Changes

*Trade: Exports (2006)--$32.3 billion; (Jan.-June 2007): $18.6 billion. Types--textiles, chemicals, light manufactures, wood products, fuels, processed metals, machinery and equipment. Exports to the U.S. (2006)--$827.5 million; (Jan.-June 2007): $391 million. Major markets--Italy, Germany, Turkey, France, Hungary, U.K., U.S. (2.6%). Imports (2006)--$50.9 billion; (Jan.-June 2007): $31.3 billion. Types--machinery and equipment, textiles, fuel, coking coal, iron ore, machinery and equipment, and mineral products. Imports from the U.S. (2006)--$1.2 billion; (Jan.-June 2007): $414.1 million. Major suppliers--Germany, Italy, Russia, France, Turkey, Austria, U.K., China, Hungary, U.S. (2.4%).

*Trade: Exports (2006)--$32.3 billion; (Jan.-June 2007): $18.6 billion. Types--textiles, chemicals, light manufactures, wood products, fuels, processed metals, machinery and equipment. Exports to the U.S. (2006)--$827.5 million; (Jan.-June 2007): $391 million. Major markets--Italy, Germany, Turkey, France, Hungary, U.K., U.S. (2.6%). Imports (2006)--$50.9 billion; (Jan.-June 2007): $31.3 billion. Types--machinery and equipment, textiles, fuel, coking coal, iron ore, machinery and equipment, and mineral products. Imports from the U.S. (2006)--$1.2 billion; (Jan.-June 2007): $414.1 million. Major suppliers--Germany, Italy, Russia, France, Turkey, Austria, U.K., China, Hungary, U.S. (2.4%).

*Exchange rate: 2.38 new Lei=U.S.$1 (end-October 2007).  

*Exchange rate: 2.38 new Lei=U.S.$1 (end-October 2007).  

 

Privatization of industry was first pursued with the transfer in 1992 of 30% of the shares of some 6,000 state-owned enterprises to five private ownership funds, in which each adult citizen received certificates of ownership. The remaining 70% ownership of the enterprises was transferred to a state ownership fund. With the assistance of the World Bank, European Union, and International Monetary Fund (IMF), Romania succeeded in privatizing most industrial state-owned enterprises, including some large state-owned energy companies. Romania completed the privatization of the largest commercial bank (BCR) in 2006. The privatization of the last state-owned bank--the National Savings Bank (CEC)--was stopped in 2006 and has been indefinitely postponed. Four of the country's eight regional electricity distributors have now been privatized. Privatization of natural gas distribution companies also progressed with the sale of Romania's two regional gas distributors, Distrigaz Nord (to E.ON Ruhrgas of Germany) and Distrigaz Sud (to Gaz de France). Further progress in energy sector privatization, however, has been delayed as the government reconsiders its strategy on the Rovinari, Turceni, and Craiova energy complexes, contemplating the creation of an integrated, state-owned energy producer. Romania has a nuclear power plant at Cernavoda, with one nuclear reactor in operation since 1996 and a second one commissioned in the fall of 2007.  

Privatization of industry was first pursued with the transfer in 1992 of 30% of the shares of some 6,000 state-owned enterprises to five private ownership funds, in which each adult citizen received certificates of ownership. The remaining 70% ownership of the enterprises was transferred to a state ownership fund. With the assistance of the World Bank, European Union, and International Monetary Fund (IMF), Romania succeeded in privatizing most industrial state-owned enterprises, including some large state-owned energy companies. Romania completed the privatization of the largest commercial bank (BCR) in 2006. The privatization of the last state-owned bank--the National Savings Bank (CEC)--was stopped in 2006 and has been indefinitely postponed. Four of the country's eight regional electricity distributors have now been privatized. Privatization of natural gas distribution companies also progressed with the sale of Romania's two regional gas distributors, Distrigaz Nord (to E.ON Ruhrgas of Germany) and Distrigaz Sud (to Gaz de France). Further progress in energy sector privatization, however, has been delayed as the government reconsiders its strategy on the Rovinari, Turceni, and Craiova energy complexes, contemplating the creation of an integrated, state-owned energy producer. Romania has a nuclear power plant at Cernavoda, with one nuclear reactor in operation since 1996 and a second one commissioned in the fall of 2007.