News

Daily Newsletter - 12 October 2020

Summary

Macroeconomic News (4)

State aid for livestock farmers increased to RON 65 million

The Cabinet approved at the October 8 meeting an amendment to the state aid program for livestock farmers, which increased the total budget of the aid program from RON 54 million to RON 65 million, according to the Ministry of Agriculture.

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Average net nominal salary down almost 3% in August

The average gross nominal salary dropped RON 131 (2.4%) to RON 5,337 in August, compared to the previous month, while the net salary fell RON 97 (2.9%) to RON 3,275, according to data released by the National Statistics Institute (INS) on Friday. The highest salaries were reported by the information technology industry, while the lowest came from the hotel and restaurant sector.

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Finance Minister says INS data very good

The National Statistics Institute (INS) revised upwards by 0.2 points the GDP dynamic for the second quarter of this year, according to the announcement made by the Minister of Finance, Florin Citu. Despite the state of emergency, the quarter saw positive contributions to economic growth from construction, IT, and public administration.

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Wheat and meslin exports passed EUR 507 million

Romania exported 2.55 million tons of wheat and meslin to EU and non-EU countries in the first half of this year, up almost 13% on an annual basis, according to the Ministry of Agriculture and Rural Development (MADR). The overall value of wheat and meslin exports was EUR 507.63 million.

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Financial News (2)

Raiffeisen Bank joins SME grant program

Raiffeisen Bank has joined the government's SME grant program and will begin opening dedicated current accounts to all the companies who selected it as their partner bank. The registration period for Measure 1 of the Micro-grant Program begins today and will end on Friday, October 16.

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Corporate borrowing up

New corporate borrowing increased by more than 2% in the first eight months of this year, compared to the corresponding period of 2019. The summer months brought a revival of corporate borrowing, coming on the heels of a dismal spring. In August, the banks granted RON 2.9 billion worth of new corporate loans, up 12.9% year-on-year.

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Investment News (2)

US, Romania ink reactor agreement

Dan Brouillette, the US Secretary of Energy, and Virgil Popescu, Romania's Minister of Economy, signed a draft inter-government agreement for cooperating on the expansion and modernization of the civilian nuclear energy program in Romania, according to a press release from the US Department of Energy.

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Hidroelectrica modernized Bradisor station

Hidroelectrica announced on Friday that it had completed the modernization of the 110 kV transformer station belonging to the Bradisor hydro power plant. The project is worth a total of RON 5.4 million.

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Politics (2)

Ciolacu: Romania must prepare to avoid a medical disaster

Marcel Ciolacu, leader of the Social Democratic Party (PSD), said Romania must do its utmost to prepare to avoid a medical disaster by strengthening the medical system and the IC units, reorganizing the public health directorates and acquiring the necessary equipment and medicines.

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Citu: I warn PSD to stop its economic terrorism

The Minister of Finance, Florin Citu, has warned the Social Democratic Party (PSD) to stop its "economic terrorism", adding that no politician has the right "to condemn Romania to poverty, hyper-inflation, and astronomical interest rates just to win votes".

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Social (2)

Nelu Tătaru: Romania's herd immunity is 4.6%

The Minister of Health announced on Friday that herd immunity reached 4.6% in Romania, based on the processing of 11,000 samples.

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New anti-mask protest held in University Square

A new protest against the mandatory wearing of masks was held in Bucharest's University Square on Saturday. The protesters, many of whom were accompanied by children, denounced the "medical dictatorship" and the authorities' health measures.

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