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Foreign Exchange Offices In Romania Obligated To Display Highlighted Rates, Overall Fees – Draft Law

All foreign exchange offices in Romania are obligated to display the exchange rates together with all taxes involved, according to a draft law improving the Government Emergency Ordinance on consumer protection, which the Senate passed Wednesday.
Foreign Exchange Offices In Romania Obligated To Display Highlighted Rates, Overall Fees – Draft Law
09 sept. 2009, 16:12, English

According to the law improving government Ordinance no. 21/1992 on consumer protection, foreign exchange offices are obligated to display outside the office the exchange rates for the sale and purchase of foreign currencies in a color different from that of the display board.

The prices and the fees displayed by the foreign exchange offices are to include all commissions, taxes and any other costs, which have to be highlighted in a clear manner, easy to read and unable to deceive consumers.

The norms will be approved by order of the National Authority for Consumer Protection within 60 days.

The draft law was triggered by the fact that many Romanian and foreign citizens have been deceived by the employees of foreign exchange offices because the correct rate was not displayed or because the exchange rate for travel cheques was displayed on the same board with the currency sale-purchase operations.

The draft law will be sent to the Chamber of Deputies, which has teh last say on the draft.