The Romanian government on Friday
\napproved changes to three emergency orders, including the infamous Order no.
\n114 that levied more duties in important economic areas: banks,
\ntelecommunications and energy. This piece of legislation, which divided the
\npolitical class, had been adopted by the government without consulting with the
\nsectors targeted by the changes and was criticised both in Romania and abroad,
\nin particular the European partners. <\/p>\n
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According to prime minister Viorica
\nDancila, the changes to the three emergency orders are meant to reduce lending
\ncosts for the Romanians and boost the number of Romanian companies benefitting
\nfrom advantageous loans from the banks. She added that through these changes,
\nthe calculation of the interest rate for loans in the national currency will
\nalso take into account an indicator that is based exclusively on interbank
\ntransactions, which will be published on the website of the National Bank of
\nRomania. The Romanian
\nInterbank Offer Rate, known as theROBOR index, will thus no longer be
\nused in the calculation. As of May 2nd, the new reference index will
\napply to the new loans made by the population. As a result, the new index will
\nalso apply to the refinancing of ongoing loans. <\/p>\n
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Another change made by the
\ngovernment refers to the privately-run pension fund known as Pillar II. The
\nprime minister says talks were held with the share-holders and managers of
\nprivate pension funds in Romania, the ministry for labour and social justice
\nand the Financial Supervisory Authority with the effect that the regulations
\nregarding the capital requirements imposed on pension fund managers will be
\nsuspended until 31st May. She explained that the measure was
\nnecessary to allow private pension fund managers to adjust to the new social
\ncapital conditions on the market. The obligatory minimum social capital in the
\ncase of a private pension fund manager, namely the equivalent in the national
\ncurrency of 4 million euros, will be applied for this period. <\/p>\n
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The energy sector also saw a series
\nof clarifications and regulations. According to prime minister Viorica Dancila,
\nthese are aimed, among others, at boosting investment in the electricity sector
\nand developing the natural gas supply networks by introducing the possibility of
\nalso doing so with public funds on a regional basis. Another measure is capping
\nthe price of gas and electricity for household consumers and lifting the cap for
\nindustrial consumers, following talks with representatives of the sector and
\nthe European Union. <\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
The government modifies emergency orders targeting key sectors of the economy.<\/p>\n","protected":false},"author":46,"featured_media":80988,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[37738],"tags":[32466],"coauthors":[],"class_list":["post-81277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-today-in-the-news","tag-taxation"],"acf":[],"yoast_head":"\n