NATIONAL BANK OF THE REPUBLIC OF MOLDOVA

of January 13, 1994 No. 2

Regulations on currency control in the territory of the Republic of Moldova

These regulations are developed based on the Law "About National Bank of Moldova" (No. 548-XIII of 21.07.1995) and other regulations of the Republic of Moldova.

The regulations establish general rules of implementation of currency transactions, and also the rights and obligations of residents and nonresidents in the field of implementation of currency transactions.

SECTION I. DETERMINATIONS

For the purpose of currency control the following determinations are used:

1.1. LICENSED BANK - the bank having the license for implementation of financial activities granted by National Bank of Moldova according to the Law on financial institutions No. 550-XIII of July 21, 1995 with subsequent changes and amendments.

1.2. EXCHANGE CURRENCY CASH - the economic agent created for implementation of transactions on currency exchange to physical persons in the territory of the Republic of Moldova and having the corresponding license of National Bank of Moldova.

1.3. The AUTHORIZED DEALER - licensed bank or exchange currency cash.

1.4. CURRENCY - national currency of the Republic of Moldova and foreign currency.

1.5. The NATIONAL CURRENCY of the Republic of Moldova is Moldovan leu (the single legal means of payment in the territory of the Republic of Moldova) which is provided:

- the banknotes and metal coins issued by National Bank of Moldova, which are in circulation, withdrawn or subject to retirement, but accepted to exchange of National Bank of Moldova;

- the means which are on accounts in the Moldovan lei opened in banks of the Republic of Moldova and abroad;

- the checks in Moldovan lei issued and which are written out under balance on accounts in the Moldovan lei opened in banks of the Republic of Moldova and abroad.

1.6. The FOREIGN CURRENCY is provided:

- the banknotes and metal coins (others than Moldovan leu) issued by the authorized bodies of foreign states which are in circulation, withdrawn or subject to retirement, but accepted to exchange of the relevant authorized bodies;

- the means which are on accounts in monetary units of foreign states and also in international cash and units of account;

- the checks in foreign currency issued and which are written out under balance on the accounts in foreign currency opened in banks of the Republic of Moldova and abroad.

The list of the freely convertible currencies used for the purpose of currency control in the territory of the Republic of Moldova is given in appendix No. 1 to these regulations.

1.7. Currency transactions are:

a) foreign currency transactions, including transactions on purchase and sale of foreign currency;

b) transactions in Moldovan lei, except for transactions between residents which provide implementation of payments and transfers into the territories of the Republic of Moldova, and transactions of residents which provide implementation of unilateral transfers in the territory of the Republic of Moldova.

The transactions specified in subitems and) and b) this Item, include also import in the Republic Moldova/export from the Republic of Moldova of banknotes, coins and checks in national currency, and also banknotes, coins and travel checks in foreign valyute.\xaf.

1.8. PAYMENTS/TRANSFERS ON INTERNATIONAL FLOWING ОПЕРАЦИЯМплатежи / transfers (in Moldovan lei and in foreign currency) between residents and nonresidents in other purposes than transfer of the capital which include, but are not limited to them:

1.8.1. Any payments made in connection with foreign trade and other current transactions including rendering services and performance of works, and also banking credit services (by means of letters of credit, overdrafts, overnights, credit cards) with initial terms of repayment less than one year \xaf.

1.8.2. The payments representing percent on loans and net income from other capital investments.

1.8.3. Payments in repayment of loans and in the depreciation account of direct investments.

1.8.4. Money transfers, intended on family maintenance costs (further - family expenses).

1.9. RESIDENTS:

1.9.1. Physical persons (citizens of the Republic of Moldova, foreign citizens and stateless persons) with the permanent residence in the Republic of Moldova and the having corresponding identity certificates issued by authorized bodies of the Republic of Moldova, including the specified physical persons temporarily being located abroad.

1.9.2. The government of the Republic of Moldova, and also the diplomatic missions, consular establishments and other official representations of the Republic of Moldova which are located abroad.

1.9.3. The legal entities, and also the companies and the organizations who are not legal entities, created and registered according to the current legislation of the Republic of Moldova, being in the Republic of Moldova.

1.9.4. The representations of the residents specified in Item 1.9 which are located abroad. Which 3, are understood as any separate divisions of the mentioned residents representing and protecting them the interests.

1.9.5. The branches of the nonresidents specified in Item 1.10 which are and registered in the Republic of Moldova. Which 2, are understood as any separate divisions of the mentioned nonresidents performing some of their functions.

Further for the purpose of these regulations the residents listed in Items 1.9.2.-1.9.5 "legal resident persons" will be called.

1.10. NONRESIDENTS:

1.10.1. Physical persons with the permanent residence abroad and the having corresponding identity certificates issued by authorized bodies of foreign states, including the specified physical persons which are temporarily in the Republic of Moldova.

1.10.2. The legal entities, and also the companies and the organizations who are not legal entities, created and registered according to the current legislation of foreign states, being located abroad.

1.10.3. The governments of foreign states, and also the diplomatic missions, consular establishments and other official representations of foreign states accredited in the Republic of Moldova.

1.10.4. The representative offices of the international organizations accredited in the Republic of Moldova.

1.10.5. The representations of the nonresidents specified in Item 1.10 which are and registered in the Republic of Moldova. Which 2, are understood as any separate divisions of the mentioned nonresidents representing and protecting them the interests.

1.10.6. The branches of the residents specified in Item 1.9 which are located abroad. Which 3, are understood as any separate divisions of the mentioned residents performing some of their functions.

1.10.7. The international organizations created according to international treaties which use diplomatic or consular immunities and privileges (further - the international organizations).

Further for the purpose of these regulations the nonresidents listed in Items 1.10.2 - 1.10. 7, "legal nonresident persons" will be called.

1.11. The CURRENCY RATE - the price of one currency expressed in other currency which according to provisions of these regulations is established by National Bank of Moldova (official rate) or authorized dealers (rate, the exchange rate, buying rate and sales).

1.12. The QUOTATION of CURRENCIES - establishment of the national currency rate to foreign currencies.

1.13. ONE-TIME PAYMENT / TRANSLATION - one-time payment / translation which is performed by physical person or legal entity by means of one payment order / form.

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