Romania Relaxes Foreign Exchange Controls

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

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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.

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