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Financial & Banking

CEG: 1.7 billion euro could be injected in Romanian economy if fiscal and legislative predictability existed

Monday, April 8, 2019

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About 1.7 billion euro could represent the profit of companies with foreign capital in 2018 which may be injected in economy in 2019, but the decision depends on the fiscal and legislative predictability, according to Oana Motoi, Managing Partner, Cromwell Evan Global (CEG). The financial consultant quotes statistic information published by the National Bank of Romania in the report on direct foreign investments in Romania for 2017, according to which, ...

Libra Bank launches its first version of Open Banking for business using KEEZ concept

Monday, April 8, 2019

Libra Internet Bank has launched its first version of internet banking that addresses accounting firms that use the bank’s platform to automatically take over the balances and transactions history of its customers (other companies that prior to granting these access rights to the accounting firm). “We are already recognized as one of the most innovative banks in Romania and we continue to develop online ...

Government passes changes to OUG 114

Monday, April 1, 2019

PM Viorica Dancila said at the beginning of Friday’s government meeting that changes to OUG 114 would be passed today though a new emergency ordinance, containing updates to several of the most controversial provisions of OUG 114, mostly related to banking, energy and private pensions. In December 2018, the Romanian government introduced new fiscal regulation and taxes for banking, telecom, energy and the private pensions sector through OUG 114, ...

FinMin Teodorovici: no opinion received from ECB on GEO 114

Monday, April 1, 2019

The Finance minister, Eugen Teodorovici, stated that the amendments to OUG 114 had the approval of the National Bank of Romania (BNR), while the European Central Bank had been “informed” of this issue. “There is agreement on the entire set of proposals, we have the endorsment from the BNR, and there has been consultation with all the players in the market, including the Romanian Banking Association. The European Central Bank was ...

BNR : Bank loans cannot become cheaper by government decree

Monday, April 1, 2019

Bank loans in Romania cannot become cheaper by government emergency decree, according to a central bank official. Adrian Vasilescu, an adviser of the central bank governor Mugur Isarescu, has commented a proposed emergency decree of the government aiming to correct some measures imposed through the controversial emergency decree (OUG) 114/2018. “What I can tell you is that I can not believe that an emergency ordinance can ...

Government delays measures that risked blowing away the EUR 10 bln private pensions market to end-2019

Monday, April 1, 2019

The seven private pensions fund managers in Romania have won an extra 6-month period to stay in business as the government prepares to delay a key-measure imposed by the controversial emergency decree (OUG) 114/2018. According to OUG 114/2018, the seven Pillar II private pensions managers in Romania have to increase their total capital by RON 1.6 billion until the end of June and by RON 3.55 billion until the end of the year, a very high amount for a ...

Aug 25 - first deadline for tax on banks' financial assets

Monday, April 1, 2019

The tax on the banks' net financial assets will be an annual tax paid half-yearly and in 2019 the first payment deadline will be August 25, Finance minister Eugen Teodorovici announced on Friday after the government meeting that approved amendments to Ordinance No. 114/2018."This is an annual tax on banking institutions payable half-yearly and is the product of the tax base and the tax rate; the resulting amount is reduced according to the two adjustment criteria. ...

Romania’s public debt increases by EUR 6 bln in 2018

Monday, April 1, 2019

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Romania’s public debt increased by about RON 29 billion (EUR 6.1 billion) last year, reaching RON 330.14 billion (EUR 69.4 billion) at the end of December 2018, according to data from the Ministry of Finance. The amount is almost five times higher than ten years ago, ...

Romania raised 3 bln euro from international markets, partly from 30-year bonds

Monday, April 1, 2019

Romania this Wednesday hit international markets with a high amount of euro-denominated government bonds with different yields and maturities of which the longest is 30 years, which proves the investors' confidence in this country, Finance Minister Eugen Teodorovici said on Wednesday night at Digi24 broadcaster."We decided to raise funds just as other normal states do, that is to borrow to cover the needs of this year's first semester, and then start borrowing ...

Intesa Sanpaolo Bank appoints new Deputy General Manager And Chief of Retail Division

Monday, April 1, 2019

Intesa Sanpaolo Bank, the Romanian subsidiary of Intesa Sanpaolo, has appointed Gabriela Simion as Deputy General Manager and Head of Retail Division. The appointment is subject to approval and authorization by the National Bank of Romania (NBR). In her new position, Gabriela Simion will be responsible for Retail Banking, as well as Small Businesses, Individuals, Multichannel & CRM Network Management departments and Customer ...

