Press Review - December 28, 2018

12.28.2018 By Oana Gavrila

Bucharest Stocks End Thursday in the Red

Romanian stock indices ended in the red on Thursday in slightly lower turnover, with the main BET index losing 0.13%.

Electrica (-1.8%) and OMV Petrom (-1.29%) were the day's biggest decline among blue-chip companies.

On Monday, Bucharest stocks had ended the day with a 7.05% growth in the BET index after massive losses the previous week on concerns over new taxes.

Leu Loses Ground Vs Euro, Gold Price Highest in 2018

The Romanian leu lost ground against the euro Thursday, standing at 4.6471 units at midday, down 0.12% compared with the previous trading session on Monday.

On Monday, the leu had firmed to 4.6413 units to the euro.

The price of gold grew to its highest level this year Thursday, standing at RON166.6755 per gram, up from the previous session's reference rate of  RON165.0178.

Romanians To Ultimately Pay for Government's New Taxes

The government decree introducing new taxes, such as a tax on bank assets, will end up hurting average Romanians instead of protecting them as the government claims.

The government has introduced new taxes for banks, energy and telecom companies, which will ultimately be reflected in people's bills, tougher lending conditions and a lower standard of living and purchasing power.

Experts warn these taxes, although not levied on the population directly, will be indirectly paid by all Romanians.