News

Daily Newsletter - 8 March 2019

Summary

Macroeconomic News (5)

Farmers can access EUR 93.8 million worth of investment funds

Romanian farmers can take out loans to finance investment in farms, expansion or raw material processing, according to the agreement signed by the Ministry of Agriculture and Rural Development (MADR) and the European Investment Fund. The banks involved in this program are BCR, Libra Internet Bank, ProCredit Bank, Raiffeisen Bank and UniCredit Bank.

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EC urges Romania to implement payment services regulations

The European Commission urged Romania to apply the payment services regulations, especially regarding the introduction of stringent security requirements for electronic payments and the ban on surcharges. The EC gave Romania two months to comply with these regulations. Should the national government fail to comply, the Commission will take the matter to the EU Court of Justice.

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National economy grew twice faster than EU average

The national economy grew 0.7% in the fourth quarter of 2018, three times above the eurozone's 0.2% growth and twice better than the European Union's 0.3% growth, according to the second estimate released by Eurostat. Still, the national economy lags behind those of Estonia (2.2%), Lithuania (1.3%), Latvia and Sweden (1.2%), Cyprus (1.1%), Hungary (1%), the Czech Republic (0.9%), and Bulgaria, Slovakia and Slovenia (0.8%).

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MFP borrowed RON 635 million at 4.08%

On Thursday, the Ministry of Finance (MFP) borrowed RON 635 million from the commercial banks banks at a 4.08% interest rate through an issue of benchmark bonds with a residual maturity of 52 months, according to data provided by the National Bank of Romania (BNR). The nominal value of Thursday's issue was RON 400 million, while the banks offered a total of RON 1.2 billion.

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GDP below target

The National Statistics Institute (INS) confirmed the 4.1% growth rate for the national economy in 2018. The nominal GDP value was RON 940,477 million, which is more than RON 9 billion below the initial forecast.

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Financial News (2)

BNR hits back against gold reserve criticism

"The National Bank of Romania (BNR) urged publicly last week all those who talk about the gold reserve to read the official documents. Nevertheless, the Minister of Finance, Mr. Eugen Teodorovici, has recently raised some questions regarding this issue, although the answers are already available in the documents or in other statements made by BNR representatives," said Suciu.

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Moody's upgraded Alpha Bank Romania's deposit ratings

Ratings agency Moody's has upgraded the ratings granted to Alpha Bank Romania's long-term deposits, both in RON and foreign currencies. The ratings increased from Ba3 to Ba2, according to a press release. The short-term deposits were confirmed as Not Prime.

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Investment News (1)

MADR to invest RON 40 million in irrigation system

The Ministry of Agriculture and Rural Development (MADR) will invest RON 40.9 million in rehabilitating the irrigation infrastructure on the Ialomita-Calmatui Terrace, which occupies 78,700 hectares of land in the Braila county. Part of the funds will go toward the rehabilitation of three repumping stations and seven water distribution canals.

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Legislative News (1)

Lobbying bill passes unchallenged

Lobbying will be defined in Romania as the action of an individual or a group of individuals with varied, specific and well-defined interests that aim to influence political decisions by intervening either in the decision-making process or after decisions are taken, according to a bill that the Senate allowed to pass into law unchallenged.

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Politics (1)

Ciolos blasts BEC

Former prime minister Dacian Ciolos stated during a press conference held in Timisoara yesterday that BEC's decision to reject the registration of the USR-PLUS alliance shows that the situation in Romania is almost as bad as in Russia, where a supreme leader decides who can take part in the elections.

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Social (1)

Corina Cretu: Romania has come a long way in promoting gender equality in the economy

Romania has come a long way in promoting gender equality in the economy, but many aspects still need to be improved, according to Corina Cretu, the EU Commissioner for Regional Policy. The statement was made at the Women in Economy Gala, organized by CONAF and Capital Media Production.

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