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February 26, 2021

Businessmen’s representative: Doubled amounts refused to payment result of seasonal activities, insolvencies

The spectacular surge in the amounts refused to payment by the banks in July can be explained by the seasonal character of several activities conducted over this period and also by the existence of a business climate that generates insolvencies, the Secretary General of the Romanian Businessmen’s Association Cristian Parvan told Agerpres on Wednesday.

‘There can be various causes. There were very many seasonal activities in June, that can result in many payment incidents, given the high volatility of these activities. Moreover, an increasing number of firms are getting into a sensitive financial situation, because the current business climate leads to insolvencies’, Parvan stressed.

He explained that the increase in the amounts refused to payment by the banks is also one of the marginal aspects of the economic situation, an illustration of the statistic figures relating the evolution of the national economy in the first half-year.

The amounts refused to payment by the commercial banks doubled in July from June to 1.05 billion lei, up from 510.8 million lei, according to the figures reported by the Payment Incidents Section of the National Bank of Romania.

The bulk of such refused amounts in the seventh month of the year kept being from the promissory notes that totaled more than one billion lei, up from 489.55 million lei in June (a 109.5 percent surge).


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