The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Romania briefing: Foreign exchange market

In line with the European treaty establishing the principle of free movement of capital (the Single European Act), the National Bank of Romania (the NBR) recently repealed the last of its provisions impeding this free movement. The enactment (NBR Regulation 4/2006) sets out the new status of the foreign exchange market.

(This article appears courtesy of International Financial Law Review, sign up for a free trial on their site

Wolf Theiss, Bucharest

The foreign exchange market was totally liberalized, according to the agreed progressive schedule, on September 1 2006. All NBR authorization requirements regarding foreign exchange capital operations are no longer necessary.

These authorizations were previously required for operations involving financial instruments usually traded on the currency market (except those representing foreign public debts), that is: (i) the acceptance of Romanian financial instruments on a foreign currency market; (ii) the acceptance of foreign financial instruments on a Romanian currency market; (iii) acquisitions by non-residents of Romanian financial instruments on the currency market; and (iv) acquisitions by residents of foreign financial instruments on the currency market. These operations were subject to authorization even if performed through accounts opened by residents abroad.

Additional measures

The NBR will also issue separate secondary regulations concerning: (i) the foreign exchange market between banks; (ii) the performance of foreign exchange operations; (iii) the physical import and export of cash; and (iv) the safeguard measures that may be taken pursuant to the liberalization of foreign exchange capital operations.

The safeguard measures have already been approved through NBR Regulation 5/2006.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree