Major Overhaul of Exchange Code Underway in Parliament
A significant project was launched in Parliament on February 23: the revision of the Exchange Code, which has been in effect since 1976. The Assembly of People's Representatives heard from the authors of a proposal that aims to profoundly transform the philosophy of the text.
Current Framework
The current framework is based on a system of prior authorization and strict centralized control, inherited from a period marked by a shortage of foreign currency. According to the initiators, this model no longer corresponds to an open and digitized economy.
New Approach
The new approach proposes a shift towards a principle of regulated freedom, with more ex-post control and simplified procedures. The goal is to facilitate financial transfers related to legitimate economic activities, reduce authorization delays, and alleviate administrative burdens.
Key Provisions
The project also provides for:
- Clearer regulation of foreign currency accounts
- Redefinition of the status of resident and non-resident
- Integration of income from digital activities, remote work, and international platforms into the formal circuit
Digital Assets and Payments
Another challenge is digital assets and payments. The text aims to create a modern legal framework for these operations, in order to better control financial risks while supporting innovation.
Balancing Act
The deputies emphasized the need for balance: liberalizing without weakening financial balances. The reform is presented as a central piece of the expected economic reforms to improve the business climate, attract investment, and reduce the parallel economy.
Next Steps
Discussions must continue with the various stakeholders before any final adoption. The revision of the Exchange Code is a crucial step towards creating a more favorable business environment and promoting economic growth.
