BNR Average Exchange Rates — for Accounting
Monthly, quarterly and annual average BNR rates. Month-end rate. Essential for accounting, invoicing and tax returns.
Monthly average rate evolution
When to use BNR average rates?
In Romanian accounting, there are several situations where the monthly average exchange rate or the month-end rate published by the National Bank of Romania (BNR) is used:
Monthly average rate
Used for converting invoices issued in foreign currency during a month. According to OMFP 1802/2014, foreign currency transactions are recorded at the exchange rate on the transaction date. In practice, many companies use the monthly average as a reference for internal reports.
Month-end rate (last business day)
Used for revaluation of foreign currency balances at month-end. All receivables, liabilities and cash in foreign currency are recalculated at the BNR rate from the last business day, generating favorable or unfavorable exchange differences (accounts 665/765).
Annual average rate
Used in annual financial statements for converting profit and loss items (income and expenses) when reporting in a currency other than RON, according to IAS 21.
Transaction date rate (spot)
According to accounting regulations, the initial recording of any foreign currency transaction is done at the BNR rate on that day (spot rate). This is the official rate, not the average. The average rate is only useful for aggregate reporting.
Legislative references
- OMFP 1802/2014 — Accounting regulations regarding individual and consolidated annual financial statements
- IAS 21 — The Effects of Changes in Foreign Exchange Rates
- Tax Code, Art. 226 — Rules on exchange rate for VAT
- OMFP 2634/2015 — Financial-accounting documents