Romania needs 13 more years to join the Eurozone

Bucharest, Romania (Jake Stimpson, CC BY)

Bulgarian households increased expenditures

Ukrainian Artem-Bank insolvent

Romania

According to the study coordinated by Romania’s central bank (NBR), the country needs another 13 years to “reach the level of development required to adopt the euro”. Of course if it maintains the average growth pace of the last 15 years.

The study shows that to adopt the euro Romania’s GDP per capita “needs to reach a level of at least 75 per cent of the EU average and the country has to meet other structural requirements.”

“We are currently at 57 per cent of the EU average in terms of GDP per capita, but Bucharest is at 120 per cent while Vaslui is at 20 per cent. Bucharest, Cluj, Timisoara could join the Eurozone tomorrow, but not the rest of the country,” an analyst Ionut Dumitru, the president of the Fiscal Council Dumitru, comments.

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Bulgaria

Total expenditures per person in a household in Q3’16 was BGN1,223 (EUR625). So it’s up 4.7 per cent, compared to Q3’15.

As Novinite.com reports, the highest relative share of expenditures was reported for food (31.6 per cent), household expenses (16.7 per cent), taxes and social security contributions (11.6 per cent), transportation and communications (10.8 per cent).

According to the National Statistical Institute (NSI), compared to 2015, expenditures on food and soft beverages increased from BGN380 (EUR194) to BGN387 (EUR197), while household expenses (water, electricity, heating, furniture and home maintenance) rose from BGN194 (EUR99) to BGN 204 (EUR104). Transportation and communications expenses rose from BGN130 (EUR66) to BGN132 (EUR67). Health expenses grew from BGN 58 to BGN 64. Expenditures on alcohol and cigarettes remained unchanged – BGN54. Leisure time, culture and education expenses rose from BGN67 to BGN80.

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Ukraine

The National Bank of Ukraine (NBU) has declared Artem-Bank (Kyiv) as insolvent. “Temporary administration was introduced in the bank yesterday, on November 15th,” Yekateryna Rozhkova, NBU Deputy Head informed.

The Interfax informs that as of November 8th the total amount of Artem-Bank’s outstanding transactions for customers exceeded UAH20.2m (EUR712,000), or 5.3 per cent of its liabilities.

In addition, due to additional formation of reserves as of October 1st the bank’s capital became negative (as of October 25th “minus” UAH185.2m (EUR6.5m), which led to the violation of prudential regulations and limits of the open currency position.

In late September 2016 the bank ranked 69th in terms of assets (EUR18.8m, UAH528.84m). There are 101 insolvent banks in Ukraine at the moment.

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What’s up in indexes

BUX (of Budapest) dropped by 0.53 per cent – falling from 30133.01 index points Tuesday, November 15th to 29972.83 index points Wednesday, November 16th. From year-end it’s up 25.30 per cent.

BET (of Bucharest Stock Exchange) dropped by 0.44 per cent d/d and by 2.27 per cent from year-end. It decreased from 6873.27 index points Tuesday, November 15th to 6843.14 index points Wednesday, November 16th.

PX (of Prague) dropped by 1.66 per cent d/d and by 6.98 per cent from year-end. It decreased from 904.68 index points Tuesday, November 15th to 889.62 index points Wednesday, November 16th.

WIG20 (of Warsaw) increased from 1754.02 index points Tuesday, November 15th to 1758.54 index points Wednesday, November 16th. So it’s up 0.26 per cent d/d. From year-end it dropped by 5.41 per cent.

OMXT (of Tallinn) dropped by 0.14 per cent – falling from 1025.95 index points Tuesday, November 15th to 1024.50 index points Wednesday, November 16th. From year-end it’s up 13.96 per cent.

OMXR (of Riga) was up 2.73 per cent d/d and up 22.52 per cent from year-end. It increased from 708.87 index points Tuesday, November 15th to 728.21 index points Wednesday, November 16th.

OMXV (of Vilnius) dropped by 0.18 per cent d/d – falling from 560.08 index points Tuesday, November 15th to 559.05 index points Wednesday, November 16th. From year-end it’s up 15.03 per cent.

SAX (of Bratislava) dropped by 0.02 per cent – falling from 314.43 index points Tuesday, November 15th to 314.37 index points Wednesday, November 16th. From year-end its’ up 7.53 per cent.

SOFIX (of Sofia) decreased from 538.51 index points Tuesday, November 15th to 534.48 index points Wednesday, November 16th. So it dropped by 0.75 per cent d/d. From year-end it’s up 15.96 per cent.

UX (of Kyiv) was up 1.71 per cent d/d and 17.32 from year-end. It increased from 791.11 index points Tuesday, November 15th to 804.64 index points Wednesday, November 16th.

CROBEX (of Zagreb) dropped by 0.44 per cent – falling from 1973.38 index points Tuesday, November 15th to 1964.72 index points Wednesday, November 16th. From year-end it’s up 16.28 per cent.

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