ABSTRACT
The National Bank of Romania (NBR) is a public institution established 117 years ago. The Law enacted on 11 and 23 April 1880 and published in the Official Register on 17 and 29 April 1880 stipulated the establishment of a discount and circulation bank named the National Bank of Romania that had the ‘exclusive privilege to issue the national currency of Romania’. The Bank also had the privilege to rediscount commercial paper, Treasury bills and Lombard state bonds; and to participate in the constitution of capital of certain institutions together with the state. Throughout its entire existence, though its economic role, the regime of its ownership and institutional dimensions has changed, sometimes radically, the NBR remained the sole institution authorised to issue the national currency of Romania.
