Magnus LLC to finance foreign trade
Through its Romanian representative office, American-based financial holding Magnus LLC has launched a US$50m loan programme for Romanian companies that conduct foreign trade operations.
Through its Romanian representative office, American-based financial holding Magnus LLC has launched a US$50m loan programme for Romanian companies that conduct foreign trade operations.
The administration board of BNR (National Bank of Romania) has decided to reduce, by two percentage points, the intervention interest rate, which would go down to 12.5 per cent.
Ovidiu Nicolescu, president of the National Council for Private Small- and Medium-Sized Enterprises, said 20-25 per cent of Romanian SMEs could stop operations after the country's accession to the European Union (EU) because they would not be able
The central bank (BNR) lifted restrictions on Romanian companies' hard currency acquisitions from 24 February 2005.
Eximbank will launch foreign currency exchange risk operations in March to support exporters, bank president Mariana Diaconescu said last week.
Romanian central bank decreased its key interest rate by 72 basis points to 15.75 per cent p.a. Central bank reacted to slower pace of inflation.
The European Bank for Reconstruction and Development (EBRD) is increasing its exposure to Banca Transilvania by a further Ђ7.5m, as part of a financial arrangement that also includes a syndicated loan from several investment banks worth Ђ15m.
The increasingly stronger position held by large foreign banks on central and eastern European markets, Romania included, tends to seriously hinder the development of small-and medium-sized enterprises (SMEs) in the respective countries.
France's Societe Generale, majority owner of BRD-Groupe Societe Generale, bought the state's remaining 7.3 per cent last week.
In the first nine months of 2004, BRD – Groupe Sociйtй Gйnйrale recorded a volume of Ђ80m from factoring operations, which represent an increase of 184 per cent compared to 12 months of last year.