4,84 RON
4,33 RON
5,44 RON
4,50 RON
2,47 RON
1,80 RON
3,20 RON
0,04 RON
2,97 RON
0,04 RON
0,18 RON
0,06 RON

Press review (Jan 28)

Romania's national dailies of Wednesday give main coverage to the EBRD 2009 predictions, the developments in the local currency's exchange rates in January, the anti-crisis measures of the Romanian Government, and the state of affairs on the local credit market.
The papers also cover a statement by President Traian Basescu that he may not seek reelection.
Ziarul financiar quotes Basescu as saying he was seriously considering not seeking reelection this autumn, and an important influence on his final decision will be the success of the ruling coalition in 2009.
Basescu is quoted as having said on a televised show on Tuesday that if the Government's economic policy fails there will be no credibility of his before the voters.
Cotidianul remarks that leaders of the ruling coalition partners, the Social Democratic Party (PSD) and the Democratic Liberal Party (PD-L), do not believe the head of state was serious when saying he considers not running for a new term in office.
Adevarul remarks that the President's televised statements are not random, but they test in fact his electoral popularity.
Focusing on the current debate whether Romania should accept financial assistance from the International Monetary Fund (IMF) or the European Union (EU), Ziarul financiar remarks that the country's ministers, analysts and entrepreneurs are saying in one voice that credit from the European Union is welcome, as it stabilises the exchange rates and can unblock liquidity.
The paper says the ministers, analysts and entrepreneurs agree with the Government's intention to borrow 6-7 billion euros off the European Union, arguing that the funds will help jump-start crediting and infrastructure investment. The entrepreneurs are quoted as waring attention should be paid to the terms fo the borrowing.
The paper quotes Altex IT and electronics retailers Dan Ostahie as saying any loan is welcome, that Romania is in desperate need for money and it is important that these funds can be raised; for the time being, he adds, the provenance of the funds is less important than their accessing; its effects can only be beneficial, as it may possibly stabilise the exchange rates.
Financiarul remarks that Romania contemplates borrowing 6-7 billion euros off the European Union, mentioning President Basescu to the point as announcing the intention to borrow the funds.
The paper says out of 67 anti-crisis proposals so far discussed, only 29 will be supported by the Government, which intends to earmark 9.5-10 billion euros for these measures and for investment.
Jurnalul national remarks that the anti-crisis package entails large spending and small revenues. It says that the anti-crisis measures to be immediately adopted will entail a Budget effort of 3.84% of the Gross Domestic Product (GDP), and if further actions still under discussion are added the total, spending to this end would be 4.6 percent of the GDP. For 18 of the approved measures, the impact on the Budget read RON 19.3 billion (some 4.82 billion euros), or 3.39% of the GDP and RON 3.64 billion (some 910 million euros) in additional revenues.
The paper quotes MEP Daniel Daianu as arguing the solution would be full speed ahead to the Eurozone.
Ziarul financiar carries an analysis of the developments in the local currency, the leu (RON), in the first month of 2009 conducted by Adrian Vasilescu, adviser to the Governor of the National Bank of Romania (BNR).
In the 17 days when the forex market was functioning so far this year, the RON 4.3 to the euro ceiling was broken in three consecutive days only.
Overstepping the RON-4-to-the-euro threshold is a direct reference to the fact that the valve through which the pressurised steam in the Romanian economic life is let out; because, although economic growth continues, it has slowed down a lot; deflation is running its course, but it tend to stay outside the established target, and unempoloyment is rising. Unfortunatley, he says, these indictaors failing to meet the expectationsare accompanied by a huge deficit.
When bad news multiplies, the exchage rates may be negatively influenced, particualry when they overlap pressures involving unknowns as a result of pay increases uncovered by productivity or efficiency.
Cotidianul and Adevarul remark that The European Bank for Reconstruction and Development (EBRD) has downwardly adjusted, for the second time, its estimates of the increase in the 2009 Gross Domestic Product (GDP) of Romania, from 3%, as expected in November 2008, to 1% amidst exacerbated recession in developed countries and a slowdown in emerging countries.
Adevarul remarks that the annual increase of loans plummeted to 33.7 percent in the last month of 2008, from 63.4% in June; Ziarul financiar says the total private credit advanced only 25.8% in real terms in 2008, half the 2007 expansion of over 50%.
The paper carries a statement by chief economist of the Banca Comericala Romana (BCR), the largest local bank, Lucian Anghel that this is a steep decline; it would be normal for BNR to stop waiting any longer, because there are enough data justifying at least one of the two measures envisaged: cutting the reference interest rate or the rates on statutory reserves. Romania has not reached the level where it economy can function normally with a single-digit growth in crediting, says Anghel.
Adevarul remarks that the National Securities Commission (CNVM) announced it will suspend the licence of Central European Investments stock broking companies of Bucharest because the company has failed to submit the documentations for approving its members on the administration board.
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