News

Daily Newsletter - 12 February 2019

Summary

FIC (2)

FIC President: Decree 114 is toxic for business environment

The way the Cabinet passed Decree 114 - over night - is "toxic for long-term planning and concerning for investors", said Franz Weiler, President of FIC.

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CDR wants Decree 114 reviewed

The Coalition for Romania's Development (CDR) sent an open letter to all institutions with a legislative or regulatory role, requesting a review of Decree 114.

CDR wants Decree 114 suspended

CDR: A dialog has started over Decree 114

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Government takes step back

Business community wants "Greed Decree" suspended

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Macroeconomic News (2)

Trade deficit up almost 17%

Romania's exports amounted to EUR 67.73 billion (FOB) last year, while imports amounted to EUR 82.86 billion (CIF). The trade deficit increased by more than 16.7% (EUR 2.17 billion) compared to 2017, reaching a total of EUR 15.13 billion, according to data released by the National Statistics Institute (INS) on Monday. Exports grew by 8.1%, but imports increased by 9.6% compared to 2017.

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Absorption target for 2019 set at 40%

"The target for 2019 is to reach 40%. At present, because reimbursement requests filed with the [European] Commission at the end of last year have not been paid yet, we are at 26%. We are still owed 300 million for requests filed last year. The important thing is that 40% means EUR 12.35 billion. We have received EUR 8 billion, so 40% means RON 20.68 billion," said Minister of European Funds Rovana Plumb.

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Financial News (4)

BNR Governor in unprecedented attack against Darius Valcov

Mugur Isarescu, Governor of the National Bank of Romania (BNR), rejected in very harsh terms the accusations made by PM adviser Darius Valcov. "It's bizarre to witness this pathetic, irresponsible attack against the BNR. [...] The attacks launched by this individual... economic adviser to the prime minister... saying that we, the BNR staff, are not patriots... saying somebody is playing with the interest rates, manipulating them, are more than dangerous," said Isarescu on Monday.

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Isarescu: BNR wants asset tax decoupled from ROBOR rate

The National Bank of Romania demands the decoupling of the tax on bank assets from the ROBOR rate, according to Governor Isarescu. The Governor added that the topic is not up for discussion and that the current peg hurts BNR's capacity to defend the national currency and use monetary policy.

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Isarescu: BNR's main target was reached

The main target of the National Bank of Romania (BNR), which is price stability, was reached in 2018, according to Governor Isarescu. The Governor added that BNR's policy was fair and balanced.

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Prima Casa program could end

Passing the state budget for 2019 probably involves the passing of the Prima Casa budget, albeit with more stringent age and down payment regulations. It remains to be seen if the program is still popular with the banks. Even though the state guarantees the loans, the product is no longer profitable.

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Investment News (1)

Lidl preparing to open fifth warehouse

The German discounter is already operating warehouses in Chiajna (outside Bucharest), Nedelea (outside Ploiesti), Iernut (outside Targu-Mures) and Lugoj. The Cordun logistics center will be ready this year. This is the first Lidl warehouse in Moldova.

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Politics (1)

Ludovic Orban says anyone taking on PSD-ALDE is possible partner

Ludovic Orban, President of the National Liberal Party (PNL), stated on Monday evening that anyone who gets involved in the fight against the current ruling coalition is a possible partner and that PNL would refrain from attacking the opponents of PSD-ALDE.

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Social (1)

New negative record

The demographic decline, which had set in in 1992, reached a new record last year: 74,561 people, according to the preliminary data released by the INS. The figure is equivalent to the population of Alba Iulia.

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