President sends back in Parliament the law on gold repatriation initiated by Liviu Dragnea

President Klaus Iohannis has sent back in Parliament the law on gold repatriation initiated by the former PSD Liviu Dragnea and by the PSD senator Serban Nicolae. The law says that Romania’s gold reserve deposited abroad should be stored in the country.

In June this year, the law was declared constitutional after the CCR judges had rejected the Opposition’s referral.

Now, the Presidency has sent the law back in Parliament for re-examination, arguing it “can affect the National Bank’s legal powers” and might prompt the increase of the financing costs.

“One of the reasons to decide and maintain the international reserves (including the gold ones) is to increase the level of trust in a country and to allow the negotiation of some lower costs for loans or other international transactions. Or, the legislative intervention subdued to re-examination should prompt the restriction of BNR’s legal powers to right to use the gold reserves, which might lead to increasing financing costs”, the Presidency pointed out.

At the same time, the President mentioned that the gold repatriation would affect BNR’s capacity to provide and maintain the prices’ stability.

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