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Foreign Exchange Act to liberalise capital flows

Cabinet approved a draft revision to the Foreign Exchange Act on September 14, which amends a 1995 law and further liberalizes the movement of capital.

Finance Minister Brigita Schmögnerová said the draft is particularly important for Slovakia's chances of becoming a member of the OECD. Schmögnerová said the bill makes it easier for foreign legal entities to obtain real estate in Slovakia.

If the bill is passed by parliament, not only banks but also insurance companies, investment companies and trusts can become owners of Slovak real estate.

The bill also widens the range of foreign stocks that can be traded without permission on the Slovak capital market. Schmögnerová added that the bill cancels the limitation that an issuer should originate from an OECD member country.

By this revision, Slovakia's economy nears full convertibility of the Slovak crown.

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