Press Review - October 23, 2018

10.23.2018 By Oana Gavrila

Leu Loses Ground Vs Euro, Firms Vs US Dollar and Swiss Franc

The Romanian leu lost ground against the euro Monday, standing at 4.6671 lei to the euro at midday, from 4.6669 units on Friday.

On the other hand, the leu firmed against the US dollar, to 4.0557 units on Monday, from 4.0761 units on Friday. The Romanian currency also firmed against the Swiss franc, standing at 4,.659 units, up 0.67% from Friday's rate of 4.0936 units.

Three-Month Money Market Rate Grows To 3.30%

The three-month money market interest rate used to calculate interests for consumer loans in lei rose to 3.30% a year on Monday, from 3.28% a year on Friday, central bank data showed.

The three-month rate last reached this level on August 24, but it peaked this year, at 3.47%, during July 30- August 3.

Iohannis Says Justice Independence Put to the Test

Romanian President Klaus Iohannis said the independence of Romania's justice system is being put to hard tests as it is frequently attacked by politicians who lack integrity.

The Council of Europe’s advisory body, the Venice Commission, recommended Romania to reanalyze the system for appointing and dismissing top prosecutors, which in their current states risk undermining the independence of the country’s judicial system. It said the ongoing judicial overhaul pushed by Romania’s ruling coalition seriously weakens the country's fight against corruption, violent crimes, and organized criminality.

PM Sacks Justice Ministry State Secretary under Justice Laws Decree

Romanian Prime Minister Viorica Dancila has dismissed Justice Ministry secretary of state Marieta Safta under provisions of the emergency decree amending justice laws.

Safta, a close ally of justice minister Tudorel Toader, was a delegate from the Constitutional Court. Under the new decree, her detachment no longer fulfills legal requirements.

Seven in Ten Employees Work Overtime Habitually

Nearly 70% of Romanian employees in the private sector habitually work overtime citing large workloads and staying competitive, according to a poll by online recruitment platform  BestJobs.

Over 50% of Romanian employees working overtime cited large workloads, while 27% cited pressure from their employers, who see overtime as proof of involvement in the company's activity.

Also, 10% of employees prefer to work during their spare time to gain a competitive edge over their colleagues and just 9% work overtime because they are passionate about their job, the poll revealed.

Only 22% of employees habitually working overtime are paid for their extra hours.

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