Central Bank Independence in Transition Economies

9D. Banking Supervision and Exchange Rate Policy 

The mechanism of the exchange rate determination is set by the Government, on 

the proposal of the Governor in consultation with the Minister of Finance and the 

Minister for Foreign Economic Relations. The exchange rate is determined by the 

Bank (Art. 39). The Bank supervises commercial banks (Art. 44 - 47). 

 

10. Romania

12

 

National Bank of Romania (NBR) was founded in 1880 and re-established in 

December 1990. The legal base for operating is the National Bank Statue of March 

1991.  

 

                                              

12

 Source: National Bank Statute (Law No 34/29 March 1991). 

Other sources: Handbook of Central Banks in Central and Eastern Europe, BIS  1995 

 

---