Moldova’s central bank decreased base rate

(©National Bank of Moldova)

Hungary won’t sell residency bonds anymore

Latvian banking sector makes EUR373.9m profit in nine months

22 M&A transaction concluded in Bulgaria in H1’16.

Moldova

On October 27th, the National Bank of Moldova adopted a decision to adjust the short-term monetary policy. The base rate on short-term monetary policy operations was decreased by 0,5 per cent from 9,5 per cent to 9 per cent. The interest rates for overnight loans were decreased from 12,5 per cent to 12 per cent. The rates for the deposits were decreased from 6,5 per cent to 6 per cent, Moldova.org reports.

The required reserves ratio from financial means attracted in freely convertible currency would be maintained at the level of 14 per cent of the base. Those attracted in MDL (Moldovan leu) and non-convertible currency would be set at the level of 35 per cent.

The central bank also announced the annual inflation rate was 3 per cent in September 2016. The core inflation rate constituted 6,7 per cent in September 2016, 0,8 per cent less than in July.

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Hungary

The Budapest Business Journal reports the Hungarian government plans to stop selling residency bonds. The Cabinet Chief János Lázár said the program „is no longer needed since the country’s upgrades by rating agencies”.

The Hungarian government has been selling residency bonds for non-EU citizens, granting them a “permanent residence card in one step,” as well as the buyer’s “dependent children” and “dependent parents,” with no Hungarian address requirement, according to the program’s website residency-bond.eu, which offers information for those interested in investing in the program.

The Budapest Business Journal quotes the website of the program: „Hungarian Residency Bond Program is getting popular: number of residence permits issued increases constantly. While only 430 bonds were sold by the end of 2013, more than 2,210 bonds were sold by the end of 2014”.

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Latvia

Leta agency informs the Latvian banking sector earned EUR374m in an aggregate profit in the period January -September 2016. It’s up 18.9 per cent y/y.

The data from the Financial and Capital Markets Commission (FCMC) shows at the end of September 2016, banking assets totaled EUR29.6bn (down 7.5 per cent from the end of 2015 and by 0.9 per cent less compared to late August 2016).

Aggregate bank deposits stood at EUR21.4bn at the end of September 2016. It was 8.2 per cent less than at the end of 2015 and also 1.1 per cent less than at the end of August 2016. The banking sector’s loan portfolio totaled EUR15.1bn at the end of September 2016 (up 3 per cent from late 2015, down 0.04 per cent compared to the end of August 2016).

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Bulgaria

In the H1’16 there were 22  M&A transactions in Bulgaria with the total value of USD600m. The survey conducted by the advisory firm EY shows the average amount of the deals concluded in Bulgaria was USD25m. Some 82 per cent of the deals in the country were done by strategic investors. In 45 per cent of the deals, both the buyer and the seller were Bulgarian companies, while in another 45 per cent the buyers were foreigners. The buyers were Bulgarian investors buying companies abroad in only 10 per cent of the deals.

The most active sectors in M&A were information technologies with 6 deals and banking and financial sector with 3 deals for the period.

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What’s up in indexes

BUX (of Budapest) dropped by 0.55 per cent d/d. It increased from 29854.68 index points Wednesday, October 26th to 29689.69 index points Thursday, October 27th. From year-end it’s up 24.12 per cent.

BET (of Bucharest Stock Exchange) increased from 6784.09 index points Wednesday, October 26th to 6830.80 index points Thursday, October 27th. So it’s up 0.71 per cent d/d. From year-end it dropped by 2.45 per cent.

PX (of Prague) increased from 919.18 index points Wednesday, October 26th to 925.46 index points Thursday, October 27th. So it’s up 0.68 per cent d/d. From year-end it dropped by 3.23 per cent.

WIG20 (of Warsaw) was up 0.88 per cent – increasing from 1779.73 index points Wednesday, October 26th to 1795.33 index points Thursday, October 27th. From year-end it dropped by 3.43 per cent.

OMXT (of Tallinn) was up 0.41 per cent d/d and up 14.69 per cent from year-end. It increased from 1026.84 index points Wednesday, October 26th to 1031.04 index points Thursday, October 27t .

OMXR (of Riga) decreased from 721.44 index points Wednesday, October 26th to 720.75 index points index points Thursday, October 27th. So it dropped by 0.10 per cent d/d. From year-end it’s up 21.27 per cent.

OMXV (of Vilnius) was up 0.36 per cent d/d and up 14.41 per cent from year-end. It increased from 554.03 index points Wednesday, October 26th to 556.03 index points Thursday, October 27th.

SAX (of Bratislava) was up 0.53 per cent d/d and up 8.63 per cent from year-end. It increased from 315.89 index points Wednesday, October 26th to 317.57 index points Thursday, October 27th.

SOFIX (of Sofia) dropped by 0.10 per cent – falling from 518.04 index points Wednesday, October 26th to 517.52 index points Thursday, October 27th. From year-end it’s up 12.28 per cent.

UX (of Kyiv) increased from 825.35 index points Wednesday, October 26th to 828.42 index points index points Thursday, October 27th. So it’s up 0.37 per cent d/d. From year-end it’s up 20.79 per cent.

CROBEX (of Zagreb) increased from 1969.94 index points Wednesday, October 26th to 1964.78 index points Thursday, October 27th. So it’s up 0.26 per cent d/d. From year-end it’s up 16.28 per cent.

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