The National Bank of Romania (NBR) is planning to adopt a more flexible approach to the foreign exchange market, by eliminating restrictions on transactions by both resident and non-resident companies.
“This will be an important benefit to companies, which will be able to decide with no restrictions as to whether they want to be players on the foreign exchange market once they can place buy or sell orders whenever they please,” commented the chairman of the Association of Businessmen in Romania yesterday.
According to Irina Savastre, head of custody at HVB Romania in Bucharest, modifications to an existing currency regulation are expected to list the entities that the central bank will authorise to execute foreign exchange transactions, and the circumstances in which it will judge the transactions acceptable. The new regime is expected to take effect from 1 January 2006.