News

Daily Newsletter - 15 May 2020

Summary

FIC (3)

FIC supports the Romanian Red Cross in the fight against the Covid-19 pandemic with 700,000 LEI donation for the endowment with medical equipment of the hospitals in the country

The Foreign Investors Council supports the Romanian Red Cross in the fight against the Covid-19 pandemic and donated 700,000 lei, money that was used to equip hospitals recommended by the Romanian Ministry of Health and which are in the first line in the fight against the pandemic. Thus, three ventilators and seven ICU monitors were purchased, devices that will arrive in Romania at the beginning of June. „Through its mission and actions, FIC promotes the sustainable economic development of Romania, solidarity and dialogue. Understanding that human health is at the heart of any development, FIC acted proactively by involving its members in the donation campaign that made this result possible. We will continue to be supporting the authorities and the non-governmental environment in this collective effort. At the same time, we are grateful that in such difficult moments, the public authorities, the business environment and the civil society show solidarity and initiative, which indicates the progress in the Romanian society. We believe that this is the positive aspect of the crisis and the opportunity we can build on in the future,” said Ramona Jurubiță, President of the Foreign Investors Council (FIC).


Foreign Investors Council donates money for medical equipment

Foreign Investors Council donates RON 700,000 to Romanian Red Cross

Foreign Investors Council donates RON 700,000 to Romanian Red Cross

Foreign Investors Council gets involved in fight against Covid-19

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"It's important to kick start public and private investment"

Ramona Jurubita, President of the FIC during the common press conference with employers organization Concordia pointed out that stimulating public investment and attracting foreign direct investment are factors that can have a positive impact immediately and create the premises for future development.This is why the creation of a friendly legislative framework for attracting investments, the predictability of future decisions regarding the fiscal / taxation system and not only and the political cohesion for continuing to support investments are the key elements that can "unlock" economic growth.

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CDR urges Parliament to reject finance-banking bills

 The Coalition for Romania's Development (CDR) has urged the Parliament to reject the set of finance-banking bills, also known as the "anti-usury" bills. CDR has noted with concern that, despite warnings from the National Bank of Romania (BNR), the European Commission, the private sector, and the banking community, the bills continue to move through the Parliament and one of them has already been passed by the Chamber of Deputies.


CDR urges Parliament to reject finance-banking bills


CDR urges Parliament to reject finance-banking bills

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Macroeconomic News (3)

BNR: Romania's foreign debt up EUR 350 million

Romania's total foreign debt increased by EUR 350 million in the first three months of this year, from the EUR 105.87 billion reported on December 31, 2019, according to data released by the National Bank of Romania (BNR) on Thursday. The current account of the balance of payments showed a deficit of EUR 1.36 billion for the first quarter of this year, compared to EUR 1.12 billion in January-March 2019.

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Government relaxes red tape for rural development fund applicants

Applicants for the rural development funds provided by the European Union will be allowed to submit a single funding application, in compliance with the eligibility conditions, according to the Ministry of Agriculture and Rural Development (MADR). This regulation helps ensure the necessary framework for reaching the PNDR targets, but will also help reach the target of supporting as many beneficiaries as possible.

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Ionut Dumitru, Raiffeisen Bank: We expect a 0.9% economic contraction

The National Statistics Institute (INS) will publish today the signal data about the GDP trend in the first quarter of this year. The industry contracted by 14% and exports plunged 11%. 260,000 labor contracts were suspended by industry employers, 113,000 by hotels and restaurants, and 50,000 in construction.

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Financial News (3)

BRD postponed payments for more than 41,000 clients

BRD-GSG has postponed the loan payments of more than 41,000 clients, both under Decree 37/2020 and its own program. The number of loans under deferral exceeds 46,000, because some clients have more than one outstanding loan.

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Consumer borrowing down in March

The aggregated value of new consumer loans amounted to RON 1.67 billion in January, RON 2.3 billion in February and RON 1.7 billion in March. The average interest rate was still above 10%. For the entire year 2019, consumer loans amounted to RON 23.2 billion, up 3.6%.

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Raiffeisen Bank earnings down 21%

Raiffeisen Bank posted RON 140 million in earnings for the first quarter of this year, down 21% from the corresponding period of 2019. The bank's total assets exceeded RON 48 billion, up 18% year-on-year, while operating revenues jumped from RON 615 million to RON 636 million.

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Legislative News (1)

Decree on police officer pay

The Cabinet issued on Thursday a decree granting tens of thousands of police officers the additional pay won in court. The announcement was made by the Minister of Internal Affairs, Marcel Vela.

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Politics (1)

Iohannis: Some politicians are fueling the idea of a legislative vacuum

"We have seen discussions in the public space regarding the coming into force of the new state of alert bill as late as Monday, and some politicians, who proved totally irresponsible, are fueling the idea of a legislative vacuum. Dear Romanians, there will not be three days of anarchy, while a sudden return to the pre-pandemic situation is impossible," said President Klaus Iohannis in a public statement.

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Social (1)

EC tells Romania to close and clean 48 illegal trash dumps

The European Commission is "insistently urging" Romania to close, seal and clean up no less than 48 illegal trash dumps, as well as to comply with the EU Court of Justice ruling of October 18, 2018.

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