Annual Report on Exchange Arrangements and Exchange Restrictions 2005
Chapter

SERBIA AND MONTENEGRO

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
September 2005
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(Position as of February 28, 2005)

Status Under IMF Articles of Agreement
Article VIIIDate of acceptance: May 15, 2002.
Exchange Arrangement
CurrencyThe currencies of Serbia and Montenegro are the dinar in the Republic of Serbia and the euro in the Republic of Montenegro.
Exchange rate structureUnitary.
Classification
Managed floating with no predetermined path for the exchange rateIn the Republic of Serbia, the exchange rate of the dinar against the euro is set at the fixing session held at the inter-bank foreign exchange market on the basis of supply and demand. This rate represents the official rate of the dinar against the euro, and it applies to transactions conducted at the fixing session. The National Bank of Serbia (NBS) may intervene in the fixing session for the purpose of influencing the movement of the exchange rate. The official rate of the dinar vis-à-vis other currencies traded in the domestic foreign exchange market is determined on the basis of their cross rates vis-à-vis the euro. NBS purchases and sales of foreign exchange outside the fixing session take place within margins of ±0.3% for noncash transactions and, effective February 25, 2004, ±0.7% (previously, ±0.6%) for cash transactions.
The NBS charges a commission of 0.5% on sales of foreign exchange. There is a commission of 0.15% on sales of convertible foreign currencies (banknotes), except for dollars, for which the commission is 2%. The NBS conducts trade in Bosnia and Herzegovina convertible marka, Czech koruny, Hungarian forint, Polish zlotys, and Slovenian tolars on the foreign exchange cash market, with a commission of 2.5% on purchases only.
Banks are free to fix their own buying and selling rates for foreign exchange on the basis of supply and demand, but must observe the rates prevailing in the international market. Authorized banks may buy and sell foreign exchange on the interbank market outside the fixing session at mutually agreed rates, and they may set the commissions for these services freely.
Exchange taxn.a.
Exchange subsidyIf exports of goods or services are contracted, and payments are made in convertible foreign currency, juridical persons are entitled to a refund of customs and other import duties, as well as to other incentive payments. For exports of goods, the calculation is based on the free Serbia and Montenegro border parity; for exports of services, the calculation is based on the amount after deduction of foreign costs. The rates applied for the refund of customs duties vary for different types of economic activities, but range from 0.4% to 4.5%.
An enterprise that has collected payment for exports of merchandise is entitled to a partial refund of freight paid for rail, maritime, or air transportation from the Serbia or Montenegro border to the destination at rates ranging from 1.5% to 2.5%.
Additional incentives are offered for certain agriculture and food industry exports, at rates ranging from 5% to 20%. No exchange subsidy applies in the Republic of Montenegro.
Forward exchange marketForward purchases and sales of foreign exchange are permitted, provided that their terms of delivery are more than two working days but no more than 365 days from the contract date. A forward exchange market does not exist in the Republic of Montenegro.
Arrangements for Payments and Receipts
Prescription of currency requirementsIn the Republic of Montenegro, no prescription of currency requirements applies.
Controls on the use of domestic currency
For current transactions and paymentsPayments for imports and proceeds from exports of goods and services may not be made or received in foreign banknotes.
For capital transactions
Transactions in capital and money market instrumentsYes.
Transactions in derivatives and other instrumentsYes.
Credit operationsThe extension of loans between residents and nonresidents in dinars is not permitted.
Use of foreign exchange among residentsPayments among residents in the Republic of Serbia must be effected in dinars. In exceptional cases, payments may be effected in foreign exchange, according to the Foreign Exchange Law.
Payments arrangementsNo.
Administration of controlExchange control in the Republic of Serbia is carried out by the state authorities and the NBS. Natural and juridical persons, entrepreneurs, and agencies and organizations are subject to these controls.
The Foreign Exchange Inspectorate of the Republic of Serbia exercises exchange control over the foreign trade operations of residents and nonresidents.
Customs authorities control the export and import of foreign and local currencies, securities, and gold taken out of or brought into the Republic of Serbia or transmitted by mail or other means. They also control the export of foreign exchange by authorized banks. In the Republic of Serbia, exchange operations may be conducted by authorized commercial banks or ADs, provided that they meet reporting requirements.
Commercial banks are allowed to effect all domestic payments for services.
