The exchange rate climbed on Tuesday towards the 5.1 lei/euro threshold, and this depreciation will be seen in higher prices for various products and services, interest rates have risen and are likely to remain high, which makes investors and the business environment have some legitimate concerns, said the executive director of the Concordia Employers' Confederation, Radu Burnete. 'After a long period of stability for the exchange rate (1-2 years), today we have seen a rapid rise towards the 5.1 leu/euro threshold, amid growing pressures on the foreign exchange market. The central bank has made efforts and intervened recently to defend the exchange rate, but this could not be done indefinitely. The depreciation of the leu will be seen in higher prices for various products and services (telephone, gas, petrol, etc.), which means higher inflation. However, Romanian products will become more competitive for export, which could help to reduce the trade deficit and balance Romania's external situation', Burnete explained. According to him, interests could be kept at a high level, due to the need to finance the state.'Amid all this uncertainty, interest rates have risen and are likely to remain high, given the government's pressing need for financing in the context of a very high deficit. The moment is a sensitive one, and investors and the business environment have some legitimate concerns,' Radu Burnete pointed out. The Stock Exchange in Bucharest reacted negatively at the results of the first round of presidential elections and at the changes on the political scene, while interests which indicate the cost of loans increased, and the exchange rate of leu/euro surpassed the psychological threshold of 5 lei on Tuesday.According to the BNR data, the euro was quoted to 5.0378 lei on Tuesday, up by 6.03 bani (1.21%) against the previous quotation, of 4.9775 lei, registering a historic maximum.The three-month ROBOR index, which is used to calculate the cost of variable-rate consumer loans in lei, rose to 6.08% p.a. from 5.90% p.a. in the previous session.
Romanian prime minister Ilie Bolojan stated during an interview on Wednesday, December 17, that there should be no statute of limitations in cases of serious corruption. The statement comes after a Recorder investigation, which showed that several heads of the major institutions in the Romanian justice system allegedly delayed trials for years until wrongdoings were […]
President Nicușor Dan has challenged, before the Constitutional Court (CCR), the constitutionality of the law that requires that at least 40% of the athletes who play on a team in official national competitions be Romanian. Dan noted that the law violates the principle of non-discrimination and the free movement of workers, enshrined both in the […]
Craiova International Airport will open its new passenger terminal on Thursday, December 18, completing a major infrastructure investment aimed at significantly expanding capacity and improving air connectivity in southwestern Romania. It is part of a broader expansion and modernization project financed through the Large Infrastructure Operational Programme (POIM) 2014–2020, with a total value exceeding EUR […]
Romania is set to be connected to the Western European energy network thanks to grid investments worth EUR 30 billion. The funds will be provided by the EU by 2035, and the project will link Romania to Hungary and Austria in a joint project. Romanian energy minister Bogdan Ivan signaled the signing of the new […]
Franck Bagouet has been appointed managing director of TotalEnergies Marketing Romania SA and managing director of Automotive Southeast Europe Hub TotalEnergies Marketing. He succeeds Didier Grimault, who has accepted a new position within the TotalEnergies company. “I am glad to join this dynamic affiliate and confident that, together with our talented team, we will reinforce […]
Databricks, the data analytics and artificial intelligence company co-founded by Romanian professors Ion Stoica and Matei Zaharia, announced on Tuesday, December 16, that it is raising USD 4 billion in funding at a valuation of USD 134 billion, according to CNBC. The new valuation represents a 34% increase compared to the August round, when Databricks […]
