BNR foreign currency reserves down EUR 235 M in April

The foreign currency reserves of the National Bank of Romania (BNR) dropped in April by EUR 235 M, from EUR 25.121 bln to EUR 24.886 bln, on the background of the outgoing of EUR 3.782 bln and entries of EUR 3.547 bln, according to a press release. In April were registered entries of EUR 3.547 bln, representing the modification of the minimum reserves in foreign currency set up by the credit institutions, the feeding of the account of the Public Finance Ministry, the feeding of the account of the European Commission, revenues from the administration of the international reserves, operations on the inter-bank market and others. On another hand, the outgoing sums totaled EUR 3.782 bln, while the gold reserve remained at 103.7 tons, but its value dropped from EUR 2.3 bln to EUR 2.227 bln, in the context of the evolution of the prices on the international markets.

Monetary policy interest rate could be maintain, analysts say

The National Bank of Romania (BNR) will maintain the monetary policy interest rate at the current level of 10 per cent, most of the analysts interviewed by Mediafax consider, although they do not rule out a reduction by 0.25 percentage points, which would not have a major influence on the market. BNR Board meets tomorrow, in the fourth monetary policy session of this year. Both the chief economist of Raiffeisen Bank Romania, Ionut Dumitru, and the chief economist of BCR, Lucian Anghel, expect BNR to maintain the current level of the monetary policy interest rate. On another hand, ING Bank Romania economist Nicolaie Chidesciuc believes that the interest rate will be cut by 0.25 percentage points, to 0.75 per cent. He admits however that this reduction will not be enough to re-launch credits, recalling that inflation is also at a high level.

Mircea Ursache, Chair of the Monitoring Board of Proprietatea Fund

The CEO of the Authority responsible for State Assets Resolution (AVAS), Mircea Ursache, was elected yesterday Chair of the Monitoring Board of Proprietatea Fund, unanimously, based on a Fund press release. Early last week, the shareholders of this Fund appointed a new board, which includes Ioan Adam, Anca Oprea, Eduard Romulus Goean, Ene Dinga, Corin Trandafir and Gra?iela Iordache. The former board was led by Giovanni Ravasio – Chair.

The Leu is 142 years old

The Romanian currency turned 142 years yesterday. In 1867, the monetary law stipulated that the national currency was the Leu, with its subdivision, the “ban.” The Romanian monetary system was based on gold and silver and, according to the quantity of metal, the Leu was equal in value to the French Franc, the Swiss Franc, and the Belgian Franc. The name of “Leu” comes from one of the significant currencies which circulated in the region, even at the time of the Romanian Principalities, the Dutch “Taler” which had a lion standing on two legs on one side. The Leu was established as national currency on April 22, 1867, a bi-metal currency with the silver standard of five grams or gold standard of 0.3226 grams, and having 100 subdivisions called “bani.” The first currencies to be issued were those of bronze of 1 “ban,” 2 “bani,” and 10 “bani,” minted in Great Britain in 1867.

Cristian Moanta – new Altex Group marketing and procurement director

Former Sony Romania Branch Manager Cristian Moanta has been appointed as Marketing and Procurement Director of electronics, home appliances and IT&C retailer Altex Romania, according to a press release. The main short-term objective is to integrate the activities of the two divisions in order to strengthen the promotional message to the end customer and implicitly the retailer’s presence on the local market. Altex Romania owned by businessman Dan Ostahie is market leader for home appliances, electronics, IT, communications and multimedia segment in Romania. The group’s total retail area is nearly 100,000 sq m. The group’s network consists of about 50 Altex units and 15 Media Galaxy centres.