CAPITAL MARKET MOVING NEWS
POLITICS
-Romanian lawmakers narrowly approved a new pro-European coalition government on Monday (Dec. 23), led by incumbent Prime Minister Marcel Ciolacu. The new coalition is made up of the Social Democratic Party (PSD), the National Liberal Party (PNL), the small ethnic Hungarian (UDMR) party and national minorities.
FINANCE
-Fitch Ratings has revised Romanian state-owned gas producer Romgaz S.A.’s Outlook to Negative from Stable and affirmed its ‘BBB-‘ Long-term Issuer Default Rating (IDR). The revision of the Outlook follows a recent similar action on the sovereign rating of Romania on Dec. 17.
-The European Bank for Reconstruction and Development (EBRD) is taking on risk of up to €10 million in local currency on expanding Romanian retail chain Profi’s supply chain finance programme for the benefit of Profi’s suppliers. The EBRD’s unfunded risk participation will help grow Profi’s existing supply chain finance programme, administered by Banca Transilvania, by the local-currency equivalent of €20 million, with the EBRD taking 50 per cent of the risk. This is the EBRD’s first supply chain finance transaction in Romania that supports a domestic value chain.
-The Bucharest stock Exchange is not trading today and will remain shut on Wednesday (Dec. 25) and Thursday (Dec. 26) for the Christmas holiday.
TODAY’S MARKET DATA
EXCHANGE RATE OF THE NATIONAL LEU CURRENCY
| EUR 4.9748 | GBP 6.0002 |
| USD 4.7860 | CHF 5.3158 |
| BGN 2.5435 | MDL 0.2596 |
(Source: National Bank of Romania BNR)
