The National Bank of Romania Compared with The Bank of England

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THE NATIONAL BANK OF ROMANIA COMPARED WITH THE BANK OF ENGLAND

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. The domestic currency is the leu, with its fractional coin, the ban. Pursuant to Law No. 312/2004 on the Statute of the National Bank of Romania, the NBR's primary objective is to ensure and maintain price stability.

The main tasks of the National Bank of Romania are the following:

- to define and implement the monetary policy and the exchange rate policy;

- to conduct the authorisation, regulation and prudential supervision of credit institutions and to promote and oversee the smooth operation of the payment systems with a view to ensuring financial stability;

- to issue banknotes and coins as legal tender on the territory of Romania;

Without prejudice to its primary objective of ensuring and maintaining price stability, the National Bank of Romania supports the general economic policy of the Government. By law, the National Bank of Romania is solely accountable to Parliament and is on no account subordinated to Government; its relationship with the latter is co-operation on a regular basis.

By law, the National Bank of Romania is solely accountable to Parliament and is on no account subordinated to Government; its relationship with the latter is co-operation on a regular basis.

The Bank of England is the central bank of the United Kingdom. Sometimes known as the 'Old Lady' of Threadneedle Street, the Bank was founded in 1694, nationalised on 1 March 1946, and gained independence in 1997. Standing at the centre of the UK's financial system, the Bank is committed to promoting and maintaining monetary and financial stability as its contribution to a healthy economy. The Bank's roles and functions have evolved and changed over its three-hundred year history. Since its foundation, it has been the Government's banker and, since the late 18th century, it has been banker to the banking system more generally - the bankers' bank. As well as providing banking services to its customers, the Bank of England manages the UK's foreign exchange and gold reserves.

Interest rates decisions are taken by the Bank's Monetary Policy Committee. The MPC has to judge what interest rate is necessary to meet a target for overall inflation in the economy. The inflation target is set each year by the Chancellor of the Exchequer. The Bank implements its interest rate decisions through its financial market operations - it sets the interest rate at which the Bank lends to banks and other financial institutions. The Bank has close links with financial markets and institutions. This contact informs a great deal of its work, including its financial stability role and the collation and publication of monetary and banking statistics.

The Bank of England is committed to increasing awareness and understanding of its activities and responsibilities, across both general and specialist audiences alike. It produces a large number of regular and ad hoc publications on key aspects of its work and offers a range of educational materials. The Bank offers technical assistance and advice to other central banks through its Centre for Central Banking Studies, and has a museum at its premises in Threadneedle Street in the City of London, open to members of the public free of charge.

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