The Ministry of Finance plans to borrow up to USD 4 billion from
external markets by issuing foreign currency-denominated government
securities, according to a draft Order published in the Official
Gazette of Romania. The Finance Ministry thus approved the early
redemption of the series of USD-denominated bonds maturing on 22 August
2023, coupon 4.375%, and on 22 January 2024, coupon 4.875%, and their
total or partial exchange with new bonds, by contracting a loan on
external capital markets within the Medium Term Notes framework
The year 2023 is bound to be full of challenges. The energy crisis
continues to affect Europe, inflation will remain high until 2024, and
the scenario of an economic recession seems imminent. The foreign
exchange market is expected to react to these factors by increasing
exchange rate volatility, with negative effects on companies’ financial
situations. Thus, in a context where volatility on the foreign exchange
market tends to grow, iBanFirst analysts recommend Romanian companies
to take measures to protect themselves against currency risk in order
to maintain their competitive advantage on international markets.
Ministry of Agriculture and Rural Development (MADR) announced on
Thursday that the European Commission had reimbursed more than EUR 1
billion to Romania of the sums spent on advance payments granted to
farmers during the period 16 October-30 November 2022. On 5 January,
MADR cashed EUR 1,033,896,609.11 into the account opened with the
National Bank of Romania.
Ministry of Finance borrowed RON 3.34 billion from banks on Thursday in
the first auction of government securities in 2023, at yields of 7.34%
and 8.15% per year. In the first auction, the Finance Ministry reopened
a bonds issue maturing in April 2036 and borrowed RON 1.97 billion,
almost five times the programmed amount of RON 400 million, at an
annual interest rate of 8.15%. The total volume of demand was RON 2.35
billion, of which non-competitive bids totaled RON 195.8 million.
The health insurance market reached a volume of RON 509 million gross
written premiums in the first nine months of 2022, up by 33%
year-on-year, according to information published by the Financial
Supervisory Authority (ASF). The average premium in the health
insurance area was RON 2,442 in the first nine months of 2022, given a
total number of contracts of 208,600.
In 2023, the insurance market may maintain some of the accelerated
advance recorded in 2022. The car insurance area, more specifically the
mandatory civil liability car (RCA) insurance segment, will remain the
driver of the market, and the evolution of policy prices and sales
volumes will be key factors for the advance of the market in 2023. The
year 2021 ended with a 24% growth rate, while the first 9 months of
2022 brought a 23% increase in the market. The growth rate will most
likely remain a double digit figure in 2023.
The most modern kindergarten in Alba County was inaugurated in Ciugud
Commune, on Thursday. The investment amounted to EUR 1.6 million. The
kindergarten, built in the industrial area of the commune, has multiple
facilities, from interactive games, floor projectors, rooms for each
group, medical unit, bathrooms specially adapted for children and last
but not least an indoor playground, where the little ones can be
supervised from the hallways.
Phoenixy, the producer of Gusto corn puffs, invested EUR 10 million in
improving the quality of Gusto products and in new production
technologies in 2022. Phoenixy is the corn puffs market leader, but its
portfolio contains other types of snacks as well. The company has a
production unit in Băicoi (Prahova County) and is also one of the
largest entrepreneurial companies in the county. About 1.2 million bags
of corn puffs are produced in the plant in Băicoi every day, according
to the latest data available.
Minister of Development, Public Works and Administration Cseke Attila
has signed 20 new financing contracts under the "Anghel Saligny"
National Investments Program, worth a total of RON 228,599,361.20, for
20 administrative-territorial units, according to a press release
issued by the institution on Thursday. The signed contracts target the
rehabilitation and modernization of several streets and roads of local
interest, the construction of bridges, of sewerage networks and of
connections to existing sewerage networks.
Animals International salutes the Romanian Senate’s initiative to
debate the draft law for the gradual replacement of live animal exports
with meat exports by 2025. Moreover, the organization contradicts the
Social Democratic Party (PSD)’s position which rejects the draft law by
citing false arguments, according to a press release issued by the
organization. On Wednesday, PSD criticized a draft law banning the
export of live animals, initiated by several MPs from the National
Liberal Party (PNL), including Florin Cîțu and Marcel Vela.
REPER party’s draft law aimed at repealing the provision that overtaxes
part-time employment contracts at the level of the minimum wage,
submitted to Parliament at the end of 2022, received a positive opinion
from the Economic and Social Council (ESC) on Wednesday, according to
Cătălin Teniță, REPER MP for Bucharest. The draft law had been
submitted on 15 December, less than 24 hours after the Constitutional
Court had ruled on the matter, as the over-taxation of this type of
contracts is already affecting employees in the most vulnerable
categories, as well as small entrepreneurs, especially start-ups, REPER
On Wednesday, 4 January, the Government approved a decision on the
technical-economic indicators for the modernization of the Danube -
Black Sea and Poarta Albă - Midia, Năvodari canals in order to increase
navigation safety. The total value of the investment exceeds RON 1.6
billion and the execution period is 60 months, according to a press
release issued by the Executive. The project is part of Romania’s
General Transport Master Plan and of the transport network of European
EU countries are "strongly encouraged" to demand Covid tests from
passengers coming from China, a crisis meeting of European Union
experts decided Wednesday (4 January). The meeting also recommended
that passengers to and from China wear face masks, that EU countries
conduct random tests on arrivals and test wastewater from flights from
China, according to a statement issued by the Swedish presidency of the
EU. Wednesday’s meeting was held to coordinate a joint EU response to a
sudden inflow of visitors from China after Beijing lifted its
"zero-Covid" policy that for three years had imposed strict
restrictions on movement in the country when infections were detected.
Schools will reopen on January 9 as scheduled, Education Minister Ligia
Deca announced on Thursday, adding that non-attendance was not
encouraged. Minister Deca pointed out that wearing a protective mask
was recommended for teachers and students, emphasizing the importance
of observing hygiene rules. She also announced that she would have a
meeting with school inspectors to discuss the matter on Friday, 6
The shortage of specialists and economic uncertainties will accelerate
employee retention strategies in 2023, according to an analysis
conducted by online recruitment platform BestJobs. The cited source
also indicates that companies have slowed the pace of recruitments at
the start of 2023 and will increasingly focus on team development to
meet growth needs. The analysis notes that 2022 was a year of records
in recruiting, with more than 400,000 jobs available on the BestJobs
platform and 5.5 million candidates who filled in over 8 million job
applications, illustrating the highest interest in the past five years.
The Minister of Health has announced that a state of epidemic alert for
influenza will be declared, yet without any restrictions and quarantine
and isolation measures, but only with recommendations for protection,
assuring that this is an unprecedented but not dramatic situation.
Avoiding restrictions is also one of the reasons why authorities do not
want to declare a flu epidemic at this stage, only a state of alert.
This season, respiratory infections are likely to peak between 15
January and 10 February and then to start decreasing.