On Monday, the ruling coalition launched a new package of social and
economic measures, called "Support for Romania", worth EUR 1.1 billion.
The coalition announced that citizens and companies facing financial
difficulties due to the recent multiple crises can postpone the payment
of their bank loan instalments for 9 months. Another measure targets
employees, namely the granting of a quarter of the difference in salary
in accordance with the unitary salary law for public sector employees.
Moreover, all pensioners with pensions under RON 2,000 will receive a
one-off support of RON 700. The measures will be implemented on 1 July
Deposits of non-government clients increased by 0.4% in April 2022
compared to the previous month, to RON 480.615 billion, and were up
10.9% year-on-year (-2.5% in real terms). Deposits in RON of residents,
accounting for 62.4% in total deposits of non-governmental clients,
grew by 0.5% month-on-month, to RON 299.966 billion and by 6.2%
compared to April 2021 (-6.6% in real terms), according to NBR data.
Households’ deposits in RON were up 0.8% against the previous month, to
RON 158.159 billion, and by 0.7% (-11.5% in real terms) compared to the
same period of last year.
Visa and Western Union have entered into a partnership in Germany and
Romania upon the launch of WU+, an integrated digital banking and
international money transfer application. Users of the WU+ app will be
able to open digital bank accounts and pay across all channels with
their Visa Platinum debit card. WU+ customers can hold a digital bank
account in 13 currencies, instantly send and receive money
internationally to and from other WU+ account holders, free of charge.
They can also use their Visa Platinum debit card, linked to their bank
account, to pay for purchases anywhere Visa cards are accepted. The app
users can thus access both Visa’s global payment network and Western
Union’s vast global retail network to make transactions.
Fitch Ratings has revised Libra Internet Bank S.A.’s outlook to stable
from negative, citing the bank’s stronger-than-expected resilience to
pandemic-related risks and its high potential to absorb potential
pressures amid the war in Ukraine. Moreover, the financial rating
agency has affirmed Libra Internet Bank’s Long-Term Issuer Default
Rating (IDR) at "BB-" and the bank’s Viability Rating (VR) at "bb-".
Uniqa Romania, present on the local market through two companies, Uniqa
Asigurări and Uniqa Asigurări de Viață, part of the Austrian group
Uniqa, ended the first three months of 2022 with EUR 27 million
cumulated gross underwritten premiums, up by 7% year-on-year, according
to information provided by Uniqa representatives. Moreover, the two
companies recorded a cumulative net profit of EUR 2.1 million in
Q1/2022, up by 3.4% against the similar period of 2021.
Romanian lighting equipment distributor Elbi Electric & Lighting,
controlled by businessman Cristinel Sandu, has invested more than EUR 3
million in equipment and automation systems for a new warehouse to be
inaugurated in November 2022 within the P3 Bucharest A1 logistics park.
The warehouse will generate more than 150 jobs, ensuring the delivery
of products to both domestic and foreign markets.
Cosmetic Plant, one of the main Romanian producers in the local
cosmetics industry, which recorded a RON 11.9 million (EUR 2.4 million)
turnover in 2021, up by 6% year-on-year, plans to invest around EUR
200,000 this year in automating its production capacity. The company’s
plans for the future also include investments in a new factory and
expansion abroad. In the future, depending on the development of the
company’s sales, hence of demand, business plans also include
increasing production capacity so that it can develop new products,
especially for export, according to Susana Laszlo, Cosmetic Plant’s
German group BMW is exploring new investments in solar, geothermal and
hydrogen energy to reduce its dependence on natural gas, the automotive
manufacturer’s head of production said yesterday, warning that an
embargo on Russian gas would bring the industry to an impasse. The
carmaker, which relied on natural gas for 54% of its energy consumption
in 2021, is analyzing where it can add solar panels to its plants and
is drawing up plans with local authorities to transport hydrogen to its
plant in Leipzig, Germany.
PNL MP Raluca Turcan has announced that she submitted two draft laws
"aimed at protecting jobs in the private sector" to the Chamber of
Deputies on Monday. One of them provides for flexible working hours
through measures such as kurzarbeit and furlough decided at local level
as well. The second draft law targets on-demand employment contracts
and multiple-employer contracts.
People who were definitively convicted of criminal offences may not run
for parliamentary elections unless the offence has been rehabilitated,
amnestied or de-criminalized, according to a legislative proposal
adopted by the Chamber of Deputies’ Legal Affairs Committee on Tuesday.
The draft law is to be voted on during the plenary session of the
Chamber of Deputies, with a joint report from the Administration
Committee as well.
On Tuesday, President Klaus Iohannis promulgated the law approving the
Government Emergency Ordinance (OUG) 53/2019 on the approval of the
Multiannual Program for financing investments for the modernization,
rehabilitation, retrofitting and extension or establishment of
localities’ centralized heat supply systems and amending and completing
the Community Public Utility Services Law no. 51/2006, according to the
Presidential Administration. The legislative interventions are
justified in the Explanatory Memorandum by the fact that, "the
2006-2020 Heat and Comfort Public Heating Supply Program is currently
financed on an annual basis, which requires an analysis and evaluation
of projects and, above all, the conclusion of financing contracts every
calendar year, without ensuring predictability in the completion of
The Presidential Administration has announced that on Tuesday,
President Klaus Iohannis promulgated the normative act amending and
completing Law 374/2013 on the use of systems for blocking and
interrupting radio communications in the perimeters of units
subordinated to the National Prisons Administration. The normative act
stipulates the possibility to purchase other services or equipment that
contribute to reducing the use by imprisoned persons of electronic
communication services provided via radio waves.
Romania, the only European country with North American nuclear
technology, wants to develop its strategic partnership with the US,
said Prime Minister Nicolae Ciucă after meeting with US Department of
Energy Deputy Secretary David M. Turk at the Victoria Palace in
Bucharest. The talks also focused on European energy security and the
expansion of Romania’s civil nuclear program. PM Ciucă also supported
the need to expand Romania’s electricity generation capacities as part
of the steps that can contribute to strengthening security in the
Colliers indicates that fewer and fewer Romanians can afford to buy a
new residence, as prices continue to grow at a significantly faster
rate than wages, amid the rising prices of building material and the
current economic conditions. Cluj-Napoca remains the most expensive
city in Romania, where buying a new standard apartment costs the
equivalent of an average salary earned over 12.5 years of work. A
person in Bucharest needs 8.4 years’ salary for such a purchase.
Six out of ten Romanians living in urban areas (58%) say that reducing
consumption could solve the inflation problem, with significantly
higher shares of men (63%), people aged over 55 (71%) and people with
high incomes (65%), while 42% believe that asking for a pay rise would
be a solution, according to a Reveal Marketing Research survey. Young
people aged 18-24 are the least likely to change their lifestyle and
consumption habits (53%), and 58% of them would opt for asking for a