In the Republic of Montenegro, the Central Bank of Montenegro (CBOM), which is not an issuing bank, prescribes rules on the operations of dealers and banks in foreign exchange transactions and sets limits on their foreign exchange positions.
International security restrictionsn.a.
Payments arrears
OfficialAn agreement has been reached with Paris Club creditors to reduce the debt to official bilateral creditors and London club creditors. Discussions are ongoing with other official bilateral creditors to obtain debt relief on terms similar to those granted by Paris Club creditors. The Republic of Montenegro has no outstanding debts to London Club creditors.
PrivateYes.
Controls on trade in gold (coins and/or bullion)No controls apply in the Republic of Montenegro.
Controls on domestic ownership and/or tradeOnly gold producers may engage in domestic trade in unrefined gold.
Controls on external tradeThe NBS may export both coins and bullion; for others, an export-import license is required. Exports of gold may be prohibited for balance of payments considerations.
Controls on exports and imports of banknotesThe import and export of dinars and foreign currency are allowed pursuant to the conditions and procedures for personal and physical transfer of legal tender to and from abroad.
On exports
Domestic currencyDomestic and foreign persons may take out banknotes in amounts up to 120,000 dinars a person in denominations of 1,000 dinars or smaller.
The NBS reserves the right to export banknotes for purposes of sale to other banks. These exports are permitted for numismatic purposes—in which case up to three sets of all banknote denominations for each approval may be exported—and to allow the testing of automatic teller machines, provided that the firms guarantee the banknotes will be returned when the testing is completed or, at the latest, within three months after the bills are received.
To take out NBS-issued commemorative coins (limited to three sets), domestic persons must have written permission from the NBS, and foreign persons must complete a customs certificate and present an invoice from a licensed supplier.
Foreign currencyResident natural persons may transfer abroad foreign currency and traveler’s checks up to the equivalent of €2,000 a trip, in aggregate. In the Republic of Montenegro, no limits apply but amounts exceeding €15,000 require a declaration of source and purpose of export. Foreign individuals and citizens of Serbia and Montenegro working abroad on a temporary basis for a period longer than one year may take abroad foreign banknotes up to the amount they had declared upon entering the country. They may also take out foreign currencies from their own foreign exchange accounts.
An authorized bank may, subject to NBS approval, export foreign currency for replenishing its account with a foreign correspondent bank. Approval is granted if the bank in question is authorized to perform payment operations only or to perform payment operations and credit transactions with foreign countries, and if the NBS has not restricted such operations of the bank in question. Authorized banks are obliged to furnish the NBS with a copy of the prescribed documents as evidence of payment within 10 days of exporting foreign currency. These documents must be certified by the relevant customs authority on the date of export. Furthermore, a statement of the authorized bank’s foreign account must be submitted as proof that the approved amount of foreign currency was deposited to replenish the account.
On imports
Domestic currencyDomestic and foreign persons may import up to 120,000 dinars a person a trip in denominations of 1,000 dinars or smaller.
In exceptional cases, foreign persons may import domestic banknotes in amounts and denominations larger than those specified above, provided that the banknotes were purchased at a foreign bank and that a purchase receipt is presented to the customs office for inspection upon entering the country.
The NBS may import domestic banknotes that were exported for the purpose of sale to foreign banks.
Foreign currencyImports of foreign currency notes are not limited but must be reported to customs.
Resident Accounts
Foreign exchange accounts permittedYes.
Held domesticallyResident natural and juridical persons may hold foreign exchange accounts freely, which they may credit or debit for all authorized foreign exchange transactions.
In the Republic of Serbia, government agencies and organizations may hold foreign exchange accounts with the NBS only. Banks may hold foreign exchange with authorized banks, the NBS, and the Central Securities Depository only.
In the Republic of Montenegro, government agencies and organizations may hold foreign exchange accounts with the CBOM or with commercial banks.
Held abroadYes.
Approval requiredResident juridical persons, including representative offices of enterprises abroad, may hold foreign exchange in an account with a bank abroad with the approval of the NBS.
Resident natural persons are not allowed to hold accounts abroad, with the exception of foreign citizens who have resided in the Republic of Serbia for more than one year and persons employed in diplomatic representative offices abroad and their families.
Accounts in domestic currency held abroadThe Republic of Montenegro permits euro accounts abroad.
Accounts in domestic currency convertible into foreign currencyIn the Republic of Montenegro, accounts denominated in euro are freely convertible into other currencies.
