Press Review - December 5, 2017

12.05.2017 By Oana Gavrila

Forex Reserves Decrease to EUR33.06B in November

Romania's foreign exchange reserves decreased to EUR33.062 billion in November from EUR33.93 billion at the end of October, central bank data showed Monday.

The country had foreign currency inflows of EUR1.07 billion and outflows of EUR1.94 billion in November, the data showed.

Romania's gold reserve remained steady at 103.7 metric tons and its value adjusted for international gold price stood at EUR3.64 billion at the end of November, from EUR3.65 billion at the end of October.

Payments due on public and publicly guaranteed external debt in December amount to EUR107 million.

Senate Approves Emergency Decree Overhauling Tax System

Romanian senators on Monday approved the emergency decree that overhauls the country’s tax system and which includes, among others, the transfer of social security contributions from employers to employees and cutting the income tax to 10% from 16%.

The decree was approved 71 to 27.

The Chamber of Deputies is the decision-making forum regarding this piece of legislation.

The emergency decree was passed on November 8 by the Government and has since sparked ample protests throughout the country, as employees fear their net wages will drop. The measures have also been criticized by analysts and President Klaus Iohannis himself, as they are considered bound to cause chaos and hinder economic development.

Pensioners To Get Pensions Early, Before Christmas

Pensioners will receive their December pensions earlier and all pensions will be paid by December 22, before Christmas, the Labor Ministry said Monday.

“Considering winter holidays are coming up, the national public pensions house and the Romanian post office have agreed to pay pensions in advance,” the ministry said.

Pensions will be paid between December 12 and December 22. Pensioners cashing their money on bank cards will be paid on December 14.