The Romanian banking sector is not directly exposed to the risks associated with the conflict in Ukraine, and the attracted deposits amount to a modest value for our system, of 17.9 million lei for Russia and 40.7 million lei for Ukraine, Leonardo Badea, vice president of the National Bank of Romania (BNR), said on Thursday."The Romanian banking sector is not directly exposed to the risks associated with this conflict [from Ukraine - editor's note]. Exposures of the credit institutions are low in respect to the trade-off with Russia or Ukraine, there are no such granted loans and advances in balance sheets, and the attracted deposits amount to a modest value for our system, of 17.9 million lei for Russia and 40.7 million lei for Ukraine, according to the data from December 2021. About 300 enterprises running on capital from Russia have been identified, but the role these firms play among the total non-financial companies in insignificant, as they generate 0.1pct of gross value added, produce 0.66pct of turnover, hold 0.2pct of the total assets of non-financial companies and employ 0.08pct of the total number of employees," said Leonardo Badea, at the European Financial Services Conference ECFS2022, organized by the Institute of Financial Studies.According to him, the exposures of credit institutions in Romania to domestic companies running on Russian capital are very low, of 71 million lei. The long-term private debt to non-financial creditors of Russian companies stood at 145 million euros at the end of 2020.He also referred to the impact on the energy sector, noting that between January and November 2021, 70pct of the gas consumed in Romania was from local production and only 10pct of the total consumed by Romania was supplied by Russia.
Romania registers one of the widest gaps in the EU between high and low incomes among the population: the average income of the richest 10% of Romanians (tenth decile) is 4.88 times higher than that of the poorest 10% (first decile), according to Eurostat data from 2022 compiled by Friedrich Ebert Foundation. The gap slightly […]
As the scandals surrounding Bucharest mayoral candidate Catalin Cirstoiu (head of University Central Hospital) are turning into a broader public debate about the rampant corruption in the public healthcare system and the way funds are...
Romanians bought state debt, denominated in local currency and euros, amounting to a total of nearly RON 3.2 billion (EUR 640 million) under the latest issue (Fidelis) organized by the Treasury. This was some RON 100 million more than the largest such issue in April 2023. Romanians bought EUR 384 million worth of bonds denominated […]
In the context of the visit paid by a Romanian delegation headed by prime minister Marcel Ciolacu in Qatar and UAE, Hidroelectrica (BVB: H2O) and Masdar of Emirates agreed to expand the scope of the joint venture (JVC) to be established so that it includes the development of on-shore and floating solar projects, as well […]
EMMA Capital, the Czech investment fund controlled by billionaire Jiří Šmejc, received the permit from the national regulatory body to take over the Romanian natural gas producer Stratum Energy through its subsidiary EMMA Lambda. The unit would add to EMMA's operations in Romania, which are conducted through Premier Energy in the sectors of natural gas […]
The volume of construction works in Romania contracted by 10.8% y/y in the first two months of the year, according to data published by the statistics office INS. The annual decline sweetened from -17.9% y/y in January to -5.5% y/y in February. It is possible but not very likely that the sluggish implementation of the […]
