Press Review - September 6, 2018

09.06.2018 By Oana Gavrila

Mandatory Private Pension Contributions Grow 11.86% in 1H

Contributions to the mandatory private pension pillar (Pillar II) totaled RON3.83 billion (EUR822.29 million) in the first half of the year, 11.86% higher compared with the same period a year ago, a report of the Financial Supervision Authority showed Wednesday.

In June alone, Pillar II contributions amounted to RON635.5 million, up 4.36% compared with June 2017 and up 1.84% compared with December 2017.

Compared with May, the volume of mandatory private pension contributions decreased 2.27% in June due to a rise in the minim wage and a cut in the contribution quota to 3.75% from 5.1%, the report noted.

Leu Falls Slightly vs Euro

The Romanian leu fell 0.1% against the euro Wednesday, to 4.6369 units to the euro, from Tuesday's reference rate of 4.6321 units.

The leu had firmed to 4.6250 units to the euro on August 6.

The US dollar, quoted indirectly on the Romanian market, fell to 4.0046 lei Wednesday from 4.0051 units Tuesday.

Liberals Seek to Amend Constitutional Court Law

Romania's opposition Liberal Party is working on a bill to amend the law governing the Constitutional Court to limit its decisions, said party leader Ludovic Orban.

Liberals seek to amend the law to no longer allow the top court to “order” the president and Parliament and to have government emergency decrees checked for constitutionality before coming into force.

“Currently, the only entity that can trigger a constitutionality check on government emergency decrees is the Ombudsman. As long as that institution is led by Victor Ciorbea, who is the advocate of any social democrat leader or prime minister and not the people's advocate, that won't happen,” said Orban on Realitatea Tv.

Another Social Democrat MP Calls for Dragnea's Resignation

Social democrat MP Razvan Rotaru said party leader Liviu Dragnea should take a step back, adding he was never consulted on any political decision as a lawmaker.

Rotaru said he would not resign from the party but would try to fight for reform from within.

He added he stands by Bucharest mayor Gabriela Firea who is in open conflict with party leaders. Firea said Wednesday the party was being led in a “dictatorial” manner.