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Priorities for Romania: healthcare system, arrears, investments and state companies
Jeffrey Franks, IMF mission chief, said on Monday that Romania must have four priorities in the forthcoming period: Continue the reform in the healthcare system, a system that the IMF mission chief considers to be “very sick” and in need of a “comprehensive reform”; Eliminate arrears, as “these unpaid bills represent a major obstacle on the... citeste mai mult
Romania Forex Reserves Down By EUR1.7B In July
Romanian foreign exchange reserves fell by EUR1.7 billion to EUR32.68 billion in July from EUR34.4 billion a month earlier, because of foreign exchange payments of EUR2.6 billion, central bank data showed Monday. Foreign exchange inflows stood at EUR1.4 billion, while outflows reached EUR3.1 billion. The central bank’s gold holdings were steady at 103.7 metric tons, but their value adjusted for international gold price rose to EUR3.76 billion, from EUR3.47 billion in May.... citeste mai mult
Romanian Auto Market Down By 15% In 1H
Total auto sales in Romania, including commercial vehicles and buses, fell in the first half nearly 15% on the year, from 58 944 to 50,272 units, according to the Automotive Manufacturers and Importers Association (APIA) data. Romanian new passenger car sales fell 18.3% to 43,233 units in January to June, from 52,911 units in the year-earlier period. In June compared with May, new car sales were up 7% to 10,341 units. Overall auto sales increased 3% on the month to 11,732 units.... citeste mai mult
Romania 5-Mo Trade Gap Down To EUR3.64B
Romania’s trade deficit went down by 7,5% in the first five months of 2011 to EUR3.64 billion, from EUR3.93 billion in the year-earlier period, the country’s statistics institute INS said Monday. In the first five months, exports rose by 32% to EUR18.2 billion, faster than imports, which rose by 23% to EUR21.8 billion euros. The value of intra-Community trade was EUR13.1 billion at shipments and EUR15.6 billion at entries, representing 71.8% of total exports and 71.1% of... citeste mai mult
Romania’s annual inflation rate fell to 7.93% in June
Romanian consumer prices fell 0.29% in June from a month earlier, pushed down by cheaper food items, while the annual inflation eased to an unexpected 7.93%, from 8,41% in May, the country’s statistics institute INS said Monday. Is the first time in two years when Romania has deflation. The latest drop in consumer prices was in August 2009, when the products were cheaper by about 0.2%. According to INS, in the summer months there is a tendency of deceleration of inflation... citeste mai mult
Fitch: Romania returns to “investment grade”
Fitch Ratings upgraded Romania’s long-term foreign currency issuer default rating on Monday to ‘BBB-’ from ‘BB+’ and long-term local currency rating to ‘BBB’ from ‘BBB-’, citing the country’s progress in recovering from the financial crisis. Thus, Romania returns in the “investment grade” category. Rating for short-term loans was revised up from "B" to "F3". citeste mai mult
Romania Forex Reserves Up By EUR1.67B In June
Romanian foreign exchange reserves rose to EUR34.4 billion in June from EUR32.7 billion a month earlier, central bank data showed Friday. The rise was due to the EUR1.49 billion gained from the eurobonds issued in June, which took the total inflows to the FOREX reserve to EUR2.46 billion. The outflows stood at EUR765 million. Gold reserve maintained at 103.7 tonnes, but its value dropped from EUR 3.555 billion, as it was in late May, to EUR 3.471... citeste mai mult
National Bank of Romania Keeps Key Interest Rate At 6.25%
National Bank of Romania Board (BNR) decided, in today’s monetary policy meeting, to keep key interest rate at 6.25%, for the ninth consecutive session. Also, the minimum reserve requirement ratios in lei and foreign currency demanded from credit institutions were kept at the current level of 15% and 20%. citeste mai mult
IMF Approves First Review Of New Loan Deal With Romania
The International Monetary Fund Board approved on Monday the first review of the precautionary up deal with Romania. The IMF officials evaluated Romania's performance in the first quarter, as well as reforms which the authorities have pledged to implement. As a result of the approval of the review, the IMF will make available the second tranche, worth around EUR480 million. In March, Romania and the IMF signed a EUR5 billion loan agreement, successor to a larger EUR20 billion... citeste mai mult
