Thursday, August 6

New BNR rulings

New rulings on Wednesday by Romania’s National Bank (BNR) come into force today (August 6). Measures include a cut of 1.5 percent/year in the bank’s benchmark interest rate from an initial 1.75 percent. The move may attract lower interest rates in Romanian banks. BNR also decided to lower deposit facilities to 1 percent a year from its current 1.25 percent with Lombard facility down at 2 percent from a previous 2.25 percent. However, BNR decided to maintain existing ratios of the minimum reserve requirements on both Romania’s leu (RON) and foreign currency-denominated assets and liabilities of credit institutions.The bank also intends to help restoring the country’s economy while keeping its annual medium inflation rate at 2.5 percent/year.

Miner’s Day in Romania

Romanians celebrate the Miner’s Day on August 6 remembering victims of a strike organised by miners in Lupeni, a small town on river Jiu Valley in the western Romanian county of Hunedoara, back in 1929. Early on August 6, employers and authorities in the region, along with 80 border gurads and 20 troops of the country’s Gendarmerie came at the mine in an attempt to end the protests. According to sources at the time, some 20 miners were shot dead while over 100 were wounded. Today’s events include a visit to Lupeni by Romania’s Prime Minister Ludovic Orban who is expected mark the reopening of a Mining Museum in Petroșani, a former mining town near-by. In 1989, some 300 mines were operational. By the late 90s, the country’s mining industry suffered a setback and needed huge investement and government subsidies to survive. Between 2002 and 2012, the government closed 255 mines. Following a draft emercgency ordinance issued by Romania’s Ministry of Economy, Energy and Business Environment (MEEMA) issued in July this year, Hunedoara Energy Complex (CEH) will further provide energy services of 400 MW by the end of 2020.

ALDE leader expected to run for Bucharest City Hall

The leader of the former governing Alliance of Democrats and Liberals for Europe (ALDE), a small Romanian right-wing party, has announced his bid as mayor of the City Hall in the capital Bucharest at the local elections scheduled in September. Călin Popescu Tăriceanu, a fomer leader of the governing National Liberal Party (PNL) and a former prime minister, is expected to face a competition from Nicușor Dan, the joint candidate of the governing PNL and the right-wing Save Romania Union (USR). Former Romanian President Traian Băsescu has also announced his plans to run for the Bucharest City Hall.

Alexandru Danga, RADOR