Nonresident Accounts
Foreign exchange accounts permittedNonresident natural and juridical persons may hold foreign exchange accounts with authorized banks in the form of demand and time deposits. Deposits may be held in currencies traded on the domestic foreign exchange market. Deposits to foreign currency accounts may be made with transfers or, in certain cases, with cash.
Account holders may use the foreign exchange in their accounts to make dinar payments in the Republic of Serbia, to transfer foreign exchange abroad, and to make foreign exchange payments abroad or domestically, in accordance with existing regulations.
Domestic payments, collections, and transfers in foreign currency involving these accounts are permitted only in cases specified in the Foreign Exchange Law (e.g., purchase and sale of goods at consignment warehouses and duty-free shops).
A bank may not cancel or return to the foreign exchange account any dinar disbursements effected from foreign currency accounts of foreign persons.
Citizens of Serbia and Montenegro who have resided abroad for more than one year are considered nonresidents.
Domestic currency accountsNonresidents may hold domestic currency and foreign exchange accounts with authorized banks in the form of sight deposits and time deposits.
Nonresidents may deposit domestic currency acquired through authorized transactions in accounts with authorized banks.
Convertible into foreign currencyYes.
Blocked accountsNo.
Imports and Import Payments
Foreign exchange budgetNo.
Financing requirements for importsNo.
Minimum financing requirementsPayments for imports of goods and services are free of restrictions, provided that documentary proof is submitted.
Advance payment requirementsThere are no restrictions on advance payments for import of goods or services, but if imports do not take place, the foreign exchange must be returned within eight working days from the contracted final date.
Imports with a contracted period exceeding 90 days from the date of advance payment are deemed to be credit transactions, must be registered with the NBS, and are subject to provisions on procedures, time limits, registration, and reporting, as specified in the decision based on the Foreign Exchange Law and the Foreign Credit Transactions Law.
A resident may import books, magazines, newspapers, and other publications within 12 months from the date of advance payment without registration with the NBS.
Documentation requirements for release of foreign exchange for importsNo documentation requirements apply in the Republic of Montenegro.
Domiciliation requirementsPayments for imports may be effected through authorized banks and in the Republic of Montenegro, through cash also. Residents are allowed to make payments for imports with their own foreign exchange funds held with an authorized bank or by purchasing foreign exchange on the foreign exchange market without restriction through an authorized bank. Residents are obligated to provide the bank with the standard import documentation.
Preshipment inspectionYes.
Import licenses and other nontariff measuresEffective July 30, 2004, licenses are required for 604 (or 7.1% of total) tariff items (previously, 480). Effective February 11, 2005, the number of items subject to licensing was reduced to 480. Licenses are required for armaments (including firearms, sport and hunting arms, and ammunition), explosives and raw materials used in explosives, military equipment, certain precious metals, some heavy metallurgical products (iron and steel), and goods that are subject to international agreements. Addictive drugs are subject to a special set of import licenses.
Positive listEffective July 30, 2004, an estimated 92.9% (previously, 98.3%) of all tariff items may be imported freely.
Negative listImports of used vehicles more than three years old, tractors, construction and mining equipment more than eight years old, and hazardous waste materials are prohibited.
Licenses with quotasThe government does not issue specific licenses with value or volume quotas. Certain kinds of goods originating in the Former Yugoslav Republic of Macedonia are quantitatively restricted, according to the type of license; these restrictions are agreed upon in the trade agreement signed between the two countries.
Import licensing requirements and quotas apply to specific steel products. The Republic of Montenegro also issues contingency licenses for agricultural products and selected appliances.
Other nontariff measuresAll export and import quotas have been eliminated in the Republic of Serbia and the Republic of Montenegro, in accordance with an agreement between the two republics for harmonizing their trade, customs, and indirect tax regimes.
Import taxes and/or tariffsThe import tariff schedule has a maximum import duty of 30% and a simple average rate of under 10%.
State import monopolyNo.
Exports and Export Proceeds
Repatriation requirementsResidents must collect receipts from export of goods and services during the contract period, but not later than eight working days from the expiration date of the contract. The repatriation requirement applies to all residents who earned foreign currency abroad and to all residents who transferred foreign currency abroad but retain an unused balance.
