The Act adjusts the Polish legal system concerning foreign exchange, to the requirements of the European Union regulations, in particular Articles 56 and 57 of the European Treaty.
The Act removes all limitations on the movement of capital and payment transfers between Poland and the member states of the European Union, the European Economic Area and OECD.
Limitations on the free movement of capital will still apply to so-called "third countries". The most important limitations relate to:
All such transactions will need a foreign exchange permit, which may be given either in a form of a general permit (issued by the Minister of Finance in the form of an Ordinance), or in the form of an individual permit (issued by the National Bank of Poland on an individual basis).
The main implications of the Act will be:
If you require any further information about the Foreign Exchange Act, please contact Arkadiusz Michaliszyn at arkadiusz michaliszyn@cmck.com or on +48 22 520 56 19 or Jaroslaw Miller at jaroslaw.miller@cmck.com or on +48 22 520 56 59.
Date: 16-Sep-2002
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