After 129 years of existence the National Bank of Romania holds a significant place among the world’s approximately 180 banks.
From a historical point of view the National Bank of Romania (BNR) ranks 15th in the hierarchy of the first banking institutions in the world, in the context in which today there are approximately 180 banks in the world, Governor Mugur Isarescu stated yesterday on the 129th anniversary of the Central Bank.
Currently at its 17th edition, the ‘Cristian Popisteanu’ Annual Symposium of Banking History and Civilization has marked the National Bank of Romania’s Day. The theme chosen this year was ‘From the history of the National Bank – branches and agencies.’ Explaining the necessity of organizing this event, Mugur Isarescu emphasized that the financial-banking problems are less understood and that is why they lead on the one hand to the manipulation of the image of financial and banking institutions and of the Central Bank in Romania and in other countries, and on the other hand to rendering difficult the communication process and the process of publicizing the monetary policy.
The Head of the Central Bank pointed out that the subjects that had to do with the topicality of banking issues stood apart in the series of 17 symposiums.
The BNR Governor pointed out that the institution that he leads was established much earlier than other better known banks such as the Bank of Japan (which was established ten years later in 1890), the Central Bank of the United States (established 23 years later), or the Bank of Poland, the Bank of Hungary and the Bank of the Czech Republic. The oldest central banks in the world are those of Sweden, Great Britain, Spain, France, Finland, The Netherlands, Austria, Norway, Denmark and Portugal.
The scientific event occasioned the presentation of the Bank’s first branches and agencies and of their historical evolution, with their contribution to local and regional development being emphasized.
Today the BNR representatives will hold talks on monetary policy, under the title ‘Realities and illusions in the context of the economic crisis.’ In order to significantly mark the effort of revealing and of putting to good use the BNR’s past, the anniversary also occasioned the launching of the second volume of the ‘The History of the National Bank of Romania (1915-1918),’ a book authored by Cristian Paunescu, Mihaela Tone and Nadia Manea. The event ended with the awards offered by the ‘Historical Magazine Cultural Foundation’ for the most important contributions brought to historical research in the year 2008.
Isarescu: switching to EUR does not mean the weakening of the RON
The transition from the RON to the EUR does not mean the weakening of the national currency. On the contrary, in order for transition to be efficient the process has to be based on a strong RON, not on a weak one, the Governor of the Central Bank Mugur Isarescu added.
In February the BNR official had stated that Romania has to observe the previously announced timetable for the adoption of EUR, namely the year 2014 and that the adoption of the EUR is more a question of capability than of willpower.
Subsequently, in mid-April Isarescu stated that Romania will adopt the EUR at the end of 2014 or on January 1, 2015 and that the process depends ‘only’ on observing the real and nominal convergence criteria.