Romania: Banking System

Banking System

The Romanian currency is known as the New Leu (RON); prior to the currency reform of 2005, an earlier Leu (ROL) was in place. RON1 is equal to ROL10,000.

The central bank is the National Bank of Romania, an independent public institution with primary responsibility for monetary and exchange rate policy, ensuring financial stability, oversight of the country's credit institutions, and the issuing of currency.

Romania agreed in the late 1990s to be bound by IMF rules on current account convertability, liberalising the regime in place with regard to international transactions.

Foreign banks play a significant role in the Romanian banking sector, and in August 2009, as one of a number of measures to mitigate the impact of the global financial crisis on the Romanian economy, the sector's nine largest foreign players agreed to raise the capital adequacy levels of their Romanian operators to 10%, and not to reduce their overall exposure to the country.

Further information on Romania:

• Geography, Climate, Population and Culture
• Government and Legal Structure
• The Economy
• Company Forms
• Tax System
• Lowtax Opportunities
• Holding Companies
• Tax Treaties
• Internet and Telecommunications
• Banking System