Companies still have liquidity problems, NBR data reveal

Companies continue to have great difficulties meeting their payments, with the number of bounced payments remaining close to 40,000 in April, i.e. double as many as a year ago, according to data from the NBR (National Bank of Romania). The amounts of the bounced payments – cases in which the bank did not find enough funds in a client’s account to cover the cheques, promissory notes and bills of exchange issued by them – totalled almost 642 million RON (around 153 million euros), compared with 664 million RON in March. The amount is three times higher than in April last year. Companies prefer to issue such instruments, which allow clearing of payments to be made on due day to partners (especially suppliers), than to make cash payments. “There are several factors at play. Companies have lower sales or even none at all, and access to credits is more difficult, which generates a blockage. Additionally, the state has not paid all its debts to companies. Last year’s bills are only partially paid, there are companies which have yet to collect money from the state,” comments Ionut Dumitru, chief-economist of Raiffeisen Bank.