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Wednesday, March 09, 2005

BNR opens Inter-banking market to foreign banks

The Administration Council of the National Bank of Romania (BNR) has decided to liberalize the forex, the bank's release reads.

The move will give a totally free go-ahead to foreigners to perform transactions on the Romanian inter-banking market.

"Residents' and non-residents' access to the Romanian inter-banking market to perform purchase-sale orders of foreign currencies is now free for all operations," BNR said.

Following the move, foreign banks that do not have a subsidy in Romania will be allowed to operate on the local banking market.

According to a source at the national bank, the decision is to be published in the Official Gazette and it will require the changing of foreign currency regulations endorsed at the beginning of 2004.

BNR last month decided to withdraw restrictions for Romanian companies when buying foreign currencies so that they are no longer required to justify the purpose of the transactions.

BNR pledged to liberalize ROL deposits by the middle this year, after the move was postponed from its initial schedule in April.
However, the national bank is still maintaining barriers for foreign investors regarding the purchase of treasury bills and plots of lands in Romania.

Posted by Iulia Rasoiu : 3/09/2005 09:36:00 am