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Encouraging signals for resuming crediting

According to the minister in charge with SMEs, trade and business environment, the modification of the Fiscal Code as of July 1 will probably stipulate also the non-taxation of the reinvested profit.

The National Bank of Romania (BNR) will release some of the reserves of the commercial banks this week or the next week, and so the crediting could be resumed soon, the minister in charge with SMEs, Constantin Nita, said. "This money will arrive in the market to help the real economy. Hopefully, crediting, which is absolutely necessary for SMEs, will be resumed. Through the fall of demand, the credits will be useful to support the small and medium sized enterprises," Nita said at the opening of the trading session of Bucharest Stock Exchange, Mediafax informs. At the end of March, BNR decided to cut to zero the rate of the compulsory minimum reserves for the liabilities in foreign currency with residual maturity in excess of two years, vs. 40 per cent now, starting with the application period May 24-June 23, 2009. BNR governor declared last week that the Central bank will be "generous" with the reduction of the rate of the minimum compulsory reserves in foreign currency set up by the commercial banks, subject to the needs for credits and the terms of the agreements with IMF, EU and the agreement signed with the banks in Vienna.

He pointed out that the reduction of the reserves will be connected with the way in which the banks resume the "healthy" crediting in foreign currency, meaning the long term loans for the firms which export or import and the long term mortgage credits. The commercial banks are obliged to set up minimum compulsory reserves with the central bank representing 40 per cent of the liabilities in foreign currency and 18 per cent of those in RON.

CEC, Eximbank capitalization, and the non-taxation of the reinvested profit in H2

CEC and Eximbank capitalization, the creation of the credit counter-guarantee fund for SMEs, including the non-taxation of the reinvested profit will be made in the second half of the year, although they were announced for the first half, the minister for SMEs, Constantin Nita, added yesterday. "There are matters which were not finalized, which will be probably operational in the second half of the year, although they were announced in the first half," Nita said. The same mentioned that the tax on the reinvested profit will be eliminated also from the second half of the year. "The work at the modification of the fiscal code is in progress, so the non-taxation of the reinvested profit will become applicable also as of July 1. This measure will compensate for certain measures which were adopted but displeased the business circles," Nita added. He also said that the privatizations and the public acquisitions should be made through the Stock Exchange, in order to eliminate any suspicion connected with the fairness of the operations. "This instrument should be used because the stock exchange is the most transparent institution. There will always be people who will contest the fairness of the privatisations and of the public acquisitions. Thus, all the suspicions will be eliminated," Nita concluded.

 

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Tags: banks which reserves crediting reinvested profit cec bnr