New ROL to replace old by end of year

As of July 1, 2005 cash dispensers will start being stocked with the new ROL (to be called the RON). From July, all banks with large cash machine networks – such as BCR, Banc Post, Banca Tiriac, Raiffeisen Bank, Banca Transilvania, Romexterra and Banca Carpatica – will be able to fill up to one quarter of their cash dispensers with the new money, increasing to 50% of machines by December 31, 2005, an NBR memo draft shows. Other lenders with smaller ATM networks may already have to fill up to 100% of their machines with the new money by July. Central bank and commercial banks representatives met yesterday for a new round of talks on preparations for the process which will see four zeros struck off the ROL starting July 1. ATMs will be one of the major channels for bringing the new bills into circulation since a lot of salaries are paid into card accounts. ZF