The Senate has the agenda of the plenary session on Monday, which will start at 16.00 in the framework of the project on the initiative of Liviu Dragnea Serban Nicholas, which states that the National Bank of Romania (BNR) to repatriate the 91.5% of the gold is deposited Romania abroad or about 56 tons gold.
Initiative is not intended to amend Article 30 of the Law no. 312/2004 National Bank of Romania was registered on February 27, in an emergency procedure in the Senate. The project has a positive opinion of the Committee on Legal and reports receiving amendments to the Budget and Finance Committee.
Favorable report in a legislative proposal includes a change made by Liberal senator recognized the initiative Florin CITU is amended as follows:
"(1) The National Bank of Romania, in accordance with the general rules on liquidity and foreign assets of the specific risks, establish and maintain international reserves, in such circumstances, it can periodically determine their exact size, cumulatively or selectively reserves consist of the following elements:
a) gold held in the treasury of the house or storage abroad;
b) foreign assets, as banknotes and coins, or on accounts in banks and other financial institutions abroad, foreign currency denominated and carried out in the country, which is established by the National Bank of Romania;
c) any other reserve assets recognized at the international level, including the right to purchase the International Monetary Fund within the reserve tranche and special holdings drawing rights;
d) account (note that signing undertakes to pay unconditionally at a specific time and place, the amount of money, the DEX definition – no), checks, promissory notes, bonds and other securities, negotiable, issued or guaranteed by resident legal entities referred The first category of risk assessment agencies recognized internationally denominated payments in foreign currency in the places agreed with the National Bank of Romania;
e) treasury bills, bonds and other securities issued or guaranteed by foreign governments or intergovernmental financial institutions, negotiable, discovered and to be paid in foreign currency in the places agreed with the National Bank of Romania.
(2) The National Bank of Romania shall maintain adequate international reserves of Romania currency transactions ", according to the Budget Committee, who will vote the Senate on Monday.
The amendment also introduced a liberal within 20 days of the BNR government and parliament to report on international reserves, where there is a risk of loss. The report will include international reserves and to reduce the causes and recommendations to the Executive CBB.
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"Art. 30 (3) If there is a risk of foreign exchange reserves is not reduced to a level that could jeopardize the external operations of the state and, if the decline has occurred, the National Bank of Romania to the parliament and the government immediately, but not later than 20 days, a report on the international reserves and the causes that have led or may lead to such a reduction. The report will contain recommendations BNR on the macroeconomic policy of the government is needed to prevent or remedy the situation ", according to the source.
PNL Senator amendment provides for the introduction of a new paragraph of art. 30 of the Law, which provides that: ". (4) Reserve, the central bank can store gold abroad solely for the purpose of obtaining income gold deposits is Central Bank abroad can not exceed 5% of the total amount of gold, set aside" .
The legislative initiative of the Chamber president Liviu Dragnea PSD deputies Senator Serban Nicolae and will be put to a vote in the Senate, at first noticed Chamber's decision.
At present, Romania has reserves that a & # 39 are part of the international reserves of about 103.7 tonnes or 103 697 kg and 790 grams of pure gold, which is 9-10% of the international reserves of the country. The amount of gold reserves over access since 2007, but its value has increased from 1.6 billion euros in 2007 to 3.7 billion euros in December 2018. Around 60% compared with 61.2 tonnes in storage in the Bank of England, but in keeping nitrile rubber, so that the Bank of England can not perform any operations aimed Romanian gold.
For these levels, it appears that the draft law stipulates that Romania has been kept 5185 tons of gold reserves abroad and repatriation of more than 56 tons, or 91.5% of the current overseas.