Shares of Romanian companies will be traded on the foreign stock markets as soon as the circular on capital flow liberalisation is released. Collective placement bodies, such as mutual funds and financial investment companies, will be allowed to enforce this stipulation, as well.
The National Bank of Romania (NBR) earlier last week sent the circular regarding the liberalisation of capital flows to the Official Gazette for publication.
The document comprises the liberalisation terms Romania has negotiated with the European Union and temporarily closes this negotiation chapter, said Alexandru Matei, advisor of the NBR vice-governor.
As soon as the circular is released, the direct investments and those investments made abroad by Romanian residents, the transfers related to insurance activities (both inflows and outflows), commercial credits maturing in more than one year granted by residents to non-residents, and personal transfers (except for personal loans granted by residents to non-residents) will be liberalised in the first stage.
Starting with this year, the stipulation is also enforced for the securities imports and exports, negotiable and payment devices, except for the cash payment devices, as well as the admission of securities and collective placement bodies on the foreign stock exchanges.
The circular comprises the stages of capital flows liberalisation by the EU accession moment that were approved by the Government this summer, except for the residents' accounts and deposits abroad and the foreign exchange operations.
The circular also defines this kind of capital and comprises the list of capital operations.
By releasing this document, Romania pledges to comply with the capital flow liberalisation programme and temporarily concludes this negotiation chapter with the European Union. Mediafax
