Fourth financial quarter

• October 7

- There are terrorist attacks in Israel, followed by the bombing of the Gaza Strip by the armed forces led from Tel Aviv, which gives birth to the current Israel-Hamas war.

• 10 October

- The first visit of Ukrainian President Volodymyr Zelensky to our country is taking place.

• October 18

- The Constitutional Court rejects the notification of the USR and the Law Force regarding the fiscal measures for which the Government assumed responsibility in the Parliament, in September.

• October 26

- President Klaus Iohannis promulgates the Law on the new package of fiscal measures.

• November 3

- Moody's financial evaluation agency reconfirms the rating related to Romania's government debt at "Baa3" for long-term debt and "P-3" for short-term debt, as well as the "stable" outlook.

• November 8

- The Board of Directors of the National Bank of Romania decides the following: maintaining the monetary policy interest rate at the level of 7% per year; maintaining the interest rate for the credit facility (Lombard) at 8% per year and the interest rate for the deposit facility at 6% per year; maintaining the current levels of the mandatory minimum reserve rates for liabilities in lei and in foreign currency of credit institutions.

• November 9

- The Government adopts an emergency ordinance by which it modifies the ceilings regarding the use of cash payments.

- The executive approves the draft law on the public pension system, which it sends to Parliament. According to the normative act, the pensions of over 4.7 million beneficiaries will be recalculated according to the new formula.

• November 15

- The European Commission has revised down its estimate regarding the growth of the Romanian economy this year, from 3.2% - as it anticipated in May, to 2.2%, due to the high inflation that limits real available incomes, the tightening of financial conditions and external demand.

• November 16

- The Government approves the constitutive act of Banca de Investiţii si Dezvoletta SA, a bank provided for in the National Recovery and Resilience Plan (PNRR).

• November 29

- Former Prime Minister Florin Cîţu loses his parliamentary immunity after the Senate plenary approves the request of the DNA regarding the start of the criminal investigation on behalf of the liberal senator accused of abuse of office in the case of the acquisition of anti-Covid vaccines.

• November 30

- The Return Guarantee System becomes operational, which establishes the selective collection of blankets, cans and bottles both for traders and for end users.

• December 4th

- The BNR announces that, on November 30, 2023, the foreign exchange reserves at the National Bank of Romania stood at 58,894 million euros, compared to 58,186 million euros on October 31, 2023. The level of the gold reserve remained at 103.6 tons. Under the conditions of international price developments, its value was 6,187 million euros. Romania's international reserves (currency plus gold) on November 30, 2023 were 65,081 million euros, compared to 64,432 million euros on October 31, 2023.

• December 13

- The National Institute of Statistics (INS) announces that the inflation rate was 6.7% at the end of November.

• December 14

- The NBR announces that, in the period January - October 2023, the current account of the balance of payments recorded a deficit of 18,340 million euros, compared to 22,971 million euros in the period January - October 2022. In its structure, the balance of goods recorded a deficit more small by 3,476 million euros, the balance of services - a larger surplus by 1,160 million euros, the balance of primary incomes - a smaller deficit by 61 million euros, and the balance of secondary incomes - a smaller surplus by 66 million euros.

• December 20

- The Plenary of the Parliament votes the new leadership of the Financial Supervision Authority (ASF): Alexandru Petrescu - president, Gabriel Avrămescu - first vice-president, Gabriela Horga - vice-president for the capital market, Sorin Mititelu - vice-president for the insurance market, Daniel Armeanu - vice-president for private pension funds.

- The Parliament adopts the state budget for the year 2024, which foresees an increase of the Gross Domestic Product by 3.4% and a cash budget deficit of 5%.

• December 26

- Eight people lost their lives in a fire that affected an accommodation unit located at Ferma Dacilor in the town of Gura Vadului, a unit which, although it had a classification from the Ministry of Economy, Entrepreneurship and Tourism, was operating illegally, not having a construction and construction permit fire safety.

• December 27

- The Council of the European Union announces that an agreement has been reached with Austria and the Netherlands for Romania and Bulgaria to join the Schengen area of free movement of people and goods, only with air and sea borders, starting on March 31, 2024.

- The BNR announces that the money supply in a broad sense (M3) recorded, at the end of November 2023, a balance of 648,147.4 million lei. This increased by 1.1% (similar evolution in real terms) compared to October 2023, and compared to November 2022 it increased by 10.9% (3.9% in real terms).

• December 28

- The Ministry of Finance announces that the general consolidated budget deficit rose to 4.64% of GDP after the first 11 months of the current year, respectively to 73.55 billion lei, from 58.7 billion lei (4.19% of GDP ) in the first 11 months of 2022.

• December 29

- The BET index, of the 20 most liquid securities of the Bucharest Stock Exchange (BVB), rose by 7.2% in the last quarter of 2023, to 15,371 points, and BET-BK, the yield benchmark of investment funds in shares - by 7.9%, to 2,887 points.

- Fondul Proprietatea (FP) shares increased by 24.5% in the last quarter of last year, mainly due to the public offer through which the fund bought back about 30% of its capital, at the price of 0.6319 lei, with much more than the one in the market.

- Sphera Franchise Group (SFG) shares appreciated by 24.1% in the last quarter, having the second best evolution in the BET index.

- Transport Trade Services (TTS) stocks rose by 23.3%. - Banca Transilvania (TLV) shares increased by 9.8%, while BRD-Groupe Societe Generale (BRD) securities appreciated by 14.7%.

- The BET-NG index, of energy and utility companies, had an advance of 4.8% in the last quarter of last year, the lowest among the baskets of shares from the BVB, given that the performance of the issuers that make up the index was mixed. - Hidroelectrica (H2O) shares rose by 6.7%, those of Romgaz (SNG) - by 11.3%, Conpet shares (COTE) - by 7.1%, and Transgaz (TGN) shares depreciated by 1.6%.

- Electrica (EL) shares had an increase of 14.5% in the last quarter of the year.

- The BET-FI index, of SIFs plus Fondul Proprietatea, rose by 9.6% in the last quarter of 2023, on the back of the growth of FP and Transilvania Investments (TRANSI) shares.