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Financial & Banking

Euler Hermes 's study on economic slowdown

Monday, January 13, 2020

Early indicators point to a slowdown of the Romanian economy in the next quarters, according to Euler Hermes, the global leader in commercial credit insurance and a recognized specialist in collateral and debt collection, which carried a study about Romania’s country risk. The consultancy firm outlines that the country's output in the important automotive sector has been shrinking since June 2019. It also expects the new ...

BNR: International reserves – December 2019

Monday, January 6, 2020

On 31 December 2019, the National Bank of Romania’s (BNR)foreign exchange reserves stood at EUR 32,926 million, compared to EUR 33,817 million on 30 November 2019. During the month, the following flows were recorded: EUR 2,197 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, inflows into the Ministry of Public Finance’s accounts, inflows into the European Commission’s ...

November's overdue loan payments down 2.6pct in domestic lei, 6.5pct lower in foreign currency

Monday, January 6, 2020

The total value of overdue loans - both corporate and individual - totaled 4.7 billion lei in November 2019, 2.6 percent down from the figure reported in October 2019, while past due loans in foreign currency decreased by 6.5 percent to the equivalent of 2.17 billion lei, according to the data of the National Bank of Romania (BNR). Loans in lei amounted to 180.771 billion lei in November (0.66 percent over the value of the previous month), of which 68.622 billion lei were ...

 Deposits of non-governmental resident clients up 1.8 pct in November

Monday, January 6, 2020

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Deposits of non-governmental resident clients increased by 1.8 per cent in November 2019 compared with October 2019, up to 356.611 billion lei and by 9.9 per cent (5.9 per cent in real terms) compared with November 2018, the National Bank of Romania (BNR) informed in a press release .Deposits in lei of households increased by 1.4 per cent compared with October 2019, up to 127.877 billion lei, and by 7.8 per cent in real terms compared with November 2018.Deposits in ...

Non-governmental credit balance up 0.1 per cent in November

Monday, January 6, 2020

The balance of non-governmental credits granted to credit institutions increased by 0.1 per cent in 2019 (-0.1 per cent in real terms) against November 2019, up to 268.672 billion lei, according to a press release of the National Bank of Romania (BNR).Credits granted in lei, accounting for 67.2 per cent of the total non-governmental credits, increased by 0.6 per cent (0.4 per cent in real terms) and loans in foreign currency denominated in lei decreased by 0.8 per cent ...

Quarterly reference index for consumer loans down to 2.36pct per year

Monday, January 6, 2020

The consumer credit reference index (CCRI), regulated by Government Emergency Ordinance 19/2019, has dropped to 2.36pct per year, from 2.66pct, the one published three months ago, according to data announced on last Tuesday by the National Bank of Romania (BNR).The current CCRI is calculated as the arithmetic average of the daily interest rates of interbank transactions in the third quarter of 2019.The National Bank of Romania published for the first time, on May 2, ...

PwC: 2020's big challenge - more efficient collection of existing charges and taxes

Monday, January 6, 2020

2020's big challenge will be the more efficient collection of existing charges and taxes under a budget deficit target of 3.6pct of GDP, above the maximum limit for the EU member states, according to an analysis by PwC.According to the quoted source, the year 2020 will start, in the fiscal field, with the entry into force of some reparative measures, mainly targeting Emergency Ordinance 114/2018, but also with the expectation of the business environment for a series of novelties ...

EximBank-Banca Romaneasca merger still pending for his, Finance Ministry's approval

Monday, January 6, 2020

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Finance Minister Florin Citu said that the merger between EximBank and Banca Romaneasca (the Romanian Bank) hasn't yet been approved by either him or the Public Finance Ministry and the announcement on what happens to this operation will be made in January."I have been asked by many journalists and I have to make this clarification. The transaction was approved in February 2019 by the PSD [the Social Democratic Party] Government. I and the Public Finance Ministry haven't yet ...

Net assets of investment funds, up 2.1pct in November

Monday, January 6, 2020

The net assets of the 219 local and foreign open- and closed-end investment funds increased by 2.1pct in November, to the level of 48.1 billion lei (10.1 billion euros), registering an increase by 14.7pct from the beginning of the year, according to a release of the Fund Managers Association (AAF) sent on Monday.In November, net inflows totaled 236 million lei (49.4 million euros).The net assets of the 86 local open-end funds increased by 1.3pct in November, to 24.7 ...

BVB's Tanase: 17 bond issues worth over 4 B lei have been launched in 2019

Monday, January 6, 2020

This year, a number of 17 bond issues worth over 4 billion lei have been launched and the trend will continue in 2020, too, when it's possible to also have have stock issues, stated on Monday Director General of the Bucharest Stock Exchange (BVB) Adrian Tanase, at an event of BT Leasing bonds listing on BVB."2019 has been a very good year in terms of the instrument issues with fixed income and we are very glad that more and more companies are accessing the capital market through ...

