ISAR, ABOUT THE CONSTANT INCREASE OF THE EURO:
BURSA 30.08.2017

EMILIA OLESCU (translated by Cosmin Ghidoveanu)
 
mărește imaginea
     *  Senator Daniel Zamfir wants to call Mugur Isărescu in for hearings, next week
     *  Isar: "The opening of the parliamentary session involves multiple negotiations"
     *  The leu has weakened to 4.5985 lei against the Euro
       The leu yesterday weakened again, reaching the level of 4.5985 lei against the Euro, after on Monday it was quoted at 4.5958 lei.
     Analyst Lucian Isar thinks that the rise of the latest period of the Euro puts a pressure on politicians to prevent them from tackling certain issues. The former banker told us: "The Euro-leu exchange rate is a controlled exchange rate, manipulated by the NBR. The opening of the parliamentary session involves multiple negotiations. And the circumstances in which it is already announced the presence of Governor Isărescu in the Economic Commission of the Senate, the movement of the exchange rate is the best way to pressure the politicians in the government, to prevent the topics that are sensitive and crucial for the governor personally from being discussed, such as for example the issue of his pension".
     Recently, Liberal Daniel Cătălin Zamfir, the president of the Economic commission in the Senate has announced that in the first week of the new parliamentary session will summon NBR governor Mugur Isărescu in the parliament to explain why he hasn't intervened so far in the matter of the interest rate charged by the non-banking financial institutions (IFN) on loans. The statement of the PNL senator came as the Central Bank started a project which would require IFNs to pay ten times more additional capital for the interest loans which exceed certain limits required by the National Bank of Romania. The NBR thinks that a strengthening of the regulations is necessary, given that the volume of loans granted by IFNs has exceeded a critical mass compared to the total loan volume, according to the quoted project.
     The contradictory statements that our governors have made lately have led to the weakening of the leu, says Ionuț Dumitru, the president of the Fiscal Council. The local factors are the ones which are boosting the European currency, he said. "Lately, there have been a number of contradictory discussions, by governors, the latter referring to the 2nd pillar and to the VAT account. Investor perception can not be positive after such statements concerning the economy and taxation. These give investors a feeling of uncertainty, uncertainty and lack of trust".
     Economic analyst Ionel Blănculescu also said that there are global phenomena, "such as the first missile which went over Japan, Brexit and so on", which are based on the exchange rate movements. "The exchange rate is the result of a combination of internal and foreign factors", Mr. Blănculescu says, mentioning that there is a large number of news that can influence investors and can determine them to transfer their money from Romania to other countries. But, in his opinion, we have to know the volumes of traded currency, to see what is really happening, to realize whether this is a serious increase of the exchange rate or a momentary development.
     Erste Group analysts were recently saying that the leu would gradually depreciate, going to 4.62 units for an Euro, in December 2017, influenced by internal factors such as the increase of the current account deficit and the fiscal uncertainties, but the foreign evolutions should not be overlooked. "The tightening of the monetary policy in the United States, together with the political risks in Europe and a possible firmer tone from the European Central Bank (ECB) which could create obstacles for the leu in 2017", according to the Austrian bank. Erste analysts also said: "Lately, the leu has weakened compared to the Euro, as the governor has recently announced that there is no more room for the leu to strengthen, suggesting that a weakening of the currency can be tolerated despite the controlled float regime of the exchange rate. That being said, the NBR could prevent an abrupt depreciation of the leu against the Euro, which is at any rate is somewhat less probable, given the perception of the market that its volatility is very low among the currencies in Central and Eastern Europe".
     NBR governor Mugur Isărescu said, on February 9th, that there is no more room for a strengthening of the leu, and he added: "That's to avoid saying outright that there is no room at all".
     On that occasion, former banker Lucian Isar commented: "The exchange rate and the transactions on it are sensitive to many of the information and statements made in the public sector. One of the statements that the market immediately includes in the price is that of the NBR governor. The euro-leu exchange rate is a managed exchange rate, manipulated by the NBR. Due to the fact that the NBR can intervene with large amounts on the exchange rate, the statement of the NBR governor becomes a certain guidance. The moment when it says that the leu has no more room for strengthening, he is guiding the move towards depreciation without the need for an intervention of the NBR on the exchange rate precisely at that point to lend credibility to the message".
