Romania’s leu lost 0,6% on the day against the euro as the central bank’s reference stood at RON4,2597 per euro, the highst exchange rate since July 23rd. Romania’s currecy depreciation was caused by the high demand for euro. On July 23rd the reference stood at RON4,2642 per euro.   Against the US dollar, the leu's indicative retreated 0.9% at 3.5496 units. [...]

According to Romanian Environment Ministry, more than 160,000 cars older than ten years were scrapped in 2010 within Romania's clunkers program. Until 20th of August, 2010 there were bought over 35,000 new cars, of which 50% were produced on the local market. The 2010 clunkers program was allotted RON722,000,000, enough to scrap 190,000 old cars, the ministry added. The 2010 clunkers program started on February 18. In exchange for a scrapped... [...]

Romanian Prime Minister Emil Boc announced on Saturday that, in September, the Government will promote a series of measures to uphold the country’s economy. Therefore, Emil Boc announced that the reinvested profit will not be taxed, young entrepreneurs will receive extra financial support from the state and the conditions that must be met by firms that hire unemployed people and make investments in order to get financial support will be... [...]

Romania’s Chamber of Deputies adopted on Monday the draft law on the National Integrity Agency (ANI), in spite of opposition social democrats refusal to participate in the procedings. The bill was adopted with 204 votes “for” two “against” and two abstentions.   Earlier on Monday, social democrat leader Victor Ponta said his party would not attend the debates on the national integrity law, as its... [...]

According to Romanian President Traian Basescu, authorities should rethink the country’s euro adoption calendar, beacause Romania has not yet resolved its structural deficits problem.   Basescu said that although Romania can meet eurozone entry criteria by 2014 (a deficit of maximum 3% and a public debt of less than 60% of GDP), the country's economy and finances may not be strong enough by then to deal with euro entry.  ... [...]

Romanian software security solutions provider BitDefender announced today that the number of malware threats in Romania has doubled in the first six months of the year compared to the same period in 2009, to 1.6 million. Most of the threats were malware applications disseminated internationally. The company has identified a daily average of 9,000 new threats. Also, in the first six months of the year, Romania was ninth in a ranking of the... [...]

OMV Petrom, the largest corporation in Romania and the largest gas and oil producer in Southeastern Europe, raised its diesel oil pump prices by 0.05 lei per liter, in accordance with the market’s conditions. As of today one liter of OMV Premium Diesel and OMV Sprint Diesel costs RON4.96 and RON4.64. The prices of Euro Diesel 5 and Top Euro Diesel 5 rose to RON4.42 per liter and RON4.62 per liter. [...]

Romanian Economy Minister Adriean Videanu announced today that, in order to sell nearly 10% in leading oil company OMV Petrom (SNP.RO), a broker will be selected by mid-September. The transaction should be completed by year-end.   Videanu said the ministry plans to pitch in to a EUR600 million share capital increase at OMV Petrom, but only after it sells part of its 20.64% stake in the oil company.   Petrom, majority owned by... [...]

Romania’s central bank foreign exchange reserves went down slightly on the month from EUR31.63billion to EUR31.58 billion. Forex reserves fell for the third consecutive month.   The central bank said foreign exchange inflows stood at EUR3.054 billion in July, up from EUR792 million a month earlier. Foreign currency outflows stood at EUR3.1 billion in July, compared with EUR1.15 billion in June.   The central bank’s... [...]

Romanian Prime Minister Emil Boc announced on Sunday that the Government estimates an increase in the country’s unemployment rate until the end of 2010, caused by the austerity measures applied in the public sector. The official also pointed that the decrease in the country's jobless rate observed in the past few months was driven by the summer period.   Boc stressed that, although revenues to the social security budget are... [...]

Finance Minister Sebastian Vladescu said today that the Romanian authorities are not discussing about a new loan with the IMF representatives. "The topic in not on the talks agenda at this point," Vladescu told reporters. This matter was confirmed by Prime Minister Emil Boc.   Vladescu’s statement comes as a respons to what Cezar Coraci, the head of Romanian employers' confederation UGIR-1903 said earlier. Coraci... [...]

Jeffrey Franks, head of the IMF mission to Bucharest, announced that the financial institution will revise its forecast on Romanian economic growth for 2010. The official hinted that the revision will be more optimistic compared to a 3% contraction envisaged by the European Bank for Reconstruction and Development.   "I'd say that EBRD's forecast is pessimistic," said Franks.   In its latest forecast, the IMF said... [...]

According to Romanian Prime Minister Emil Boc, the Government has no plans to increase, lower or eliminate the 16% flat tax, even though it is considering different scenarios. "We are currently not talking about raising or lowering the flat tax. We are considering different scenarios but, I repeat, the flat tax currently stays at 16%," Boc said.   The Prime Minister also said, on Friday, that the Government will scrap the... [...]

In the first five months of 2010, Romania's current account deficit widened 45.7% compared to the same period of time in 2009, to EUR2.865 billion. The current transfers balance dropped 55%, from EUR1.866 billion in January-May 2009 to EUR839 million in the first five months, according to Romania’s National Bank datas.   Foreign direct investments, which stood at EUR1.43 billion, down 31,5%, covered half of Romania's current... [...]

A survey conducted by Soft Mentor shows that over 68% of the retailers in Romania have decided to increase prices, while only 31.71% said they are keeping the prices unchanged following the Government’s decision to raise the value added tax to 24%. Amongst the ones that did not rose prices on July 1st, 78% intend to increase them when they will receive more expensive products from their suppliers. In Bucharest, the percentage of... [...]