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In its meeting of June 26, 2008, the Board of the National Bank of Romania has decided the following:rn• To raise the monetary policy rate to 10.0 percent per annum from 9.75 percent starting June 27, 2008;rn• To continue to pursue a firm management of money market liquidity via open-market operations;rn• To leave unchanged the existing minimum reserve requirement ratios on both leu- and foreign currency-denominated liabilities of credit institutions.rnrnThe NBR Board will vigilantly monitor developments in macroeconomic indicators, standing ready to use the central bank’s entire array of instruments to counteract inflationary pressures and to ensure that disinflation will resume at a pace consistent with the aim of achieving the announced medium-term inflation targets in a sustainable manner.rnrnrnThe annual inflation rate eased to 8.46 percent in May 2008 versus 8.62 percent the previous month, but continued to stay significantly above the upper limit of... detalii

Stocks listed at Bucharest Stock Exchange (BSE) roase

Stocks listed at the Bucharest Stock Exchange (BSE) rose today led by the five financial companies known as SIFs which increased 4 percent on closing; stocks in Europe climbed. rnrnDeals totaled 32.78 million lei (8.95 million euros) versus 18.78 million lei yesterday. rnrnAt the closing hour in Bucharest most European markets saw significant advance driven by banks which started to grow after the U.S. investment lender Goldman Sachs reported a better-than-expected profit in the second quarter.rnrnThe FTSE index in London gained 2.05 percent to 5,913, the DAX index in Frankfurt grew 1.72 percent to 6,845 and the CAC 40 in Paris rose 1.15 percent to 4,711. rnrnThe BET index of the ten best companies in Romania gained 0.32 percent to 7,383.17 on high volatility and the BET-C composite index measuring all listed shares minus investment funds increased 0.35 percent to 5,240.56. rnrnThe BET-FI index of... detalii

Romania current account deficit accelerated 7.5 percent year-on-year

The widening of Romania’s current account deficit accelerated 7.5 percent year-on-year in the first four months to 4.842 billion euros on worrying trade gap, the central bank announced today. rnrnLast year’s deficit stood at 4.504 billion euros. In the first four months this year the commercial deficit, the main source of the external disequilibrium, widened 14.05 percent and the balance of incomes widened 7.15 percent from 1.371 billion euros last year to 1.469 billion euros this year. rnrnThe balance of services raised surplus 11.19 percent in the first four months of the year to 308 million euros versus 277 million euros in the same period last year. Services in transportation recorded an 83 million euro surplus in the first four months against an 84 million euro deficit in the same period last year. However, services in tourism saw a wider deficit from 14 million euros... detalii

Romanian banks which fail to comply measures against money laundering will face fines

Banks and financial non-banking institutions in Romania which fail to adopt and comply with measures against money laundering will face fines of 10,000 to 50,000 lei, according to a new set of rules elaborated by the country’s central bank.rnrnBesides this sanction, financial institutions’ goods used for felonies can be seized and the harsh measures go as far as suspending the institution’s authorization or even closing down the respective unit. rnrnThe central bank’s document stipulates that lenders have to know clients well and take into account any risks that could appear. This is the consequence of a recent law endorsed by the government, which fights money laundering in line with international directives of the Financial Action Task Force on Money Laundering.rnrnThe country’s securities watchdog (CNVM) prepared on June 5 regulations which require brokers to get acquainted well with the clients they work with. rnrnThe central bank... detalii