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Financial & Banking

National Bank official: RoPay project places Romania on European map of landmark initiatives in retail payment

Monday, November 25, 2024

The RoPay project, the result of an effort sustained for over three years, positions Romania on the map of European landmark initiatives in the field of retail payments, said Leonardo Badea, deputy governor of the National Bank of Romania (BNR), on Monday, at the launch event of the RoPay service.According to him, RoPay allows the initiation of instant payments directly from one bank account to another, based on technologies such as QR code scanning, deep ...

IRES 2024 Study: Romanians Save More, But Prefer to Keep Cash

Monday, November 25, 2024

Half of Romanian households save money monthly, but 57% of them keep their savings in cash, according to the 2024 Debt Barometer conducted by IRES in partnership with KRUK Romania. The study provides a detailed snapshot of financial habits, spending priorities, and debt repayment, emphasizing the need for financial education and tailored solutions for better budget management.   “Money Under the ...

Hungary surpasses Romania in gold reserves after purchasing 14.5 tons in September

Monday, November 25, 2024

The National Bank of Hungary purchased 14.5 tons of gold at the end of September this year, joining the ranks of many central banks that have increased their gold reserves over the past three years. Thus, for the first time in modern history, Hungary holds more gold reserves than Romania. The same list includes Poland, Turkey, Serbia, as well as countries like China, India, and Singapore.   According to data from the ...

iBanFirst analysis: Romanian companies register one of highest average value of forward deals on platform

Monday, November 25, 2024

In a volatile global market, large-sized Romanian companies engaged in international trade are increasingly turning to hedging tools provided by fintech platforms to secure exchange rates for future cross-border transactions, ensuring better cost predictability. During the first 10 months of 2024, iBanFirst, a leading provider of fx and payments ...

UniCredit Bank concludes its largest issue of unsecured corporate bonds on the local market, worth RON 750 M

Monday, November 25, 2024

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UniCredit Bank announces the successful completion of a new issue of corporate bonds in lei (senior, unsecured) with a maturity of 5 years and a fixed annual coupon of 7.67%. Through the offer carried out on November 19, 2024 and addressed exclusively to qualified investors, the bank took 750 million lei, an amount significantly higher than the initial target amount of 550 million lei. For UniCredit Bank, it is the largest bond issue completed on the local ...

Fagura raises €1 million for entrepreneurs and freelancers through a Digital Financial Ecosystem

Monday, November 25, 2024

Fagura, the fintech platform that connects entrepreneurs and investors, announces a new €1 million funding round secured through convertible notes. The funds will support the expansion of operations in Central and Eastern Europe (CEE). They will also enable the development of innovative digital services aimed at helping ...

European Economic Forecast Autumn 2024

Monday, November 18, 2024

After a prolonged period of stagnation, the EU economy is returning to modest growth, while the disinflation process continues. The European Commission's Autumn Forecast projects GDP growth in 2024 at 0.9% in the EU and 0.8% in the euro area. Economic activity is forecast to accelerate to 1.5% in the EU and to 1.3% in the euro area in 2025, and to 1.8% in the EU and 1.6% in the euro area in ...

The latest macroeconomic forecast for Romania

Monday, November 18, 2024

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In 2024, real GDP growth is expected to decelerate markedly to 1.4%. Buoyant private consumption supported domestic demand and imports, while export growth remained subdued. A gradual recovery in external demand, easing of financial conditions and resilient private consumption and investment are set to accelerate growth above 2% in 2025 and in 2026. Headline inflation is projected to decelerate slightly, but to remain above 5% in 2024, as ...

Balance of payments and external debt – September 2024

Monday, November 18, 2024

In January – September 2024p, the balance-of-payments current account posted a deficit of EUR 19,777 million, compared with EUR 16,063 million in the same year-ago period. The breakdown shows that the deficit on trade in goods widened by EUR 2,840 million, the surplus on services fell by EUR 1,342 million, the primary income deficit decreased by EUR 66 million, while the secondary income surplus grew by EUR 402 ...

