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.
North Bucharest Investments anticipates a surge in international interest in the local real estate market following the launch of the Romanian Golden Visa program — a modern mechanism granting foreign investors a 5-year residence permit and the possibility to later apply for Romanian citizenship. The program, which allows eligible investments starting from €400,000 in real […]
Between October 21-25, Bucharest hosts the Climate Change Summit, the most important event in Central and Eastern Europe dedicated to climate action. The main event will take place on October 21 at the Palace of Parliament, featuring the participation of international leaders, decision-makers, and sustainability experts. CCS Week includes...
The works of several Romanian designers and artists will be on display at the Hôtel de Béhague in Paris, the headquarters of the Romanian Embassy, as part of the exhibition Valuable. The Romanian artists and designers included in the exhibition are Radu Abraham, Mircea Cantor, Bogdan Ciocodeică, Constantin Flondor, Cosmin Florea, Nona Inescu, Șerban Ionescu, […]
SCUT, Romania’s newest cybersecurity company, has officially launched the concept of the digital cyber shield — a unified approach, co-created with Orange Cyberdefense — that provides a high level of protection, complete visibility, and coordinated assistance in the event of a cyberattack. The event, organized in Bucharest, brought together industry experts, partners of the new […]
The Romanian engineering and technology company Simtel (BVB: SMTL) announced on Tuesday, October 14, that one of its companies will open a factory in Băicoi, Prahova, to produce industrial cleaning robots. Simtel has a 51% stake in Agora Robotics, the company that will operate the factory set to open in November. “We already have a […]
Over 50 civic and environmental organizations are calling on the General Council of the Municipality of Bucharest to increase fines for illegal deforestation. At the moment, the fine for the illegal cutting of a tree is only RON 50 (EUR 10), or even RON 25 (EUR 5) if paid within 15 days. The organizations have […]
