BANCI | ENGLISH

IMF Completes Sixth Review Under the Stand-By Arrangement for Romania

Autor: Bancherul.ro
2012-09-29 08:57

The Executive Board of the International Monetary Fund (IMF) today completed the sixth review of Romania’s economic performance under a program supported by a 24-month Stand-By Arrangement (SBA) , said IMF in a statement.

The authorities have indicated that they will continue to treat the arrangement as precautionary and therefore do not intend to draw under it.

Completion of the review makes an additional amount equivalent to SDR 430 million (about €512.9 million, or about US$663.1 million) available for disbursement, bringing the total resources that are currently available to Romania under the SBA to SDR 2.640 billion (about €3.2 billion, or about US$4.1 billion).

The SBA was approved on March 25, 2011 (see Press Release No. 11/101) in the amount of SDR 3,090.6 million (about €3.7 billion, or about US$4.8 billion).

In completing the review, the Executive Board also approved a waiver for the nonobservance of a performance criterion regarding central government and social security domestic arrears, and the modification of the performance criterion concerning the net foreign assets of the central bank.

Following the Executive Board’s discussion on Romania, Mr. David Lipton, First Deputy Managing Director and Acting Chair, said:

“Romania continues to make good progress under the precautionary program. All performance criteria and indicative targets were met except for the central and local government arrears. Nevertheless, the economic outlook remains challenging due to the difficult external and internal environments that have led to exchange rate pressures and undermined confidence. Growth is expected to slow while inflation is approaching the upper bound of the NBR’s target band. Steadfast program implementation is essential to preserve the hard won macroeconomic stability, and boost investment and growth potential.

“The authorities have maintained strict spending discipline consistent with the goal of lowering the budget deficit to 3 percent of GDP in 2012. Remedial measures to ensure a decline in arrears remain a priority. A slowdown of capital outlays will be required in light of the recent interruption of EU fund disbursements for some programs. Additional efforts are needed to improve tax administration and reform the health care, energy and transportation sectors. While progress is being made towards liberalizing energy prices, it will also be important to step up the reform of state-owned enterprises.

“The banking system maintains significant buffers to deal with rising non-performing loans and potential spillovers from elsewhere in Europe. However, the authorities should remain vigilant and continue to strengthen the financial-sector safety net and contingency planning. Intervention in support of the leu should be limited to smoothing exchange rate volatility.”

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

Sridhar Cadambi, Vicepresedinte, COO
RBS Bank

... vezi profil

Toate Profilele

Profil de Banca

Banca Transilvania

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