Romania’s Leu, Stocks Fall Amid Ukraine Crisis
Romania’s leu and stocks are losing ground amid a negative sentiment following the crisis in Ukraine, while the crude oil price increase might trigger price-related chain reactions.
Investors are confused by the contradictory news related to the crisis in Ukraine, which is impacting several indicators in the Romanian economy.
Romania’s leu retreated against the euro Monday, tracking the currencies in the region, amid declining volumes, while the Bucharest stock market also fell 3.31%, in line with international markets. (Adevarul)
Romania February Forex Reserves Fall To EUR31.6B
Romanian foreign exchange reserves fell to EUR31.65 billion in February, from EUR32.91 billion a month earlier, central bank data showed Monday.
Foreign exchange inflows declined to EUR2.37 billion in February, from EUR3.56 billion in the previous month, while total outflows rose to EUR3.63 billion, from EUR3.2 billion in January, Mediafax reports.
Outflows included the equivalent of EUR955 million representing the payment of a principal installment and interest on an IMF loan. (Curierul National)
Romanian PM Presents New Government Structure
Romanian Prime Minister Victor Ponta yesterday presented the new government structure following a series of negotiations.
Deputy PMs Liviu Dragnea and Daniel Constantin will keep their positions and the ministries of Regional Development and Agriculture, while UDMR, which officially decided to join the government, will get the ministries of Culture and Environment, as well as one position of deputy PM. Ponta also negotiated the support of PP-DD.
The PM added that he would propose four deputy PMs in the new government structure, namely Liviu Dragnea, Daniel Constantin, Gabriel Oprea and Kelemen Hunor. (Evenimentul Zilei)
Almost 400 RMGC Employees Sent On Furlough
Almost 400 of the 500 employees of mining company Rosia Montana Gold Corporation were sent on furlough on March 1, due to the delays in the evaluation and authorization of the mining project, Mediafax reports.
Rosia Montana Gold Corporation spokesperson, Catalin Hosu, stated yesterday that 392 of the approximately 500 employees of the company, namely 80%, were sent on furlough. (Curierul National)
Tax Authorities To Decide On VAT Reimbursement Before Or After Checking Papers
Following a new amendment in the country’s Fiscal Code, tax authorities will decide whether they reimburse the value-added tax before or after checking taxpayers’ documents.
The latest changes brought to the Fiscal Code by an emergency ordinance published Friday should be a breath of fresh air for companies observing the law. Nevertheless, tax authorities will decide how they enforce the law, based on a finance ministry order, which was not published yet. (Evenimentul Zilei)