     In response, Mugur Isărescu said, in an interview granted to "Jurnalul Național": "If we are talking about exchange rate fluctuations below 0.1 percent, in fact smaller than a quarter of a ban, only someone who doesn't know what the foreign currency market means could think that such moves could be the result of manipulations! Exchange rates fluctuations of that size are daily, normal, on an active market. I take the positive side of these concerns tied to the depreciation of the exchange rate. And namely that our ban, as a subunit of the leu, has value and even a move of a tenth of a ban matters. As far as the statement in the press conference, what the people who imagine manipulation haven't understood is that I haven't referred to the move of the nominal exchange rate of the leu on the banking market, but to a specific indicator, the real exchange rate, calculated through relation to the nominal exchange rate to the evolution of internal prices and the weight compared to the evolution of internal prices and weighted against the Euro and other currencies used in our foreign trades. In the case presented in the press conference, which is also on the website of the bank, the real exchange has been calculated through comparison to the production prices, because they are the basis of the international price competitiveness. In that place t here is no more room for growth. The effective real exchange rate, as an indicator of the price competitiveness is a notion that any self-respecting economist knows. But I think that in this case we are speaking about economists that aren't self-respecting..."
     Lately, the Euro has been constantly rising compared against the leu, above 4.58 lei, with the highest level being reached on June 21st, when it reached the level of 4.5987 lei.
     The Swiss franc also strengthened against the leu, from 4.0387 lei to 4.0428 lei, while the American dollar dropped from 3.8513 lei to 3.8198 lei. 
 

 
Readers' comments    [ add a comment ] 
Aceeasi sectiune (English Section)
AFTER BEING INVESTIGATED BY THE TAX ADMINISTRATION AND THE ANPC, BANKS GET INVESTIGATED BY THE COMPETITION COUNCIL
AFTER THE TRANSACTION BETWEEN BANCA TRANSILVANIA AND BANCPOST
PATRICIA SUÁREZ RAMÍREZ, THE PRESIDENT OF THE ASSOCIATION OF FINANCIAL CONSUMERS OF SPAIN:
Actualitate - vezi toate știrile mai jos.
Bănci-Asigurări, 13:09
     * Dolarul a scăzut cu 1,15 bani în fața monedei naționale
     * Francul s-a depreciat la 3,9531 lei
       Banca Națională a României (BNR) a anunțat, astăzi, un curs de referință de 4,6573 lei pentru moneda europeană, în scădere cu 0,26 bani, comparativ cu ședința anterioară, când euro a fost cotat la 4,6599 lei.  click să citești tot articolul
Politică, 14:42
TEODOR MELEȘCANU:
     Țara noastră și Italia au "o relație economică excelentă, clădită pe două decenii de parteneriat strategic, ilustrată de frecvența dialogului bilateral sectorial", a declarat Teodor Meleșcanu, potrivit News.ro.  click să citești tot articolul
Piaţa de Capital, 14:39
LA MIJLOCUL ȘEDINȚEI:
     Piața principală a Bursei de Valori București (BVB) a înregistrat, în prima parte a ședinței de tranzacționare de astăzi, o lichiditate de 14,5 milioane lei (3,1 milioane euro).  click să citești tot articolul
Internaţional, 14:15
     Producătorul italian de ciocolată Ferrero va prelua divizia de dulciuri a Nestle din SUA pentru 2,8 miliarde de franci elvețieni (2,8 miliarde de dolari), tranzacția fiind în linie cu strategia "Nestle" de a renunța la comercializarea dulciurilor și de a se concentra pe produse mai sănătoase.  click să citești tot articolul
Politică, 14:09
     Șeful Poliției Române, Bogdan Despescu a fost demis de premierul interimar Mihai Fifor. După ce aseară a făcut o vizită la Ministerul Afacerilor Interne, premierul a avut în această dimineață o nouă convorbire cu ministrul Carmen Dan despre situația șefului IGPR.  click să citești tot articolul
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
17.01.2018
BVB
     * Transferuri de 10,5 milioane de lei cu acțiuni "Banca Transilvania"
       Volumul înregistrat în cea de-a doua ședință de tranzacționare a săptămânii a fost de 38,87 de milioane de lei, peste cel din ședința precedentă, de 28,5 milioane de lei, dar sub valoarea medie...  click să citești tot articolul
17.01.2018
BURSELE DIN LUME
     Bursele din Europa au urmat un curs pozitiv ieri, exportatorii din regiune fiind impulsionați de deprecierea euro.  click să citești tot articolul
16.01.2018
     Fondurile de pensii administrate de NN au ajuns să aibă o participație de 6,42% din acțiunile MedLife, în urma unui schimb, pe piața secundară a Bursei de Valori București, se arată într-un raport...  click să citești tot articolul
16.01.2018
BURSELE DIN LUME
     Acțiunile tranzacționate la bursele din Europa au scăzut ieri, în condițiile în care firma britanică de construcții "Carillion" Plc, cu 43.000 de angajați, a intrat în procedură de...  click să citești tot articolul
15.01.2018
BVB
     * BET-FI, singurul indice în scădere
       Valoarea tranzacțiilor a urcat la aproape 60 millioane lei, în ultima zi de tranzacționare a săptămânii, peste cea înregistrată în ședința anterioară de circa 55 de milioane de lei, în contextul în...  click să citești tot articolul
15.01.2018
BURSELE DIN LUME
     Acțiunile tranzacționate la bursele din Europa au urmat un curs pozitiv vineri, investitorii reacționând la rezultatele financiare anunțate de companii, dar și la rezultatele preliminare pozitive...  click să citești tot articolul
Cotații Internaționale

Curs Valutar

