Economy of Romania

The Financial Supervisory Authority has approved the reduction of the subscribed social capital of the Proprietatea Fund from 11.575 billion lei to 10.965 billion lei, to distribute cash to the fund unit holders, the management company of the Fund announced on Friday in a report to the Bucharest Stock Exchange (BVB).

Photo credit: (c) Cristian NISTOR / AGERPRES ARCHIVE

The European Bank for Reconstruction and Development (EBRD) has slightly improved its estimates on the growth of Romania's economy in 2015 to 3 per cent from its 2.8 per cent forecast in January, shows a report released on Thursday on the occasion of the Annual General Assembly of EBRD shareholders.

Photo credit: (c) EBRD Facebook page

In its strategy for the TAROM national air carrier, the Transport Ministry aims either to turn private some of the airline or enter cooperation with a big company, Transport Minister Ioan Rus told the Romanian Senate's Transport Committee on Tuesday, adding that negotiations are underway with the Economy Ministry to take over the Romaero air services provider.

Romania is still among the EU countries with a quite low tax-to-GDP ratio of roughly 32 percent, Secretary of State with the Public Finance Ministry Enache Jiru told a specialist conference.

Photo credit: (c) Alex MICSIK / AGERPRES PHOTO

In a first such move in Romania, Volksbank on Tuesday started to contact its customers with loans in Swiss francs to present them an offer to convert their loans into lei, Romania's national currency.

Facing a pressing need to raise cash, the centre-left government of Prime Minister Victor Ponta plans this year and next to list more state-owned companies, mainly from the energy sector, on the Bucharest stock exchange.

AGERPRES correspondent Florin Barbuta reports: Trading in Proprietatea Fund global deposit receipts (GDR) began on Wednesday at the London Stock Exchange.

Photo credit: (c) London Stock Exchange official website

Fondul Proprietatea, a closed-end fund managed by Franklin Templeton, is set to be listed on April 29 on the London Stock Exchange, LSE, in a move to attract new investors to Romania.

Fondul will pay some 4.2 million euro for its secondary listing on the Stoke Exchange, according to the listing prospectus.

In a message on Saturday on the 10th anniversary of the Accession Treaty between Romania and the European Union, Prime Minister Victor Ponta says EU membership offers Romania many economic and social advantages.

Photo credit (c): LIVIU SOVA / AGERPRES PHOTO

The Bulgarian economy is expected to grow moderately this and next year, according to projections of the International Monetary Fund (IMF).

In 2015 the IMF says GDP will be up 1.2%, and in 2016 gross output will increase by 1.5 percent. This is less compared to last year, when growth was at 1.7%.