News

Daily Newsletter - 13 March 2018

Summary

Macroeconomic News (4)

Government earned EUR 38.8 million from green certificates (Source: profit.ro; Date: 2018-03-12; Author: Unspecified)

The state earned more than EUR 38.8 million from the selling of green certificates on the European Union's common trading platform last month, according to a document published by the Ministry of Finance on its website. The state sold 4.16 million certificates for stationary facilities.

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Domestic milk output up 12.4% in January (Source: news.ro; Date: 2018-03-12; Author: Unspecified)

Romanian milk producers supplied 12.4% more milk in January, compared to the corresponding month of 2017, while imports jumped 17.2%, according to data released by the National Statistics Institute on Monday. The overall amount of cow milk collected in January stood at 81,840 tons, up 9,021 tons year-on-year. The cheese output was also up 18.2%.

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Trade deficit up 28% in January (Source: cursdeguvernare.ro; Date: 2018-03-12; Author: Unspecified)

The EUR 775 million trade deficit reported for January is the highest ever logged for the first month of the year in the past ten years, proving that the "excess demand" so criticized by some economists is still very high despite BNR's key rate hike. Exports jumped 15.9% in January, but imports surged 17.3%, widening the trade deficit by 28%.

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Government wants Trade House (Source: bursa.ro; Date: 2018-03-12; Author: Unspecified)

The Ministry of Economy put forward last Wednesday a draft decree setting up a Trade House of Romania. The bill states that the new entity could increase the effectiveness and efficiency of all actions taken to help Romanian businesses operate abroad, while also covering the domestic demand. The Trade House would operate as an independent entity, without financial support from the state.

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Financial News (3)

Banking stocks surged on Monday morning (Source: zf.ro; Date: 2018-03-12; Author: Unspecified)

The banking stocks rallied strongly on Monday morning. BRD's management has already proposed a record dividend, a move that was partly responsible for banking stocks beating the market average growth. Banca Transilvania is expected to announce its dividend later this month.

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Local banks want longer debate (Source: bursa.ro; Date: 2018-03-12; Author: Unspecified)

The Romanian Banking Association (ARB) and the Council of Banking Employers in Romania (CPBR), two organizations representing the national banking sector, urged the Parliament to engage in "real and constructive" dialog over the draft bills capping interest rates, capping the amounts that debt collectors can demand from debtors and making contracts non-executory.

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Banks warn about new regulations (Source: cursdeguvernare.ro; Date: 2018-03-12; Author: Unspecified)

The financial bills making their way through the Parliament could shrink the GDP by up to 2.57%, according to an impact study conducted by KPMG and quoted by a joint press release from the Romanian Banking Association (ARB) and the Council of Banking Employers in Romania (CPBR). The banking sector wants the debate regarding these bills extended by 60 days.

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Politics (3)

President signs bill making Good Friday legal holiday (Source: agerpres.ro; Date: 2018-03-12; Author: Unspecified)

President Klaus Iohannis signed into law on Monday the bill making Good Friday, the last Friday before Easter, a legal holiday. The bill was introduced and supported by 42 senators and deputies belonging to all parties.

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Parliament leaders demand evaluation of ambassadors and consuls (Source: cursdeguvernare.ro; Date: 2018-03-12; Author: Unspecified)

The president of the Chamber of Deputies, Liviu Dragnea, announced on Monday that he had demanded from the Ministry of Foreign Affairs an evaluation report showing the benefits secured for the country by every mission head and trade attaché. The president of the Senate, Calin Popescu-Tariceanu, concurred with the demand and complained that some ambassadors do "almost nothing".

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Dragnea denies Iohannis support rumors (Source: agerpres.ro; Date: 2018-03-12; Author: Unspecified)

Liviu Dragnea, leader of the Social Democratic Party (PSD), denied on Monday that the PSD would support Klaus Iohannis for president of the European Council. The initial rumor had been started by Traian Basescu. "Let Basescu clarify this for you. That's not what I got from my own speech," said Dragnea.

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Social (2)

Minister of Health says immunoglobulin supplies secured (Source: news.ro; Date: 2018-03-12; Author: Unspecified)

The Minister of Health, Sorina Pintea, stated on Monday that the government had secured immunoglobulin supplies for three months and that the first 10,000 shots would arrive from Austria in the next two weeks. Prime Minister Viorica Dancila had declared the crisis solved on Sunday evening.

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Unemployment rate was 3.99% in January, a 25-year low (Source: news.ro; Date: 2018-03-12; Author: Unspecified)

The unemployment rate was 3.99% in January, a 25-year low, according to the National Workforce Agency (ANOFM). Of the 348,963 individuals registered as unemployed, 74,343 received social security checks. The unemployment rate was 4.24% for men, up 0.01 pp from the previous month, and 3.70% for women, down from 3.74% in December.

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