Daily Newsletter - 19 September 2017


Macroeconomic News (4)

RBL wants Government to rethink split VAT decision 

Romanian Business Leaders (RBL) has urged "the Romanian Government to rethink the measures that make the split VAT system mandatory, beginning with January 1, 2018," according to a press release issued on Monday. The organization noted that the Government should make sure that the fiscal authorities have the logistic and institutional capacity to manage such a radical change.


Romania is EU's fourth biggest exporter of electric bikes 

Romania is the fourth biggest exporter of electric bikes in the European Union, behind Germany, Belgium and Netherlands, according to Eurostat. Last year, Romanian exports amounted to 82,000 bikes, 10% of all EU exports.


Business electricity prices up 30% 

The price of electricity used by household clients increased by 8.6% in the first half of this year, thanks to ANRE's intervention on behalf of clients. A new increase is very likely to occur on January 1, 2018. On the other hand, business clients are paying 30% more.


CNP revised GDP growth estimate 

The National Forecast Commission (CNP) has revised upwards its economic growth estimate for this year, from 5.2% to 5.6%. The other estimates remained unchanged: 5.5% for 2018, 5.7% for 2019 and 2020, and 5% for 2021.


Financial News (4)

Romania's place in banking revenues index 

The rate of banking revenues to GDP is 3-4% in Romania, same as Spain and Poland, but below most EU countries, according to a McKinsey study. Romania is ahead of Bulgaria and doing much better than Greece and Croatia, though this is not exactly an impressive achievement.


ROBOR returns to 1% 

The three-month ROBOR indicator climbed to 1% per year yesterday, a 20-month high, according to the National Bank of Romania (BNR). This is the main indicator used to calculate the adjustable interest rates for RON-denominated loans.


New changes expected at CEC Bank 

The Ministry of Finance is expected to make new changes in CEC Bank's leadership team. Intense talks on this issue were carried out on Friday. At the end of the day, the names floated by various sources were Dan Sandu, Demetrian Magheru, Cristian Seitaru and Mihaela Popa.


Banks support split VAT accounts 

UniCredit and CEC Bank announced split VAT offers in a move that showed the two banks' support for the new system. UniCredit said companies can open VAT accounts exempt from the management fee.


Investment News (2)

Teleorman producer invests EUR 1.6 million in ice cream factory 

Petre Filip bought a small dairy plant located in the Teleorman county from an Italian businessman, 17 year ago. Today, Filip and his company, Comalat, are preparing to invest in ice cream production.


Spartan expands 

Fast food chain Spartan opened a new restaurant this month in Bacau. The chain invested EUR 90,000 in the new location, which reported 2,000 clients on the first weekend. This is the 33rd unit for the national chain.


Legislative News (1)

ICCJ rejects debtor relief request 

The High Court of Cassation and Justice (ICCJ) has rejected as inadmissible the request of a lower court to rule whether debtors whose assets had been executed can resort to debtor relief or not.