The Senate (Romanian Parliament’s upper chamber) also Okayed the Social Democrat Party’s draft bill on the repatriation of the gold reserves three weeks ago. Senators adopted the draft bill by 60 votes to 29 and 16 abstentions, after the budget-finance committee with the Senate had previously adopted an admission report on the draft bill.
The bill has passed with an amendment file by Liberal senator Florin Cîţu, which introduced a deadline of 20 days under which BNR must present a report on the international reserves to the Government and to the Parliament, if there is a danger of these reserves being diminished. The report will also include the reasons of the international reserves’ cut and the BNR recommendation for the Executive.
Senator Florin Cîţu said the Liberals do not agree with this bill which „is directly intervening in the way the monetary policy is enforced in Romania”.
In his turn, PMP senator Traian Basescu, former President of Romania, told the Senate’s plenary session that the bill „is a huge mistake”, as, in case of crisis, “Romania will be looking for the back door to run with the gold in London in order to prove it exists.”
On the other side, one of the arguments in favor of the bill is that Romania has been keeping a great part of its gold reserves at the Bank of England for 10 years and is not getting any interests, and, on the contrary, it is paying a rent for deposit.
At present, Romania has gold reserves of almost 104 tons, with almost 60% of them being deposited in the UK.