{"id":77392,"date":"2013-01-27T12:40:00","date_gmt":"2013-01-27T12:40:00","guid":{"rendered":"https:\/\/bm.dev.synology.me\/?p=77392"},"modified":"2026-04-03T10:25:28","modified_gmt":"2026-04-03T10:25:28","slug":"au-venit-strainii-cu-banii","status":"publish","type":"post","link":"https:\/\/bm.dev.synology.me\/?p=77392","title":{"rendered":"Au venit str\u0103inii cu banii"},"content":{"rendered":"<p>\u00cen acela\u015fi timp, fundamentele bune (procesul de consolidare fiscal\u0103 a mers bine, cu un deficit bugetar sub 3% din PIB \u015fi o datorie public\u0103 de cca 35% din PIB) a favorizat sc\u0103derea costurilor de finan\u0163are pentru Ministerul de Finan\u0163e, cu randamente \u00een sc\u0103dere, noteaz\u0103 anali\u015ftii BCR.<\/p>\n<p>Numai de la \u00eenceputul anului \u015fi p\u00e2n\u0103 la 18 ianuarie, MF a ob\u0163inut peste 12 mld. lei, de 3,3 ori mai mult dec\u00e2t \u0163inta ini\u0163ial\u0103 \u015fi, \u00een acela\u015fi timp, a c\u00e2\u015ftigat o marj\u0103 mai mare de ac\u0163iune \u00een privin\u0163a major\u0103rii scaden\u0163elor la titlurile oferite, la o medie de 2,8 ani, fa\u0163\u0103 de 2,5 ani \u00een decembrie 2012. \u00cen ultima s\u0103pt\u0103m\u00e2n\u0103, Finan\u0163ele au v\u00e2ndut titluri de stat pe zece ani \u00een valoare de 1,1 mld. lei, mult peste suma pe care \u015fi-o planificaser\u0103 (600 mld. lei) la un randament mediu de 5,71%, \u00een timp ce la 17 ianuarie, statul a ob\u0163inut cel mai mic randament \u00eenregistrat vreodat\u0103 pentru obliga\u0163iunile \u00een lei pe cinci ani &#8211; 5,4%. Cum \u015ftim, momentul a coincis cu includerea leului \u00een indicele global JP Morgan care m\u0103soar\u0103 performan\u0163a obliga\u0163iunilor emise de pie\u0163ele emergente, un anun\u0163 evident pozitiv pentru activele rom\u00e2ne\u015fti.<\/p>\n<p>Pe acest fundal, strategia MF de a vinde sume mai mari la costuri \u00een u\u015foar\u0103 sc\u0103dere &#8220;va men\u0163ine probabil la niveluri ridicate pentru mai mult timp interesul investitorilor str\u0103ini \u015fi locali pentru titlurile de stat \u00een lei&#8221;, apreciaz\u0103 Mihai \u0162\u00e2n\u0163aru, economist la ING Bank Rom\u00e2nia.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"568\" height=\"362\" src=\"http:\/\/storage0.dms.mpinteractiv.ro\/media\/401\/341\/5531\/10524049\/2\/grafic.jpg?width=568&#038;height=362\" alt=\"\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dup\u0103 stabilizarea rapid\u0103 a scenei politice post-alegeri, percep\u0163ia pie\u0163ei s-a ameliorat clar, ceea ce s-a reflectat \u00eentr-un aflux al investitorilor str\u0103ini de portofoliu doritori s\u0103 cumpere titluri de datorie emise de statul rom\u00e2n.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[510],"tags":[7283,7136,8899,7633,191,369,7286,17988],"class_list":["post-77392","post","type-post","status-publish","format-standard","hentry","category-actualitate","tag-costuri","tag-finante","tag-indatorare","tag-investitori","tag-ministerul-finantelor","tag-obligatiuni","tag-randament","tag-titluri-de-stat"],"_links":{"self":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/77392","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=77392"}],"version-history":[{"count":1,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/77392\/revisions"}],"predecessor-version":[{"id":90721,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/77392\/revisions\/90721"}],"wp:attachment":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=77392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=77392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=77392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}