Banca Transilvania lowered by 0.5% its interest for RON-denominated savings account
Banca Transilvania lowered by 0.5% its interest for RON-denominated savings account at 6.5% - 8% a year for retail clients and 4.5% - 5.5% a year for business clients. Several banks lowered their interest rates for savings accounts recently, as the NBR's regulations governing cash do not encourage them to offer such products. The new regulations force banks to maintain a certain ratio between cash and funds attracted on very short term. (Romanian Source)
Commercial banks paid RON 1.2 billion worth of profit taxes to the budget last year
According to the data released by the National Fiscal Administration Agency, (ANAF) commercial banks paid RON 1.2 billion worth of profit taxes to the state budget last year. The Central Bank paid RON 350.7 million to the state budget from its net revenues and RON 1.08 billion in profit taxes during the first 11 months of 2009. (Romanian Source)
EBRD invested more than 70% from the EUR 1 billion financing agreed with Romania for 2009 and 2010
Last year, EBRD invested more than 70% of the EUR 1 billion financing agreed with Romania for 2009 and 2010 through the deal signed with the IMF, the EU and other international financial institutions. The bank's officials also estimate that the cap will most likely be exceeded this year. The EBRD issued an EUR 100 million loan to BCR last year and invested EUR 430 million in three energy projects: two loans for Petrom and an EUR 80 million loan for the Turceni power plant. (Romanian Source)
Credit Europe Bank saw transactions of RON 168 million on CardAvantaj credit cards in 2009
Credit Europe Bank saw transactions of RON 168 million on CardAvantaj credit cards in 2009. Transactions worth RON 1.3 million were made by clients from their bonus accounts. For each transaction, CardAvantaj owners get a 0.3% bonus from its value that they can use only for shopping in the bank's partner stores. The total value of the bonuses granted by Credit Europe in 2009 was RON 2.4 million. (Romanian Source)
ProCredit Bank launched a financial package for SMEs
ProCredit Bank launched a financial package for SMEs. The ProAvantaj package is meant to provide easier access to banking and financial services for small and medium-sized enterprises and features a suspension of application analysis fees for loans and activation fees for the Internet Banking service between March 8 and May 31. The bank will also charge SMEs 20% less for national and international payments until September 30, 2010. (Romanian Source)
Clearstream, the international depository of Deutsche Borse, connected to the NBR's trading system, allowing foreign investors to carry out operations with Romanian state bonds via its own platform. The NBR manages the primary state bonds market which has 13 primary dealers represented by local banks. (Romanian Source)
Marco Walde, CEO of the Romanian-German Chamber of Commerce, says enforcing a minimum tax could have a negative impact on the Romanian market
The Romanian-German Chamber of Commerce, AmCham, the Romanian-British Chamber of Commerce and the Foreign Investors Council signed an open letter against the minimum tax. Marco Walde, CEO of the Romanian-German Chamber of Commerce, says enforcing a minimum tax could have a negative impact on the Romanian market.
Mandatory private pension funds posted profits amounting to RON 362 million
The net profits of mandatory private pension funds for the first 22 months of operations in Romania amounted to RON 362 million, minus the fees charged by funds. The value of net assets managed by administrators reached RON 2.72 billion at the end of February. The mandatory private pension funds logged a 16.9% yield since their opening. (Romanian source)
Bad loans account for a third of the NBFI's portfolios
Bad loans account for a third of the NBFI's portfolios, twice higher compared to the summer of 2009 and nearly five times above the number of bad loans reported two years ago. This trend is a new blow to financiers, following the 72% contraction of the leasing market, especially since companies were used to growth rates of 40% per year. (Romanian Source)
AAFBR members estimate the monthly inflation rate reached 0.3% in February 2010
The members of Romanian Financial-Banking Analysts' Association (AAFBR) estimate the monthly inflation rate reached 0.3% in February 2010 which accounts for a decrease of the annual rate at 4.6% compared to 5.2% in January. The estimates for the inflation rate in February range between 0.2% and 0.7%, and between 4.% and 5% for the annual rate. The AAFBR members expect a 4.4% inflation rate in March (estimates vary between 3.8% and 5.1%) and a 4% rate (3.8%-5.1%) at the end of the year. (English Source)
The net assets of open investment funds jumped 5.7% in February
The net assets of open investment funds have continued to grow over the course of February, rising 5.7% compared to the previous month and reaching a new all-time high of RON 3.86 billion, according to data provided by the Association of Funds Managers (AAF). Compared to the RON 3.35 billion worth of assets reported at the end of December, 2009, AAF calculated a growth rate of 15.3% for the past two months. (Romanian Source)
Agricola Bacau, the second biggest producer of poultry meat in Romania, after Transavia, has increased the quantity of products sold abroad from 12% to nearly 20% of the output in the first two months of 2010. The company expects a 17% increase in turnover this year, compared to 2009. (Romanian source)
Teraplast Bistrita wants 10% increase in turnover this year
Construction materials producer Teraplast Bistrita is aiming for a 10% increase in turnover this year, according to the revenues and expenses budget approved by the company's managers. The company is counting on infrastructure projects financed by the EU and on an increase in sales on foreign markets. Last year, Teraplast posted a turnover of EUR 45.3 million, down 2% versus 2008, while profits plunged 41%. (Romanian Source)
Cotnari Iasi expects 5% increase in sales this year
Wine producer Cotnari Iasi is aiming this year for a 5% increase in sales and is hoping for a similar increase in turnover, provided the sales structures undergoes no major changes this year. The company sold 10.1 million bottles last year, 4.7% less than in 2008. Cotnari is one of the leading producers of the local market, which is estimated at EUR 450 million. (Romanian source)
The senators have postponed for the 17th time, the vote on the Ordinance regarding the establishing of the National Communications Agency (ANCOM). The order did not meet the required number of votes for passing or failing. The minister of Communications, Gabriel Sandu, requested in writing to the Senate's Permanent Office to restart the vote for this project, as a failure to do so will result in the next phase of the infringement procedure. (Romanian Source)
Victor Ponta, PSD: Implementing the 16% flat income tax by the liberal government was one of the worst economic mistakes
Victor Ponta, the new President of the Social Democrat Party (PSD), stated that implementing the 16% flat income tax by the liberal government was one of the worst economic mistakes ever made in Romania because it had widened the gap between the rich and the poor. Ponta said that he would fight against the flat tax and for progressive taxation. (Romanian source)
Prosecutors from the National Anti-corruption Division (DNA) asked the Minister of Justice, Catalin Predoiu, to notify the Parliament that it needs to approve the arrest of Catalin Voicu, a PSD Senator. Voicu is accused of forgery. (Romanian source)
