The bank loan moratorium, for bank debtors facing financial problems due to the crisis prompted by the war in Ukraine, was enacted by the Romanian Government on June 29. Those who face increases in spending by 25% are entitled to request the moratorium, which allows for the deferral of installments. Finance minister Adrian Caciu, however, recommended those debtors who can pay their installments not to use the instrument because they'll eventually pay more. "It is an instrument available to those who really have difficulty because, obviously, any postponement of installments will lead to the obligation for these installments to be paid later and with a series of costs along with them, respectively the related interest," Caciu said, quoted by Economica.net. The moratorium was also approved by the National Bank of Romania (BNR) but also by the Romanian Association of Banks (ARB). It is a tool for those in difficulty, both individuals and legal entities, minister Caciu explained. He outlined some alternatives customers have: switching to a fixed interest rate, switching from one benchmark to another (from ROBOR to IRCC) or refinancing the loan, rescheduling or restructuring the loan. Prime Minister Nicolae Ciuca said on Wednesday that the government will approve during the day several measures of the 'Support for Romania' program, mentioning a 9-month forbearance on bank installments, support for institutionalized children, young families and students and the extension of the 'SME Invest plus' program."We will continue to adopt the measures included in the 'Support for Romania' plan and to this effect we will approve today the suspension of bank installments for a nine-month period, a measure applicable to both individuals and companies facing difficulties caused by the increase in prices and all the elements related to the inflation everybody feels. Also, at today's government meeting we will approve the Emergency Ordinance on support to institutionalized children, young families and students," the Prime Minister announced at the beginning of the Executive's meting.Ciuca also mentioned that the 'SME Invest plus' program will be extended."It is a measure we are taking in order to continue supporting the SMEs that work in digitalisation, in research and innovation, in the digital field, as well as the establishment of start-ups," the Prime Minister added.He also announced that several decisions will be made at the meeting "aimed at accomplishing the milestones and targets set forth in the National Recovery and Resilience Plan for the second quarter", so that "the consistency of the program's implementation" is ensured.
Romania’s government has assumed responsibility in Parliament for legislation reforming magistrates’ pensions, prime minister Ilie Bolojan announced on December 2. He said the draft law had received the opinion of the High Court of Cassation and Justice, noting that the court’s assessment was negative. It is the government’s second attempt to have the bill promulgated, […]
Romania Education Alliance (REA), the first private school network in the country, announced it has exceeded the milestone of 1,000 students enrolled across its member schools just one year after launch. "The fact that we surpassed 1,000 students in our very first year of activity shows that the REA model addresses a real need in […]
Genesis College, one of the largest private educational institutions in Romania, announced the regulatory approval of the transaction through which the investment firm Mozaik Investments becomes its majority shareholder. The transaction, signed at the end of July, received all necessary approvals from the Competition Council on November 25, and, formally, the entire investment procedure is […]
The European Bank for Reconstruction and Development (EBRD) is lending up to EUR 29.9 million to the Romanian city of Brasov to finance energy efficiency upgrades in public buildings, initiating the city’s participation in the Bank’s flagship EBRD Green Cities programme. The Bank’s investment will fund the renovation of up to 20 public buildings, including […]
This festive season, JW Marriott Bucharest Grand Hotel invites guests to embrace the extraordinary and transform each moment into a lasting memory. On New Year’s Eve, the hotel unveils The Grand Countdown — a luminous celebration of new beginnings, thoughtfully crafted across four distinctive venues, each with its own character and atmosphere. The night begins […]
The European Commission has approved, under the EU Merger Regulation, the acquisition of sole control over ArcelorMittal Tubular Products Iași (AMTP Iași) by Metinvest B.V. of the Netherlands, part of the Ukrainian steel and mining group owned by Rinat Akhmetov, New Voice of Ukraine reported last week. Metinvest has...
