News

Daily Newsletter - 3 March 2020

Summary

Macroeconomic News (3)

13 development proposals from SMEs

The National SME Council (CNIPMMR) advised Romania's government to adopt a set of measures designed to develop Romania from the social and economic points of view. These measures address the issues identified by the European Commission in the "Country Recommendations" released last week, including the need for sustainability, a focus on investment, corporate governance for all public institutions, and increasing the absorption of EU funds.

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Tourism units report 5% increase in arrivals

The arrivals reported by tourism units for January showed a 5% increase compared to the corresponding month of 2019, reaching a total of 796,300. Foreign tourists accounted for 16% of the total, according to the National Statistics Institute (INS).

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MFP borrowed RON 815.3 million

The Ministry of Finance (MFP) borrowed RON 815.3 million from the commercial banks through an issue of benchmark bonds with a residual maturity of 139 months, at an average yield of 4.32% per year, according to the National Bank of Romania (BNR). The target value was RON 700 billion, while the banks offered more than RON 1 billion.

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Financial News (3)

US dollar to rise this year

The US dollar will increase to RON 4.55 this year, up RON 0.20 from the current reference exchange rate, according to a survey of CEOs working in various industries conducted by Moneycorp and Frames. The national currency will be affected by the trade deficit and the general macroeconomic situation.

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BCR logs RON 593.2 million in earnings

The BCR group, which includes the second biggest bank of the local market, logged RON 593.2 million in earnings for 2019, down 50.7% from the RON 1.2 billion reported for the previous year. The operating profits amounted to RON 1.8 billion, a five-year high.

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BNR currency reserves at EUR 35.83 billion

The foreign currency reserves managed by the National Bank of Romania (BNR) amounted to EUR 35.83 billion on February 29, 2020, up from EUR 35.5 billion at the end of January. Inflows amounted to EUR 1.37 billion, while outflows reached EUR 1.04 billion.

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Investment News (1)

Dedeman passes 11,000 employees

Dedeman, the biggest Romanian entrepreneurial business, as well as the leader of the construction materials and interior decoration retail market, will open a store in Slobozia at the end of this week. This will be the 51st store for the retailer.

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Legislative News (1)

Children vaccination remains parent option

On Monday, the Health Committee of the Chamber of Deputies reported out favorably the bill making vaccination mandatory. The bill will be debated on the floor this week, before being sent to promulgation. The bill was amended, compared to the one passed by the Senate, but the amendments have not been made public.

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Politics (2)

Ciolacu does not rule out electronic party congress

The Social Democratic Party's (PSD) congress could be held online, should the coronavirus crisis continue, according to interim leader Marcel Ciolacu. Ciolacu also confirmed that the vote on the new party leadership could be held electronically.

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Orban to ask for swift approval of new cabinet

Interim Prime Minister Ludovic Orban announced that PM-designate Florin Citu had filed the cabinet lineup and the government platform with the Parliament on Friday. According to Orban, the Parliament will be asked to come up with a swift approval schedule for the new cabinet.

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