The Treasurer’s Guide to Trade Finance

Romania

Economic and trade overview

Key figures

Economy 2011 Trade 2011 (USD billion)

GDP (USD) 190 bn Goods Exports 56

GDP per capita (USD) 8,850 Imports 68

GDP volume growth (year-on-year) + 2.5% Net – 13

Population 21.44m Services Exports 12

MMR (year average) 4.80% Imports 9

Exchange rate RON / USD (year average) 3.049 Net + 3

BoP (goods, services & income) as % of GDP – 6.8% Source: IFS, IMF, January 2013

International/Regional memberships

European Union (EU): since 1 January 2007.

Romania is also a member of the European

Economic Area (EEA).

International Monetary Fund (IMF):

since 15 December 1972.

World Trade Organization (WTO):

since 1 January 1995.

Government trade policy

ƒ Romania implements the trade regulations,

commercial policies and customs code of the

EU (ec.europa.eu/trade).

ƒ Romania trades freely with its fellow EU and

EEA member states as well as Switzerland.

ƒ The EU has in place bilateral trade

agreements with 36 countries and regional

trade agreements with a number of trading

blocs.

ƒ National export credit insurance provider:

EximBank Romania (www.eximbank.ro),

which also provides state-supported export

finance.

ƒ The EU maintains 74 free trade zones, six of

which are in Romania.

Currency and exchange controls

Official currency: New Romanian leu (RON).

Exchange rate arrangement: managed

floating. The National Bank of Romania (NBR

— http://www.bnro.ro) may intervene to smooth

excessive exchange rate fluctuations.

Romania imposes few foreign exchange

controls. Controls are imposed by NBR.

ƒ Residents are usually restricted to the use of

local currency (RON) in trade transactions.

Bank accounts

Permission to hold currency accounts

Within

Romania

Outside

Romania

RONForeign currency RONForeign currency

Resident

company ✔ ✔ ✔ ✔

Non-resident

company ✔ ✔ ✔ N/A