The first territory to be united with Romania in 1918 was Bessarabia. Originally, this referred to the area between the rivers Prut and Dniester and had been annexed by the Russian Empire in 1812. In 1916, Romania entered World War One siding with the Allied Powers, as a Russian ally, which entailed relinquishing on Bessarabia.

However, the Russian Empire collapsed when the Bolsheviks rose to power in 1917, and the governing of the province was taken over by Sfatul Țării (Country Council), which proclaimed the Moldavian Democratic Republic and called in the Romanian Army. The Bolshevik government reacted by severing diplomatic ties with Romania and seizing Romania’s Treasure in Moscow that also included the National Bank of Romania’s 91.48 tonnes of gold. On 27 March/9 April 1918, during a solemn session in Chișinău, Sfatul Țării decided with 86 votes in favour of, 36 abstaining and 3 against the Union with Romania. Ion Inculeț and Daniel Ciugureanu brought the Union declaration before King Ferdinand, in Iași, who then ratified it by royal decree on 9/22 April 1918.

One of the first national institutions called upon to operate in Bessarabia was the National Bank of Romania. Thus, as early as 24 March/6 April 1918, Governor Ioan G. Bibicescu informed the NBR General Board about “the telegram from Bessarabia’s Minister of Finance” requesting the National Bank to have an office opened in Chișinău. Following a discussion with Mihai Șeulescu, Minister of Finance in the Alexandru Marghiloman cabinet, it was decided to “look at the matter of money circulation in Bessarabia.” Almost one month later, on 21 April/4 May 1918, Corneliu Cioranu, a member of the NBR Board, returned from the capital of Bessarabia and presented the NBR General Board the conclusions of his visit, which referred to the “dire situation” facing the branches of the large banks in Chișinău, as well as the branch of the Bank of the Russian Empire. Meanwhile, on 17/30 April 1918, the royal decree introducing the leu as the official currency of Bessarabia had been published in the Official Gazette. At the same time, discussions began on establishing the first NBR agencies in Bessarabia.

Excerpt from documents in the NBR Archives

Excerpt from documents in the NBR Archives

In the two decades that followed, the National Bank of Romania established a branch in Chișinău and one agency in every county seat beyond the Prut, so that in the inter-war period, the entire territory of Bessarabia was included in the NBR’s network of branches and agencies.

NBR Chișinău branch: picture from the inter-war period