The export of goods and services with a payments collection contract period of more than 90 days is deemed to be a credit transaction, must be registered with the NBS, and is subject to provisions on procedures, time limits, registration, and reporting, as specified in the decision based on the Foreign Exchange Law and the Foreign Credit Transactions Law. A resident may collect payment for exports of books, magazines, newspapers, and other publications within 12 months from the date of export without registration with the NBS.
Financing requirementsNo.
Documentation requirementsEffective January 1, 2005, procedures for export credits payable more than 90 days after shipment have been simplified and documentary requirements have been reduced.
DomiciliationReceipts from exports of goods and services must be effected through authorized banks in the Republic of Serbia.
Preshipment inspectionYes.
Export licensesOut of the total 8,552 tariff items, the free export regime applies to 8,458 items (or 98.9%).
Without quotasThe export license under scheme D applies to 94 (or 1.1% of total) tariff items. These are required for armaments (including firearms, sport and hunting arms, and ammunition), explosives and raw materials used in explosives, military equipment, historic pieces of art, certain precious metals, and goods that are subject to international agreements.
Export taxesNo.
Payments for Invisible Transactions and Current Transfers
Controls on these transfersDocumentary requirements must be satisfied.
Payments for travel
Quantitative limitsYes.
Indicative limits/bona fide testYes.
Personal paymentsNatural persons are permitted to make payments for current transactions, including imports of goods and services that are permitted by law. In the Republic of Montenegro, no limits apply but amounts exceeding €15,000 require a declaration of source and purpose.
Quantitative limitsIn the Republic of Montenegro, no limits apply.
Indicative limits/bona fide testIn the Republic of Serbia, all transactions require documentary evidence, except for transfers of less than the equivalents of €5,000 a month for family support, €3,000 for gifts, and €500 for non-profit humanitarian, educational, cultural, and similar organizations abroad. In the Republic of Montenegro, these transactions are not regulated.
Foreign workers’ wagesThese transactions may be made freely after payment of the appropriate taxes.
Indicative limits/bona fide testYes.
Credit card use abroadThe use of credit cards is restricted to current transactions.
Prior approvalYes.
Quantitative limitsYes.
Other payments
Indicative limits/bona fide testYes.
Proceeds from Invisible Transactions and Current Transfers
Repatriation requirementsIn the Republic of Serbia, the regulations governing exports and export proceeds apply. The repatriation requirement applies to all residents who earned foreign currency abroad and to all residents who transferred foreign currency abroad but retain an unused balance. In the Republic of Montenegro, no repatriation requirements apply.
Restrictions on use of fundsNo.
Capital Transactions
Controls on capital transactionsIn the Republic of Serbia, these transactions are governed by the Securities Market Law and the Foreign Exchange Law. In the Republic of Montenegro, most of these transactions are unregulated.
Controls on capital and money market instrumentsIn the Republic of Serbia, under the Securities and Other Financial Instruments Market Law, the Securities Committee supervises at the national level the activities of security market participants. The Banks and Other Financial Institutions Law sets forth the jurisdiction for and the procedures of supervision over banks’ activities in the money market.
On capital market securitiesThe Securities Committee regulates trading in shares and long-term securities.
Shares or other securities of a participating natureIn the Republic of Montenegro, transactions are freely permitted under the Law on Foreign Investments.
Purchase locally by nonresidentsThese transactions are permitted, except for short-term domestic securities and shares of domestic companies involved in weapons production or trading activities, unless the majority of shares of a joint-venture company is owned by a resident or investor.
Sale or issue locally by nonresidentsThese transactions are implicitly permitted under the Securities Market Law, but the related payments are regulated by the Foreign Exchange Law.
Purchase abroad by residentsThese transactions are not explicitly limited by the Securities Market Law, but the related payments are regulated by the Foreign Exchange Law.
Sale or issue abroad by residentsThese transactions are not controlled, but procedures are regulated by the provisions of the Company Act.
Bonds or other debt securitiesIn the Republic of Serbia, the Securities Committee controls the issuing of and trading in long-term debt instruments. In the Republic of Montenegro, transactions are freely permitted under the Law on Foreign Investments.
Sale or issue locally by nonresidentsThese transactions are not explicitly controlled by the Securities Market Law, but the related payments are regulated by the Foreign Exchange Law.
Purchase abroad by residentsThese transactions are not explicitly controlled by the Securities Market Law, but the related payments are regulated by the Foreign Exchange Law.
