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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...
Romanian Central Bank Cuts Key Rate By 50 Bps
Romania’s central bank (BNR) decided, today, to cut its monetary policy interest rate by 50 basis points to 8% on the year, in line with market expectations. The bank kept the minimum reserve requirements unchanged. This was the fifth rate cut this year, from 10.25% in January, in an...
The anti-crisis measures of the Romanian government, hidden under the IMF loan
According to a Romanian scholar and economical analyst, the idea of some specialists, that the economical crisis in Romania will end by next January, is farfetched. “We have a numbed economy, and until the wheel starts spinning again, we will have to bear with this phenomenon.” Ion...
Romanian brokerage companies recorded a loss of 36 million Euros in 2008
After last year’s stock market fall generated 36 million Euros in loss, less than a quarter of the 80 brokerage firms operating on the Bucharest Stock Exchange managed to finish last year recording a profit. According to data published by the Romanian Public Finance Ministry, the total...
Romania’s Prognosis Committee estimate an inflation rate of 4.3% in 2009
The National Prognosis Committee estimates that Romania’s inflation rate will be around 4.3% at the end of 2009, below the central bank's 4.5% upper limit target. Next year, the indicator is seen falling to 3.5%. The committee estimates the average annual inflation at 5.5% this...
The Romanian banking system’s efficiency was smaller than in the region, in the first semester
In the first half of this year, the Romanian banking system, saw a fast cost rise. Therefore, at the end of June 2009, the income/costs report was larger in Romania than in Hungary or Poland. This is after, at the end of last year, the performance indicator was in line with the regional level....
Romania’s currency exchange rate could remain stable until the presidential elections in November
In 2009, the Romanian currency could have the lowest volatility rate yet. BCR bank analysts in Romania are expecting a steady exchange rate, at least until November, just before the presidential elections. The bank’s research department is expecting a 4.2 Lei/Euro course for 2009, 4.1...
The annual inflation rate lowered to 5.86% in June because of cheaper food products
Inflation rose last month by 0.2% compared to the month of May, due to price increase in non-food products, while the annual rate decreased from 5.59% to 5.86%. Also, the National Bank of Romania (BNR) set a 3.55% inflation target for 2009 with a variation interval of one percent, and it...
The EU discriminates Romania in the CEC recapitalization affair
The EU’s Competition Directorship refused to validate as legal the recapitalization initiative of one of the two Romanian banks through which the state plans to save the economy. Instead, Ireland gets, as an “incentive” to review the referendum of the Lisbon Treaty...
Banks still await clarifications about the “First House programme”
The first loan contract for the “First House” programme was signed on the 8th of July, and BRD Romania is the first banking institution which signed the first warranty convention with the Romanian state. The other credit institutions wait their turn, but not before the Warranty Fund...
The number of people who didn’t pay their loans doubled in the last 12 months
According to the Banking Risks Principal Office, this year’s unpaid debts formed 2.5% of the total of loans. Even more, 200.000 people were in default for loans of over 20.000 RON, meaning almost 20% of the clients in this loan margin. Comparative to the values recorded last year, the...
Signs of economical rejuvenation seem to be delayed in Romania and the Balkans
Slowly but surely, Romania fell from rank regarding the investors trust in the business environment. Right now, it has indicators closer to the Baltic countries, indicating a probability of an even deeper economical crisis, the likes countries like Estonia, Latvia and Lithuania have already...
Banks will start to grant credits at increased level hardly in spring
The mix formed by the financial crisis and the new regulation of the National Bank concerning the loans seem to be fatal for the crediting system in Romania. Even the bankers recognize it and they appreciate that if those two events hadn’t taken place in the same time, the loaning...
New rules for the tax year 2009
According to GEO no.127 of October 8, 2008 in order to change and complete the Law no. 571/2003 related to the Fiscal Code, taking into consideration the difficulties recorded on the international financial market and the negative effects on the domestic capital market it is imposed adopting of...
The mandatory pension market has 6.800 foreign participants
In the report on the private pensions system on the third quarter 2008 of the Romanian Private Pension Supervisory Commission (CSSPP) it is noticed the fact that on the Second Pillar the participants with statute of non-resident in Romania represent only 0,18% of the total. Out of a number of...
20% of the new adherents chose BCR
The company BCR Administrare Fond de Pensii draws monthly over 20% out of the total of new contracts signed for the mandatory private pension system (2nd Pillar). According to the data supplied by NHPOSIR, during the last six months over 7.000 persons have joined to the fund administrated by BCR....
Counteracting money laundering
The Romanian Private Pension Supervisory Commission (CSSPP) has launched in public debate the project of the norm related to meaures for preventing and combating money laundering and the financing of terrorism acts in the private pension system. The normative act establishes the measures for...
Nuclearelectrica to list on Bucharest Stock Exchange in 2009
Romania's state-owned nuclear energy company Nuclearelectrica will be listed on the Bucharest Stock Exchange in the first half of next year, said Varujan Vosganian, the romanian Economy and Finance Minister, on Wednesday. "In the first half of 2009, Nuclearelectrica will become an important...
Insurance market in Romania, untouched by the international crisis
Insurance premiums at the European level have continued the declining trend in the first half of 2008, according to the latest study of insurance markets conducted by Marsh, the largest insurance broker in the world. However, the report underlines the fact that some trends have been accelerated...
Tarrifs for RCA insurances to record an increase by over 30%
Most of the insurance companies have raised the tarrifs for the RCA policies with 30-40%, and for Casco insurances with over 20%. Although, in the European countries the costs for mending vehicles decreased, in our country have been doubled. The statistics of the Road Police show that the number...
AIG Life doubled its profit
The company AIG Life Asigurari Romania ended the first semester of 2008 with businesses over 140 million lei in increase with 51% against 2007, the same period. In euro the volume of subscribed gross premiums increased to 38 million, in increase with 37%. The reported gross profit is of 24...
Change at the head of Generali Asigurari
Tudor Moldovan, general director and president of the Directorate of Generali Asigurari, accepted the offer received from the Generali PPF Holding - that of being directly involved in all the business projects from the Central and Eastern Europe. Generali, major shareholder of Generali...
Banks have managed to guess the code of Romanians
The repeated increase for interests to deposits seems to have touched at least partial the goal. Romanians begin to deposit their savings in bank lured by the profitability of the placement. Moreover, the Romanian leu is preferred when it comes about deposits, however it isn’t chosen when...
The Polish Second Pillar loses one billion euro in six months
At the end of the first half of 2008, those 15 companies of private pension funds administration from Poland had net assets amounted to 136,4 billion zloty with 2,5% less against December 2007. The suffered loss of about 3,6 billion zloty (over one billion euro) in only six months it’s due...
Interamerican Pensions enters on the 3rd Pillar
The Interamerican Pensions Company has handed in the documents required in order to be authorized as voluntary pension administrator. “The success obtained on the mandatory private pensions market, by being positioned in top 5 pension administrators and the decision of the main shareholder...
