BNR chief economist says financial companies, banks make up 60pct of stock market capitalisation in Romania

Financial companies and banks make over 60pct of the stock market capitalisation in Romania, chief economist at the National Bank of Romania (BNR) Valentin Lazea told an event on Friday dedicated to technology on financial markets. "Like any parent, we are pleased to see that this kid [the Bucharest Stock Exchange (BVB)] has developed into a young adult that takes independent steps in life, and we are encouraging the stock exchange to continue its independent attitude, to develop and to gain experience. The banking sector in general was instrumental in the early years of the stock exchange. Even today, over 60pct of the stock market capitalisation in Romania is made up by financial companies and banks. Diversification toward other sectors is welcome. Banks also played an instrumental role in defining standards and transparency rules, and now the stock exchange can manage on its own," Lazea said. He mentioned that financial education plays an important role in society, and on this segment there are activities carried out by banks and the Bucharest Stock Exchange. "Last but not least, the financial education of the public has been carried out by banks. In this respect, I know that efforts are being made by the Bucharest Stock Exchange to educate the public, but I believe that much more needs to be done because of the specificity of the market. I want to reiterate that any parent enjoys seeing the child turn into an adult. I wish you success, in the relationship with the stock exchange," said the chief economist of BNR. The Bucharest Stock Exchange (BVB), together with the Federation of European and Asian Stock Exchanges (FEAS), organised on Friday "ConFEAS 2019: Financial Markets Beyond Technology." AGERPRES (RO - author: Daniel Badea; EN - author: Corneliu-Aurelian Colceriu, editor: Adina Panaitescu)

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