• Bundled benefits: 5% rewards on day to day spending, discounts at Citi Partner network, free entrance to museums, extended warranty insurance for electronic purchasesrn• The new Citi Value Card entirely responds to customers’ preferences and their spending habits. rnrnCustomers can now have a more rewarding payment experience with the launch of Citibank Romania’s new Value Card, a credit card that enables them to receive rewards every month for their regular day to day purchases. rnrnExtensive research played an important role in Citibank’s decision to launch this card providing the most relevant benefits for customers. rnrnWith this new card, customers receive up to 5%* back on their everyday purchases, such as food and groceries, fuel, apparel, cinema tickets or restaurant meals for the first 90 days from card issuance. After that, cardholders receive 2%* reward on the above categories, not conditioned on minimum spending or the number of transactions. The maximum reward available is 300 RON gross per month. The reward is automatically credited to the cardholder’s card account and shall be included in the monthly statement.rnrnCardholders receive further discounts of up to 20% on merchandise and services purchased from 100 renowned brands from 700 outlets nationwide within the CitiPartner network, as well as the opportunity to visit 15 Romanian museums free of charge with up to two friends or family members. rnrnThe Citi Value Card also includes a free one-year extension of warranties on electronics purchased with the Value Card.rnrn“We are committed to providing customers extra value for their money and make this card the smart way to pay for all purchases” said Kumar Ramachandran, Citibank Consumer Cluster Head for Romania and Czech Republic. “The Value Card rewards customers through innovative and convenient features, in a way that is relevant to them”. rnrn“This is a unique package of benefits in the Romanian market, which has been put together after extensive customer research as it allows them to enjoy their rewards in their preferred way. A combination of rewards, partner discounts and extended warranty should make the Citi Value Card the preferred payment choice for the customers.” declared Adrian Vlase, Cards Head at Citibank Romania. rnrnAdditional cardholder benefits include features such as SMS and e-mail alerts for every purchase made, utility bills payment over the phone, flexible repayment methods and 24/7 CitiPhone service. Each cardholder is entitled to up to six free supplementary cards to share with their family. rnrnMore information on the Citi Value Card is available online at www.citibank.ro or through the CitiPhone service line 0800801040.rnrn* Subject to income taxation of 16%rnrnAbout Citi rnrnCiti, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com rnrnAbout Citibank RomaniarnrnCiti has been present in Romania since 1996 and provides high-quality financial products and services to national and international companies, small and middle enterprises, the public sector, non-profit organizations and individuals. Additional information may be found at www.citibank.rorn
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The neutral nominal rate in Romania has been falling since the start of inflation targeting in 2005. The Taylor Rule clearly shows that interest rates peaked in 2022 and have been on a clear downward path ever since.Furthermore, the model estimates a long-term neutral nominal rate of around 3.9%, which is the equivalent of approx. 1.4% real.Using a more sophisticated model (i.e. New York FED’S HLW model), the real neutral interest rate in Romania is estimated currently at around 1.5% (1.7% 2023 average) and the historical mean at 1.2%.This implies a neutral nominal rate between 4.00% and 4.50%. In the past decade, the NBR real effective rate was below the neutral rate and only over the past year climbed above the neutral mark.Source: Erste Bank
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NBR Board decisions on monetary policyIn its meeting of 4 April 2023, the Board of the National Bank of Romania decided:• to keep the monetary policy rate at 7.00 percent per annum;• to leave unchanged the lending (Lombard) facility rate at 8.00 percent per annum and the deposit facility rate at 6.00 percent per annum;• to keep the existing levels of minimum reserve requirement ratios on both leu- and foreign currency-denominated liabilities of credit institutions.The annual inflation rate went down to 15.52 percent in February 2023, from 16.37 percent in December 2022, relatively in line with forecasts. The decrease was mainly driven by the sizeable drop in the dynamics of fuel and electricity prices, under the impact of significant base effects and the change made to the energy price capping and compensation scheme starting 1... detalii
ING press release:ING posts FY2022 net result of €3,674 million,proposed final 2022 dividend of €0.389 per share 4Q2022 profit before tax of €1,711 million; CET1 ratio remains strong at 14.5%•Profit before tax up 29% on 4Q2021 and 24% on 3Q2022, mainly driven by higher income•Higher net interest income, as a further increase in liability margins helped offset TLTRO impact this quarter•Risk costs declined to 17 bps of average customer lending Full-year 2022 net result of €3,674 million, supported by growing customer base and increase in lending and deposits•On a full-year basis, our primary customer base grew by 585,000•Net core lending growth of €18 billion and net core deposits growth of €25 billion in 2022•Net result of €3,674 million in a challenging year; proposed final 2022 dividend of €0.389 per share CEO statement“Looking back, 2022 was... detalii