News

Daily Newsletter - 12 January 2021

Summary

Macroeconomic News (2)

CNIPMMR urges acceleration of Measure 2 funding

The National Council of Small and Medium Private Enterprises in Romania (CNIPMMR) has urged the Ministry of Economy, Entrepreneurship and Tourism to speed up the allocation of financing under Measure 2 - Working Capital for SMEs. The council noted that, in order for all beneficiaries to receive their money on time, it is important that the application evaluation stage should be completed within two weeks and that payments be made by the end of February.

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Exports and imports fall

Romania's exports fell by 11% in the first 11 months of 2020, down to EUR 57.1 billion, while imports fell 7.7%, to EUR 73.53 billion, compared to the corresponding period of 2019, according to data published by the National Institute of Statistics (INS) on Monday.

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Financial News (3)

BNR: Clients who owe highest amounts had top deferral application rate

Two months after the enforcement of the debtor relief law, in 2016, the non-performance rate for standard mortgages increased by 1.6 percentage points. Debtors who owe large amounts have the highest percentage of surrendering their property and the highest default rate, according to a BNR study. The default risk is higher if the appeal procedure becomes favorable to the debtors.

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ROBOR down 12% in week

The three-month ROBOR rate, which is used as a reference for RON-denominated loans - dropped very quickly and suddenly in the first week of January, falling from 2.03% to 1.79%. A 12% movement in one week for an interest rate is very significant. If the rate does not increase, it will lead to lower installments on loans.

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ANAF's electronic registry is operational

The electronic registry that gives ANAF access to every bank account held by every individual or legal entity in Romania became operational yesterday. The Central Electronic Registry is the result of EU regulations on preventing the financing of terrorism.

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Investment News (2)

Laurentiu Duica, Colliers: At least four or five investments are considering relocating production to Romania

Laurentiu Duica, partner & head of Industrial Agency at Colliers International, said the pandemic has convinced several investors to invest in logistics because this industry offers guaranteed profits. Regardless of the pandemic, logistics will continue to be needed. Developers such as Global Vision and Element Industrial make a market dominated by CTP and WDP much more interesting.

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Economy Minister wants to help French investors access local market

The Minister of Economy, Entrepreneurship and Tourism, Claudiu Nasui, met with the French Ambassador to Bucharest, Laurence Auer, on Monday. The minister voiced his determination to facilitate the access of French investors to the Romanian market by accelerating the process of reducing bureaucracy and ensuring a predictable, favorable legislative framework for entrepreneurs.

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Legislative News (1)

Environment Minister says plastic, glass and aluminium packaging tax will be RON 0.5

The Minister of Environment, Tanczos Barna, said the bill placing a tax on packaging would be ready in a couple of weeks. The purpose of the bill is to increase the recycling rates. Consumers will pay RON 0.5 on every item of plastic, glass or aluminium packaging with a capacity of up to 3 liters, except for milk packaging.

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Politics (2)

PSD to draft parallel budget

Marcel Ciolacu announced that the Social Democratic Party (PSD) will draft an "alternative budget" to show Romanians that the government has enough money to increase pensions and salaries.

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Gorghiu: I'm actually glad the PSD will make an alternative budget

Senator Alina Gorghiu (PNL) said she is glad the PSD is drafting an alternative budget for this year. She asked Marcel Ciolacu to present a detailed breakdown of figures, instead of limiting himself to "populist slogans".

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Social (2)

Churches get involved in promoting vaccination

The Romanian Orthodox Church will distribute materials informing the population about vaccination. The church will hand out a brochure called "Vaccination against COVID-19 in Romania - Free. Voluntary. Safe," according to Patriarch Daniel

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Education Minister says classes could be held on Saturday

The Minister of National Education, Sorin Cimpeanu, announced that classes could be held on Saturdays in order to recover the ground lost by students who could not participate in online classes. However, these so-called "remedial actions" are up to teachers. The minister added that schools will receive money for each student involved in remedial classes.

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