Curs valabil din data de 17 ianuarie 2018
1 Dolar australian...
1 Leva bulgărească...
1 Dolar canadian....
1 Franc elvețian...
1 Coroană cehă...
1 Coroană daneză...
1 Liră egipteană...
1 Euro...
1 Liră sterlină...
100 Forinți maghiari...
100 Yeni japonezi...
1 Leu moldovenesc...
1 Coroană norvegiană...
1 Zlot polonez...
1 Rublă rusească...
1 Coroană suedeză...
1 Liră turcească...
1 Dolar S.U.A...
1 Rand sud-african...
1 Real brazilian...
1 Renminbi chinezesc...
1 Rupie indiană...
100 Woni sud-coreeni...
1 Peso mexican...
1 Dolar neo-zeelandez...
1 Dinar sărbesc...
1 Hryvna ucraineană...
1 Dirham emirate arabe...
1 Kuna croată...
1 Bahtul thailandez...
1 Gram aur...
1 DST...
AUD
BGN
CAD
CHF
CZK
DKK
EGP
EUR
GBP
HUF
JPY
MDL
NOK
PLN
RUB
SEK
TRY
USD
ZAR
BRL
CNY
INR
KRW
MXN
NZD
RSD
UAH
AED
HRK
THB
XAU
XDR
3.0379
2.3813
3.0601
3.9531
0.1830
0.6253
0.2150
4.6573
5.2524
1.5068
3.4395
0.2245
0.4834
1.1150
0.0672
0.4728
0.9972
3.8067
0.3089
1.1806
0.5915
0.0596
0.3565
0.2027
2.7705
0.0394
0.1326
1.0364
0.6268
0.1192
163.7883
5.4810
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
click aici pentru cursurile pieței valutare - istoric
English Section
10.01.2018
     * Sources: Dan Pazara is leaving together with Mariana Gheorghe
     * Christina Verchere has been appointed for the remaining part of Mariana Gheorghe's term, namely until April 16th, 2019
       The Supervisory Board of OMV Petrom yesterday appointed Christina Verchere as president of the Directorate and CEO of OMV Petrom, replacing Mariana Gheorghe.  click here to read the entire article
20.12.2017
     The red spot on the white paper becomes greenish, but maintains it's shape, when you move your eyes to the empty part.  click here to read the entire article
19.12.2017
     Approximately 700 magistrates from several courts and prosecutor offices in the country have gathered yesterday on the steps of the Bucharest Court of Appeal.  click here to read the entire article
18.12.2017
     * The Secretary General of the European Federation of Journalists has pledged to support with all his strength, the efforts of FAIR-MediaSind to halt the politicians' attacks on the independence of Romanian journalists
       The political assault on the freedom of the press in Romania, through the amendment of the laws of justice by the coalition in power, was one of the main issues today in the meeting of the Social Dialog Commission of the European Commission, which was attended, on behalf of Romania, Leonard Pădureț, president of the FAIR - MediaSind Culture and Mass Media Federation, together with executive president Cristi Godinac.  click here to read the entire article
14.12.2017
EXCLUSIVE:
     * "We need real and rational policy from the international community and not political tricks"
     * (Interview with his Excellency, Mr. Fuad Kokaly, the Ambassador of Palestine in Bucharest)
       The UN stated it was "extremely concerned over the risks of a violent escalation of the situation" after the decision of Donald Trump to unilaterally recognize Jerusalem as the capital of Israel, in a reunion of the Security Council in which the United States have appeared more isolated than ever, according to AFP.  click here to read the entire article
12.12.2017
AFTER BEING INVESTIGATED BY THE TAX ADMINISTRATION AND THE ANPC, BANKS GET INVESTIGATED BY THE COMPETITION COUNCIL
     * Chirițoiu: "We suspect an exchange of sensitive information on the banking market"
     * Dan Suciu, NBR: "The audits of the Competition Council can't be a reason for panic whatsoever"
     * Unannounced audit at Finmedia
     * The investigated institutions are at risk of being fined 10% of their turnover
     * Vasilescu: "The NBR has nothing to do with these investigations"
       The financial banking system seems to be the focus of most of the investigation entities. After being audited by the National Tax Administration Agency (ANAF) and by the National Consumer Protection Authority (ANPC), some of the banks which operate in Romania have also been investigated by the Competition Council (CC).  click here to read the entire article
11.12.2017
THE COURT RULED THAT SOME CONTRACTS CONCLUDED BY CELL PHONE COMPANIES INCLUDE ABUSIVE CLAUSES
     * The Bucharest Court of Appeal Bucharest yesterday ruled that RCS&RDS has abusive clauses in its contracts
     * The ANPC has also won the initial lawsuit against Telekom România
