The new currency regulation, which contains the necessary modifications for the convertibility of the national currency according to article 8 within the IMF status, will come into force at the end of October, the governor of the Romanian National Bank (BNR) Mugur Isarescu declared Monday. "We have finished all the details regarding this regulation", Isarescu said.
The external convertibility of the national currency obliges the respective state to not introduce new foreign currency restrictions in the international commercial exchanges, the existent ones having to be eliminated gradually. Yet, the state may maintain the restrictions on the capital accounts.
The regulation will be drafted this week and its final form will be discussed with the IMF mission before being adopted. The adoption of the regulation also supposes some legislative modifications, the BNR governor added.
The new regulation will no more forbid the physical persons’ purchase of foreign currency. The dealers of the stock exchanges estimate that the elimination of these restrictions will determine an immediate raise of the exchange rate along with the increase of the demands.
There was also mentioned that BNR plans to introduce a nominal fluctuation corridor of the leu’s course for a higher estimation of its evolution. "We are just making prospects. This problem will be discussed with the IMF mission, that will come to Bucharest in the second half of the month", Isarescu said. He mentioned that this is necessary for the stabilization of the business climate. "I do understand the need of the businessmen and investors to have a certain forecast of the exchange rate", the BNR governor said.
He governor wants to introduce a fluctuation corridor that would be modified according to the inflation, the balance of payment and other economic indicators. He mentioned that such a corridor already exists, as it is on its basis that the monetary policy has been realised.

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