ING Bank to launch Apple Pay in Romania in the second half of 2019

Monday, April 1, 2019

ING Bank Romania has announced that it would launch the Apple Pay service for customers in Romania, allowing secure and quick payments using the mobile phone, in the second half of 2019. Last July, the bank also launched the ING Pay option to users of Android mobile systems. ING Pay in Romania had the fastest adoption rate and the largest usage rates of all the countries part of the ING group. 70,000 users have carried out about ...

What do internet users think about Romanian banks?

Monday, April 1, 2019

* Neticle media monitoring company checked what internet users say about the banking services on online platforms, romaniajournal.ro informs. Based on the online mentions of the top 5 Romanian banks, there are areas which need improvement. What service items banking clients complain about the most and what areas of services are they satisfied with? What can help banks to establish a strong and positive reputation? Check out ...

Monetary indicators – February 2019

Monday, April 1, 2019

According to the Central bank data, at end-February 2019, broad money (M3) amounted to RON 384,993.5 million, up 0.6 percent (down 0.2 percent in real terms) month on month. In year-on-year comparison, broad money rose 9.2 percent (5.2 percent in real terms). At end-February 2019, non-government loans granted by credit institutions declined by 0.1 percent (down 0.9 percent in real terms) from January 2019 to RON 251,948.4 ...

Speech at the Conference ”The 41th Meeting of the Central Banks Governors’ Club of the Central Asia, Black Sea region and Balkan countries”

Monday, April 1, 2019

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* Central Bank Communication as a policy tool - an ongoing challenge - Mugur Isarescu, BNR ( Romanian Central Bank) Governor As prepared for delivery Distinguished audience,Dear colleagues, It is a great pleasure for me to address this distinguished panel on a topic that is both important and challenging ...

Conference National Asset - Liability Management Europe 2019 Summit

Monday, March 25, 2019

Speech Liviu Voinea, Deputy Governor NBR Summary The post-crisis Phillips curve makes 3 fundamental changes to the wage Philips curve: it uses observable variables only; it changes the paradigm from flow to stock; and it allows the curve to be non-stationary. We introduce the concept of a cumulative wage ...

Romania aims at accession to the Euro zone but structural reforms are necessary for a solid budgetary consolidation

Monday, March 25, 2019

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Romania aims at the accession to the Euro Zone but for this purpose structural reforms are necessary to support real convergence and solid budgetary consolidation, shows in the study ‘ The multi-annual post-2020 financial framework: risks and opportunities for Romania’.‘Romania aims at accession to the  EZ. For this purpose structural reforms are necessary to support real convergence, a solid budgetary consolidation. To keep in mind are the ...

Libra Internet Bank signed two conventions with FNGC/IMM for the improvement of the access of Romanian farmers for financing

Monday, March 25, 2019

Libra Internet  Bank signed recently two conventions with the National Fund for Guarantee of the loans for SMEs with a view to improving the access of the Romanian farmers to financing, through which the acquisition of agricultural land is financed, other investments or the development of the current activity, with guarantee of up to 80% on the part of the fund of guarantee.Similarly, Libra is one of the five banks of Romania  who take part in the ...

Current account deficit up 16 times, in January 2019 against January 2018

Monday, March 25, 2019

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The current account deficit increased 16 times in January this year compared with the same period of last year, in the context in which, according to the data released by the National Bank of Romania (BNR), in the first month of this year, the balance-of-payments current account registered a deficit of 114 million euros, compared with 7 million euros, in January 2018."In structure, the balance of goods registered a deficit higher by 476 million euros, and the ...

EBRD delegation visits Romania for talks to scale up investment

Monday, March 25, 2019

A high level EBRD delegation led by Jurgen Rigterink, First Vice President, and Alain Pilloux, Vice President, Banking, arrived in Bucharest last Monday for talks with the Romanian authorities and the business community. Discussions were focusing on the investment climate, ways to finance ...

Isarescu: Abuse of exchange rate fluctuation can be as damaging to economy as abuse of rigidity

Monday, March 25, 2019

Governor of the National Bank of Romania (BNR) Mugur Isarescu said on Tuesday in Constanta that abuse of exchange rate fluctuation can be as damaging to the good functioning of the economy as the abuse of rigidity, mentioning that the BNR cannot lead the exchange rate where it wants."With regard to the current differences between countries in terms of euro adoption, some may find it odd that Bulgaria, which is still behind the real convergence, is considering a ...

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