TODAY’S NEWS
ECONOMY & COMPANIES
–Net investments in Romania’s economy stood at RON30 billion in the first quarter of 2023, up 13.6% y-o-y, with more than half being represented by new construction works, according to the National Institute of Statistics (INS) data.
–A total 15,329 housing units were put into use in the country in the first quarter of this year, 578 less units than in the same period in 2022, INS data showed.
–A volume of 320,000 square meters of retail space is expected to be delivered by end-2023 in Romania, both in the main regional centers and in secondary cities, of which no less than 74% of areas under construction are retail parks and 26% are intended for large shopping centers, according to CBRE.
–Romania’s Finance Ministry raised RON1.64 billion from banks on Monday (June 12), selling government paper maturing in May 2027, at an annual average yield of 6.69%, the National Bank of Romania (BNR) data showed.
–Banca Transilvania notified the Bucharest Stock Exchange that it had decided to supplement its EUR500 million MREL eligible bond issue concluded in April by EUR100 million, as a result of high interest from investors.
–The average net salary in the economy stood at 4,564 RON (EUR 920) in April 2023, increasing by 10 RON (+0.2%) compared to March. The highest values were registered in information technology service activities, including IT services activities (10,720 RON), while the lowest in hotels and restaurants (2,441 RON), INS data showed.
–Romania’s annual inflation rate eased to 10.64% in May from 11.23% in the prior month, aligning closely with market expectations of 10.55%. It was the lowest reading since March 2022.
TODAY’S MARKET
EXCHANGE RATES
| EUR 4.9609 | GBP 5.7692 |
| USD 4.5911 | CHF 4.0671 |
| BGN 2.5364 | MDL 0.2582 |
BNR INTEREST RATES
| Deposit facility: | 6% |
| Policy rate: | 7% |
| Lending facility: | 8% |
INFLATION RATE
| 10.6% (May 2023) BNR Target 2022: 2.50% (variation band: ± 1pp) |
BUCHAREST STOCK EXCHANGE (BVB) INDICES
| BET -1.49%, BET-TR -1.47%, BET-FI -1.73%, BET-NG -0.71%, BET-XT –1.31%, BETXT-TR –1.29%, BET-BK -0.95%, RO-TX -1.18%, BETAeRO -1.11% |
CAPITAL MARKET COMMENTARY
| Bucharest stocks continued trading in the red for a second day in a row as investors are preparing for the European Central Bank’s monetary policy meeting Thursday, at which a 25 basis point hike is widely expected. |
