Romania’s Government adopted on Thursday, November 29, an emergency ordinance for opening special savings accounts at the Treasury for all Romanians under 18.

Parents will be able to use these accounts to save money for their children, which the beneficiaries will only be allowed to use after they turn 18.

The Government will pay a yearly interest rate of 3%, local Mediafax reported. Moreover, it will also grant a RON 600 yearly bonus, starting 2019, for deposits of over RON 1,200. The gains in these accounts will be tax free.

The Labor Ministry will make yearly deposits of RON 1,200 for children in foster care.

editor@romania-insider.com

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