BANCI | ENGLISH

Successful review of the IMF stand-by arrangement

Autor: Bancherul.ro
2010-08-04 14:47

BCR Research: Today, the IMF team completed another review of Romania’s 24-month stand-by arrangement. Key points from the press conference:

− The conditions for the next disbursement from the IMF are met and the NBR should receive EUR 0.9bn soon after the decision of the board

− The conditions for the third disbursement from the EC are also met and the Ministry of Finance should receive EUR 1.2bn in September

− The IMF does not believe the monetary policy needs tightening following the VAT hike; however, the NBR should remain cautious and try to counter potential second round effects of the recent VAT hike on the consumer prices

− IMF real GDP forecast is -1.9% in 2010 and 1.5%-2% in 2011

− IMF expects inflation at 7.5% - 8% y/y in December 2010. The inflation could enter the central bank target next year

− The IMF will work closely with the Romanian authorities to improve the flexibility of the labour market and to reduce its informal segment

− Authorities should strive to improve the absorption of the EU funds. The total volume of the structural funds available for Romania is EUR 20bn, equal to the volume of the financial package available from the IMF, EC, WB and EBRD

− It is premature to speak about a new agreement with the IMF and EC, but these two institutions are here to provide help in the future if needed. More talks on the occasion of another review of the current stand-by arrangement in the autumn

− The reform of the public pension system, public wage system, the implementation of the fiscal responsibility law and the reduction of the stock of domestic arrears rank high on the agenda of the government in the next months

− The IMF does not support a complete reversal of the recent 25% cut in public wages, but only some moderate increases next year

Market implications: the successful review of the IMF stand-by arrangement is positive news for the FX market and we maintain our forecast for the EURRON FX rate at 4.22 in December. We also stick to our scenario regarding upward pressures on domestic yields and wait for further developments (the disbursement from the EC in September).

Comentarii

Adauga un comentariu

Adauga un comentariu folosind contul de Facebook

Alte stiri din categoria: ENGLISH

Merger of Alpha Bank and UniCredit Bank Romania

Press Release: "Alpha Services and Holdings announces a strategic partnership with UniCredit in Romania Merger of Alpha Bank Romania and UniCredit Bank Romania and creation of third largest bank in Romania by total assets, with Alpha Bank retaining a detalii

National Bank of Romania (NBR) Board decisions on monetary policy

NBR Board decisions on monetary policy In its meeting of 4 April 2023, the Board of the National Bank of Romania decided: • to keep the monetary policy rate at 7.00 percent per annum; • to leave unchanged the lending (Lombard) facility rate at 8.00 percent per annum and the deposit facility rate at 6.00 percent per annum; • to keep the existing levels of minimum reserve requirement ratios on both leu- and foreign currency-denominated liabilities of credit institutions. The annual inflation rate went down to 15.52 percent in February 2023, from 16.37 percent in December 2022, relatively in line with forecasts. The decrease was mainly driven by the sizeable drop in the dynamics of fuel and detalii

ING posts 2022 net result of €3,674 million, dividend of €0.389 per share

ING press release: ING posts FY2022 net result of €3,674 million,
proposed final 2022 dividend of €0.389 per share

4Q2022 profit before tax of €1,711 million; CET1 ratio remains strong at 14.5%
•
Profit before tax up 29% on 4Q2021 and 24% on 3Q2022, mainly driven by higher income
•
Higher net interest income, as a further increase in liability margins helped offset TLTRO impact this quarter
•
Risk costs declined to 17 bps of average customer lending

Full-year 2022 net result of €3,674 million, supported by growing customer base and increase in lending and deposits
•
On a full-year basis, our primary customer base grew by 585,000 detalii

BT Financial Results as at 30 September 2022

BT Financial Results as at 30 September 2022 Banca Transilvania – sustained growth in customers and operations during the first nine months of the year "We continued our robust growth in the number of clients and transactions, with a dynamic well above the market average. We have been growing steadily and continued financing companies and individuals, despite the fact that the financial market is more fraught with uncertainty than ever and
the funding costs and capital requirements are additional factors driving the uncertainty in the economy. We remain committed to our objective - to be the main supporter of the economy and of the state for the development of Romania", states Mr. Ӧmer Tetik, Chief Executive detalii

Vezi toate stirile

24.11.2024

1 EUR = lei
1 USD = lei

Sursa BNR

Profil de Bancher

Bogdan Silaghi, Sef Birou Marketing Companii
Banca Transilvania

... vezi profil

Toate Profilele

Profil de Banca

Banca Transilvania

vezi detalii

Toate Bancile

Filmul Parking, un cliseu plictisitor

Toate stirile

ING Bank

Toate stirile

Ultimele Comentarii

plati online
ING respinge in mod constant platile facute online cu cardurile ... detalii
!
Greu cu limba romana! Ce legatura are cuvantul "ecosistem" din limba romana cu sistemul de plati ... detalii
Bancnote vechi
Am 2 bancnote vechi:1-1000000lei;2-5000000lei Anul ... detalii
Bancnote vechi
Numar de ... detalii
Bancnote vechi
Am 3 bancnote vechi:1-1000000lei;1-5000lei;1-100000;mai multe bancnote cu eclipsa de ... detalii

Nume	*
E-mail	*
E-mail prieten	*
Mesaj
Cod validare	*
	Tastati codul din imagine (doar cifre)
	195.154.184.126