BANCI | ENGLISH

Statement at the end of the IMF and EC Staff First Review Mission to Romania

Autor: Bancherul.ro
2013-11-05 21:15

IMF Press Release:

Teams from the International Monetary Fund (IMF) and the European Commission visited Bucharest during October 22-November 5 to conduct discussions on the first review of the economic program supported by an IMF Stand-By Agreement and a status update of the precautionary balance of payments program with the European Union.

Staff-level agreement has been reached. The program remains broadly on track. All end-September 2013 performance criteria were met and progress was made toward meeting most of the structural benchmarks.

Real GDP growth in 2013 has strengthened on the back of strong agricultural output and robust export performance, and is now projected to reach 2.2 percent.

Domestic demand, however, remains subdued contributing to a strong adjustment of the current account to 1.2 percent of GDP. In 2014, real GDP growth is forecast to remain flat at 2.2 percent with growth drivers gradually switching from net exports to domestic demand, and in particular to investment which is set to increase as the EU funds absorption accelerates.

Inflation entered the central bank’s target band in September, reflecting largely lower food prices, and it is expected to close 2013 at around 2 percent.

Notwithstanding the still ongoing deterioration in asset quality, the banking sector remains resilient and has maintained sufficient capital buffers and reassuring loan-loss provisions.

The authorities have continued the fiscal adjustment and met the September fiscal deficit target as revenue shortfalls were compensated by expenditure restraint.

The end-year target is now set at 2.5 percent of GDP (up by 0.2 percent in cash terms) to accommodate higher co-financing needs associated with faster absorption of EU funds. For next year, the authorities plan to gradually lower the deficit further, in line with achieving Romania’s medium-term budgetary objective (MTO) of a structural deficit (ESA-based) of 1 percent in 2015, while also accommodating expected further increases in co-financing expenditure.

The structural reform efforts are bringing good results in some areas. The successful initial public offering for 15 percent of Romgaz represents a landmark transaction for the state owned enterprise sector and for Romania’s capital markets.

However, the failure to complete the majority privatization of the freight railway company CFR Marfa was a setback though the government remains committed to continue the privatization process and to support a restructuring of the company in the interim.

Health care reform preparations are advancing, the price liberalization agenda for energy is on track, and steps were taken to strengthen public financial management, such as investment prioritization.

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