26.48pct y-o-y, according to data with the Financial Supervisory Authority (ASF).Government securities hold the highest share in the assets, at 37.1 billion lei, or 60.91pct. Coming in second were stocks, at 13.4 billion lei (22.5pct). Corporate bonds were in third place, at 4.236 billion lei, or 6.95pct of the total assets.According to the same data, ...

UniCredit – Market Leader and best Trade Finance provider in Romania according to Euromoney’s Trade Finance Survey 2020

Monday, January 13, 2020

UniCredit was named the best global Trade Finance provider in Euromoney’s Trade Finance Survey 2020. The bank also landed the number 1 position in this category in several individual countries, including Romania, according to the survey, in which UniCredit also received awards in categories such as Advisory, Financing, Overall Execution ?i Products, as well as for its services in Western Europe and Central and Eastern Europe. The extent of ...

FinMin promises higher contributions to Pillar II , the private pension funds

Monday, January 13, 2020

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The contributions to the mandatory private pension funds (Pillar II) in Romania will rise to 5% of the gross wage as of 2021, from 3.75% currently, to later increase to 6% as the law provides, finance minister Florin Citu stated in a TV interview on January 7, according ...

Fondul Proprietatea to launch new buyback offer for 200 mln shares

Monday, January 13, 2020

Fondul Proprietatea, the biggest investment fund in Romania, whose shares are trading on the Bucharest Stock Exchange and GDRs on the London Stock Exchange, will launch a new buyback offer for a total of 200 million own shares (including GDRs). The fund’s manager, Franklin Templeton Investment Management has hired Romanian brokerage firm Swiss Capital and international broker Auerbach Grayson to manage the offer. The terms of the offer, including ...

Gov't invited IMF to audit Fiscal Code

Monday, January 13, 2020

The International Monetary Fund (IMF) will conduct an audit of Romania’s Fiscal Code at the invitation of the Government, finance minister Florin Citu confirmed in an interview on January 7. “We have invited the Fund to establish whether the Fiscal Code is stimulating or dragging down the economy,” minister Citu said adding that he wants the opinion of independent experts such as those of the international financial ...

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