Exchequer no longer after exporters' currency

The exporters this year will become free of the constraints imposed by the legislation regulating the deadlines and conditions for collecting and repatriating foreign currency.
The Public Finance Ministry could finally be persuaded that the deadlines set by Ordinance 18/1994 were difficult to meet and devised an ordinance draft to modify the regulations in question.
The draft stipulates that collecting and repatriating the net amounts in form of payment for exports of goods and services shall be done within ten calendar days from the payment deadline in the contract.
In case of payments made by non-residents with cheques or promissory notes, the draft specifies that the collection or repatriation shall be done within ten days from the due date or from producing the documents requesting payment.
The deadline for payments in advance was set to no more than ten calendar days from the expiry of the deadline stipulated in the contract. In case there is no contract or the contract is not produced, the repatriation of the amounts derived from down payments shall be done within 90 days from the payment date.
If collection is done by factoring or forfeiting, the repatriation deadline is 90 days from the due date of the foreign payment.
Factoring is that mechanism by which a company that has to collect an overdue bill from a foreign partner sells this right to a specialised factoring company.
The latter will buy the receivables in question at a price lower than the par value and take the risk of collecting them from the debtor. In case of forfeiting, the company that conducted an export operation sells the receivables in question to a bank, as soon as the export operation is completed. Enacting the new ordinance draft entails abrogating the Ordinance 18/1994 with all its collection and repatriation deadlines.