Devisenrecht#

Foreign-exchange Legulations: Pursuant to the 1946 Law on Foreign Exchange (Devisengesetz, DevG), foreign exchange held or involved in transactions is to be recorded and made available to the business sector according to the urgency of its needs. The Austrian National Bank is the foreign exchange regulatory authority and is responsible for maintaining the value of the Austrian Schilling.

On November 4, 1991, the National Bank completed the liberalisation of the foreign exchange regulations and thus accomplished what had been started in 1986: the removal of all foreign exchange restrictions which had been in effect for decades. Whatever foreign exchange reporting requirements remain are merely for statistical purposes. Austria thus meets, at least in financial respects, the requirements of IMF, OECD and EEA. Austrian Nationalbank.

Literature#