Three-month ROBOR index, increases to 5.58% per year

Monday, November 18, 2024

The three-month ROBOR index, which is used to calculate the cost of consumer loans in RON with variable interest rates, rose on Friday to 5.58% per year, up from 5.56% per year in the previous session, according to data published by the National Bank of Romania (BNR).At the beginning of the year, the three-month ROBOR index was 6.21%, and on January 3, 2023, it was 7.56%.The six-month ROBOR index, used to calculate interest rates on mortgage ...

7 key factors Romanian stock market investors should consider in November–December

Monday, November 18, 2024

As the year draws to a close, several critical factors beyond the U.S. presidential election are expected to influence stock market dynamics and shape companies’ performances. Analysts at Freedom24, the trading platform that provides access to the world’s largest stock exchanges, ...

ING: Why we’re raising our inflation forecasts for Romania

Monday, November 18, 2024

Romania’s October inflation rate came in at 4.67%, above consensus. There are renewed pressures from the drought in the country, and that’s prompting us to revise our inflation forecasts from 4.2% to 5% this year and to 4.4% from 4.1% in 2025, https://think.ing.com/ ...

Eurostat: Romanians pay interest rates on loans almost double compared to rest of Europeans

Monday, November 18, 2024

  Romanians pay loan installments with annual effective interest rates almost double compared to many European countries.   According to Eurostat data, the average annual effective interest rate on mortgage loans in Romania is 6.5%, well above the euro area average of 3.8%. Significant differences are also present in consumer loans. In Romania, the ...

Romanians between optimism and caution: Responsible behavior and insurance barometer of Romania 2024

Monday, November 18, 2024

A new study by LIFE IS HARD, a leader in digitalizing the insurance industry, in collaboration with research firm Cult Research, provides an in-depth view of Romanians’ outlook, concerns, and openness towards insurance in 2024. Based on a representative sample of 795 active online users, the study identifies four distinct segments within the population: Pioneers, Self-Focused, Social Spectators, and Socially Disconnected. This initiative aligns with LIFE IS HARD’s ...

NBR Board decisions on monetary policy

Monday, November 11, 2024

In its meeting of 8 November 2024, the Board of the National Bank of Romania (NBR) decided the following:   to keep the monetary policy rate at 6.50 percent per annum; to leave unchanged the lending (Lombard) facility rate at 7.50 percent per annum and the deposit facility rate at 5.50 percent per ...

7 key factors Romanian stock market investors should consider in November–December

Monday, November 11, 2024

As the year draws to a close, several critical factors beyond the U.S. presidential election are expected to influence stock market dynamics and shape companies’ performances. Analysts ...

InterCapital to Launch New ETF on Bucharest Exchange for Slovenia

Monday, November 11, 2024

InterCapital Asset Management, a Croatian independent asset manager with 500 million euros in assets under management, announces its intent to launch a new Exchange Traded Fund (ETF) on the Bucharest Stock Exchange. This ETF, expected to debut by year-end, will track the SBITOPtr index, the primary equity benchmark of the Ljubljana Stock Exchange, comprising nine Slovenian blue-chip ...

Maib, lagest bank in Moldova, 11% increase in net profit, up to almost EUR 57 million

Monday, November 11, 2024

Maib, the largest bank in Moldova, delivers excellent quarter in the context of significant progress of the Republic of Moldova of accession to the European Union. The net profit reached MDL 1,095 million, equivalent to EUR 56.9 million (average exchange rate: MDL/EUR 19.25), a 10.9% increase YoY (year-on-year). The YoY growth was largely driven by higher net interest income and increased net foreign exchange gains.   The ...

Four months after launching online lending process, Garanti BBVA reports significant results

Monday, November 11, 2024

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Garanti BBVA reports significant results four months after introducing new functionalities in the Mobile Banking app, enabling clients to quickly and easily apply for personal loans and Bonus Cards, without visiting branches. As a result, after 4 months from the launch, we have reached to a point that in October, 13% of loan applications and 21% of Bonus Card requests have been now submitted exclusively online, directly through the ...

Credit Europe Bank launches the Confirmation of Payee Service – SANB

Monday, November 11, 2024

Credit Europe Bank is launching the Confirmation of Payee Service – SANB (Serviciul Afisare Nume Beneficiar), which offers free of charge to all customers an even higher level of security through the option to verify the identity of the real beneficiary of payments and transfers in lei, made through electronic channels such as Internet and Mobile Banking. The service is offered in ...

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