John Lipsky : the Romanian banking system must be vigilent to a possible contagionPublish date: 23-02-2010
"The Romanian financial system must be vigilent to the threats in the system and to the possible effects of a contagion" John Lipsky, the first-deputy of the general manager of IMF said on Saturday.
According to information on the IMF site,John Lipsky chaired the meeting of the board which approved the money for Romania, worth 2.45 billion euro, within the loan of 12.9 billion euro contracted with the international financial institution.
"The budgetary deficit must be reduced to enter within the limits of the rate public debt/GDP necessary for Romania to enter the euro zone" John Lipsky showed, showing that " efforts are necessary to consolidate the macroeconomic stability and the implementation for sustainable development".
The target for budgetary deficit for 2010 keeps a balance between the economic growth which is weak and the objectives of consolidation on medium term, the first-deputy of the manager general of IMF said.
"However, the adjustment strategy involves difficult decisions from the politic point of view as regards public expenditure and requires a strict putting to value. The authorities are prepared to take supplementary measures,if necessary, to reach the fiscal objectives."
Supplementary measures are essential for fiscal control, pensions reform, the sytem of state employees and the public system of payment, as well as the improvement of the public system efficiency, John Lipsky underlined.
"The regime of inflation targeting and of the floating exchange rate led to the diminution of the crisis impact and meant an anchor for monetary policies. In 2010, the central bank will offer a priority to bringing the inflation back within the limits and will impose a careful approach for monetary relaxation. The Romanian financial system must be vigilant to threats in the system and to possible effects of contagion" John Lipsky added.
- 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