Law No. 118 Of 4 December 1995 * Republished

Original Language Title:  LEGE nr. 118 din 4 decembrie 1995 *** Republicată

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Law No. 118 of 4 December 1995 * Republished concerning the Ministry of finance and the empowerment of National Bank of Romania to conduct external lending on medium and long term, as well as the approval of the public external debt ceiling for 1996 Parliament ISSUING published in MONITORUL OFICIAL nr. 177 of 13 May 1998 — — — — — — — — — — * Note) Republished pursuant to art. The Government Ordinance. 35 of 27 august 1996, published in the Official Gazette of Romania, part I, no. 202 of 29 august 1996 (approved by law No. 38 on March 31, 1997, published in Official Gazette of Romania, part I, no. 54 of April 1, 1997), posing a new texts.

Law No. 118 of 4 December 1995 was published in the Official Gazette of Romania, part I, no. 282 of 5 December 1995 and amended by law No. 29 of 6 May 1996, published in the Official Gazette of Romania, part I, no. 91 of 6 May 1996.


Article 1 of the public external indebtedness Ceiling of Romania for 1996 is set at the amount of $ 3.0 billion S.U.A.


Article 2 the Government, through the Ministry of finance is authorized to grant loans in foreign currency, the State, in order to finance and refinancing internal and external public debt.
National Bank of Romania will act as the agent of the State to contract and State loans in foreign currency.


Article 3 National Bank of Romania is authorized to carry out, until 31 December 1996, operations of foreign loans in the medium term and long term on the international capital market to strengthen the international reserves of the country and currency Fund for the program, up to a cumulative level of 1.5 billion dollars the ceiling S.U.A. indebtedness approved 1995 and the external public debt ceiling for 1996; 1 of this Act.


Article 4 of the National Bank of Romania shall be authorized to carry out the swap operations with precious metals on the medium and long term, as well as swap on the medium and long term with the amounts obtained from loans contracted under the provisions of art. 3. In article 5 for the determination of the risk of the country, politically and economically, the National Bank of Romania may sign contracts with specialized agencies, recognized by the international financial community.


Article 6 financial obligations arising from commitments entered into by the National Bank of Romania in its name represents the external public debt, with the assurance of payment due, interest rates and commissions from international reserve State, and their equivalent in lei is reflected in the management of the National Bank of Romania.


Article 7 financial Commitments made by the National Bank of Romania according to art. 2, which constitutes the external public debt, approved of the Government's decisions through distinctly, on a proposal from the Board of Directors of the National Bank of Romania, which will be stipulated specifically, destination and the features of the loan.


Article 8 the Government will inform Parliament, semiannual progress contracted foreign loans, the terms of the contract, guarantees granted to use and eşalonării to pay rates and interest.
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