The National Bank of Romania has announced that from 1 September 2006 all foreign exchange operations, including operations with money market instruments, between residents and non-residents will no longer require approval by the central bank. This includes forward foreign exchange trading.
The liberalisation is a condition of Romania’s accession to the European Union, which insists member-states fully liberalise capital account operations. “From 1 September, all foreign currency capital account operations will be allowed between residents and non-residents,” says a spokesman for ING Bank in Bucharest.