ECONOMIC BRIEFS

NBS approves changes to Foreign Currency Act

The National Bank of Slovakia (NBS) Bank Council recently approved an amendment to the Foreign Currency Act. The most important changes are cancelling corporations' obligation to offer any hard currency to the NBS for purchase and of the limit for citizens' purchase of foreign exchange (currently, the annual limit is 60,000 Sk). The amendment also abolished constraints over ownership of real estate property by branches of foreign banks in Slovakia. The NBS approved measures defining cases where NBS permission is not needed to issue foreign securities traded in Slovakia or their introduction to the Slovak capital market. The measures also outline cases where such permission is not needed for dealing with such securities by Slovak entities.

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