BRD: Romania has room to manoeuvre to cope with international financial crisisPublish date: 06-11-2008
Romania has room to manoeuvre in order to cope with the international financial crisis: minimum compulsory reserves can be used to give a boost to the economy and there is the advantage of the 16% flat tax, whose level can be easily raised to secure the necessary budget revenues, states Claudiu C
ercel, BRD's vice-president of financial markets. He recently attended a meeting of French investors with finance minister Varujan Vosganian in Paris. "French investors (...) are confident in the medium and long-term economic perspectives, as Romania is a EU member, with major financing programmes".
Thus, he considers it exaggerated that Romania is included in the " junk" category. Cercel states that against such a troubled backdrop, doubled by the pre-election atmosphere and given the structural shortages being quoted with relation to Romania, "results are remarkable: the exchange rate has been harnessed and interest rates have been tempered".
Cercel says minimum compulsory reserves can play the role of a stabilising fund and believes they should be used when there are no other ways to secure liquidity on the market. Cercel has been working for BRD since March 2003. As a vice-president, he runs the daily operations of the Financial Markets Pole.
- Insurance market stagnated in 2013 while GDP chare dropped to 1.3%
- The Romanian Leasing Market as of December 31, 2013
- Millennium Bank reports best results since its launch, helped by stronger banking income and cost cuts
- BCR cheapens First Home loans and lowers interest loans for loans in lei
- Millennium Bank's new Salary account clients receive up to 600 lei bonus and their utility bills' payment
- GarantiBank and Seamless introduce SEQR in Romania: the newest mobile payment solution
- Bancpost telecom services, now provided exclusively by Romtelecom and COSMOTE Romania
- Millennium Bank cards offer discounts in Domo stores
- BCR Supervisory Board reshuffles Management Board
- NBR decide to lower the monetary policy rate to 4.25 percent per annum
- Common appointments in Romtelecom and COSMOTE Romania
- Up to 5.5% annual interest rate for Millennium Bank's promotional three-month lei deposit
- Eurozone in recovery mode but gap between North and South still widening
- UniCredit Tiriac Bank and RBS Romania announce the successful completion of the retail clients' migration
- Millennium Bank grants First House loans in lei