Romania’s state-owned savings bank CEC Bank will open branches abroad “sometimes toward the end of May or early June” to help Romanians working in foreign countries open accounts and send their money back home at no cost, finance minister Eugen Teodorovici announced on a visibly electoral note.

“It will have a very good impact, these are measures that Romanians have been waiting for for many years,” Teodorovici said, according to Agerpres.

The Government will develop other facilities for the diaspora, he added, in an attempt to increase the fragile support enjoyed by his Social Democratic Party (PSD) among nationals living abroad. His rhetoric might, however, have contrary results, being suspected as a means to monitor and possibly tax the wage remittances.

Similar rumors circulated last year when the Government enacted an EU Directive requiring those sending sums of over EUR 2,000 to Romania to declare their source. 

editor@romania-insider.com

(Photo source: Gov.ro)