News

Daily Newsletter - 14 September 2017

Summary

Macroeconomic News (3)

Budget review 

The Cabinet is forced to conduct a negative review of its plans to attract EU funds, given the sharp reduction of the co-financing figure budgeted for such projects. The co-financing budget dropped by RON 4.1 billion.

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Industrial production up 8% 

The national industrial production is up 8%, the second biggest growth rate in 10 years. "This trend indicates that the positive industrial environment could continue until the end of the year," said Andrei Radulescu, senior economist with Banca Transilvania.

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Balance of payments deficit up EUR 1.4 billion 

The balance of payments' deficit increased by EUR 1.4 billion in the first seven months of this year, compared to the corresponding period of 2016. The growing trade deficit and falling foreign investment have pushed the balance of payments' deficit to EUR 3.6 billion, according to data released yesterday by the National Bank of Romania (BNR).

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Financial News (3)

UniCredit launches mobile app 

UniCredit has updated its Mobile Banking application. The new interface allows clients to group transactions based on account or card, to block and unblock credit and debit cards and control their budgets.

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ROBOR and EURIBOR poised to surge 

The two base indicators that drive the interest rates of local loans - ROBOR and EURIBOR - are showing clear signs of an upcoming surge. Coupled with the downward trend of the national currency, this could spell trouble for debtors.

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ARB sends amendment 

The Romanian Banking Association (ARB) has sent the Chamber of Deputies an amendment to the bill stipulating, among other things, the elimination of the balance query fee.

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Investment News (2)

NEPI Rockcastle to invest in Targu Mures mall 

South-African real estate investment company NEPI Rockcastle announced that it would invest EUR 50 million in a shopping center located in Targu Mures. The 50,000 sqm mall is scheduled to open next year.

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FDI down 17.22% 

Foreign direct investment amounted to EUR 2.36 billion in the first seven months of this year, down 17.22% on an annual basis, according to the National Bank of Romania. The FDI figure was split between capital investment (EUR 2.43 billion) and intra-group loans (-67 million).

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Legislative News (1)

PPP bill could be implemented next month 

The public-private partnership bill is ideal as it currently stands, after an ample public debate, according to Ilan Laufer, the Minister for Business Environment. Laufer added that the bill could be passed in October.

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Politics (1)

"We need to open the Schengen area of free movement to Bulgaria and Romania immediately" 

Romania and Bulgaria should be allowed to join the European Union’s border-less Schengen area because they meet all the technical criteria, European Commission President Jean-Claude Juncker said. The two countries' accession has been blocked by other EU members for years.

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