BNR Exchange Rates
10.02.2012- 1 EUR
4.3529 RON - 1 USD
3.2831 RON - 1 CHF 3.5986 RON
- 1 GBP 5.1981 RON
- 1 gr. aur181.2627 RON
EC could initiate infringement procedure if wages in BNR are cutUpdated: 22-07-2010 | Financial and Banking
The European Commission (EC) warned Romania that it may initiate the infringement procedure unless the law which stipulates the reduction of wages of National Bank of Romania (BNR) employees is modified, Mediafax informs.
"The EC sent the ambassador Mihnea Motoc, the head of the Romanian Mission at the EU, a note warning that, unless the BNR wage cuts' law is modified, it may start the infringement procedure, as this is a violation of the EU Treaty on the financial independence of central banks and of the article banning the use of BNR resources to fund the state budget," official sources stated.
Moreover, the EU executive argued that the reduction of the central bank employees' wages by 25 per cent is in contradiction with the agreement memorandum which the Romanian authorities have recently committed to in the financial aid programme signed with several international institutions.
"The Commission underlined that this was the second time that the Treaty's provisions were likely to be violated, after the Government's emergency ordinance on opposing tax evasion," the sources argued. Article 123 in the EU Treaty forbids the Central European Bank and the central banks of member states to grant loans to institutions, bodies, offices or agencies of the Union, central public authorities, and the other public bodies or enterprises in the member states. The interdiction is also enshrined in the BNR status law, article 7, approved by law by the Parliament.
Latest News:
- Combined revenues of the top 20 Deloitte Football Money League clubs exceed €4.4bn to defy European economic woes
- Five banks join the partnership between RBS Romania and Vodafone for the payment of mobile telephony bills by inter-bank direct debit
- The Western Union Company reported financial results for the 2011
- Vodafone Romania reports financial results for the third quarter of the financial year 2011 - 2012
- Business needs to do more to manage deal risks in growth markets, urges PwC report
- COSMOTE Romania advises parents to keep their children safe on the internet, for the 4th year in a row
- President Basescu names Mihai Razvan Ungureanu to head new Gov't of Romania
- BNR decide do lower the monetary policy rate to 5.50 percent
- Romania: Record Transaction for the Office Market Outside Bucharest City Business Centre (CBC) in Timisoara Sold to NEPI
- METLIFE TO ACQUIRE THE CZECH, HUNGARIAN AND ROMANIAN OPERATIONS OF AVIVA plc
- BNR: Silver coin dedicated to 10 years anniversary of introducing euro coins and bills
- Deloitte: Top Trends in Telecommunications in 2012
- PwC: Big spending predicted in 2012 for gold mining companies
- The value of tax payments by card almost doubled in the first 11 months of 2011, to RON 69.4 million
- Deloitte: Top media trends in 2012. Media consumption is equally split between tradition and latest technologies
Most Popular News
- Three billion euros to be invested in energy private-public partnerships
- Romanian state plans to keep 8 pct of Petrom, at least
- IMF mission extends stay in Romania till May 9
- IMF, FinMin Vladescu discuss Government revenues collection
- Videanu admits that he is in conflict of interests in connection to Marmosim
- Greece gets 110 billion euros, biggest bailout in history
- BNR governor Mugur Isarescu: Situation is quite complicated
- Romanian-German meeting on fresh cooperation opportunities
- Gov't to earmark 6.4pc of GDP for investment
- FinMin Vladescu: Cutting 25pc off public wages pool will not generate needed savings
