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CCR: The law on the repatriation of Romania's gold reserve is constitutional
The law on repatriation of the National Bank of Romania’s gold is constitutional. The Constitutional Court (CCR) judges have rejected on Wednesday the Opposition’s referral. The normative act is to go to President Klaus Iohannis, who will decide whether or not to promulgate the law.
The project provides for the repatriation of 91.5% of the gold currently in the Bank of England, i.e. over 55 tons of gold, digi24.ro reports.
According to Digi24 TV private broadcaster sources, the CCR judges rejected the referral on grounds of opportunity, because the gold reserve is the property of the Romanian state, so the state is free to decide on the storage of this property.
The CCR has thus rejected the notification of the opposition -National Liberal Party (PNL) and the Save the Romania Union (USR).
Former Chamber of Deputies Speaker Liviu Dragnea and PSD Senator Serban Nicolae filed on February 28 a draft whereby the Central bank - BNR should repatriate 91.5% of the gold deposited by Romania abroad, i.e.56 tons of gold.
The draft provides that the gold reserves kept abroad cannot exceed 5% of the overall gold quantity representing the reserve.
The reasoning reads that the draft aims this amendment as the Romanian economy is in positive parameters, a trend estimated to continue.
The debate which started after the announcement of the decision of the Constitutional Court regarding the repatriation of the gold reserve of Romania shows that things take go down the way of populism, stated on Wednesday Adrian Vasilescu, strategy adviser with BNR.
‘With regards to the decision of the Constitutional Court, there is nothing to say. It is their decision. Good or bad, that’s it! With regards to the debate that has already started after announcing the decision, I notice that things go down the path of populism’ Adrian Vasilescu when asked about the decision of the Constitutional Court of Romania in the case of the law for repatriation of the gold reserve of Romania.
He stated that the National Bank did not object to the draft law but the institution had some complaints about the way of the draft law as there is the obligativity of the National Bank consultation.
The governor of BNR Mugur Isarescu said two months ago’ that we would really want to bring the gold back in the country as the gold we keep in London, we keep it abroad as it is a factor of trust about the country. But the contestations, the discussions, the stories told about this reality, the gold abroad, everything made a trust factor into a mistrust factor’
Similarly, Vasilescu said that ‘ the only profit is the trust in the country. Romania is the 31st country in the world with monetary gold. This quantity of monetary gold is the reserve of the National Bank and a reserve of Romania which brings trust in Romania and this is the only purpose’.
In a speech in Cluj-Napoca in February this year, the vice-governor BNR Liviu Voinea stated that Romania owns at present over 50% more gold than it had at the end of 1989, 103.7 tons of gold, 60% of the reserve being with the Bank of England and it uses for the insurance and maintenance of foreign credibility of the country as a creditworthy partner.