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Financial & Banking

Revolut tops 10 million retail customers in the CEE region 

Monday, October 23, 2023

Revolut, the global financial super app, has surpassed 10 million retail customers in the CEE region, and is now processing over 138 million transactions a month, up by 67%, compared to the average number of transactions processed in the previous full 12 months. The rising number of virtual, disposable and physical cards issued in the region of 50 million cards (as of September 30, 2023) showcases Revolut’s contribution to the financial inclusion and the borderless ...

Deloitte: More than 1,000 companies would pay extra after the introduction of the minimum tax threshold

Monday, October 23, 2023

  The impact of the fiscal measures included in the law for which the Government has assumed responsibility in Parliament will be significant, especially for entities that are to be taxed based on their turnover, where the effective tax rate will increase considerably, to 20%-30%, after the new regulations come into effect, according to an analysis conducted by Deloitte Romania’s ...

BNR: Balance of payments and external debt – August 2023

Monday, October 16, 2023

According to the Central Bank (BNR) data, in January - August 2023p, the balance-of-payments current account posted a deficit of EUR 13,759 million, compared with EUR 18,502 million in the same year-ago period. The breakdown shows that the deficit on trade in goods declined by EUR 2,564 million, the surplus on services expanded by EUR 1,681 million, the primary income deficit decreased by EUR 322 million, while the secondary income surplus grew by EUR 176 ...

UniCredit Bank has new CEO and chairman of the board of directors in Romania

Monday, October 16, 2023

Mihaela Lupu, currently Chief Financial Officer for Central and Eastern Europe of UniCredit, will become the  CEO and Chairman of the Board of Directors of UniCredit Bank in Romania as of 16th of October 2023. Her appointment is approved by the National Bank of Romania.   With a distinguished 25-year career in UniCredit, Mihaela Lupu started her professional journey in the Group in August 1998, ...

Survey: One In Three Romanians Wants To Get A Loan In The Next 12 Months

Monday, October 16, 2023

* Almost 62% are thinking about a personal needs loan for main plans like renovating their house, buying a car or getting domestic appliances.   Romanians’ need for finance has increased in the last year, as rising prices have forced most of them to get more money for their projects or to buy the goods they need to have a more comfortable life. In this ...

ASF's Ionescu: Some insurance companies had failures, market share and not enough staff

Monday, October 16, 2023

The Financial Supervisory Authority (ASF) has discovered, in the inspections carried out at some insurance companies, certain shortfalls not because there was such an intention, but because they took market share and did not have enough staff, ASF head of the General Insurance Directorate Valentin Ionescu said on Thursday."Unfortunately, in the controls we have done, we have seen that some insurance companies have had some failures not because they were ...

Metropolitan Life announces a 4.50% increase in gross written premiums in the first semester of 2023

Monday, October 16, 2023

Metropolitan Life announces an increase of 4.50% in gross written premiums in the first semester of 2023, compared to the first semester of 2022.   In the first semester of 2023, Metropolitan Life recorded gross written premiums amounting to 312,061,486 lei, compared to the same period of the previous year, when the value of gross ...

Study:The insurance industry contributed over 2.8 billion lei to the national economy

Monday, October 16, 2023

The insurance industry has contributed over 2.8 billion lei to the national economy, of which 1.3 billion lei is a direct impact of the added value created - being an important pillar for the Romanian economy. These are the main conclusions of the latest study carried out by the MIR Research group of independent consultants, at the request of the National Association of Insurance ...

The Ministry of Finance lists at BVB five new issues of FIDELIS government bonds with a cumulative value of almost RON 1.5bn

Monday, October 16, 2023

The Ministry of Finance raised RON 534.8mn and EUR 191.3mn through the 13th issue of government bonds dedicated to retail investors (FIDELIS) in the last four years. Through the offers carried out in since July 2020, the Ministry of Finance attracted RON 22bn (EUR 4.5bn) from retail investors. The government bonds can be traded on Bucharest ...

tbi bank received a Baa3 Counterparty Risk and Ba2 deposit rating from Moody’s

Monday, October 16, 2023

tbi bank, a Southeastern Europe leading challenger bank, operating in Bulgaria, Romania, Greece, Germany, and Lithuania, received an investment rating, reflecting Counterparty Risk – Baa3, and Ba2/NP long- and short-term deposit rating from Moody’s Investors Service (Moody’s).   At the same time, the rating agency has assigned Baa3(cr)/P-3(cr) long- and short-term Counterparty Risk (CR) Assessments and ba3 ...

