News

Daily Newsletter - 4 January 2019

Summary

Macroeconomic News (2)

Big retailers kept turnover growth rates at 12%

The large retail chains, which operate mainly in shopping centers, maintained their average turnover growth rate of 12% in 2018, similar to 2017 and twice higher compared to the increase in consumption, which was up 5.9% in the first ten months of the year, according to Retailers' METRICS, the survey from Cushman & Wakefield Echinox.

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MFP to borrow RON 3.26 billion in January

The Ministry of Finance (MFP) planned to borrow RON 3.26 billion from the commercial banks this month, with RON 2.9 billion coming from auctions of state bonds and T-bills, plus RON 360 million from supplementary uncompetitive auctions. The funds will be used to refinance the public debt and the state budget deficit.

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Financial News (3)

NPL rate reached 3.05% in November

The NPL rate dropped from 3.24% in October to 3.05% in November, 2018. The short term forecast indicates a consolidation of the index and a trend reversal in 2019, as the post-crisis economic cycle is coming to an end, according to Andrei Radulescu, Macroeconomic Analysis Director with BT.

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BNR's foreign currency reserves rose by more than EUR 500 million last month, compared to November

BNR's foreign currency reserves reached EUR 33.06 billion last month, up 1.64% compared to November, according to a press release. The inflows amounted to EUR 1.64 billion, representing the adjustment of minimum mandatory reserves and payments into the Ministry of Finance and EC accounts.

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BT focuses on Victoriabank

Banca Transilvania's management announced that the bank would continue to help Victoriabank grow and expand in the Republic of Moldova, while also helping with the consolidation of the Moldovan banking system.

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Investment News (1)

Italian supplier to invest RON 255 million in Oradea plant

Sogefi Suspensions Eastern Europe, a company belonging to the Sogefi group and the CIR industrial holding, will build a car part manufacturing plant in Oradea. The plant will cost a total of RON 255 million and will focus on making suspension components. The company has also secured RON 104 million in state aid for the new plant.

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Legislative News (2)

President sends education bill back

President Klaus Iohannis announced that he would send the education bill (Senate 652/2018) back to the Parliament with a request to review. According to the presidential spokeswoman, the bill "risks triggering a wave of negative effects for the education community".

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President signed bill allowing Cabinet to issue decrees during Parliament recess

The bill allowing the Cabinet to govern by decrees during the Parliament's winter recess was signed by President Klaus Iohannis.

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Politics (1)

PNL leader sends open letter to PM, Parliament leaders

Ludovic Orban, leader of the National Liberal Party (PNL), sent an open letter to PM Viorica Dancila and the presidents of the two Chambers, demanding that the draft state budget be released for public debate as soon as possible, followed by a joint Parliament session in order to pass the budget.

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Social (1)

IGPF: Approximately 2 million people crossed Romania's borders during the winter holiday

Approximately 2 million people and 466,000 vehicles crossed Romania's borders during the winter holiday, up 13% compared to regular traffic, according to the IGPF.

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