International development banks criticize Romania over bank tax plans

International development banks criticize Romania over bank tax plans

Feb 13, 2019

Two major international development banks, the European Bank for Reconstruction and Development and the International Finance Corporation, have formally complained to the Romanian government about proposed new banking sector taxes, according to Reuters. In an unusual move, the London-based EBRD and IFC, which is part of the World Bank, sent a joint letter to...

Nasdaq.com: Romanian stocks resume fall, central bank warns over deficit

Nasdaq.com: Romanian stocks resume fall, central bank warns over deficit

Feb 13, 2019

Romanian bank stocks resumed a fall on Monday as central bank (NBR) governor Mugur Isarescu clashed with the government over the draft 2019 budget which includes a new tax on banks, according to Nasdaq.com. The plan, which also increased taxes on energy firms to compensate for rising state spending, was first announced two months ago and caused a plunge in...

Transilvania International Film Festival starts on May 28

Transilvania International Film Festival starts on May 28

Feb 12, 2019

The Transilvania International Film Festival (TIFF), which will take place between May 28 and June 6 in Cluj and between June 9 and 13 in Sibiu, will screen 18 feature length Romanian films and 19 short films. Two of these films will be the Cannes-nominated Aurora, directed by Cristi Puiu, and ‘Marti dupa Craciun’ (Tuesday after Christmas), directed...

Currency peg in Romania? Possible, but only at a half-priced RON, central bank governor says

Currency peg in Romania? Possible, but only at a half-priced RON, central bank governor says

Feb 11, 2019

Romania could introduce a Monetary Council – or currency peg – like in Bulgaria that will keep the local currency pegged to EUR but the cost will be the setting of a much higher exchange rate, of RON 7-8/EUR, almost double than the current value, the central bank governor Mugur Isarescu said on Monday, according to Business-Review.eu. “A Monetary Council...

Hungary lobbies ExxonMobil to start offshore gas extraction in Romania

Hungary lobbies ExxonMobil to start offshore gas extraction in Romania

Feb 11, 2019

Hungarian foreign affairs minister Peter Szijjarto asked US energy secretary Rick Perry to persuade oil group ExxonMobil to start with his Austrian partner OMV the offshore gas production in Romania’s Black Sea section, Reuters informed. The US could help Hungary diversify away from Russian energy by encouraging ExxonMobil to proceed with long-stalled...

EC confirms economic slowdown scenario for Romania

EC confirms economic slowdown scenario for Romania

Feb 10, 2019

The European Commission (EC) under its Winter Forecast sticks with the projections for an economic slowdown in Romania during 2019-2020 and forecasts 3.8% GDP growth this year followed by 3.6% advance in 2020. The GDP increase could have hit 4.0% in 2019 (compared to 3.6% predicted in November), the EC admitted, but it is expected to ease in the coming years...