Romania Feed

One of the positive pieces of news at the end of 2022, with a relevant contribution for Romania’s macroeconomic and financial stability in 2023, is that the country’s international reserves touched a new record high in December 2022, exceeding EUR52.3 billion (an annual increase of almost 14%), according to Leonardo Badea, deputy governor and member of the Executive Board of Romania’s central bank.

Romanian authorities issued 40,969 residential building permits in January-November 2022, 13.3% fewer than in the same period of 2021, data from the country’s statistics board INS showed on Friday (Jan 6).

Romania’s three-month ROBOR index, the interbank interest rate used as a reference to calculate variable interests for loans in lei taken out before May 2019, ended the first week of 2023 at 7.48% a year, lower than the 7.56% level registered on January 3, 2023, as per central bank data.

Online supermarket Sezamo, part of the European Rohlik group, has introduced cash payment for orders placed online.

Retailer Kaufland will open at least ten new stores and remodel ten others in 2023, thus continuing at the same pace as in the last three years, Kaufland Romania and Moldova CEO Marco Hoessl says.

Three-star Capitol Hotel in the center of Brasov, held by Aro-Palace, will move to an international brand this year, says Aro-Palace chairman of the board of directors Calin Ilie.

Last year was a year of extremes for Gusto puffs maker Phoenixy, with unexpected opportunities to boost sales in countries never considered before, when production and revenue went up a lot, while the profit shrank, says general manager and founder Eliodor Apostolescu.

Romania's finance ministry seeks to raise $9 billion (EUR8.5 billion) by tapping international markets in 2023 with US dollar-denominated bond issues, maturing in five, ten and thirty years, respectively.

Romania's finance ministry raised RON3.34 billion on Thursday (January 5, 2023) during this year’s first session of government bond issues, at annual average yields of 7.34% and 8.15%.

Agreena, the company that developed one of the first internationally accredited soil carbon certification programs in Europe, has appointed Mihaela Monica Vasile as Market Lead for Romania.

Industrial production prices increased by 44.8% in Romania in November of 2022 versus the same period of 2021, placing the country third in the European Union, with higher increases recorded only in Hungary (63.5%) and Latvia (51.2%), according to data from Eurostat, the statistical office of the European Union (EU).

Qualitance, an international technology and innovation company founded 15 years ago by Romanian entrepreneurs Radu Constantinescu and Ioan Iacob, becomes part of French Alten Group after Romania’s Competition Council approved the acquisition transaction.

2023 is expected to be a challenging year as the energy crisis continues to affect Europe, inflation will remain high until 2024, and the scenario of an economic recession seems imminent.

The Board of Directors of Romanian state-owned airline Tarom has appointed Costin Iordache to the position of interim Chief Executive Officer (CEO), according to a press statement.

The pace of new hirings will slow down in the first half of 2023 amid a macroeconomic context dominated by uncertainty, while the workforce crunch will still be a major challenge for the business environment in 2023 as well, forcing HR departments to focus on maximizing retention indicators, but also on developing existing employees’ skills or even on their mobility between departments, believes Andrei Frunza, CEO of online recruitment platform BestJobs Romania.

The managing board of Lactate Natura, a dairy producer of Targoviste, Dambovita county, is convening the General Extraordinary Assembly of Shareholders on February 7 to approve, among other things, the temporary suspension of the company’s activity for a three-year period, starting February 9, 2023.

Mirdatod Prod, the producer of Telemeaua de Ibanesti brand, will continue to use this brand and will shortly expand its production capacity to meet international market demand, according to Nicu Aurel Bumb, manager of Mirdatod dairy plant.

The health insurance market in Romania reached gross written premiums of RON509 million in the first nine months of 2022, an increase of 33% on the year-earlier period, Financial Supervisory Authority (ASF) data show.

Romanians bought 8% fewer vehicles in 2022 versus 2021, but at higher prices, considering that the volume of electric vehicles touched a record high and the level of imported used cars reached a six-year low, as per an analysis by car sales platform Autovit.ro.

InterContinental has returned to Romania, this time on a different hotel in Bucharest, the Athénée Palace. It had left Romania in 2022, when the logo of the brand was removed from the hotel in Piata Universitatii, now named Grand Hotel Bucharest.