Romania May Budget Gap At 1.36% Of GDP
Romania’s general consolidated budget registered a deficit of RON7.42 billion (EUR1.76 billion) at the end of May, namely 1.36% of the Gross Domestic Product, according to the Finance Ministery data. The budget gap is higher than the 1.2% deficit previously announced by finance minister Gheorghe Ialomitianu. The five-month deficit was the result of RON70.7 billion revenue (+10%) and RON78.17 billion expenditure (-3,4%). Compared to the previous month, the budget gap rose by more than... citeste mai mult
Subway Enters Romanian Market This Year
The American restaurant franchise brand SUBWAY will enter the Romanian market this year, with the first opening by the end of the year. The company estimates that, by 2015, the restaurant chain in Romania will be composed of 60 units. "We want to open our first restaurant later this year. Right now the priority consists in looking for locations. Before the end of the year we plan to sell about 20 franchises," stated Martin Prince, director of regional development... citeste mai mult
Romania’s Forex Reserves Up EUR 634 Million In May
Romania ’s central bank international reserves went up by EUR 634 million in May, from EUR 32.073 billion registered last month to EUR 32.707 billion. Inflows to Forex reserves totaled EUR 1.868 billion in May, while outflows stood at EUR 1.234 billion. The gold reserve maintained at 103.7 tonnes, but its value climbed to EUR 3.44 billion from EUR 3.555 billion, as a result of the evolution of international prices. Romania 's international reserves... citeste mai mult
Romania’s GDP Grew By 0,6% In Q1. The Country Is Out Of Recession
Romania 's GDP advanced in January-March period by 0.6 % compared with the last three months of 2010, so technically our country is out of recession after two and a half years , according to preliminary estimates announced today by the National Institute Statistics ( INS ) . Compared to the first quarter of 2010 , GDP grew by 1.6% unadjusted series and 0.3 % in seasonally adjusted series . For an... citeste mai mult
Romania Central Bank Increases 2011 Inflation Forecast To 5.1%
Mugur Isarescu, governor of National Bank of Romania, announced today that the central bank decided to raise its inflation forecast for the end of the year from 3.6% to 5.1%. Also, the forecast for 2012 has been upped, from 3.2% to 3.6%. Romania's annual inflation rose to 8% in March, the highest figure since August 2008. The spike in inflation was due to higher food and oil prices on international markets, but also to a five-percentage point increase in the sales tax in... citeste mai mult
Romania 1Q Adjusted Retail Sales Down 5.6% On Year
Romanian adjusted retail sales went down 5,6% in the first three months of 2011 compared to the first quarter of 2010, due to decreases recorded in all product groups, according to the statistics institute INS data released on Wednesday. Food sales fell 10.2% on the year in the first quarter, while fuel and non-food sales were down 6% and 2.4% on the year, respectively. On the month, adjusted retail sales inched up 0.8% in March, boosted by higher consumption in the fuels and... citeste mai mult
Romania Central Bank Keeps Key Rate And Minimum Reserve Requirements Unchanged
Romania’s central bank board decided today to keep its main interest rate at a record low of 6.25% a year for the eighth straight time, after costlier fuels and food items pushed the inflation rate to 8% in March, the highest rate since August 2008. The board also froze the minimum reserve requirements at 15% for Romanian-leu denominated liabilities and at 20% for foreign currency liabilities. citeste mai mult
Romania 2-Month Current Account Deficit, 17 Times Lower Than In January-February 2010
National Bank of Romania data shows that current account deficit of balance of payments stood at EUR 44 million after the first two months of this year, 17 times lower than the level of EUR 747 million registered in January-February 2010. This development was due to the reduction of balance of trade deficit, from EUR 814 million to EUR 175 million, and the increase of current transfers surplus, from EUR 333 million to EUR 534 million. Current account deficit was fully... citeste mai mult
