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Amendments to the exchange-rate regime and performance of foreign currency operations

Monitorul Oficial al Romaniei no. 341/19 May 2012 has published Regulation no. 6 from the 9th of  May 2012 which amends and supplements Regulation no. 4/2005 of the National Bank of Romania on the exchange-rate regime, and abrogates Rule no. 4 of the National Bank of Romania on the performance of foreign currency operations.

The main provisions of Regulation no. 6/2012 (the “Regulation”) regarding the exchange-rate regime and the performance of foreign currency operations are the following:

– Payments, cash receipts, bank transfers and any other suchlike operations resulting from sale of goods and provision of services between residents, irrespective of their legal relationship, shall be performed only in the national currency (i.e. Leu), except for the operations provided in Annex 2 (Categories of Residents Allowed to Perform Foreign Currency Operations) to Regulation no. 4/2005 of the National Bank of Romania (NBR), which may also be made in foreign currency.

– Payments, cash receipts, bank transfers and any other suchlike operations between residents, resulting from work remuneration, irrespective of their legal relationship, shall be performed in the national currency only.

– All operations between residents, which:

  • do not represent payments, cash receipts, bank transfers or any other suchlike operations resulting from sale of goods and provision of services between residents, irrespective of their legal relationship,
  • do not represent payments, cash receipts, bank transfers or any other suchlike operations between residents, resulting from work remuneration, irrespective of their legal relationship,

may be freely performed either in the national currency, or in foreign currency.

– The foreign exchange market is the market on which foreign exchange transactions are performed and has the following segments:

  • interbank foreign exchange market, and
  • foreign exchange market of entities authorised to perform foreign exchange operations.

– Falling within the categories of residents permitted to perform foreign exchange operations with other residents are the legal entities making payments to suppliers and sub-suppliers for export-related goods and services.

– At the entry into force of Regulation no. 6/2012, i.e. the date on which it has been published in Monitorul Oficial, NBR Rule No 4/2005 on the performance of foreign exchange operations, published in Monitorul Oficial al Romaniei, Part I, no. 297 from the 8th of April 2005, as subsequently amended and supplemented, is abrogated.

– When Regulation no. 6/2012 comes into force, the NBR letters whereby statistical numbers have been allocated for swap points to entities falling within its sphere of prudential surveillance shall no longer be valid.

– The applications for authorisation and allocation of statistical numbers, inclusive of the related documentation, which have been filed with NBR and have not yet been handled at the entry into force of said Regulation, shall be returned to the applicants.

LEGAL ALERT by Duncea, Stefanescu & Associates / MAZARS

* You may find Romanian, German and French versions of the newsletter in Mazars’ archive.

* LEGAL ALERT contains a selection of the latest major issues occurred in the Romanian legislative framework, is intended only to provide information and, hence, shall not be deemed to provide professional advice or consultancy. Therefore, we assume no responsibility in this respect.

 

 

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