Sale or issue abroad by residentsThese transactions are not controlled, but related payments are regulated by the provisions of the Company Act.
On money market instrumentsIn the Republic of Serbia, the Securities Market Law regulates tradable instruments with maturities of less than one year. The issuance and trading of sovereign securities are regulated by the Budget Law and relevant governmental decisions. A money market does not exist in the Republic of Montenegro.
Purchase locally by nonresidentsThese transactions are prohibited.
Sale or issue locally by nonresidentsThese transactions are not explicitly controlled, but related payments are regulated by the Foreign Exchange Law.
Purchase abroad by residentsThese transactions are not explicitly controlled, but under the Foreign Exchange Law, related payments are not permitted unless the purchaser is the NBS or an authorized bank.
Sale or issue abroad by residentsThese transactions are prohibited.
On collective investment securitiesIn the Republic of Montenegro, transactions are freely permitted under the Law on Foreign Investments.
Controls on derivatives and other instrumentsIn accordance with Serbia’s Foreign Exchange Law, only authorized banks may make payments for purchases of foreign short-term securities in international and domestic markets. Resident legal persons are permitted to make payments arising from purchases of foreign long-term securities. Derivatives are not regulated in the Republic of Montenegro.
Purchase locally by nonresidentsNonresidents are not permitted to purchase domestic short-term securities.
Sale or issue locally by nonresidentsYes.
Purchase abroad by residentsIn accordance with the Foreign Exchange Law, residents are not permitted to invest in foreign investment funds.
Sale or issue abroad by residentsYes.
Controls on credit operationsIn the Republic of Serbia, the Foreign Credit Transaction Law regulates foreign credit transactions; these must be registered with the NBS. In the Republic of Montenegro, credit transactions are unregulated.
Financial credits
By residents to nonresidentsThese transactions are permitted only out of profits earned abroad, in accordance with the provisions of the law regulating foreign trade operations.
To residents from nonresidentsResidents may borrow funds from abroad to pay for imports of equipment and intermediate goods and services and for financing the construction of investment projects.
There are controls on the borrowing of funds for other purposes. Effective December 15, 2004, these credit transactions are allowed up to €1 billion (previously, €900 million), in accordance with conditions prescribed by the NBS, the Foreign Credit Transaction Law, and balance of payments projections. The term of credit for 2004 has to be longer than 13 months. On July 24, 2004, the limit was raised to €900 million (previously, €600 million).
Controls on direct investmentInvestments may be in the form of (1) foreign exchange, (2) physical assets, (3) intellectual property rights, or (4) securities and other property rights. In the Republic of Montenegro, inward and outward investments may be made freely.
Outward direct investmentDirect investments abroad are free of controls, provided that the transaction in question has been registered with the relevant agency in the Republic of Serbia. Resident legal persons are required to report such investments to the NBS. The investment is executed in accordance with existing regulations. However, these transactions may be prohibited or controlled if they are deemed to disrupt the balance of payments.
Inward direct investmentA nonresident foreign investor may invest in assets in a domestic enterprise to acquire a share in the fixed capital of a domestic enterprise. A foreign investor may exchange established claims against a share of capital and/or stock of a debtor company.
Controls on liquidation of direct investmentProceeds from liquidation of direct investment may be transferred abroad without control, provided that all tax liabilities have been settled.
Controls on real estate transactions
Purchase abroad by residentsResidents are not allowed to acquire ownership of real estate abroad unless a reciprocal agreement has been reached between the country in which the real estate is located and Serbia and Montenegro. This restriction does not apply to government agencies and diplomatic and consular offices abroad and their employees.
Purchase locally by nonresidentsCitizens of Serbia and Montenegro who have resided abroad for more than one year may purchase real estate only through a nonresident foreign exchange account opened with an authorized bank. In the Republic of Montenegro, nonresidents (including its citizens who have resided abroad for more than one year) may not purchase or acquire land in prohibited zones, such as national parks and border areas.
Purchases of real estate by nonresidents from a country that has not concluded a reciprocal agreement with Serbia and Montenegro are prohibited.
Sale locally by nonresidentsProceeds from these transactions may be transferred abroad freely, provided that all tax liabilities have been settled.
Controls on personal capital transactionsThese transactions are not regulated in the Republic of Montenegro.
LoansResident natural persons are not allowed to lend to or borrow from nonresidents.
By residents to nonresidentsYes.
