Romanian Prime Minister Calin Popescu Tariceanu says Romania will allow foreign investors to hold deposits in local currency (ROL) from 11 April 2005. It is an obligation with which Romania must comply to join the European Union as planned in 2007.
Tariceanu said in an interview that Romania will push ahead with opening up ROL deposits for foreign investors, although the IMF has expressed concern that it will make it more difficult to control inflation and the current account deficit.
“Giving foreign investors the ability to hold local currency deposits is another step towards account liberalisation,” says Irina Savastre, head of custody for HVB Romania in Bucharest.