Objective and role
The National Bank of Romania is the central bank of Romania. NBR is an independent public institution, with its headquarters in Bucharest.
Its primary objective is to ensure and maintain price stability. The National Bank of Romania supports the general economic policy of the Government without prejudice to its primary objective (Law No.312/2004).
The domestic currency is the leu, with its fractional coin, the ban.
Starting with 1 January 2007, when Romania had joined the European Union, NBR became part of the European System of Central Banks (ESCB), and the NBR's Governor, member of General Council of the European Central Bank (ECB).
Main tasks
- to design and implement the monetary policy and the exchange rate policy;
- to conduct the authorisation, regulation and prudential supervision of credit institutions, and to promote and oversee the smooth operation of the payment systems with a view to ensuring financial stability;
- to issue banknotes and coins as legal tender to be used on the territory of Romania;
- to set the exchange rate regime and to oversee its observance;
- to manage the international reserves of Romania.
The National Bank of Romania is the sole institution authorised to issue currency, in the form of banknotes and coins to be used as legal tender in Romania, based on a currency issue programme drafted in terms of the real needs of money circulation.
The central bank is the sole institution vested with licensing and regulatory powers in the banking field, being responsible for prudential supervision of credit institutions in order to ensure the smooth functioning and viability of the banking system.
The National Bank of Romania keeps in its records the general current account of the State Treasury opened on behalf of the Ministry of Public Finance. In keeping with the law, direct financing of public institutions by the monetary authority and privileged access of the public sector to financial institutions' resources are prohibited.
Since December 2015, the National Bank of Romania has been the resolution authority for the banking sector.
Organization
The National Bank of Romania is run by the Board of Directors. The chairman of the Board is the Governor of the NBR.
In the pursuit of its mandate, the NBR has a strong territorial bank network made up of 6 regional branches and 13 agencies.
History
The National Bank of Romania was founded on 17 April 1880, being the 16th central bank in the world from a historical perspective.
Ion I. Câmpineanu was designated as the first governor of the National Bank of Romania, but the undisputed founder of the central bank was Eugeniu Carada.
The NBR has its headquarters in 25 Lipscani Street, an architectural landmark erected during 1882 - 1889 and in 8 Doamnei Street, a neoclassical style building whose construction works began during 1938 - 1950. The NBR carries on its activity in Chrissoveloni Palace as well, which is located nearby, at 8 Lipscani Street.