Romania's Central Bank moves from loss to profit

The Romanian National Bank recorded a profit of EUR 251 million last year, after a loss of EUR 282 million in 2013. The Central Bank covered about EUR 112 million of the loss recorded in 2013 from its statutory reserves on January 1, 2014, covering the rest of the amount from the profit obtained in 2014. The institution’s total operating expenses decreased in 2014 at a pace similar to the one recorded in 2013 (-23%) whereas the operating expenses were 8% below the budgeted level. The ratio between the operating expenses and the total revenues dropped from 13.3% in 2013 to 11.1% last year. The Central Bank’s net assets totaled EUR 3.4 billion, up 25.8% compared to 2013. editor@romania-insider.com