Foreign exchange was liberalized in 1993. Firms must still repatriate all foreign earnings to domestic commercial bank accounts, but they need to surrender only half the proceeds. Residents can easily obtain foreign exchange. There are no limits on the amount firms can purchase for imports, as long as they present a valid import contract. Nor are there restrictions on remittances of profits.
Limits do exist on the purchase of foreign exchange for business travel or personal use.
Although 8,000 large and medium state enterprises and another 22,000 smaller enterprises have recently been privatized, the state sector still dominates the economy. By the end of 1995, the state sector still represented some 55 percent of fixed commercial assets. The right to private property is ill-defined. Land reform and privatization efforts have lagged. Although collective farm workers are theoretically able to claim their share of land and leave the collective, ambiguous regulations and procedures have discouraged participation.