North Bucharest Investments launches real estate acquisition with cryptocurrencies

Monday, October 16, 2023

  All North Bucharest Investments (NBI) real estate transactions can now also be carried out with the help of digital currencies, after the real estate investment and brokerage company concluded a partnership with Tokero, a cryptocurrency exchange platform specialized in such transactions."In an era where cryptocurrencies are becoming more and more popular and prove to be not only an investment, but also an increasingly accessible payment ...

BNR Board decisions on monetary policy

Monday, October 9, 2023

In its meeting of 5 October 2023, 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 ...

ING Analysis: Romanian National Bank preview: on hold for longer

Monday, October 9, 2023

*The Romanian National Bank (BNR) will announce its latest policy rate decision on 5 October. We expect the key rate to be maintained at 7.00%. Given the core market dynamics and a possible stickier inflation profile locally, hopes for any dovish hints are a matter for next year, ...

IMF estimates 6pct of GDP budget deficit in 2023, recommends additional reforms

Monday, October 9, 2023

The Government’s package of fiscal measures is intended to reduce the budget deficit, however, many other programs are needed to increase efficiency and revenues, in general, the head of the International Monetary Fund (IMF) mission for Romania, Jan Kees Martijn, said on Wednesday.   An IMF team, led by Jan Kees Martijn, the head of the mission for Romania, is in Bucharest starting from September 25 ...

NETOPIA celebrates 20 years of innovation in e-commerce and announces its new leadership team

Monday, October 9, 2023

NETOPIA celebrates this year two decades of innovation, vision, and trust. Concurrently, the company unveiled its new leadership team following the acquisition of the majority stake by Innova Capital. With twenty years of experience and a forward-looking vision, NETOPIA Group marks this milestone with a heightened commitment to innovation and excellence in delivering impeccable services for the e-commerce ...

The total  value traded on the regulated and SMT market of BVB got to the level of 8.59 billion lei in S1

Monday, October 9, 2023

  The total value traded on the regulaed market and on the segment dedicated to start-ups and SMEs from the Bucharest Stock Exchange (BVB) got to the level of 8.59 billion lei in the first half of 2023, down 39% against the same period of 2022, according to the semi-annual report of the Financial Supervisory Authority.   The indices of the Romanian Stock Market registered positive ...

European Directive on Minimum Profit Tax – a Major Change in International Taxation and Its Impact on Romania

Monday, October 9, 2023

by Ana Petrescu-Mujdei, Senior Manager, Direct Taxation, Deloitte Romania   The tax framework applicable to large companies in Romania is becoming increasingly complex. In addition to the provisions regarding turnover tax, included in the law for which the Government recently assumed responsibility in Parliament, the Ministry of Finance published on October 4, 2023, another legislative project that ...

Exim Banca Romaneasca finances development of Sophia group in Iasi with 5.2 million RON

Monday, October 9, 2023

Exim Banca Romaneasca granted the Sophia group of companies from northeastern Iasi a total amount of financing of 5.2 million RON under the SME Invest program, the bank informs in a press release.The funds supported the investment in a new headquarters in Iasi that includes the warehouses, the textile factory, the showroom and the office area, in the context of the accelerated expansion of the store network.The Sophia brand was founded in 2004 by ...

BNR: Foreign Direct Investment in Romania in 2022

Monday, October 2, 2023

The National Bank of Romania (BNR), in cooperation with the National Institute of Statistics, conducted the statistical survey on foreign direct investment (FDI), the main data source for the compilation of FDI statistics. The main objective was to determine FDI net flows during 2022 in resident foreign direct investment enterprises, non-residents’ FDI income, as well as Romania’s FDI position as at 31 December ...

The CES gave a negative opinion on the draft law on certain fiscal and budgetary measures

Monday, October 2, 2023

The Economic and Social Council (CES) gave a negative opinion, in the Monday meeting, to the draft law regarding some fiscal budgetary measures meant to ensure the long term financial sustainability of Romania showing that the measures for the reduction of expenses are unconvincing and will have negative effects on the economy.At the same time, CES says that they have already given their ...

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