News

Daily Newsletter - 10 July 2017

Summary

Macroeconomic News (3)

Money revenues continue to rise 

The first quarter figures release by the National Statistics Institute (INS) showed that the quality of life of Romanian households has grown significantly since the corresponding quarter of 2016, albeit at a slightly lower pace. Money revenues jumped 14.1%, while asset revenues dropped 11.6%.

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State borrowed RON 300 million on Thursday 

The Ministry of Finance (MFP) sold RON 300 million worth of bonds on Thursday. The bonds mature in 10 years and carry an interest rate of 3.9% per year. The eight primary dealers offered a total of RON 1.07 billion.

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INS confirms Q1 growth rate, upgrades GDP figure 

The National Statistics Institute (INS) confirmed on Friday the GDP growth rate estimates released in May and June and increased the GDP by around EUR 1 billion. The first estimates published on May 16 indicated a growth rate of 5.7%.

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Financial News (3)

Eurobank to sell Bancpost this year 

Eurobank is planning to complete the selling of Bancpost before the end of this year. The transaction will represent the end of the group's asset restructuring program. Eurobank will maintain a solid presence on the markets of Bulgaria, Serbia, Cyprus and Luxembourg.

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UniCredit Bank lets clients receive money from abroad, withdraw it from any ATM 

MoneyGram and UniCredit Bank have launched a new cash transfer service for the Romanian market. Cash 2 ATM lets clients receive money from abroad, via any MoneyGram partner, and withdraw it from any ATM or BNA owned by UniCredit Bank.

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Local savings rate, investments low 

The population's use of savings and investment products is very low, compared to the general saving appetite. The aggregated value of retail deposits surged more than 3.5 times in the past 10 years and came close to RON 168 billion in May, 2017.

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Investment News (2)

Laufer: Investment promises amount to EUR 1.8 billion 

The Ministry for Trade, Business Environment and Entrepreneurship (MMACA) is trying to attract EUR 1.8 billion worth of investment projects to Romania through the InvestRomania program. These projects could create up to 17,900 jobs, according to Minister Ilan Laufer.

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Romanian Police to spend RON 33.6 million on IT system 

The Romanian Police announced a RON 33.6 million project for developing its own IT systems, with most of the money coming from the European Union. The SISPOL 2 system will be developed and implemented over 36 months, with the completion date being November 24, 2019.

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Legislative News (1)

Resident medics hurt by new payroll law 

Resident medics have learned that the new payroll law will strip them of their RON 670 monthly scholarship on grounds that the legal basis for such payments is gone. The Minister of Health announced that a way would be found to keep the scholarships.

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Politics (2)

PSD promises no-interest loans 

Young people under the age of 26 will be able to take out no-interest loans worth up to RON 40,000, guaranteed by the state, to pay for education or rent or to cover part of the cost of building a house, according to the new economic platform put forward by the Social Democratic Party (PSD).

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PM Tudose to report to ruling coalition every Monday 

Liviu Dragnea, president of the Social Democratic Party (PSD), stated on Sunday evening that Prime Minister Mihai Tudose would attend a meeting of the ruling coalition leaders every Monday, in order to present a weekly activity report.

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