News

Daily Newsletter - 10 May 2017

Summary

Macroeconomic News (4)

Average net salary up 4.7% in March 

The average nominal net salary was RON 2,342 in March, up RON 106 compared to the previous month, according to data released on Tuesday by the National Statistics Institute (INS). The average nominal gross salary was RON 3,256, up 4.8% on the month.

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PwC: Encouraging voluntary compliance could be a way to increase budget revenues 

Encouraging voluntary compliance could be a way to increase budget revenues, given the upcoming implementation of a common reporting standard by a group of states, according to a press release put out by consulting firm PwC Romania. ANAF collected RON 68.45 billion in revenues in the first four months of this year, up 2.7% year-on-year.

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MFP sits on EUR 8 billion reserves 

The foreign currency reserves managed by the Ministry of Finance amount to almost EUR 8 billion, following the inclusion into this strategic fund of the money borrowed in the first half of April. The Ministry uses the reserves to deal with the foreign markets on its own terms.

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Cretu issues dire warning 

Romania will not be in a position to demand more EU funding after 2020, given that it has failed to spend even 1 cent of the funds made available from the 2014-2020 budget and that the EU budget will shrink by 12-15% because of the Brexit, according to Regional Policy Commissioner Corina Cretu.

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Financial News (3)

Romanians like going to the bank 

More than half of Romanians (54%) do not trust banks or financial organizations that operate solely online and 77% of clients say that being able to speak with a bank representative 24 hours a day - even if only by phone - is important, according to the EY Global Consumer Banking Survey.

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Interest rates up for RON-denominated loans 

The interest spread for RON-denominated loans and deposits increased by six base points in March, reaching a ten-year high of 5.19%. This was mainly the result of a 6.24% increase in the interest rate charged by the commercial banks for loans, coupled with a 1.04% drop in the interest rate paid on savings, according to BT's Andrei Radulescu.

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Interest rates moving up 

The interest rates paid by the state on its bonds continued to increase for long maturities in the first week of May, as the economic growth picks up speed and inflation continues to rise both at home and abroad, according to Andrei Radulescu, senior economist with Banca Transilvania.

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Investment News (2)

Turkish group Yildiz Entegre is investing EUR 150 million in MDF factory 

Turkish group Yildiz Entegre is investing EUR 150 million in an MDF factory located in Oarja, Arges county, according to company representatives. The new factory is expected to create 450 jobs.

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Ford Trucks opens in Romania its biggest European office 

Ford Trucks announced on Tuesday the opening in Romania of its biggest European office. The 17,000 sqm location is outside Bucharest, close to the A1 highway, and it includes sales, after-sales and spare parts areas. The repair shop is fitted to Ford's specifications and it offers all warranty and post-warranty services.

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Legislative News (1)

Cabinet promises new MTPL law by May 18 

The Ministers of Finance and Transport promised on Tuesday that the new MTPL bill would be passed by the Parliament before May 18, the day the MTPL premium caps expire. The promise was made during a meeting with the representatives of the transport companies.

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Politics (2)

Parliament approves Pro-America group membership 

The Parliament approved on Tuesday the list of members for the Pro-America group. The group will be headed by Liviu Dragnea, president of the Chamber of Deputies and it will include all the MPs "who share the values of American democracy".

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Klaus Iohannis: "There's no question that Romania has any other option than to grow within the EU" 

President Klaus Iohannis sent the Parliament a message on EU Day stating that the benefits of EU accession are "incontrovertible" and that "Romania has no other option than to grow within the EU".

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