140 years of central banking in Romania

Mugur Isărescu, Governor of the National Bank of Romania, gives a speech on the occasion:

Recent history has shown us that central banks have always exerted their full functions within mandate to support countries and people to overcome the economic effects of wars, catastrophes and disasters of any kind. These trying times make no exception. The outstanding cooperation within the framework of the prestigious Bank for International Settlements, of its remarkable members and management, will stand proof for deepening our commitments that
bind us all.
On a more positive note, I wish to let you know that the National Bank of Romania celebrates today its 140 year anniversary. The day of April 29th has a strong historical significance. Since mid19th century, the Romanian society had witnessed swift, in-depth social, economic, political and institutional changes. So, steps were taken to found a central bank, drawn on the statutory principles of Banque de France and the National Bank of Belgium. On April 29th 1880, the Law on the establishment of a discount and circulation bank, i.e. the act laying down the setting up of the National Bank of Romania, was published, ranking our institution among the first modern central banks.
There is much more here on the website of NBR.
The National Bank of Romania was established on 17/29 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 improperly accommodated in a small space on the premises of The Rural Estate Credit. As of 16th December, the state withdrew from the association with the NBR, which turned into a privileged privately-owned bank, and the government’s rights passed on to the shareholders. The Bank was granted the prerogative to issue currency by 31st December 1920, subsequently extended to 31st December 1930.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.


%d bloggers like this: