Central Bank Sees A Slowdown In Economic Growth And Lower Inflationary Pressures
National Bank of Romania estimates the Romanian economy will slow down, after the slight GDP growth acceleration in the fourth quarter of 2016, which will trigger a slower expansion of the inflationary pressures over the short term.
“Board members showed that the new short-term forecast pinpointed a slight step-up in GDP quarterly growth in 2016 Q4, including when compared with the latest medium-term forecast, followed by a relative loss of momentum, implying – amid a faster-than-anticipated deceleration in economic growth during 2016 Q3 – a relative slowdown in the widening of the positive output gap and in the strengthening of the ensuing inflationary pressures over the short term,” according to the Minutes of the first monetary policy meeting of the National Bank of Romania Board this year. (ZF.ro)
Ex-Economy Minister: Oltchim Could End Up As Scrap Iron
Romanian chemical plant Oltchim Ramnicu Valcea (OLT.RO) could end up as scrap iron, while its splitting into pieces is a big mistake, former Economy Minister, Constantin Nita, posted on his blog.
“I am glad to hear that the company will end 2016 with a net profit of approximately EUR5 million. At the same time, it seems that the privatization process will, unfortunately, continue with the splitting of the assets, which will be sold by pieces. Big mistake! I hope the new government would not approve such a sale, by pieces,” Constantin Nita said.
Oltchim has been under insolvency since January 2013 and its reorganization plan stipulates its sale for at least EUR307 million. Oltchim halted operations in August 2012 in preparation for a privatization attempt, which failed after the auction winner refused to pay the price agreed with the authorities.
The chemical plant is 54.8% owned by the Economy Ministry, 32.34% by PCC SE, while other shareholders own the remaining stake of 12.85%. (mediafax.ro)
PM: Romanian Government Took Energy-Related Measures
Romanian Prime Minister Sorin Grindeanu stated that the government implemented certain measures related to the energy necessary during this cold period, so that the household consumers would not be left without energy, and in case of a crisis situation, exports would be reduced.
“It is an “interrupter-type” measure, we should first have enough energy for the consumption of the population, and then we can export. It will only be activated in case of necessity,” Grideanu told Romania TV station.
The government decision on reducing or cancelling of energy exports and the limiting of energy supply for the industrial sector in case of necessity was published in the Official Gazette on Saturday.
Last week, Romanian state-run power grid operator Transelectrica officially notified the ministries of Energy, Economy and energy regulator ANRE of a potential crisis in the functioning of the national energy system, following six days of winter peak marked by historic natural gas and electricity consumption. (mediafax.ro)
Dragnea: Budgets Of Presidential Administration, Senate, Chamber of Deputies, SRI, SIE Cut By 20%
PSD president, Liviu Dragnea, said that the budgets of the Presidential Administration, Senate and the Chamber of Deputies, as well as the budgets of Romanian Intelligence Service (SRI), Foreign Intelligence Service (SIE) and another institutions, except for ministries, will be cut by approximately 20%.
“This is a year when we will have to save the money as much as we can. I think we can narrow (e.n. the budgets) a little in these institutions; this is possible. If we are thriftier and better managers, we can do it,” Dragnea said. (mediafax.ro)
Weather Forecast: Snowfalls And Blizzards, -14°C In Next Three Days
Snowfalls and blizzards will return to Romania in the next three days, starting with Monday evening, in Banat, Oltenia, Muntenia and Dobrogea regions, more intensive in the southern region, in Danube grassland counties, according to the National Weather Administration (ANM).
Maximum temperatures will range between -7 and 3°C while the minimum temperatures will reach -14°C. The wind will blow with gusts reaching 45 — 55 km/h, and even over 60 km/h in Banat, Baragan and Dobrogea. (mediafax.ro)