The Romanian households' net wealth continued to grow at a robust pace of 10 percent in 2021, with real estate assets acting as the main growth driver, shows the Financial Stability Report released by the National Bank of Romania (BNR).According to the cited document, the households' net wealth last year was in excess of 2.600 billion RON."The households' net wealth continued to increase at a robust pace during 2021 (+10 pct). Real estate assets are credited for the bulk of the growth (+13 pct), as they were driven by the robust evolution of real estate prices, along with expansion of the housing stock. The growth rate of financial assets slowed down from 34 pct in Q3 2020 to 3 pct at the end of 2021. An aspect worth mentioning is the divergent evolution of demand deposits (+25 pct in March 2022 vs. March 2021) compared to term deposits (-14 pct), as well as the speeding up of foreign exchange savings against national currency savings, indicating a high preference for assets with a high degree of liquidity, amid rising uncertainty caused by the conflict in Ukraine," the report states.The BNR notes that the income polarization trend observed in previous years has gained momentum during 2021, with deposits higher than the 100,000-euro guarantee ceiling increasing by 14 percent, compared to a 4 percent growth for other depositors. Also, there was a significant increase in the ownership of investment fund equity and listed stocks, which went up by 80 pct and 2.3 pct of GDP, respectively, on the back of rising stock indices and the emergence of new financial applications.According to the report, the evolution of the average net income was in line with the increase in consumer prices, as the real earnings index remained stable in March 2022 compared to the previous year. However, there are still significant differences in terms of the salary income distribution: 42 percent of the employment contracts registered in January 2022 were for a pay less than or equal to the minimum wage, and just 13 percent thereof provided for a pay above average.
The agency plans to expand its team and reach a turnover of EUR 450,000 by year-end. June Communications (JUNE), a business-to-business PR and integrated communications agency, has appointed Bianca Caragea as its new Operations Manager. The step strengthens the agency’s management team as it enters a new stage of growth after seven years of sustained […]
The Babeș-Bolyai University of Cluj-Napoca (UBB) has established an endowment fund, which the institution described as a "strategic" financial mechanism aimed at supporting academic excellence and ensuring the long-term sustainability of university projects. The initiative is a first of its kind in the local academia, UBB said. The endowment fund involves attracting donations/financial resources and […]
Romanian authorities are reportedly considering imposing an access fee for the Transfăgărășan mountain road. The funds would be used for setting up decent parking areas, selecting merchants, and similar initiatives. The beautiful, winding road is one of the most visited tourist attractions in the country. Local authorities say the funds from an eventual toll would […]
Colombian reggaeton superstar J Balvin will perform in Dubai for the first time this November, headlining Untold, the globally recognized festival born in Romania. The event will take place from November 6 to 9 at Dubai Parks and Resorts, featuring more than 100 international acts across five stages. The festival is staged in partnership with […]
More than 17% of Romania’s population faced severe material and social deprivation last year, which was one of the highest shares in the EU, according to the statistical bureau of the European Union - Eurostat. In 2024, 6.4% of people in the European Union faced severe material and social deprivation, a slight decrease compared to […]
The Freedom and Respect for Every Earthling association will hold the March for Animal Rights in Bucharest on October 4, to mark International Animal Day. The march will start at 11 AM at the National Theater Park, and will go on to Piața Victoriei. Organizers say they aim to bring to the forefront the suffering […]