Romania Annual Inflation Reaches 31-Month High In March
The annual inflation rate rose in March to 8.01% from 7.6% in February, and exceeded analysts' estimates polled by "Fin.ro", who anticipated that inflation will stand between 7.7% -8%. Inflation rate in March reached its highest level since August 2008, when the indicator stood at 8.02%. Monthly inflation rate stood at 0.6%, between 0.3% -0.66% expected by analysts surveyed by "Fin.ro". Monthly increase in consumer price index was due to higher prices... citeste mai mult
Ernst & Young: Romanian Economy Will Grow 1% In 2011
According to a report by Ernst & Young, Romania’s GDP is expected to grow by 1% this year, mostly driven by exports, but domestic demand remains subdued. The authorities forecast an economic growth of 1.5% in 2011. The report also states that the economy is likely to grow up to 4% in 2012, as investments and local demand are expected to pick up. Ernst & Young analysts consider it is highly unlikely that Romania will be able to reduce its budget deficit... citeste mai mult
Erste: Romania Sovereign Rating May Be Raised In 2012, Provided Fiscal Reforms Continue
Austrian Erste Group forecasts that financial evaluation agencies are likely to upgrade Romania’s sovereign rating in the next year, provided fiscal reforms continue. Bank analysts noted investors assess many Central and Eastern European countries as more attractive than some better rated states in the euro area, including Italy, Spain and Portugal. "It took rather long for markets to realize that many CEE countries are in a much better shape than some euro area... citeste mai mult
Enel To Invest EUR 800 Million In Romania In The Next 4 Years
Italian utility group Enel plans to invest in the 2011-2015 period about EUR 800 million in Romania, mainly in process efficiency and expanding customer base, according to the company's 2010 financial report. In 2010, the amount of electricity distributed by Enel's subsidiaries in Romania rose by 0.6 TWh as a result of increasing demand. Enel is present on the electricity market in Romania since 2005 and currently holds manufacturing, distribution and... citeste mai mult
RON/EUR Exchange Rate Reaches 10-Mo Low
The national currency continued its gain against the euro, as the official exchange rate calculated by the Romanian central bank went down to 4.2051 RON per Euro, from 4.2108 RON/EUR on Tuesday. This value represents a new ten-month low, a similar exchange rate being shown on June 4, 2010. This is a result of the earlier indirect interventions by the National Bank of Romania, which reduced the liquidity of commercial banks, as dealers explained. The National Bank used EUR... citeste mai mult
Romania January Private Lending Down 1.5 percent, On Month. Deposits Down 1.8 percent
According to the central bank data, Romanian private lending fell 1.5% in real terms to 207.8 billion lei (EUR1=RON4.23) in January from a month earlier, but was up 4.3% on the year. On the other hand, deposits of non-government resident customers declined 1.8% on the month to RON174.3 billion in January, but were up 6,1% on the year. Private loans in Romanian lei declined 1.3% on the month to RON76.9 billion in January, while foreign currency loans decreased by 0.8% when... citeste mai mult
Romanian Customs Authority Head Charged of Corruption
National Customs Authority head Radu Traian Marginean was indicted by the Romanian anticorruption prosecutors on charges of corruption. Marginean was heard by prosecutors Wednesday in a case of influence peddling at the Halmeu customs, northwestern Romania. He was appointed National Customs Authority head in February 2009 and is also fiscal authority ANAF vice-president. citeste mai mult
Central Bank: New Romania - IMF deal terms have been set
Romania’s cental bank governor Mugur Isarescu confirmed today what president Traian Basescu announced on Sunday: Romanian authorities have reached an agreement with the International Monetary Fund and the European Commission regarding the terms of a new precautionary deal. The agreement will be signed for a period of two years and Romania will not access the EUR5 billion unless need arises. Basescu said the IMF will make available EUR3.6 billion to Romania as part of the new deal,... citeste mai mult
