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Monday, March 28, 2005

EU has agreed that Romania to liberalize capital account by April 11

Romania’s Prime Minister Calin Popescu Tariceanu said the Romania has agreed with the EU to liberalize the capital account by April 11, but a decision on the deadline would be made by the central bank.

The central bank board is expected to vote a decision on allowing non-residents access to the short-term local leu currency deposits starting April 11 as part of its moves to liberalise the capital account.

The bank’s board is expected to vote on this decision on meeting scheduled for March 31.

Initially the central bank announced that the non-residents would be allowed to have access at leu deposits by mid 2005.

In its efforts to liberalise capital account, the central bank also allowed local corporate and non-resident banks to trade on the local foreign exchange market.

Posted by Iulia Rasoiu : 3/28/2005 12:49:00 pm