To residents from nonresidentsYes.
Gifts, endowments, inheritances, and legacies
By residents to nonresidentsA resident may transfer monetary gifts abroad up to the equivalent of €3,000.
To residents from nonresidentsThese transactions are subject to anti–money laundering regulations.
Transfer of assets
Transfer abroad by emigrantsEmigrants may take abroad up to the equivalent of €2,000 with them; any remaining funds must be transferred through the banking system.
Transfer of gambling and prize earningsEarnings from lotteries may be transferred abroad after payment of all tax obligations.
Provisions specific to commercial banks and other credit institutions
Borrowing abroadIn the Republic of Serbia, only banks that have received NBS authorization to perform international operations may conclude credit agreements with nonresidents. These transactions must meet the requirements set by the regulations governing banking operations. In the Republic of Montenegro, there is no control on bank borrowing abroad.
Maintenance of accounts abroadAuthorized banks may hold foreign currency abroad only in accounts with banks. In the Republic of Montenegro, these transactions are allowed freely.
Lending to nonresidents (financial or commercial credits)Credit transactions in dinars between residents and nonresidents are prohibited. Authorized banks may lend abroad if the loan is registered with the NBS. In the Republic of Montenegro, these transactions are allowed freely.
Lending locally in foreign exchangeAuthorized banks may extend credit in foreign currency to resident natural entrepreneurs and juridical persons only for payments for imports of goods and services. In the Republic of Montenegro, these transactions are allowed freely.
Purchase of locally issued securities denominated in foreign exchangePurchases are regulated by the Law on the Settlement of Public Debt of the Federal Republic of Yugoslavia Arising From the Citizens’ Foreign Exchange Savings. In the Republic of Montenegro, these transactions are allowed.
Differential treatment of deposit accounts in foreign exchangeIn the Republic of Montenegro, there is no differential treatment of accounts.
Reserve requirementsIn the Republic of Serbia, reserves are required against all foreign exchange deposits made before July 2001 and against foreign exchange deposits made thereafter by enterprises. Deposits made by individuals after June 2001 are not subject to this reserve requirement.
In the Republic of Montenegro, the reserve requirement for accounts denominated in euros or in foreign currency is 23%.
Liquid asset requirementsIn the Republic of Serbia, foreign exchange deposits made by individuals after June 2001 are subject to a 50% foreign exchange deposit liquidity requirement.
Credit controlsIn the Republic of Serbia, credit controls are enforced in accordance with the Law on Banks and Other Financial Organizations. In the Republic of Montenegro, credit control applies only for the management of risks.
Investment regulationsIn the Republic of Montenegro, investment is permitted under the Law on Banks, with no need for CBOM approval.
Abroad by banksNBS approval is required.
In banks by nonresidentsNBS approval is required for the acquisition of more than 15% of the share capital of a bank.
Open foreign exchange position limitsIn the Republic of Serbia, a bank’s open foreign exchange position is limited to 30% of its capital. No such limits apply in the Republic of Montenegro.
Provisions specific to institutional investors
Currency-matching regulations on assets/liabilities compositionThese are currently not regulated by the Securities Market Law and its by-laws for financial market intermediaries other than banks, but the banking law provisions apply to authorized banks.
Other controls imposed by securities lawsSecurities trading must take place on an organized exchange, with the exception of secondary trading in fixed-income securities.
Changes During 2004
Exchange arrangementFebruary 25. The NBS widened the margin between the buying and selling rates for foreign exchange transactions in cash to ±0.7% from ±0.6%.
Imports and import paymentsJuly 30. The coverage of the licensing requirement was increased to 604 items (or 7.1% of total) from 480 tariff items.
July 30. The proportion of tariff items that could be imported freely was reduced to 92.9% from 98.3%.
Capital transactions
Controls on credit operationsJuly 24. The limit on financial credits to residents for purposes other than for imports of equipment and intermediate goods or the financing of construction for investment projects was raised to €900 million from €600 million.
December 15. The financial credit limit for purposes other than for imports of equipment and intermediate goods or the financing of construction for investment projects was raised to €1 billion from €900 million.
Changes During 2005
Imports and import paymentsFebruary 11. The number of items subject to import licensing was reduced to 480 from 604 items.
Exports and export proceedsJanuary 1. Procedures were simplified and documentation requirements were reduced for export credits payable more than 90 days after shipment.

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