Archive » April 2009 » 01 April 2009 The english news from 01 April 2009
Lender BRD SocGen hikes 7.76% on closing on the BSE, on buying pressure
Shares of BRD SocGen rallied 7.76 percent on the Bucharest Stock Exchange (BSE), on a general market rise of 4 percent, as banking stocks were among the most attractive ones on the external markets as well. Liquidity inched to 16.18 million lei (3.82 million euros) from 13.28 million lei in the previous session…
BNR decision leaves more cash for banks
The National Bank of Romania (BNR) has made a first major decision since the country applied for an International Monetary Fund (IMF) loan based on a stand-by agreement. BNR's Board of Directors cut to zero the cash reserve ratio (CRR) imposed on local banks for currency liabilities with residual terms of more than two years. This means that lenders may keep all money from external loans with maturity of more than two years…
Merril Lynch Sees Romanian Economy Contracting 3.4% In '09, 3.1% In 2010
Merrill Lynch revised downwards its forecast on Romania's GDP contraction in 2009 to 3.4% from the previous 1.5%, but changed upwards the predictions for 2010 to a 3.1% economic contraction from the 5% previously estimated, due to the possible fiscal-adjustment driven by the IMF agreement. "After a surprisingly strong growth in 2008, the GDP is likely to contract sharply in 2009 and 2010"…
Basescu: I assume political decision on IMF agreement
President Traian Basescu said on Tuesday he assumes the political decision, alongside the Government and the National Bank, on the agreement on taking a foreign loan. "I assume the political decision, alongside the Government and the National Bank, for this agreement to exist. Many have doubts that I might backtrack on this agreement when I felt convenient"…
IMF to try to get preventive recapitalization from mother banks operating in Romania, Austria deems
The International Monetary Fund could try to obtain preventive recapitalization from mother banks operating in Romania according to an official Austrian document, also showing Romania was given the possibility to contract a bilateral loan from state with particular interests, but refused to…
Bankers blocked €272 mln in provisions in January
Provisions rocketed in January to exceed the €2 billion threshold, while bankers are worrying about poor performance, as only 60 percent of the retail and corporate loans can be considered "clean". Banks borrowed €9 bln from the National Bank of Romania (BNR) in February alone, while Romanians forced bankers to set aside provisions worth €272 million in January…
Black Sea Blocks Exploitation Rights Granted In 1992 - Sterling Resources
Canadian company Sterling Resources stated Wednesday that the rights of exploitation at the Black Sea blocks XIII Pelican and XV Midia were stipulated in the initial contract signed back in 1992, and the former government has not given the company any additional rights…
Romania's international reserves shrink to 27.426 billion euros
Romania's international reserves (foreign currency plus gold) decreased to 27.426 billion euros on March 31, 2009, compared to 28.401 billion euros on February 28, 2009, Romania's National Bank (BNR) informs on Wednesday. The gold reserve maintained at 103.7 tonnes. Considering the evolution of the international prices, its value stood at 2.305 billion euros…