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Financial & Banking

Mugur Isarescu, NBR Governor: Introductory Speech held at CEPS Ideas Lab - Europe's Choice conference

Monday, February 25, 2019

Chairman Almunia, First Vice President Timmermans, Ladies and gentlemen, It is a great privilege for me to attend the annual meetings of Centre for European Policy Studies, at a momentous time for the Union. Surely, the elections for the European Parliament are on my mind as well, but not exclusively. As the topic of this year’s meeting amply suggests, we, as EU citizens, need to make the right ...

BNR prepares for no-deal Brexit: UK banks will be treated as third-country entities

Monday, February 25, 2019

The National Bank of Romania (BNR) has made plans for a no-deal Brexit at the end of March and warned that the UK banks will be treated as third-country entities in this scenario and their activity on the local market will cease on March 30, 2019, http://business-review.eu reports. On 29 March 2017, the United Kingdom notified its intention to withdraw from the European Union pursuant to Article 50 of the Treaty ...

Romanian banks boast EUR 1.5 billion aggregate profit in 2018

Monday, February 25, 2019

Romania’s banks reported aggregated net profits of RON 7 billion (EUR 1.5 billion) in 2018, up from RON 5.3 billion (EUR 1.14 bln) in 2017, Ziarul ...

Three Romanian banks under scrutiny for profit taxes paid in 2013-2017

Monday, February 25, 2019

The Directorate for Large Taxpayers (DGAMC) within Romania's tax collection agency ANAF has been conducting since February 12 a fiscal inspection at a local bank related to the corporate tax due in 2013-2017, ANAF said in its answer to ...

Govt. promises to keep alive mandatory private pension funds

Monday, February 25, 2019

"We are not planning to dismantle the pension system’s 2nd Pillar, and even if we were, this is not possible," Romania's labor minister Marius Budai stressed in a press conference on February 20. On the contrary, he added, transfers to the seven privately-managed pension funds will increase to RON 8.65 billion (EUR 1.84 billion) in 2019, compared to only RON 7.71 billion in 2018, ...

Romania could join the European Monetary Fund before adopting the euro

Monday, February 25, 2019

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Romania will have the possibility to be a member of the European Monetary Fund (EMF), a project that will help EU countries facing balance-of-payments difficulties, following an amendment voted in the European Parliament committees, http://business-review.eu informs. The EMF was initially designed only for the eurozone member states, but the European Parliament committees included in the EMF the EU countries ...

Mandatory private pension funds register over 48 billion lei assets in January, increasing 17.1pct

Monday, February 25, 2019

The mandatory private pension funds had assets worth over 48 billion lei on 31 January 2019, increasing 17.1 percent from the level in the similar month of the previous year, according to the Financial Supervisory Authority (ASF).Securities hold the largest share within the assets, worth 30.37 billion lei, namely 63.2 percent. Shares come second, with 7.94 billion lei (16.52 percent), followed by bank deposits, with 4.5 billion lei, namely 9.38 percent of the ...

Number of compulsorily insured homes up 0.9pct in January

Monday, February 25, 2019

The number of active compulsory home insurance policies (PAD) increased by 0.9 percent in January, having reached 1,702,876 compared to 1,687,596 PAD policies active on 31 January 2018, according to the statistics of the Natural Disaster Insurance Pool (PAID), the company issuing this type of insurance.On 31 January 2018, a number of 1,704,634 PAD policies were active.According to the PAID, at end-January, 75.1 percent of the nationally active policies ...

MFP allocates 2 billion lei for First Home Programme

Monday, February 25, 2019

The Executive approved the guarantee level for 2019, belonging to the First Home programme. The Ministry of Public Finance (MFP) allocates 2 billion lei this year for Romanians who want to purchase a house. The following were granted last year: -20,423 guarantees of 1.9 billion lei, with average value of 20,423 were granted last year against the average guarantee of 94,000 lei, as well as - 7,160 ...

Minutes of the monetary policy meeting of the National Bank of Romania Board on 7 February 2019

Monday, February 18, 2019

Release date: 14 February 2019 The National Bank of Romania Board members present at the meeting: Mugur Isarescu, 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; Eugen Nicolaescu, Board member and Deputy Governor of the National Bank of Romania; ...

