News

Daily Newsletter - 6 March 2019

Summary

Macroeconomic News (3)

Pillar II managers want Decree 114 amended

The shareholders of the companies managing mandatory private pension funds (Pillar II) say the new capital requirements introduced by Decree 114 are placing a huge and unsustainable burden on the industry. The shareholders, whose representatives met in Bucharest in order to discuss the issue with the national government, want the decree amended.

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National retail sector keeps growing

The national retail sector logged one of the biggest growth rates in the European Union for January, according to Eurostat. The 6.7% growth rate posted for the first month of this year was almost three times above the EU average of 2.5%. The Eurozone reported an average growth rate of 2.2%.

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Public debt interest and fees to reach RON 11.5 billion

Romania will pay more than RON 11.5 billion in interest and fees on its foreign debt this year, according to the forecast released by the Ministry of Finance (MFP). However, the forecast is based on last year's figures and may need to be adjusted upwards. At least 1.13% of the GDP will be spent on servicing the public debt.

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Financial News (2)

S&L law receives implementation norms

The implementation norms for the bill amending the law regulating S&L banks were adopted by the Ministry of Finance (MFP) and the Ministry of Regional Development and Public Administration (MDRAP). The norms were also published in the Official Monitor on March 4. However, the norms cannot be applied to existing S&L contracts, which also need to be regulated by the National Bank of Romania (BNR). The S&L system has been frozen since the Court of Accounts suspended the activity of BCR BpL and Raiffeisen BpL.

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BNR rejected transparency accusations

The National Bank of Romania (BNR) rejected firmly the accusations brought by MEP Norica Nicolai regarding the administration of Romania's national reserve and especially the gold reserve. BNR spokesman Dan Suciu said all critics should first consult the official paperwork.

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Investment News (1)

Almost 40 km of county road modernized

Almost 40 kilometers of county road will be modernized in Timis county using EU funds. The road connects the commune of Carpinis to the Arad-Timis county border in order to connect to the A1 Highway, according to a press release from ADR Vest.

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Legislative News (1)

Cabinet issues amendments to Decree 7 despite negative CSM position

The Cabinet has not given up on the decision to amend Decree 7 as proposed by Justice Minister Tudorel Toader. The modification does not touch the articles putting the new department tasked with investigating magistrates outside the Prosecutor General's authority. This is the reason why the PSD-ALDE coalition is pushing ahead with the amendment in spite of CSM's negative opinion.

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Politics (1)

Olguta Vasilescu to be nominated for PSD spokeswoman

Liviu Dragnea, leader of the Social Democratic Party (PSD), said yesterday that he would nominate Olguta Vasilescu for the position of party spokeswoman.

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Social (2)

Romania has fourth biggest gender employment gap in EU

The employment gap between men and women is 17.1% in Romania, compared to an EU average of 11.5%, according to data released by Eurostat on Tuesday.

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Emergency aid for families in 37 counties

The Cabinet adopted on Tuesday a draft order allocating emergency aid worth more than RON 2 million to 550 families and individuals from 37 counties. The recipients are in special situations caused by fires, floods or landslides, severe health issues or other causes that could lead to social exclusion.

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