News

Daily Newsletter - 10 April 2017

Summary

Macroeconomic News (5)

Vasilescu, BNR: Romania must increase salaries 

Romania must increase salaries because it cannot support a discouraged workforce, given that the country ranks last but one in the EU index of salaries, with EUR 5.4 per hour. However, there's a risk that the government could "give a little and take back much more", according to BNR strategy adviser Adrian Vasilescu.

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Standard&Poor's maintains Romania's rating 

Standard&Poor's has decided to confirm Romania's investment grade rating, with a stable outlook. Standard & Poor's said that the ratings are supported by Romania’s moderate external and fiscal debt amid reasonably firm growth prospects. The agency said they could raise the ratings if Romania’s budgetary consolidation resumes and net general government debt is firmly on a downward trajectory, and public enterprise restructuring is implemented successfully.

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Mugur Isarescu: "Romania's economy has been meeting the Eurozone accession criteria since 2015"

The Romanian economy has been meeting the Eurozone accession criteria since July, 2015, according to statements made on Friday by Mugur Isarescu, Governor of the National Bank of Romania (BNR), at the Romania in the EU scientific debate organized by the Romanian Academy.

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Clothing exports outpace imports twofold 

Romania exported last year EUR 2.8 billion worth of clothing and accessories, up 0.9% on an annual basis, according to data collected by the National Statistics Institute (INS). Meanwhile, clothing imports amounted to EUR 1.35 billion, up 24.9% on the year.

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Energy companies – squeezed out of dividends worth billions: government program does not include an estimation of investment 

Dividends of at least 2,000 million lei will be paid this year to the state budget, representing profits registered last year by the most important state-owned energy companies, according to the proposals that their management will make to the shareholders: Romgaz, Hidroelectrica, Transgaz, Transelectrica și Nuclearelectrica. On the other hand, the government program displayed on the website has no indication on any value related to the energy investment, but just some ambitious general objectives.

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Financial News (2)

Number of bad debtors down 5,100 

The number of retail clients who are more than 30 days behind in payments dropped by around 5,100 in February, compared to January, according to data from the Credit Bureau and released by the National Bank of Romania (BNR). In January, the number of debtors falling behind in payments was 648,873, up 13,029 from the previous month.

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ING Bank waives fee 

ING Bank announced that it would waive, beginning with July 5, the fee charged for cash withdrawals from its ATMs for clients whose salaries are paid into ING accounts and make at least one payment or transfer per month.

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Investment News (1)

EUR 25 million invested in Cluj-Napoca residential ensemble and shopping gallery 

The investors behind the Platinia project, a residential ensemble of 187 flats combined with a commercial gallery, announced that the EUR 25 million project located in central Cluj-Napoca would open on Saturday morning. The gallery will host the first Mega Image store in the city.

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Legislative News (2)

Cabinet opposes investor citizenship 

The Cabinet opposes a bill that would put foreigners who invest more than EUR 1 million in Romania on the fast track to citizenship. The bill would allow these investors to become Romanian citizens after only two years of residency, compared to 2.5 years for individuals married to Romanian citizens.

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Criminal codes amendments 

The regulations regarding the abuse of office powers proposed by the new Minister of Justice no longer contain a minimum threshold and carry a 2 to 7 jail sentence, while special seizure of assets will be limited to five years before and after the crime.

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Politics (1)

Nicusor Dan blasts ruling coalition (Source: romanialibera.ro; Date: 2017-04-09; Author: Unspecified)

Nicusor Dan, president of the Save Romania Union (USR), said that the country is ruled by a coalition that "promotes acts of corruption" and warned of more street protests.

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