News

Daily Newsletter - 13 March 2020

Summary

Macroeconomic News (3)

42% of agriculture companies grow cereals

Romania is still mainly a cereal-growing country, with almost half of agribusiness companies focusing on this type of crop. Of the 20,358 companies operating in the agriculture sector, 8,537 are cereal farmers, according to confidas.ro.

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Industry begins year on downward trend

Romania's industrial production decreased by 3.1% in January 2020 compared to the corresponding month of 2019, in seasonally adjusted figures, and by 2.4% in gross figures, according to the data published on Thursday by the National Institute of Statistics (INS). Thus, for the first time since 2009, the industrial production started a year in the negative territory.

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The future of consumption is based on consumer experience and protection

According to information released by the Trade Register, most of the retailers registered in Romania are food retailers. Fuel retailers have a similar share of the market, followed by online platforms and pharmaceutical distribution companies.

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Financial News (3)

Banca Transilvania shares plunge

Banca Transilvania shares were trading at RON 1.89 per share at 17:00, down 12.5% from the previous session. The bank's capitalization plunged from RON 11.2 billion to RON 9.86 billion in one day. The Bucharest Stock Exchange (BVB) suspended BT from trading in order to put a stop to the aggressive sale orders.

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CEC Bank clients can open accounts online

CEC Bank announced that Romanians living both at home and abroad can open accounts with the bank, with the entire process taking place online. The package includes a current account, a debit card, and access to Mobile Banking. According to CEC Bank, the current account and the access to Mobile Banking are activated instantly upon the completion of the online registration process, while the card is issued and sent by mail to the client's address.

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Banks and BNR to ensure sufficient liquidity

The National Bank of Romania (BNR) and the commercial banks have not yet come up with a worst case scenario when Bucharest would close due to the coronavirus epidemic. Instead, "they have already started filing plans to ensure the continuity of banking operations in the context of the epidemic," said Dan Suciu, spokesman of BNR.

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Legislative News (1)

Parliament passes parent leave bill

The Chamber of Deputies passed on Thursday (in an unanimous vote) the bill instructing all employers to grant paid leave to one parent if schools are closed due to "extreme situations". The bill had been adopted by the Senate on March 3, so it's now on its way to President Iohannis.

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Politics (2)

Florin Citu withdraws from PM appointment procedure

Florin Citu turned in the prime minister mandate on Thursday, before the Parliament vote on the new cabinet. President Iohannis took note of the decision.

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Early election bill declared unconstitutional

The Constitutional Court ruled on Thursday that the early election bill was unconstitutional. The bill had been issued by the Orban Cabinet one day before it fell to a motion of censure.

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Social (2)

ANSVSA urges calm

The National Sanitary Veterinary and Food Safety Authority (ANSVSA) has urged the population to remain calm and announced that the country has enough food to satisfy the needs of citizens. The population was also urged to avoid stockpiling food.

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People's Attorney requests emergency situation

The People's Attorney has asked President Klaus Iohannis to declare a state of emergency, while also asking the Parliament to endorse the declaration in order to contain the coronavirus spread.

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