Accounts abroad, no sooner than next year

The Romanian individuals will be allowed to open bank accounts abroad without having to seek NBR’s approval first as of next year at best. This is one of the last things that need to be done as part of the capital account deregulation process. At the moment, anyone who wants to open a bank account abroad has to be cleared for it by the central bank, but only after they have proven opening that account is really necessary. “The biggest steps towards the deregulation of the capital account have already been made when allowing individual residents to buy shares, land and other fixed assets abroad without seeking approval from NBR first. There are a few steps left to take, the most important of which is permitting Romanian individuals to open accounts abroad without prior consent from NBR. Maybe as of 2005, the central bank’s permission will no longer be needed for this operation, either,” said Adrian Vasilescu, NBR Governor Mugur Isarescu’s advisor. The central bank also has restrictions in place for foreign citizens opening accounts with the banks on the Romanian market, as well as for their participation in the issues of government securities or possible deposit certificates released by NBR. ZF