News

Daily Newsletter - 13 August 2018

Summary

Macroeconomic News (3)

Exports of non-ferrous metals up 8.8% in four months

Romania exported EUR 321.4 million worth of non-ferrous metals in the first four months of 2018, up 8.8% year-on-year, according to the National Statistics Institute (INS). Imports amounted to EUR 479.3 million, up 18.6% year-on-year.

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Annual inflation rate drops to 4.6% in July

The annual inflation rate dropped to 4.6% in July, compared to 5.4% the previous month, according to data released by the National Statistics Institute (INS). The annual rate based on the harmonized consumer price index was 4.3%.

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Primary energy resources up 4.5% in H1

Romania's primary energy resources jumped 4.5% in the first six months of 2018, reaching a total of 17 million tons of oil equivalent. Electricity resources dropped 0.5% on an annual basis, down to 33.98 billion kWh, according to information released by the National Statistics Institute (INS) on Friday.

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Financial News (2)

Government approves Senator Zamfir's bills

The Cabinet informed the Parliament that it supports the passing of Senator Zamfir's bill that would cap the amount that debt collectors can demand from debtors. The Cabinet has also indicated its partial support for another Zamfir bill that would cap interest rates, provided that the bill does not apply to outstanding loans.

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Banca Transilvania posts RON 662.7 million in H1 earnings

Banca Transilvania, the second biggest bank on the national market, posted RON 662.7 million in earnings for the first half of the year, up almost 34% year-on-year, according to a report sent to the Bucharest Stock Exchange (BVB). The operating revenues amounted to RON 1.42 billion, up 13.5% year-on-year, while the operating expenses plunged 21.7% to RON 525.8 million.

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Legislative News (1)

New pension act features 130% increase in expenses

Pension spending will surge 131%, from the RON 60.7 billion estimated for 2018, to RON 140.02 billion in 2022, according to the new pension bill released for public debate on Thursday evening. The impact calculated for the next four years is around RON 40 billion.

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Politics (2)

PSD official says members want new rally

Codrin Stefanescu, Deputy Secretary General of the Social Democratic Party (PSD), said that party leaders across the country are being pressured by mayors and voters to organize a huge rally. Stefanescu added that no firm decision has been taken yet.

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Liviu Dragnea accuses President Iohannis of being "the political sponsor of violence"

The Gendarmes' explanations regarding the violent intervention against protesters in Victoriei Square on Friday were followed by contradictory statements from the political leaders. Liviu Dragnea, head of the Social Democratic Party (PSD) and president of the Chamber of Deputies, accused President Klaus Iohannis of attacking the constitutional order.

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Social (2)

70 new cases of measles confirmed

70 new cases of measles were confirmed in Bucharest and 16 countries over the past week. The total number of cases reported since the beginning of the epidemics climbed to 14,924. No deaths were reported between August 2 and 9.

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Demographic decline worsened

The population of Romania continued to shrink. 4,122 residents were lost in June, up 26.6% year-on-year, mainly because of a drop in birth rates, according to data released by the INS on Friday.

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