Main Menu

Newsletter

Newsletter Archive

CCE-R Partners

osec Business Network Switzerland Chamber of Commerce Switzerland Central - Europe (SEC) SwissCham

Foreign currency operations Date: 2009-03-18

New regulations of the National Bank of Romania (NBR) regarding statistical notification of middle and long-term operations in foreign currency to the NBR
 
The Norm no. 17/2002 obliges legal and natural persons resident in Romania, who conduct middle and long-term legal operations in foreign currency between resident and non-resident natural or legal private persons, to notify to the NBR the contracts with regard to this kind of legal operations within 30 days from the conclusion date of each contract. Additional deeds to already notified contracts must be notified to the NBR within 15 days from their conclusion date. This obligation to notify for statistical purposes is frequently applied in case of loan agreements between foreign companies and their subsidiaries resident in Romania. This last amendment to the Norm no. 17/2002 (by Norm no. 3/2004 of the NBR) exclusively concerns art. 1, which contains the list of such legal operations in foreign currency.
 
The original art. 1 of Norm no. 17/2002 mentioned the aforementioned list by means of a cross-reference to Rule no. 3/1997 of the NBR concerning the performance of foreign currency operations regarding capital, which is effective only until 10 April 2004. Rule no. 3/1997 shall be abrogated subsequent to this date and shall be fully replaced by Rule no. 1/2004of the NBR.
 
The new version of art. 1 has explicitly listed the respective legal operation. The legal operations already mentioned in the original article are to be either restated or amended by supplementary examples or other legal operations. The complete list of legal operations is given hereunder:
- credits and financial loans, with a duration exceeding one year, which are granted by non-residents to the benefit of residents and which represent reimbursable funding on a contractual basis, i.e. standard credits / financial loans / union credits / credit lines / financial leasing operations / mortgages and consumption credits etc.
- credits in foreign trade with a duration exceeding one year, which are granted by non-residents to the benefit of residents, as the case may be credits for international trade operations with goods and services (including payment by installments for phases of execution on request of suppliers of goods and services) or payments on a fixed term after delivery of goods/services, rescheduling of such payments, as well as funding of such credits by third parties;
- primary operations with credit instruments with an initial due-date exceeding one year (liabilities and other financial instruments with fixed income, issued on a foreign capital market by a resident).

We may conclude that legal operations, which could determine the obligation of notification to the NBR can be defined more extensively and precisely as a consequence of these law amendments.
 
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


 
 

Future Events

Business Club with Repower Romania 2012-02-29
Repower Romania HQ, Bucharest
British and Swiss Informal gathering 2012-02-16
Bo Concept Show Room, Feeria Baneasa
Business Game with Horváth & Partners Management Consulting 2012-02-15
Bucharest, JW Marriott Grand Hotel Offices
See all events

Advertising
Sika