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Referat NATIONAL BANK OF ROMANIA

NATIONAL BANK OF ROMANIA

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NATIONAL BANK OF ROMANIA BNR is a public institution, created as an effect of an organic law. More then 100 years ago. The law, dated on April 17th - 29th 1880, "for the setting up of a discount and emission bank, under the name of Romanian National Bank", offered the exclusive privilege of this institution to issue the Romanian state currency. Since the beginning, BNR was all the time the only emission bank, even if its economical functions the property regime or the institutional dimensions were altered significantly and sometime radically. BNR was created as a joint stock company with an initial capital of lei 12 mil. gold. Only the third part from this share capital was state property while the rest belongs while the rest belongs to individuals, whose interests were strong linked with the liberal upper bourgeoisie. The organic law from 1991, confirm that BNR has a share capital of 5 billion, entirely state owned, that property regime being considered by the legislators more proper for the new functions of the bank (planned as in case of west central banks with an authentic functional and decisional independence). Today, BNR is not a usual bank because, regard credit operations, the bank make transactions only with the state represented by the budget authority and the financial institutions. On the other hand, BNR is subordinated to the government; it is an institution that independently manages the public stocks, having specific economical and social changes. BNR keeps its own accounting based on generally accepted commercial principles, the bank having the possibility to close its activity on profit or, on the contrary, with losing. In spite of this, in all these years since 1880, the bank has never registered damages. The profit is imposed by the Finance Ministry, as an income to the state budget. The net income is distributed, according to the Romanian law, by the Executive Board of the bank, which is named and subordinated to the Romanian Parliament. The first and the most important economical and social change of BNR consists in supplying the monetary circulation in the whole country, with treasury note and metallic coin. The monetary values emission of the Romanian state is, by law, the monopoly of the BNR. From physical and valuable point of view the issue is permanently and the number of treasury notes and metallic coins being in circulation are the result of their putting in and backing out. The treasury notes and metallic coins value represents the most important position from the BNR liabilities balance sheet. As regard the assets of the bank, there are three types as are the following: . loans granted to the banking companies; . loans for the budget of the state; . loans granted to abroad (from the country gold reserve or currency

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