ARHIVELE OLTENIEI - Universitatea din Craiova

352Gheorghe Pîrvu, Ramona GruescuLiberalization of capital flowlinked to the development ofinsurance contracts and the othercapital flows with significantinfluence over the real economy.Stage II2002 - the admission of the unities of collectiveplacement organisms on a foreign capitalmarket- credits on long and medium term, linkedto commercial transactions or of services,granted by residents to non-residents- premiums and payments linked to thedevelopment of contacts of life insurance,credit, other transfer in insurance contracts.- physical import and export of financialassets representing mobiliary values andmeans of payment, except those in cash.Liberalization of capitaloperations with significant impactover pay balance.Stage III2003 - the buying by residents of foreignmobiliary values and unities of collectiveplacement organism- financial loans and credits with pay-backterms shorter than a year granted by nonresidentsto residents- financial loans and credits, guaranteesgranted by residents to non-residents- capital movements with personal characterrepresenting loans granted by residents tonon residents.2004 -the admission of foreign mobiliary valueson national capital markets.- the admission of collective placementorganisms unities on motional capitalmarket- the physical import and export of financialassets representing means of payment incash.2005 - the access of residents to term bankdeposits in lei- the residents right of opening bankaccounts abroad and to make a series ofoperations abroad without the approval ofRNB, except derivatives transactions2006 - non-residents access to state obligations inlei/national currency issued by FinancialMinistry.- non-residents access to treasurycertificates in national currency issued byFinancial Ministry.-up toadherencedate- the access of non-residents to monetarymarket instruments.Contrary to the pessimistic expectations expressed by some economicalanalysts, we can say that the last stage of liberalization of capital fluxesdeveloped under normal limits, without leading to currency seism.