The Romanian National Bank

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1 General Presentation of the NBR
2 History of the NBR
3 Activity of the NBR
4 The Romanian Exchange Rate Mechanism
5 The Romanian "Leu"
5.1 Brief Presentation
5.2 History of the Romanian Leu
6 Conclusions
7 Reference list

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The National bank of Romania (NBR), established in 1880, is the country's central bank. The National Bank of Romania is an independent public institution with its headquarters in Bucharest. It is the sole institution vested with the power to issue notes and coins to be used as legal tender on the territory 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.
2 History of the NBR
The National bank of Romania (NBR), established in 1880, is the country's central bank. The National Bank of Romania is an independent public institution with its headquarters in Bucharest on Lipscani Street. The National Bank of Romania (the "NBR" or the "Bank") was commissioned on 11/23 April 1880 as a result of the Romanian liberal way of thinking centred on the idea of putting in place a solid credit system. The then Minister of Finance, Ion Campineanu, became the first governor, Eugeniu Carada-the true founder-together with Emil Costinescu were responsible for the organisation and functioning of the Mint, while Theodor Stefanescu was in charge of the accounting organisation of the Bank.  The start-up capital amounted to lei 30 million, of which lei 10 million was state owned. The NBR was first

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3) Victor Slavescu - Istoricul BNR 1880 - 1924
4) Costin C. Kiritescu - Sistemul banesc al leului si precursorii lui

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