TODAY’S NEWS
ECONOMY & COMPANIES
–Upon his designation as prime minister by President Klaus Iohannis, Social Democrat leader Marcel Ciolacu announced promised major economic reform over the next 16 months.
– Romania’s current account balance posted a deficit of EUR5.46 billion in the first four months of 2023, lower by EUR2.2 billion than EUR7.71 billion in the same period a year ago, the National Bank of Romania (BNR) data showed.
–OMV Petrom, the largest energy company in SE Europe, has discovered new crude oil and natural gas resources in the Oltenia and Muntenia regions of southern Romania, with the investment in the exploratory drilling campaign amounting to about EUR 20 million, the Bucharest-based company announced Tuesday.
–The unemployment rate in Bucharest is only 1%, and 24.7% of Romania’s Gross Domestic Product (GDP) is concentrated in the capital city, Iuliu Stocklosa, president of the Bucharest Chamber of Commerce and Industry (CCIB), told a conference on Tuesday.
–Romsilva, the National Forestry Authority, planted in the spring afforestation campaign, 19.8 million forest saplings and regenerated 10,503 hectares of forest land owned by the state, 8.9 pct above the planned schedule, Agerpres reported.
TODAY’S MARKET
EXCHANGE RATES
| EUR 4.9559 | GBP 5.7998 |
| USD 4.5862 | CHF 4.0804 |
| BGN 2.5339 | MDL 0.2574 |
(Source: National Bank of Romania BNR)
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 0.36%, BET-TR 0.35%, BET-FI 0.56%, BET-NG -0.24%, BET-XT 0.21%, BETXT-TR 0.20%, BET-BK 0.12%, RO-TX 0.60%, BETAeRO 0.82% |
CAPITAL MARKET COMMENTARY
| Bucharest stocks traded higher on Wednesday mirroring the uptrend across Europe with traders seemingly expecting the United States Federal Reserve to opt against raising interest rates. |