     * Vodafone has lost the case in the court of last instance against the ANPC
       The Courts have decided that some contracts concluded by the telephony companies contain abusive clauses. The Court rulings were rendered last year, as well as in 2016, but the argumentations have been formulated relatively recently.  click here to read the entire article
08.12.2017
     The hope of an accession as quick as possible by Romania to the Eurozone was dealt a heavy blow precisely on the National Day.  click here to read the entire article
06.12.2017
AFTER THE DRAFT HAD BEEN PUBLISHED IN OCTOBER
     * Gheorghe Șimon: "The royalties law will be voted in the Parliament in February next year"
     * Ministry of the Economy: "We will establish royalties which are fair both for the state as well as for the business sector"
     * Daniel Cătălin Zamfir, PNL: "I found out that there are companies that have never, take note, never paid even one leu in royalties to the Romanian state, even though they have been exploiting resources for over 20 years"
     * Last year, the Court of Auditors announced that Romania lost 1.4 billion dollars, because the ANRM established the oil royalties in a flawed manner
       The entire legislative package concerning the regulation of the system for the regulation of the mineral, oil and hydromineral resources will be revised and will be voted in the Parliament in February next year, Economics minister, Gheorghe Șimon, announced yesterday, after the debates of the Economic, Industries and Services Commission of the Senate.  click here to read the entire article
28.11.2017
AFTER THE TRANSACTION BETWEEN BANCA TRANSILVANIA AND BANCPOST
     * Customers with borrowers in CHF from Bancpost are waiting for a conversion program with a discount
       After moving to second spot last year in the domestic banking system, through the acquisition of Volksbank, Banca Transilvania (BT) ends up on equal footing with BCR, taking over Bancpost, from Greek group Eurobank.  click here to read the entire article
27.11.2017
     * MAKE, BURSA: "I want the new CEO of the BSE to participate in the drafting of a new strategy for the development of capital market"
       On Thursday night, "BURSA" received the Award for the promoting of high standards of corporate governance on the capital market, as part of the 2017 Capital Market Awards Gala, organized by the Association of Brokers.  click here to read the entire article
24.11.2017
     * Ciprian Păltineanu and Adrian Tănase, scheduled for meetings with the board
     * Both candidates seem to be closet o the group in the shareholder structure of the BSE
     * George Butunoiu is in charge of recruitment
     * The waiting list may include a few foreigners, including former BRD executive Jacek Panczyk
       According to some market sources, banker Ciprian Păltineanu and Adrian Tănase, Chief Investment Officer at NN Pensii România, will hold interviews in the beginning of next week with the Board of the BSE, after Ludwik Sobolewski's term expired in the summer.  click here to read the entire article
23.11.2017
PATRICIA SUÁREZ RAMÍREZ, THE PRESIDENT OF THE ASSOCIATION OF FINANCIAL CONSUMERS OF SPAIN:
     * The head of the ASUFIN: "The ruling of the Supreme Court of Spain in which the Andriciuc case has been invoked will be part of the Spanish case law and the lower courts will be required to apply the principle that underlies this decision"
       The ruling issued by the Court of Justice of the European Union (CJUE) in the Andriciuc versus Banca Românească case represents a great advantage for Spanish debtors, said Patricia Suarez Ramírez, the president of the Association of Financial Consumers in Spain (ASUFIN), as part of a response recently sent to BURSA.  click here to read the entire article
22.11.2017
     * Dragnea: "Those who are against me are hiding behind institutions"
       The president of the Chamber of Deputies, Liviu Dragnea, leader of the PSD, thinks that his enemies are hiding behind some institutions, "they crucify people", and the real stake is "the blocking of the Laws concerning the Justice system".  click here to read the entire article
21.11.2017
     The Council of the European Union and the European Parliament have sent to the ECB, in the beginning of this year, a request concerning the sending of some proposals to revise the framework for managing crises.  click here to read the entire article
.