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Financial & Banking

BNR's International reserves – December 2018

Monday, January 14, 2019

On 31 December 2018, the National Bank of Romania’s foreign exchange reserves stood at EUR 33,065 million, compared to EUR 32,531 million on 30 November 2018. During the month, the following flows were recorded: EUR 1,640 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, inflows into the Ministry of Public Finance’s accounts ...

Banks in Romania that are “too big to fail”

Monday, January 14, 2019

The National Bank of Romania (BNR) has revised last year the list of 9 systemic importance banks, replacing Bancpost, acquired by Banca Transilvania, with the local subsidiary of Hungary’s OTP. The systemic importance banks are required to have additional mandatory capital since January 1, 2019. The list was revised on September 24, 2018, in a meeting of the National Committee of Macroprudential Surveillance, a body headed by BNR governor Mugur ...

WB: Emerging, Developing Economies Should Rebuild Policy Buffers, Boost Productivity to Sustain Growth

Monday, January 14, 2019

Global economic growth is projected to soften from a downwardly revised 3 percent in 2018 to 2.9 percent in 2019 amid rising downside risks to the outlook, the World Bank said on Tuesday. International trade and manufacturing activity have softened, trade tensions remain elevated, and some large emerging markets have experienced substantial financial market pressures. Growth among advanced economies is forecast to drop to 2 percent this year, the ...

Fitch affirms Bucharest municipality ratings at 'BBB-' with stable outlook

Monday, January 14, 2019

Fitch Ratings on Friday affirmed the Romanian City of Bucharest's Long-Term Local- and Foreign-Currency Issuer Default Ratings (IDRs) at 'BBB-' with stable outlook, according to a release of this financial rating agency.Moreover, the rating agency also affirmed the Short-Term Foreign-Currency IDR at 'F3'."The affirmation reflects Bucharest's continuing sound operating performance, moderate debt levels relative to the city's operating balance and ...

Romanian banks and financial institutions to have access to EUR 350 mln EBRD bond market programme in 2019

Monday, January 14, 2019

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The European Bank for Reconstruction and Development (EBRD), a major lender in Romania, will launch this year a new programme of EUR 350 million to support the bond market in the country, which will target commercial banks and non-bank financial institutions, according to an announcement of the international institution. “The EBRD is considering the approval of Romania – Bond Market Framework II (the “Framework”), for the Bank ...

Pillar II Private Pension Funds Had Assets RON48.1B End-November

Monday, January 14, 2019

Net assets of mandatory private pension funds in Romania (Pillar II) stood at RON48.1 billion at the end of November 29018, up 23% on the year, according to financial watchdog data. The biggest market share was held by NN (35.6%), followed by AZT Viitorul Tau (21.6%), and Metropolitan Life (14%), data from the Financial Supervisory Authority showed. The nine funds on the market had 7.2 million contributors in total at the end of ...

139 amendments to Fiscal Code and 236 new fiscal provisions in 2018

Monday, January 7, 2019

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In 11 months and a half, 139 amendments were made to the Fiscal Code and 236 new fiscal provisions appeared, fiscal instability leading to fewer investments, fewer new companies set up, as well as the increase of suspensions, dissolutions and insolvencies, according to the National Council of Private Small and Medium Enterprises in Romania (CNIPMMR). Since the beginning of the year to December 17, the legislative frame was modified by 862 laws and ...

IMF: Recent changes that affect the financial system to curtail loans for population

Monday, January 7, 2019

The recently passed laws in the Parliament that bring modifications to the financial system will result in curtailing the loans given to the real economy and will negatively affect the financial stability, Alejandro Hajdenberg, the resident representative of the International Monetary Funds for Romania and Bulgaria, according to Agerpres. Hajdenberg said that the IMF has warned the Romania authorities on this aspect in the last report released on the ...

Non-government loans in Nov. advance 0.4pct; RON-denominated lei expand 0.6pct

Monday, January 7, 2019

At end-November 2018, non-government loans granted by credit institutions advanced 0.4 percent (0.6 percent in real terms) from October 2018 to RON 250,711.2 million, reads a National Bank of Romania (BNR) release .RON-denominated loans expanded 0.6 percent (0.8 percent in real terms), whereas foreign currency-denominated loans added RON 28.2 million when expressed in RON (0.3 percent when expressed in EUR). At end-November 2018, non-government ...

Deposits of non-government resident customers go up 2.2 percent in November

Monday, January 7, 2019

Deposits of non-government resident customers went up 2.2 percent month on month to RON 324,465.8 million in November 2018, the National Bank of Romania (BNR) informs in a press release.At end-November 2018, deposits of non-government resident customers grew by 10.9 percent (7.2 percent in real terms) over the same year-ago period.RON-denominated household deposits moved up 2.0 percent to RON 118,644.0 million. At end-November 2018, household deposits ...

