News

Daily Newsletter - 13 April 2017

Summary

Macroeconomic News (4)

State collected RON 59.5 billion in Q1 revenues (Source: profit.ro; Date: 2017-04-12; Author: Unspecified)

The state collected RON 59.5 billion in revenues during the first three months of this year, according to the Minister of Finance, Viorel Stefan. The Minister said earlier this week that the consolidated state budget showed a 0.2% surplus at the end of March.

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Most Romanian counties have low GDP (Source: euractiv.ro; Date: 2017-04-12; Author: Unspecified)

A report released by the European Commission showed that the GDPs of 30 of Romania's 41 counties are 50% below the EU average. The report focused on 47 regions located in eight member states. These regions were designated "low economic growth" or "low income".

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Half of budget revenues will go to payroll in 2022 (Source: cursdeguvernare.ro; Date: 2017-04-12; Author: Unspecified)

The state's public payroll will reach 12% of the GDP in 2022, which means half of the revenue collected by the state under the new payroll bill, according to Ionut Dumitru, president of the Fiscal Council. Dumitru added that this figure is not sustainable.

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"Taxes and the budget deficit will increase" (Source: bursa.ro; Date: 2017-04-12; Author: Unspecified)

The ruling party and the authorities seem to have good news for many of us, at least at first glance. We're talking about higher salaries for public employees. Some pay rises go as high as 50% for professors and 100% for doctors.

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Financial News (4)

Aggregated value of long-term deposits opened by non-residents kept falling in 2017 (Source: zf.ro; Date: 2017-04-12; Author: Unspecified)

The aggregated value of long-term deposits opened by non-residents kept falling in 2017, dropping to RON 3.55 billion in January. The downward trend that took these deposits to a nine-year low is expected to continue in the coming months.

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Implementation of payment services directive to bring opportunities for banks (Source: agerpres.ro; Date: 2017-04-12; Author: Unspecified)

The implementation of the revised directive on payment services will bring some opportunities and some challenges for the commercial banks, according to statements made at a conference by Florin Danescu, executive president of the Romanian Banking Association (ARB).

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BNR talks of macroprudential measures (Source: profit.ro; Date: 2017-04-12; Author: Unspecified)

The National Bank of Romania does not see the current borrowing trend as a cause for concern, but some members of its board say that the opportunity of taking macroprudential steps if imbalances should develop, according to the minutes of the latest BNR monetary policy meeting.

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BNR wants Sinaia banking law curses stopped (Source: bursa.ro; Date: 2017-04-12; Author: Unspecified)

The National Bank of Romania (BNR) has pitched to the National Institute of Magistracy (INM) the idea of holding a series of open events that would be attended by "actual representatives of the public", according to BNR spokesman Dan Suciu.

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Investment News (2)

Government pays state aid for renewable energy and cogeneration investment (Source: news.ro; Date: 2017-04-12; Author: Unspecified)

The Cabinet approved on Wednesday a decree granting state aid for investments in high efficiency cogeneration solutions implemented by companies of all sizes, including microenterprises.

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Romania has EUR 5.1 billion in EU funds for transport investment (Source: economica.net; Date: 2017-04-12; Author: Unspecified)

Romania has EUR 6.8 billion available for investments in the transport infrastructure, including EUR 5.1 billion in EU funds, according to EU Commissioner Corina Cretu. The Commissioner added that this is a one of a kind chance for Romania and that the authorities should make the best possible use of it.

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Legislative News (1)

Draft amendments to criminal codes is needed (Source: news.ro; Date: 2017-04-12; Author: Unspecified)

The Parquet attached to the High Court of Cassation and Justice said that the draft bill for amending the Criminal Code and the Criminal Procedure Code is needed and it also agrees with the Constitutional Court's rulings.

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Politics (1)

PSD and ALDE support investigation commission proposal (Source: cursdeguvernare.ro; Date: 2017-04-12; Author: Unspecified)

Liviu Dragnea and Calin Popescu-Tariceanu, the leaders of the PSD-ALDE alliance, agreed to ask the Parliament to set up an investigation commission in order to clarify certain aspects pertaining to the organization of the 2009 presidential election, according to a press release.

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Social (1)

Unions want payroll negotiations, threaten protests (Source: zf.ro; Date: 2017-04-12; Author: Unspecified)

The National Federation of Administration Unions (FNSA) has demanded a meeting with Government representatives in order to discuss the payroll bill. The union threatened with protests and a shutdown of the public administration on grounds that the bill is politicizing the local administration.

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