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The Gold reserve of Romania will be brought back to the country; the law was passed in the parliament

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The deputies’ chamber adopted on Wednesday the draft law initiated by Liviu Dragnea and Seban Nicolae which means that the National Bank of Romania (BNR) to bring back 91.5% of the gold deposited by Romania abroad.

The draft law for the amendment and completion of art.30 of law no 312/2004 regarding the statute of the National Bank of Romania was adopted with 165 votes’ for’ , 90 votes ‘against and three abstainees.

According to the draft law, "the BNR by observing the general rules regarding liquidity and the external assets' specific risk establishes and maintains international reserves in such conditions that it could determine periodically their exact size, reserves made up cumulatively or selectively" from several elements, among which the gold held in the treasury in the country.

The text proposes that the BNR pursue to maintain the reserves at a level proper to Romania's external transactions.

The initiative stipulates that "from the constituted reserve, the BNR can deposit gold abroad exclusively to obtain incomes through trading and other specific operations".

"The gold deposits constituted by the central bank abroad cannot exceed 5pct of the total amount of gold constituted as reserve," the bill says.

The social-democrat (PSD – at rule) leader Liviu Dragnea stated on Wednesday after the adoption by the parliament of the draft law regarding the bringing back of the gold, that he had never heard the BNR governor Mugur Isarescu to contest this draft.

‘I have never heard Mugur Isarescu contest this project. There are advisers of the BNR who along the time have said many stupid things, they told lies by saying that in Romania our governing programme could  not work and they were wrong. When I see an official position of the BNR expressed by the governor then come and ask me again. It is a draft law which I support’ Liviu Dragnea said on Wednesday in the parliament.

At the same time, asked if the government sent any point of view for this draft law the PSD chairman stated ‘ Ask the government as they are very prolific with points of view’.

The opposition's National Liberal Party (PNL) deputy Pavel Popescu announced that the Liberals will challenge this bill to the Constitutional Court of Romania (CCR), while the Hungarian Democratic Union of Romania (UDMR) deputies' leader Attila Korodi said at the debates that the UDMR's deputies will vote against the PSD's bill.

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