BNR: Balance of payments and external debt – December 2018

Monday, February 18, 2019

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In January - December 2018p, the balance-of-payments current account posted a deficit of EUR 9,416 million, compared with EUR 5,970 million in January – December 2017, the central bank (BNR) says. The deficit on trade in goods widened by EUR 2,628 million, the surplus on services income narrowed by EUR 102 million, the deficit of the primary income balance increased by EUR 322 million, and the surplus of the secondary income balance decreased by EUR 394 ...

Romania’s unusual bank tax risks curtailing central bank independence, says European credit rating agency

Monday, February 18, 2019

Romania’s central bank has a vital role to play in using its independence to protect the domestic economy from uncertainty created by the government’s unorthodox new bank tax, says Scope Ratings quoted by romaniajournal.ro/. The Social Democrat government’s new levy on the balance sheet of banks active in Romania comes into play when money market rates exceed 2%. Interbank rates typically reflect changes in the central bank’s ...

Marc Rey appointed new general director of BRD Finance IFN

Monday, February 18, 2019

Marc Rey, the former deputy general director of BRD Finance IFN (non-financial institution) has been promoted to general director. The position was previously held by Eric Dhoste, who ended his term but remains on the Board of Administration of the branch specialized in consumption loans. Rey has been working in the Société Générale Group for 29 years and came to BRD Finance in September 2015 as deputy general director, ...

BNR prepares for no-deal Brexit: UK banks will be treated as third-country entities, their activity on the local market will cease on March 30

Monday, February 18, 2019

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The National Bank of Romania (BNR) has made plans for a no-deal Brexit at the end of March and warned that the UK banks will be treated as third-country entities in this scenario and their activity on the local market will cease on March 30, 2019. On 29 March 2017, the United Kingdom notified its intention to withdraw from the European Union pursuant to Article 50 of the Treaty on European Union, following the pro-Brexit ...

Banca Transilvania joins Morphosis Capital’s fund dedicated to SMEs

Monday, February 18, 2019

Banca Transilvania, the biggest bank in Romania in terms of assets, has joined Morphosis Capital, a fund founded by Romanian entrepreneurs dedicated to local small and medium enterprises (SME). Last year, Morphosis Capital launched MC Fund I (MCFI), having as an anchor investor the European Investment Fund (EIF), through the Regional Operational Program, co-financed by the European Regional Development Fund. Morphosis Capital ...

BNR's Isarescu: A monetary council would probably need an exchange rate of at least 7-8 lei

Monday, February 18, 2019

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A monetary council would probably neede an exchange rate of at least 7-8 lei in Romania's case, governor of the National Bank of Romania (BNR), Mugur Isarescu, stated on Monday, while mentioning that such council is only set up in crisis situations."And there was another confusion! A serious one! And I guess it was him again [adviser to PM, Darius Valcov - editor's note] who posted it on the Website of the ruling party, when the exchange rate was under pressure. ...

Aforti Exhange ended 2018 with EUR 67 M currency transactions, aims EUR 200 M turnover this yea

Monday, February 18, 2019

Aforti Exchange, a foreign exchange platform based in Poland, has closed 2018, its first full year of activity in Romania, having intermediated EUR 67 million worth of currency transactions. The result, triple the initial expectation, was supported by a very strong 4th quarter as the company processed transactions worth EUR 33 million, double compared to the 3rd quarter. For 2019, Aforti Exchange Romania targets turnover of EUR 200 million, expecting the growth to ...

Cryptocurrency fraud dismantled in Romania by Police and US Secret Agents

Monday, February 18, 2019

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Over 100 Romanian police officers and US Secret Service agents raided several addresses in Bucharest and 9 counties as part of a large-scale action to destroy a specialized computer fraud organization that caused damages worth USD 34 million. As a part of the operation, for the first time ever, Romanian authorities have made cryptocurrencies Ripple and Bitcoin unavailable. According to an IGPR statement, following a ...

NBR Board decisions on monetary policy

Monday, February 11, 2019

 In its meeting of 7 February 2019, the Board of the National Bank of Romania decided: 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 requirement ratios on both leu- and ...

Winter 2019 Economic Forecast: growth moderates amid global uncertainties

Monday, February 11, 2019

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Brussels, 7 February 2019 The European economy is expected to grow for the seventh year in a row in 2019, with expansion forecast in every Member State. The pace of growth overall is projected to moderate compared to the high rates of recent years and the outlook is subject to large uncertainty. Valdis Dombrovskis, Vice-President for the Euro and Social Dialogue, also in charge of Financial Stability, ...

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