Announcement of the Czech National Bank on a change in the Romanian leu exchange rate publishing as of 1 July 2005

With effect from 1 July 2005, the currency of Romania will be re-denominated. The Romanian leu ROL will be replaced with the New Romanian leu RON. The relation between these currencies will be 1 RON = 10,000 ROL.

In connection with this change, the Czech National Bank will implement a change in the Romanian leu exchange rate publishing with effect from 1 July 2005. The exchange rates effective from 30 June 2005, which will be set on 30 June 2005, will be published in the existing form and extent.

The new list of exchange rates effective from 1 July 2005, which will be set on 1 July 2005, will contain the New Romanian leu.

Under the Act on Accounting and other legal regulations, the exchange rates are used for non-business purposes (valuing assets and liabilities, tax and customs proceedings, etc.). For client operations, commercial banks are allowed to use their own CZK exchange rates vis-ŕ-vis individual currencies, in line with current practice.

Pavel Zúbek, Communications Department, CNB