TODAY’S NEWS
ECONOMY
-ING Bank has revised its 2023 growth forecast for Romania from 2.5% to 1.5% based on a slightly disappointing first half of the year and limited prospects for an acceleration in the second part. The bank is also revising lower its long-standing GDP estimate of 3.7% for 2024 as it now expects real growth of only 2.8%.
-Four out of ten employees in Romania are unhappy with their salary, the latest survey by online recruitment platform eJobs reveals. Pay remains top concern for employees, while firms focus more on attracting and keeping new talent, according to EY Romania.
-The turnover tax will cause losses between 35% and 83% to companies in the goods distribution sector, according to the representatives of the Association of Romanian Goods Distribution Companies (ACDBR), Agerpres reported.
-The Ministry of Finance raised 105 million RON from the banks on Friday (Sept. 22), in addition to Thursday’s tender, when it borrowed 714.9 million RON, at annual average yield of 6.83%, through an issue of benchmark state bonds with a residual maturity of 91 months, the National Bank of Romania data showed.
-A total of 69% of Romanians think their country is rather on the wrong track. Only 22% say things are going in the right direction, and 9% declined to answer, according to a new poll by the Center for Urban and Regional Sociology (CURS). Roughly 40% expect their situation to worsen in a year, with inflation, low income and corruption being among the main problems Romanians face.
POLITICS
Romania is blocking Austria’s participation in NATO meetings, according to publications in Austrian media. The reason behind this move is believed to be Austria’s veto of Romania’s inclusion in the Schengen Agreement.
TODAY’S MARKET
EXCHANGE RATES
| EUR 4.9677 | GBP 5.7103 |
| USD 4.6717 | CHF 5.1335 |
| BGN 2.5399 | MDL 0.2569 |
(Source: National Bank of Romania BNR)
BUCHAREST STOCK EXCHANGE (BVB) INDICES
| BET 0.15%, BET-TR 0.15%, BET-FI -1.54%, BET-NG 0.04%, BET-XT 0.04%, BETXT-TR 0.04%, BET-BK -0.14%, RO-TX -0.18%, BETAeRO 1.22% |
CAPITAL MARKET COMMENTARY
| Bucharest stocks kicked off the new trading week on a mixed note as investors reflected on a spate of central bank decisions last week and the prospect of higher-for-longer interest rates. Concerns about Europe’s largest economy returned to the fore as Ifo institute’s survey showed German business sentiment slightly worsened in September. |
