Romania's Finance Ministry tries to improve unsuccessful “First Car” program

The voucher received from the Romanian Cash-for-Bangers program (Rabla) could be used as an advance for the “First Car” program, according to a draft project of the Finance Ministry. The ceiling for the “First Car” program amounts to RON 100 million (EUR 22 million) in 2016. Last year, the ceiling totaled EUR 77.2 million. However, only about 187 guarantees worth of EUR 688,000 were granted through this program. The credit conditions were very close to those of the financial market and did not generate any interest for the program, according to the Finance Ministry. The Romanian Cash-for-Bangers program allows people who own old cars to scrap the vehicle and receive vouchers in exchange, which they can use when buying new cars. editor@romania-insider.com