1. NBR
  2. Organisation

The decision-making bodies and organisation of the National Bank of Romania


The National Bank of Romania is run by the Board of Directors, which is made up of nine members appointed by Parliament for a 5-year mandate that may be renewed. Members of the Board may not be members of Parliament and according to the law, they may not be Court officials or public servants. Out of the nine members, four members are senior executives of the NBR, i.e. the Governor, the first deputy governor, and two deputy governors. The other five members of the Board are not on the payroll of the NBR. The chairman of the Board is the Governor of the NBR.

The Board of Directors is the decision-making body of the NBR, which sets the monetary and exchange rate policies, the measures relating to authorisation, regulation and prudential supervision of credit institutions; it also oversees the payment systems, establishes the internal organisation structure and assigns the tasks to the executives and to the staff of the NBR .

In order to ensure effectiveness of the decision-making process, the following operational bodies are responsible for the performance of the main tasks of a central bank:

  • the Monetary Policy Committee;
  • the Supervisory Committee;
  • the Foreign Reserve Management Committee;
  • the Audit Committee;
  • the Committee for Preparing the Changeover to the Euro;
  • the Payments Committee;
  • the Financial Market Infrastructure Management Committee;
  • the Risk Committee.

The Monetary Policy Committee is a decision-making body made up of 12 members and is chaired by the NBR Governor. The Committee is responsible for monetary policy decisions (strategy, objectives and guidelines) and takes operational decisions necessary to ensuring the enhancement of monetary policy effectiveness and of its operational framework, and to bringing it in line with the ECB requirements.

The Supervisory Committee is composed of 9 members and is chaired by the NBR Governor. The tasks and responsibilities of this Committee are related to the assessment and monitoring of credit institutions asset quality, financial performance and observance of prudential indicators as well as to ensuring the regulatory framework according to the specific legislation and international practices in the field.  

The Foreign Reserve Management Committee is made up of 11 members and is headed by the NBR Governor. The basic tasks of this Committee are related to the implementation of the guidelines adopted by the Board in the field of foreign reserve management. The Committee sets forth the list of entities participating in transactions, the bond issuers, the assets eligible for investment, takes decisions concerning the appropriateness of using derivatives, analyses market developments and formulates proposals for the strategy to be implemented in the period ahead.

The Audit Committee analyses and proposes the NBR's policy and strategies as regards internal control, risk management, and internal and external audit. The Committee is made up of the 5 non-executive Board members.

The Committee for Preparing the Changeover to the Euro set up at the NBR is an advisory body analysing the preparatory activity ahead of euro adoption. It is a formal discussion forum providing support for central bank decisions on the path to joining the Economic and Monetary Union.

The Payments Committee is an advisory body that supports the NBR Board in achieving its tasks with regard to promoting and monitoring the smooth functioning of payment systems and instruments in Romania, as well as of those related to the authorisation and supervision of payment services and instruments.

The Financial Market Infrastructure Management Committee (FMIMC) is a standing advisory body for the NBR Board and also plays a part in the decision-making process, within the limits imposed by the Board. FMIMC is in charge of the general management of financial market infrastructures operated by the centralbank (generically referred to as IPF-BNR).

The Risk Committee is a standing advisory body subordinated to the NBR Board, with the aim of supporting the latter in supervising the risk management process within the central bank. The Committee has 12 members, with the NBR Governor acting as chairman and the First Deputy Governor as vice chairman.