Economic growth will considerably decelerate in 2022 and 2023, more pronounced than expected, according to the minutes of the central bank leadership talks, released on Monday. Inflationary expectations of companies are rising, amid the trend of eroding consumer purchasing power. During the meeting, the Board of the National Bank of Romania discussed and adopted the monetary policy decisions, based on the data on and analyses of recent macroeconomic developments and the medium-term outlook submitted by the specialised departments, as well as on other available domestic and external information. Looking at the recent developments in consumer prices, Board members showed that, in December 2021, the annual inflation rate had climbed above expectations, to 8.19 percent from 7.80 percent in November, rising even higher above the variation band of the target and adding 6.13 percentage points from the end of 2020. 80 percent of the advance seen in 2021 had come, however, from the increases in natural gas, electricity and fuel prices, while half of the contribution of only 15 percent made by core inflation had been attributable to processed food, Board members remarked, underlining the much more modest rise in the annual adjusted CORE2 inflation rate to 4.7 percent in December 2021, from 3.3 percent in December 2020. It was emphasised yet again that inflation developments in Romania had been driven by global supply-side shocks, which had triggered a steep upward movement of inflation worldwide in 2021, way above central banks’ inflation targets, including in numerous European countries. On the domestic front, their impact had been compounded by the liberalisation of the electricity market for household consumers at the beginning of 2021, several Board members reiterated. (Details on :https://www.bnr.ro/Minutes-of-the-monetary-policy-meeting-of-the-National-Bank-of-Romania-Board-on-9-February-2022---23913.aspx)
Daniel Christian Hulea, a Romanian man accused of contributing to the NetWalker ransomware attacks, has been sentenced to 20 years in prison after pleading guilty to conspiracy to commit computer fraud and wire fraud, according to a public announcement from the US Department of Justice. NetWalker was a Ransomware-as-a-Service operation launched in 2019, which recruited […]
The new Romanian government, headed by the same Social Democratic prime minister, Marcel Ciolacu, recently made its governance program public. Among its objectives are reducing the level of bureaucracy, maintaining the flat tax rate, and reducing the budget deficit to 7% in 2025. To reach its goals, the government reduced the number of ministries to […]
The European Commission (EC) announced on Monday, December 23, that it disbursed payments under the Recovery and Resilience Facility (RRF) to Czechia, Germany, Italy, Portugal, and Romania, totaling EUR 26.8 billion in loans and grants. Under this latest disbursement, Romania received EUR 37.05 million as part of its second payment request. By comparison, according to the...
Romanian film trilogy Moromeții, directed by Stere Gulea, will be presented at the 54th edition of the Rotterdam International Film Festival, taking place from January 30 to February 9, 2025. This renowned European event, which annually presents hundreds of films across more than 20 sections, will feature the three films - Moromeții (1987), Moromeții 2 […]
Romania issued state aid worth EUR 1.3 billion during 2019-2023, with 62% of the projects being granted to foreign companies, according to an analysis conducted by EY Romania. The sectors that benefited the most from aid were the automotive industry, technology, manufacturing (light industry), medical industry, and the food and beverage industry. According to the […]
The Abracadabra – Secrets of Magic interactive exhibition will transform Arcub – Hanul Gabroveni in Bucharest into a magical universe starting December 27, 2024. Running until May 4, 2025, the event offers visitors the opportunity to explore a labyrinth of magic, featuring over 20 interactive attractions and more than 500 live performances by MAGITOT and […]
