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RADOR: News from Romania, 97-10-23
October 23, 1997
CONTENTS
[01] Inauguration of the DN 7 Section Between Nadlac and Conop
[02] Draft Law for Banks' Legal Closure Procedure
[03] CEC Transformed into Bank
[04] Opportunities for Restructuring and Rehabilitation of Jiu Valley
[05] EU Commissioner Mario Monti Is Visiting Romania
[06] Weather in Romania
[07] Currency Rates
[01] Inauguration of the DN 7 section between Nadlac and Conop
On Wednesday, Romanian Transport Minister Traian Basescu visited Arad on
the occasion of the inauguration of the National Road 7 Nadlac-Vama-Conop,
the kilometers 494-594. The Transport Building Company in Bucharest has
been working for 4 years and the rehabilitation works amount to
aproximatively 12.6 million dollars. The beneficiary is the National Roads
Administration. DN 7 has 3 asphalt layers and other modern facilities.
RADOR, October 23
[02] Draft law for banks' legal closure procedure
The budget, finances and banking commission in the House of Deputies has
approved the draft law regarding the banks' legal closure procedure.
According to the project, this procedure can be initiated by the Romanian
National Bank (BNR), the bank in trouble or its creditors and it can become
operational after the BNR concludes that special measures for its recovery
had not been working out. During the meeting, BNR Governor Mugur Isarescu
said he was pleased with the amendments to the BNR statute providing a
larger autonomy. One of the essential changes concerns the extension in the
mandate of the governing council from 5 to 6 years. According to the new
law, the prime minister cannot nominate the council members; only the
special commissions in the parliament have such an authority. RADOR,
October 23
[03] CEC tranformed into bank
The Senate adopted on Tuesday a special law transforming CEC into a bank
which could become even a powerful one shortly, considering the current
advantages it offers. All savings, profits and interests will be guaranteed
by the state. In case the interest rates are raised to the level of the
ones from the other banks, the depositors could find the new bank more
attractive. Besides that, CEC has the strongest infrastructure, if we take
into acount the number and distribution of CEC offices in the territory.
Varujan Vosganian, the initiator of the law, has said that all these
advantages were mainly in the benefit of the depositors. With all these
advantages, CEC could soon become a prevalent feature in Romanian banking
system. RADOR, October 23
[04] Opportunities for restructuring and rehabilitation of Jiu Valley
The economic strategy and reform Department of the Romanian Presidency has
initiated the programme regarding the opportunities for restructuring and
rehabilitation of the economic and social activities in Jiu Valley. The
programme is focused on two main directions: the infrastructure in this
area and the redeployment. The projects planned for the infrastructure
include short-term measures (one year) and medium-term measures (2 to 4
years). There are special measures and facilities planned for the
redeployment, and all programmes will be coordinated by the Romanian
Presidency. Besides this plan, PAR has initiated a complex study under the
title "Programme for economic and social development in disfavoured areas",
a programme highly appreciated by the officials in Cotroceni. RADOR,
October 23
[05] EU Commissioner Mario Monti is visiting Romania
EU Commissioner Mario Monti is on 3 day visit to Romania, starting from
Wednesday. Mr Monti is the commissioner for internal market, financial
services and financial integration, customs and tax system. The guest will
meet Romnian Foreign Minister Adrian Severin and they will discuss issues
concerning the EU Opinion on Romania's application for EU membership, the
current stage of economic reform, privatisation and approximation of
Romanian laws to the EU legislation. Mr Monti will also meet the Romanian
president and the prime minister. RADOR, October 23
[06] Weather in Romania
Weather in Romania will be cold and unstable in most of the country.
Temperatures will range from -3 centigrades in the morning to 15
centigrades at noon. RADOR, October 23
[07] Currency rates
1 USD = 7,721 lei; 1 DEM = 4,315 lei; 1 CHF = 5,191 lei; 1 FRF = 1,441 lei;
1 GBP = 12,603 lei; 1 XEU = 8,515 lei. RADOR, October 23
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