BANCI | ENGLISH

IMF Completes Seventh and Eighth Reviews Under the SBA for Romania

Autor: Bancherul.ro
2013-06-27 08:42

IMF Press Release, June 26, 2013:

The Executive Board of the International Monetary Fund (IMF) completed today the seventh and eighth reviews of Romania’s performance under its economic program supported by a 24-month Stand-By Arrangement (SBA). Completion of the reviews makes an additional amount equivalent to SDR 450.6 million (about €520.74 million), available for disbursement, bringing the total resources currently available to Romania under the SBA to an amount equivalent to SDR 3,090.6 million (about €3,571.68 million, 300 percent of quota). The SBA was approved on March 25, 2011 (see Press Release No. 11/101) and became effective on March 31, 2011. The authorities are treating the arrangement as precautionary and do not intend to draw under it.

In completing the reviews, the Executive Board approved three waivers for the nonobservance of the performance criteria on net foreign assets of the National Bank of Romania, the general government balance, and the central government arrears, based on corrective actions taken by the authorities.

Following the Executive Board’s discussion on Romania, Ms. Nemat Shafik, Deputy Managing Director and Acting Chair, said:

“Romania has successfully concluded the second of two Stand-by Arrangements with the Fund. The economy has stabilized. Core inflation remains low, and the fiscal and current account balances are sustainable. However, growth is weak and downside risks exist. Structural reforms are critical to realizing Romania’s growth potential and creating jobs, while continued fiscal discipline is essential to anchor macroeconomic stability.

“Significant fiscal adjustment since 2009 has enabled Romania to exit the EU Excessive Deficit Procedure in June. The government’s intention to further reduce the structural deficit at a moderate pace to reach its medium-term deficit objective is appropriate. The budgetary framework will also benefit from the establishment of an effective commitment control system and strict prioritization of public investment which would help to avoid recurrence of arrears. Tax administration and healthcare reform along with tax base broadening measures are also needed.

“Reform of the energy and transport sectors and of state-owned enterprises remains incomplete. The authorities have begun to gradually raise gas and electricity prices and establish a more competitive energy market while taking steps to protect vulnerable consumers. These measures are welcome, but more must be done to reform inefficient state-owned enterprises, including through greater private-sector involvement.

“The monetary policy stance is broadly appropriate. Romania’s banking system is well capitalized, but vulnerable to external shocks. Accordingly, the authorities should continue to improve their crisis management arrangements and contingency planning. In particular, further efforts to remove obstacles to the resolution of non-performing loans are needed and corporate governance weaknesses at the new unified financial supervisor should be addressed,” Ms. Shafik stated.

Comentarii

Adauga un comentariu

Adauga un comentariu folosind contul de Facebook

Alte stiri din categoria: ENGLISH

Merger of Alpha Bank and UniCredit Bank Romania

Press Release: "Alpha Services and Holdings announces a strategic partnership with UniCredit in Romania Merger of Alpha Bank Romania and UniCredit Bank Romania and creation of third largest bank in Romania by total assets, with Alpha Bank retaining a detalii

National Bank of Romania (NBR) Board decisions on monetary policy

NBR Board decisions on monetary policy In its meeting of 4 April 2023, the Board of the National Bank of Romania decided: • to keep the monetary policy rate at 7.00 percent per annum; • to leave unchanged the lending (Lombard) facility rate at 8.00 percent per annum and the deposit facility rate at 6.00 percent per annum; • to keep the existing levels of minimum reserve requirement ratios on both leu- and foreign currency-denominated liabilities of credit institutions. The annual inflation rate went down to 15.52 percent in February 2023, from 16.37 percent in December 2022, relatively in line with forecasts. The decrease was mainly driven by the sizeable drop in the dynamics of fuel and detalii

ING posts 2022 net result of €3,674 million, dividend of €0.389 per share

ING press release: ING posts FY2022 net result of €3,674 million,
proposed final 2022 dividend of €0.389 per share

4Q2022 profit before tax of €1,711 million; CET1 ratio remains strong at 14.5%
•
Profit before tax up 29% on 4Q2021 and 24% on 3Q2022, mainly driven by higher income
•
Higher net interest income, as a further increase in liability margins helped offset TLTRO impact this quarter
•
Risk costs declined to 17 bps of average customer lending

Full-year 2022 net result of €3,674 million, supported by growing customer base and increase in lending and deposits
•
On a full-year basis, our primary customer base grew by 585,000 detalii

BT Financial Results as at 30 September 2022

BT Financial Results as at 30 September 2022 Banca Transilvania – sustained growth in customers and operations during the first nine months of the year "We continued our robust growth in the number of clients and transactions, with a dynamic well above the market average. We have been growing steadily and continued financing companies and individuals, despite the fact that the financial market is more fraught with uncertainty than ever and
the funding costs and capital requirements are additional factors driving the uncertainty in the economy. We remain committed to our objective - to be the main supporter of the economy and of the state for the development of Romania", states Mr. Ӧmer Tetik, Chief Executive detalii

Vezi toate stirile

10.11.2024

1 EUR = lei
1 USD = lei

Sursa BNR

Profil de Bancher

Csaba Bálint, Membru in Consiliul de Administratie al BNR
BNR

Csaba Bálint, CFA Membru al Consiliului de ... vezi profil

Toate Profilele

Profil de Banca

EximBank

vezi detalii

Toate Bancile

Filmul Parking, un cliseu plictisitor

Toate stirile

ING Bank

Toate stirile

Ultimele Comentarii

Bancnote vechi
Numar de ... detalii
Bancnote vechi
Am 3 bancnote vechi:1-1000000lei;1-5000lei;1-100000;mai multe bancnote cu eclipsa de ... detalii
Schimbare numar telefon Raiffeisen
Puteti schimba numarul de telefon la Raiffeisen din aplicatia Smart Mobile/Raiffeisen Online, ... detalii
Vreau sa schimb nr de telefon
Cum pot schimba nr.de telefon ... detalii
Eroare aplicație
Am avut ora și data din setările telefonului date pe manual și nu se deschidea BT Pay, în ... detalii

Nume	*
E-mail	*
E-mail prieten	*
Mesaj
Cod validare	*
	Tastati codul din imagine (doar cifre)
	195.154.184.126