Daily Newsletter
27 November 2017
Summary
- Romania imported about 5.6 million toe of crude oil in the first nine months of 2017 (Source: agerpres.ro)
- Fiscal revolution is reflected in financial analysts' expectations: confidence in the economy dropped for the fifth consecutive month (Source: zf.ro)
- Prime minister Tudose accuses NBR of failing to intervene for stopping depreciation of leu. NBR: Shall we understand that he asks us for increasing the interest? (Source: cursdeguvernare.ro)
- NBR official: Small loans, taken from non-banking firms, prevent Romanians from paying their installments to banks (Source: profit.ro)
- Banca Transilvania has signed the takeover agreement for Bancpost (Source: bursa.ro)
- Orban: PNL members and supporters will be on the street today (Source: news.ro)
Macroeconomic News (4) |
Romania imported about 5.6 million toe of crude oil in the first nine months of 2017 Romania imported 5.58 million tons of oil equivalent (toe) in the first nine months of 2017, by 57,700 toe (1%) lower than the quantity imported in the same period in 2016, according to the data centralized by the National Institute of Statistics (INS). Crude oil production totaled 2.57 million toe, being 4.5% (121,800 toe) smaller than during January-September 2016. According to the draft Energetic Strategy, published on the Ministry of Energy site, a halving of the internal crude oil production is estimated, at approximately 2 million tons in 2030. Top |
The macroeconomic trust indicator reached 43.4 points (the lowest value since April 2013), being two points smaller than the value recorded in September last year. Confidence in the economy dropped in October compared to September, for the fifth consecutive month, evolution visible on both components of the indicator, both in current conditions and in anticipations, according to the survey carried out by CFA Romania. Top |
The fast growth in wages endangers Romania's economic competitiveness and amplifies the current account deficit, according to the annual country report of the financial assessment agency Moody's, News.ro cites. Moody's recommends Romania to keep governmental expenditure under control, to raise the absorption of European funds and strengthen governance in state companies. Top |
The Ministry of Agriculture to offer national transitory aids worth RON 527.2m The Ministry of Agriculture wants to give national transitory aids in the vegetal sector worth RON 527.2m (114.6m euros) for the cultures on arable land, as well as for fiber flax cultures, fiber hemp, tobacco, hop and sugar beet, granted for the demand year 2017. The sum is ensured from the state budget, through the budget approved by the Ministry of Agriculture and Rural Development for 2018, a draft decision published for debate on the ministry's site shows. Top |
Financial News (4) |
Prime minister Mihai Tudose contended Thursday evening that the National Bank bears a part of the responsibility for the depreciation of leu in relation to euro, stating that NBR should have intervened and it didn't. He also said he will have to have a "very serious and staid" discussion with the National Bank. "I do not have an official position of the NBR boardroom yet, but I think it will invite Mr. prime minister to a meeting, to clarify if this (the increase in reference interest) is what he waits from NBR. I assure you NBR is fulfilling its mandate at full responsibility", Dan Suciu, the spokesman of the central bank, said. Top |
The market of Non-banking Financial Institutions, per se, does not generate systemic risks for the Romanian financial environment, but, indirectly, the loans granted by NBFI influence banks' portfolios, which is why a stricter regulation of NBFI is needed, Angela Dimonu, head of service within the Regulation and Authorization Directorate of the National Bank of Romania (NBR), appreciates. Asked by Profit.ro how non-banking financial institutions can affect financial stability, provided that they do not attract deposits, the NBR official explained that there are several channels through which, indirectly, the loans awarded by NBFI, even if of a small value, can transmit shocks to the banking market. Top |
The Dutch group ING has decided to close down the private banking division as of 1 January, the first specialized service of this kind launched on the Romanian market more than 15 years ago. For a Romanian client to enter this service and benefit from special money administration conditions, he/she should have from 500,000 euros up. Sunday afternoon, ING answered Ziarul Financiar's request of commenting this decision: "ING Romania has launched the Wealth Management division from the desire to provide private banking services to its high income clients (clients with administered portfolios worth over 500,000 euros), including various investment options. But the behavioral changes influenced by the economic crisis led to rather a prudent appetite, proving that this product is not suitable for Romania yet", Daniel Llano, Head of Retail ING Romania, said. Top |
Banca Transilvania has signed the takeover agreement for Bancpost The agreement between Banca Transilvania (BT) and Eurobank Group, whereby BT will purchase the shares held in Bancpost, ERB Retail Services IFN SA and ERB Leasing IFN SA has been signed. "Banca Transilvania" announced that the agreement had been signed by the following people: Horia Ciorcilă - chairperson of BT boardroom, Ömer Tetik - general director BT, Stavros Ioannou - deputy CEO "Eurobank" and Apostolos Kazakos - general manager group strategy "Eurobank". Top |
Investment News (2) |
The state company Romgaz, one of the two big gas producers, wants to invest 136.15m euros in the gas storage from Sarmasel, for increasing underground gas storage capacities, the Preventive Action Plan on the measures guaranteeing security in natural gas supply, published by the Ministry of Energy, shows. Top |
Romania considers the conclusion of a Memorandum of Understanding with Serbia for building an interconnection pipeline, between Arad and Mokrin, about 80 km long, for increasing the degree of energetic security in the region, a Preventive Action Plan on the measures guaranteeing the security of gas supply, published by the Ministry of Energy, shows. "The analyzed variant of gas export to Serbia is to take over natural gas from the future BRUA pipeline (phase I, II and III). The nearest point of BRUA pipeline to the border between Romania and Serbia is Mokrin locality, Arad area", the plan shows. Top |
Politics (2) |
Orban: PNL members and supporters will be on the street today The PNL leader, Ludovic Orban, specifies that the members and supporters of the party will protest today. New manifestations are announced for Sunday evening in Bucharest and in tens of cities. "We said when the motion of no confidence initiated by PNL failed that we will not cede and will continue to fight, both in the Parliament and by any other legal means, for getting Romania out of the claws of this octopus which tries to seize the Romania state. Today, the members and supporters of the National Liberal Party will protest along with those active groups of the society which do not accept resignation. Together, through vigilance, perseverance, but notably through unity, we will find the antidote for healing even the red plague", Ludovic Orban wrote on his Facebook page. Top |
The package of laws amending the justice laws must be completely withdrawn from the Parliament, the former prime minister Dacian Ciolos wrote on his Facebook page, Saturday evening, underlining that "without an open, participatory approach, proving that any eventual amendments are made only for ameliorating the justice and not for serving personal interests of some politicians who rule temporarily, any such initiative can arouse but suspicion". Top |