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August 26, 2014

Romanian excises on fuel, energy or coffee based on a fictitious exchange rate
Aug 26, 2014

Romanian excises on fuel, energy or coffee based on a fictitious exchange rate.
While the Romanian currency, leu (RON), has been stable since the beginning of the year, with an average rate of 4.45 RON/euro, the Romanian Government has invented a RON/euro rate above the real one in order to draw more money from excises. For the whole year of 2014, the currency rate set for the calculation of all excises has been set by an emergency ordinance at 4.738 RON/euro. Thus, prices for all excisable products (fuel, electricity, alcohol, tobacco, coffee, luxury products) are based on a rate which is 6.4% higher than the real one.
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