ASF: the stock exchange indicators registered positive evolution, over 18% in the first nine months; the value of tradings diminished by 15%

Monday, December 23, 2019

All indicators of the Romanian stock exchange have recorded positive evolutions, over 18% in the first nine months of the year 2019, but the cumulated value of the tradings on all markets diminished by 15% down to 8.12 billion lei, informs The Authority for Financial Supervision (ASF) in a press release.During the period mentioned above, the BET reference indicator which surprises the evolutions of the most traded companies on the regulated market of BVB had a ...

CEO Kiwi Finance: the alert rhytm of real estate development will go on, as Romania has not only demand but also consistent need for residences

Monday, December 23, 2019

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The biggest broker of loans on the market, Kiwi Finance, reported in the first quarter of 2019 a significant growth of the volume of  files credited against the same period of last year, only in october ( a record month in the history of the company) Kiwi Finance initiating real estate loans representing 20% of the total of real estate credits in Romania ( exception Prima Casa) – sent to the banks for approval loans worth 44,5 million euro, out of which 90% real ...

The Bank of China has opened a branch in Bucharest

Monday, December 23, 2019

Romania has become the 60th among the countries and regions where the Bank of China is represented, and by setting up the branch in Bucharest the capacity of the services of the bank in Central and Eastern Europe will grow, by participating to the building of the initiative ‘ A ring road, a road’ stated on last Monday the chairman of the Board of the bank, Liu Liange.According to him, the Bank of China has worked without interruption for 107 years and ...

Georgescu (BNR): Currently there are no risks of severe nature to financial stability in Romania

Monday, December 23, 2019

At the present moment there are no severe risks to financial stability in Romania, but the general risk level is rising, similarly to developments around the world, said the first deputy governor of the National Bank of Romania (BNR), Florin Georgescu, at the press conference launching the Financial Stability Report."The main conclusion that can be taken from this second edition of 2019 of the Report is that, at the moment, there are no risks of a severe nature to ...

Reuters Exclusive: Romania's pension system needs complete overhaul - Finance Minister

Monday, December 23, 2019

Romania’s state pension system needs a complete overhaul focused on contributions and private funds to become sustainable, Finance Minister Florin Citu said in an interview with Reuters on last Tuesday. The European Union state overhauled its communist-era pension system in 2008, making it mandatory for all working Romanians under 35 to contribute to private pension schemes as well as their state pension. The liberal ...

IFC invests in Raiffeisen Bank Romania to expand access to finance for SMEs and green homes

Monday, December 23, 2019

IFC, a member of the World Bank Group, is providing a financing package of RON 720 million (USD $168 million equivalent) to Raiffeisen Bank Romania to boost financing for small and medium enterprises (SMEs), climate, and housing—three underserved segments in Romania’s economy. The financing package consists of a RON 240 million investment in a Basel III-compliant Tier 2 bond—which will support the Bank’s capital base–and a ...

Insurance market grows 9% in Jan-Sep

Monday, December 23, 2019

The gross written premiums (GWP) of Romanian insurers increased 9% on the year to 8.13 billion lei ($1.9 billion/1.7 million euro) in the first nine months of 2019, the country's financial regulator ASF said. The local insurance market remained focused on general insurance, which accounted for 80% of the GWPs, ASF said in a press release on Wednesday. “The insurance market is starting to mature. We are seeing a ...

IMF invited to help improve tax collection

Monday, December 23, 2019

A team of experts from the International Monetary Fund (IMF) will come to Romania in January to evaluate the way Romanian authorities collect fiscal revenues. The IMF team will also screen the Tax Code and will draft proposals for improving the system, finance minister Florin Citu told Digi 24 news ...

BCR launches the first ever non-preferred bond issuance in Romania and CEE Region with a value of RON 600 M

Monday, December 23, 2019

 Banca Comerciala Romana (BCR) successfully launches the first senior non-preferred bonds in Romania and CEE region on the Bucharest Stock Exchange. The RON 600 million bond issuance has a 7-year maturity and represents the largest RON bond issuance on the local capital market. The  bond issuance has been assigned by Fitch a final rating of BBB+ . The book building process has shown a strong interest from investors, as the ...

BVB to introduce a new market maker program to improve the liquidity

Monday, December 23, 2019

Bucharest Stock Exchange (BVB) will introduce as of the beginning of 2020 a pilot program for intermediaries that act or intend to act as Market Maker for shares, in order to enhance the liquidity of those shares. By participating in the program, they benefit of lower fees, discounts and, additionally, bonuses, if certain specific criteria are met. Thus, BVB has redefined the Market Maker Program ...

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