The fine that can be imposed on currency exchange facilities or hotels that violate the currency legislation was raised from 25,000 to 100,000 lei. The bill to amend the Law on the National Bank of Moldova and the Law on Currency Regulation was given a second reading, IPN reports.

The currency exchange facilities will be obliged to record each currency exchange operation in cash with private individuals when performing this in the document forms agreed by the NBM. Inconsistencies between the value of the registered operation and the balance of circulating currency inside a currency exchange facility will not be allowed.

Changes were made to enable to automate the process of licensing currency exchanges and to supervise and keep video records throughout the work program in real time and keep these records in electronic form during at least 15 calendar days.

The licensed banks will be able to provide loans in foreign currency to residents for the purpose of repaying loans obtained in foreign currency from licensed banks.

When the law is adopted, the National Bank of Moldova, as the surveillance authority, will possess legal instruments to monitor the work of currency exchanges.