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Capital account liberalization Date: 2009-03-18
In consideration of the negotiations towards EU-accession, the capital account liberalization was further promoted by the Romanian National Bank by Regulation no. 4/2005 regarding the foreign currency transactions (Official Gazette no. 297 from 8thof April 2005) which replaced Regulation no. 1/2004 of the Romanian National Bank, whereas the restrictions concerning the access of non-residents to bank deposits (current and safekeeping accounts) were accordingly lifted. Starting with 11th of April 2005, non-residents are entitled without any restriction:
- to acquire, to possess and to use financial assets in Romanian and/or foreign currency,
- to open and to maintain Romanian and/or foreign currency bank accounts with Romanian banks,
- to enter cross-border transfers of bank deposits in Romanian and/or foreign currency maintained at the Romanian banks,
- to open and to maintain Romanian and/or foreign currency bank accounts with Romanian banks,
- to enter cross-border transfers of bank deposits in Romanian and/or foreign currency maintained at the Romanian banks,
- to exchange in other currencies the bank deposits in Romanian and/or foreign currency maintained at the Romanian banks.
A safeguard clause is stipulated in case of large-scale and short-term capital flows which would put considerable pressure on the Romanian currency market, causing serious disturbances of the monetary policy and of the exchange rate. According to this clause, the Romanian National Bank is entitled to apply safeguard measures regarding capital flows which can not exceed a period of six months. Pursuant to these safeguard measures the European Commission will be notified by the Romanian National Bank.
S.P.R.L. Radnóczy & Menzer NÖRR STIEFENHOFER LUTZ
Attorneys – Tax Advisers – Auditors
28C, General Constantin Budisteanu Str., RO-010773 Bucharest
Tel.: 0040 21 312 58 88
Fax: 0040 21 312 58 89
E-mail: nslbuc@noerr.ro
Web: www.noerr.com
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