RRI Live!

Listen to Radio Romania International Live

Employment contracts suspended

Romania's Government and National Bank take new economic and financial measures to overcome the current crisis.

Employment contracts suspended
Employment contracts suspended

, 23.03.2020, 13:50

As a result of the coronavirus outbreak,
the number of suspended employment contracts in Romania has risen to around
250,000. The figure was announced on Sunday by the labour minister Violeta
Alexandru, who underlined that the government is also ready to adopt new
measures depending on how the situation develops. While the figure indicates an
increase of 50,000 in the space of just a few days, the minister does not
expect any further significant increases, given the government’s decision to pay
employees whose work contracts have been suspended temporarily 75% of their salaries
out of the unemployment benefit budget for the duration of the state of
emergency. She says all applications will be assessed, so that the sectors in
need of additional support will be catered for. According to an employment inspectorate
report, there were 5.6 million active employees in Romania at the end of
February.




The National Bank has also come up with
a series of measures to help markets continue to function. At an emergency
monetary policy meeting, the central bank decided to cut the key interest rate
by 0.5%, from 2.5 to 2%. The bank’s spokesman Dan Suciu says the measures are
in line with European actions in this area and with the government’s decisions.
He emphasised that the goal is to create the conditions for a better financing of
the economy. The bank official also explained that the measures are meant to ease
the burden of existing payments for businesses and the population with regard
to regular payments and the stability of the exchange rate.




The package of measures adopted by the
National Bank of Romania also entails providing lending institutions with
liquidity in the form of reversable operations involving state bonds, so as to
ensure the smooth functioning of the monetary market. Another measure taken has
to do with the purchase of state bonds in the Romanian currency from the
secondary market in order to consolidate the structural liquidity of the
banking system, thereby contributing to the financing of the real economy and
the public sector. The National Bank of Romania also says in a statement that,
where necessary, it may reduce the level of obligatory minimum reserves of lending
institutions for liabilities in both the national and foreign currency.




The president of the Fiscal Council Daniel
Dăianu says the National Bank of Romania has adopted measures that are tailored
to the current difficult situation and in keeping with measures being taken elsewhere
in the European Union. He says Romania and other countries not part of the Eurozone
should benefit from special arrangements with the European Central Bank, something
other countries benefited from in 2009. Dăianu also emphasises that the banking
system should support the Romanian state in preventing capital flight. (Tr.: CM)

November 1 - National Radio Day
Today in the News Friday, 01 November 2024

Radio Romania 96

Radio Romania has celebrated 96 years since it first entered the listeners houses from Romania and abroad. On November 1 1928 the Romanians were able...

Radio Romania 96
(Photo: pixabay@Engin_Akyurt)
Today in the News Thursday, 31 October 2024

Romanians’ concerns

Romanians and Austrians are the most satisfied with their lives among the inhabitants of Central and Eastern Europe, but the former are significantly...

Romanians’ concerns
Elections in Moldova (Photo: Radio Chișinău)
Today in the News Thursday, 31 October 2024

Republic of Moldova, crucial final

On November 3, the citizens of the Republic of Moldova have to choose, for the position of head of state, between the pro-European Maia Sandu, the...

Republic of Moldova, crucial final
Foto: Baza 71 Aeriană / MApn
Today in the News Wednesday, 30 October 2024

Drones, a security issue

The Romanian Ministry of National Defense has placed under decisional transparency a bill that improves airspace security measures. The bill, which...

Drones, a security issue
Today in the News Wednesday, 30 October 2024

The Fugitive Law is constitutional

The Constitutional Court of Romania (CCR) has rejected the referral of the High Court of Cassation and Justice (ICCJ) in relation to the so-called...

The Fugitive Law is constitutional
Today in the News Tuesday, 29 October 2024

Challenges of an ageing population

Romanians are getting fewer and older.   The population of Romania in mid-2024 was 21,779,000, down 1% compared to June 1, 2023. According to...

Challenges of an ageing population
Today in the News Monday, 28 October 2024

Romania sees rising public debt levels

Government debt rose in July to over 876 billion lei (that’s around 175 billion euros), from 860 billion lei in the previous month, according to...

Romania sees rising public debt levels
Today in the News Monday, 28 October 2024

Presidential debate in the Republic of Moldova

An unusual electoral debate, in form, but predictable in content, had as protagonists, on Sunday, the two remaining candidates in the presidential...

Presidential debate in the Republic of Moldova

Partners

Muzeul Național al Țăranului Român Muzeul Național al Țăranului Român
Liga Studentilor Romani din Strainatate - LSRS Liga Studentilor Romani din Strainatate - LSRS
Modernism | The Leading Romanian Art Magazine Online Modernism | The Leading Romanian Art Magazine Online
Institului European din România Institului European din România
Institutul Francez din România – Bucureşti Institutul Francez din România – Bucureşti
Muzeul Național de Artă al României Muzeul Național de Artă al României
Le petit Journal Le petit Journal
Radio Prague International Radio Prague International
Muzeul Național de Istorie a României Muzeul Național de Istorie a României
ARCUB ARCUB
Radio Canada International Radio Canada International
Muzeul Național al Satului „Dimitrie Gusti” Muzeul Național al Satului „Dimitrie Gusti”
SWI swissinfo.ch SWI swissinfo.ch
UBB Radio ONLINE UBB Radio ONLINE
Strona główna - English Section - polskieradio.pl Strona główna - English Section - polskieradio.pl
creart - Centrul de Creație Artă și Tradiție al Municipiului Bucuresti creart - Centrul de Creație Artă și Tradiție al Municipiului Bucuresti
italradio italradio
Institutul Confucius Institutul Confucius
BUCPRESS - știri din Cernăuți BUCPRESS - știri din Cernăuți

Affiliates

Euranet Plus Euranet Plus
AIB | the trade association for international broadcasters AIB | the trade association for international broadcasters
Digital Radio Mondiale Digital Radio Mondiale
News and current affairs from Germany and around the world News and current affairs from Germany and around the world
Comunità radiotelevisiva italofona Comunità radiotelevisiva italofona

Providers

RADIOCOM RADIOCOM
Zeno Media - The Everything Audio Company Zeno Media - The Everything Audio Company