According to foreign exchange regulations 3/1997, subsequently amended, the national currency became convertible as from 30 January 1998. The so-called ''Capital account" transactions need to be approved by, or notified to the National Bank of Romania, depending on their exact nature. The exchange rate of the national currency is determined on the interbank foreign exchange market that was established in August 1994 as a permanent market, where foreign currency can be bought and sold in either spot or forward transactions against domestic currency, at exchange rates freely determined by intermediaries authorized by the National Bank of Romania. Based on the currency exchange rates used on the interbank market, the NBR establishes the daily exchange rate, which is not compulsory. Foreign exchange rules stipulate that residents may conclude transactions on Romanian territory only in the local currency, the ''leu'', with its symbol ''ROL''. Transactions between residents and non-residents may be performed in foreign currency through accounts opened at Romanian banks or foreign banks authorized to operate in Romania. The exceptions to the above rules are strictly limited by law. Romanian residents are entitled to freely hold and use their foreign currency proceeds derived from legal transactions and to make direct payments out of their foreign currency accounts for current account operations such as the import of goods or services, payment of dividends, repatriation of profits. Financial and capital operations are typically subject to an authorization granted by the National Bank, except for financial loans and leasing operations (with a period of more than 1 year) which are to be simply notified to the NBR for registration in the Private External Debt Registry. The ''leu '' is characteristic by domestic convertibility. Resident companies can sell or buy foreign currency only on the interbank foreign exchange market, the transaction being performed by the company's bank. Each order for buying foreign currency must be justified by supporting documents (external contracts).The National Bank and Government Regulations also establish the obligation for companies and banks to make every effort to repatriate the foreign currency derived from international transactions as quickly as possible. Resident and non-resident individuals are allowed to freely buy and sell foreign currency from authorized intermediaries. Typically, Romanian residents are allowed to freely carry out exchange operations.
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