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German Company Operating In Romania Kites 30M Euro From The SAPARD Funds

The anti-fraud office in Brussels, or OLAF, and its Romanian counterpart, DIICOT, investigate an alleged 30 million Euro fraud from the EU's agricultural SAPARD funds, committed by the German group Aton GmbH, in Fulda,...

Why The Central Bank Defends Its Gold And Hard Currency Reserves

The head of the Executive's Department for the Relationship with the Parliament Valentin Iliescu informed in a letter the leadership of Romania's Central Bank that a draft law for amending the 2010 budget law plans to...

Tandarei, Romania Is The European Capital Of Child Enslavement

Romanian and British police stormed the Tandarei headquarters of the child traffickers who, in the past six years, exploited some 170 Roma children, aged 7 to 15, sending most of them to beg in Great Britain.All this...
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Commercial Banks Kill The Hens Laying Small Eggs, Central Bank Says

About half a million Romanians have three credits on their name, on average two bank credits and one credit with a financial institution not subjected to the Central Bank supervision. The aggregate size of these credits...

Less Credits, Less Economic Results, Later Economic Rebound; Central Bank Says

Romania's Central Bank is worried the dropping number of companies filing for bank credits is a sign of delayed economic rebound. About 14% of active companies filed for credits in June 2010, compared with 16% in March...

Several Romanian Journalists, Politicians Initiate Media Protection Campaign

Several Romanian politicians, journalists and artists set up a media right protection group, following President Traian Basescu's decision to list the media among potential threats to the country's national security,...

VAT Hike Brings Along Higher Inflation

Prices will go up 3% as a result of the VAT hike from 19% to 24%, the Central Bank estimated.Therefore, the Central Bank said the inflation rate will climb this year from an estimated 3.7% to 7.8%, and rise next year too...

Central Bank Employees Will Get 25% Less In Spite Of EC Warning

The Romanian Government will address the issue of the salaries paid to the Central Bank employees in September, after the Parliament resumes its regular session, PM Emil Boc said after the European Commission warned...

The Ministry Of Finance Asks The IMF To Roll-over Its Debt

The Romanian Government still defaults on its obligation to pay back its debts, and continues to ask the International Monetary Fund for a roll-over of its deadline.Since the beginning of the IMF stand-by agreement with...

Artists, Journalists Unlikely To Get Credits After Changes To Fiscal Code

Banks are not so keen lately in giving loans to those making a living on royalties or intellectual property rights only, which includes the artists, the journalists and most of those in the liberal professions. The...

Central Bank Governor Mugur Isarescu Set To Sell Gold Coins To The Public

The Central Bank Governor Mugur Isarescu Thursday said that he was favorable to selling to the Romanian public the gold coins in its gold reserves.Of the country's 104 tons of gold, some 14.7 tons are made of gold...

How Much Money May Foreign Banks Send Back Home?

Central Bank Governor Mugur Isarescu, leaders of several commercial banks and the minister of finance Sebastian Valdescu met Monday evening to address the optimum level of exposure subsidiaries of foreign banks should...

The Central Bank Will Not Give Up Its Gold Reserves To Finance The Budget Deficit

Central Bank Governor Mugur Isarescu resists ideas put forth by some politicians, that Romania's gold reserves may be used to cover the budget deficit."The Central Bank reserves will last to cover for only one year's def...

Central Bank Governor Rants Against Govt Measures

"The steps the Emil Boc Executive took to counter the economic crisis are funny, if not outright dangerous," Central Bank Governor Mugur Isarescu commented. It was the first time he embarked on a straightforward attack...
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