In the modern history of Romania, few institutions have played as important and constant a role as the National Bank of Romania (BNR). Founded on April 17, 1880, with the publication in the Official Gazette of the Law establishing a “bank of discount and circulation,” the institution marked not only a crucial stage in building the Romanian state’s economy, but also a symbol of a society maturing on the road to modernization. One hundred and forty-five years after that founding moment, the history of the BNR merits remembrance both for its contribution to economic life and for the cultural and architectural dimension represented by the palace on Lipscani Street, raised on the site of the former Hanul Șerban Vodă.

The context for founding a central bank

At the time of its creation, the BNR became the 16th central bank in the world—remarkable considering it preceded similar institutions in countries with strong economic traditions, such as Japan, Italy, Switzerland, and even the United States. Romania in 1880 was a young state, newly recognized on the international stage after gaining independence, yet stable enough to support such an ambitious project.

The founding law established the National Bank as a joint-stock company with Romanian capital, in which the state held one third of the 60,000 shares, the rest belonging to private investors. This mixed structure guaranteed both government involvement and private-sector responsibility—an essential balance for consolidating public trust.

The first governor, Ion I. Câmpineanu, appointed in July 1880, was tasked with organizing the institution from scratch. In parallel, Eugeniu Carada—a discreet yet highly influential figure—refused the position of governor, choosing instead to remain as director.

From that post, between 1882 and 1910, Carada effectively led many of the bank’s essential projects: internal organization, banknote printing, and the construction of the central headquarters.

The first banknotes and the institution’s expansion

One of the BNR’s most important roles was issuing Romania’s first banknotes, known as “bearer banknotes.” Starting in 1881, they began to be printed in the bank’s own workshops, quickly becoming an essential instrument of monetary circulation and an expression of the economy’s modernization.

Beyond issuing banknotes, the bank granted loans, managed deposits, intermediated transactions in precious metals, and regulated the financial market. A network of agencies rapidly developed in the main commercial centers—Iași, Galați, Brăila, and Craiova—demonstrating the institution’s growing role.

In 1901, the state withdrew from the shareholding structure, yet the BNR continued to expand. By 1914, it operated through four branches and twenty-nine agencies across the country, thereby consolidating the national banking system and providing greater stability to the financial market.

The BNR Palace on Lipscani—a symbol of modernity

Although its beginnings were modest—with temporary headquarters in the Senate building and then in the Rural Mortgage Credit building—the bank’s leadership quickly realized the need for a representative building suited to a central institution.

Thus, in 1881, the bank purchased the site of the former Hanul Șerban Vodă on Lipscani Street, a place with a rich history that was about to gain new significance. The project was entrusted to French architects Cassien Bernard and Albert Galleron, and construction began in 1882.

Supervised by Romanian architects Ion and Grigore Cerchez, together with E. Băicoianu, the builders raised in less than a decade a palace that would become not only the headquarters of the National Bank, but also an architectural landmark of Bucharest.

Completed in 1890, the edifice impressed through its monumentality, classical-inspired elements, and the symbolism it conveyed: Romania possessed not only a solid national bank, but also a palace worthy of the great European capitals. The BNR Palace has remained to this day one of the capital’s emblematic buildings—a touchstone of the city’s historical and cultural identity.

Between wars and the treasury sent to Russia

The First World War placed the BNR in a difficult situation. The foreign invasion and the government’s retreat to Iași prompted the bank’s leadership to take a dramatic decision: moving Romania’s treasury to Russia for safekeeping.

In two shipments, in 1916 and 1917, nearly 94 tons of gold, jewelry, paintings, and state documents were sent to Moscow. Though made out of a sense of responsibility, this decision generated decades of controversy and misunderstanding, as the treasury was never fully returned.

After the war, the BNR was actively involved in rebuilding the state and in the process of monetary unification—absolutely necessary after the Great Union of 1918. In 1925, the state re-entered the shareholding structure during a period of economic consolidation, one nevertheless marked by the global crisis of the 1930s.

The challenges of the crisis and the Second World War

The economic crisis of 1929–1933 hit Romania hard, and the BNR had to intervene to support commercial banks. Despite these efforts, many financial institutions failed or merged, with the number of banks dropping dramatically from over 1,200 to 500 by 1940.

The Second World War brought another test of resilience. Learning from the experience of the lost treasury, the BNR leadership organized in 1944 a secret operation—known as “Operation Neptune” or “Tismana”—to protect the gold reserves. The gold was hidden in a specially prepared grotto at Tismana Monastery, and in 1947 the 190 tons were successfully brought back to Bucharest. This mission remains one of the most spectacular episodes in the institution’s history.

The BNR during communism and after 1989

After the war, the National Bank passed entirely into state ownership and became the Bank of the People’s Republic of Romania, subordinated to the Ministry of Finance. The banking system was reorganized along Soviet lines, with each bank specializing in a particular economic sector. The BNR’s role was diminished, its functions fragmented, and the institution deprived of its traditional independence.

The 1989 Revolution changed things radically. In an emerging market economy, the BNR regained its independence and once again became the coordinator of monetary policy. Through successive legislative changes, its status was adapted to modern requirements, and the institution reasserted itself at the center of Romania’s economic and financial life.

The BNR today: between the economy and cultural heritage

Today, the National Bank of Romania is not only the guarantor of monetary and financial stability but also a cultural and architectural landmark. The palace on Lipscani is a space visited by tourists and admired by architects—a symbol of Romanian continuity and modernity.

From the early “bearer banknotes” to contemporary monetary policy, the BNR has traversed 145 years of history filled with transformations, crises, and challenges. Whether managing wartime contingencies, surviving opposing political regimes, or guiding the transition to a market economy, the institution has remained a cornerstone of the Romanian state.

A story of economy and identity

The history of the National Bank of Romania is at once the history of an institution and a nation. Founded in a moment of stability and hope, the BNR contributed decisively to the country’s economic development, financial stability, and the consolidation of public trust. Its Lipscani palace is not merely an imposing building, but also testimony to a far-reaching process of modernization that began in the 19th century and continues to this day.

After 145 years, the National Bank of Romania remains a symbol of economic sovereignty, a guarantor of monetary stability, and a pillar institution of the modern state. Its story—from the first banknotes printed in 1881 to its current role as regulator of the economy—proves that a nation’s progress is built not only through political decisions, but also through strong, durable institutions.