Banks in Romania, less efficient than those in Bulgaria, ECB report says

Monday, January 7, 2019

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The banks in Bulgaria have exploitation efficiency by 22% higher than those in Romania and an operational efficiency by 32% higher, whereas the Romanian banks are more efficient by 17% than those in Hungary and by 16% more operationally efficient, an European Central Bank (ECB) report, quoted by the National Bank of Romania, reds. In Romania, the efficiency in exploitation of the 35 banks, assessed on the basis of the ratio between operational cost and ...

Banking community warns about the consequences of the ‘second fiscal revolution’

Monday, January 7, 2019

The Romanian Association of Banks (ARB) and the Banking Employers Council in Romania (CPBR) have sent an ‘open letter’ regarding the negative consequences generated by the second fiscal revolution, by implementing new taxes on the banking assets and by approving a package of laws, so that the ‘bomb’ will affect everybody. The financial system believes that these legislative initiatives on new taxes and the approval of ...

Morphosis Capital closes first financing round at EUR 45 million

Monday, January 7, 2019

Morphosis Capital, a newly established private equity fund focused on growth capital investments in Romanian Small and Medium Enterprises (SMEs), has announced the successful first closing of Morphosis Capital Fund I at EUR 45 million. The Fund’s main investor is the European Investment Fund, with resources from the Regional Operational Programme, co-financed through the European Regional Development Fund. Morphosis Capital Fund I plans to invest ...

Capitalisation of companies on BVB regulated market drops by 13pct in 2018

Monday, January 7, 2019

The capitalisation of companies on the regulated market of the Bucharest Stock Exchange (BVB) registered a 13 percent drop against 2017, up to 142.98 billion lei, the decline being recorded in December, after the Government announced new fiscal - budget measures, including charging banking assets and gas price capping.According to data published on the BVB website, last year there were 249 trading sessions where 536,222 transactions were made, with 8.29 billion ...

ASF: five companies control almost 58% of the insurance market in Romania

Monday, December 17, 2018

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The insurance market in Romania is characterized by an average level to high of concentration, in the context where five companies control almost 58% of the market, after the first nine months of the year, and the leader of the market has become City Insurance with a quota of 13.72% according to the data published on Thursday by the Authority for Financial Supervision (ASF). ASF announced a week ago that the insurance companies in Romania registered an advance of 2.1% of the gross ...

BNR: External debt approaches EUR 100 bln on rising short-term credit

Monday, December 17, 2018

Romania’s total external debt grew by 1.5 percent in the first ten months of this year compared with December 2017, to EUR 98.85 billion, due mainly to rising short-term debt, National Bank of Romania (BNR) data show. Long-term public debt rose by EUR 854 million, to EUR 34.4 billion at the end of October, while the non-publicly guaranteed debt (mostly private) declined by EUR 1.1 million, to EUR 32.68 billion. The total long-term external debt amounted to EUR 68.286 ...

Current account deficit jumps 52 pct to EUR 8 bln in January-October

Monday, December 17, 2018

  „The deficit on trade in goods widened by EUR 2.041 billion, the surplus on services income narrowed by EUR 196 million, the deficit of the primary income balance increased by EUR 170 million, and the surplus of the secondary income balance decreased by EUR 317 million,” the central bank said on Friday, in a press release. The main source of the large external deficit is the negative trade balance. “After a benign September, the trade balance ...

FDI up 9.7 pct in the first 10 months of 2018

Monday, December 17, 2018

Foreign direct investment increased by 9.74 percent in the first ten months of this year compared to the same period of 2017, to EUR 4.56 billion, according to data published on Friday by the National Bank of Romania (BNR). “Direct investments by non-residents in Romania totalled EUR 4.56 billion (compared to EUR 4.15 billion in January-October 2017), of which capital participation (including estimated reinvested net profit) amounted to EUR 3.57 billion, while intra-group loans ...

Aforti Exchange Romania intermediated currency exchanges worth over EUR 60 M this year

Monday, December 17, 2018

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Aforti Exchange, the first Polish fintech and a foreign exchange platform that entered Romanian market in October 2017, will close 2018 with triple the expected result as it forecasts reaching turnover of more than EUR 60 million for the full year of 2018, the company has announced on Thursday, romaniajournal.ro reports. The Romanian subsidiary company has just closed the best month in its history, having intermediated in November alone currency transactions in the amount of EUR ...

Erste Group warns: The EUR will reach RON 4.8 next year, political instability will hinder deficit reduction

Monday, December 17, 2018

The difficult fiscal situation, lower economic growth and the deepening of external deficits will depreciate the national current against the EUR next year to almost 4.8 units, Erste Group warns, romaniajournal.ro informs. “The occasional episodes of aversion to risk worldwide and/or the domestic shocks will probably trigger RON depreciation by 2-3%, we consider as being below the annual limit set by BNR,” Erste specialists say, quoted by ziare.com. Erste expects ...

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