Isarescu seeks new mandate: “I am not retiring”

“As I am not yet 65 years old, I have no plans to retire”, said Isarescu on whether he was interested in a new mandate as the governor of National Bank of Romania.

In August, the institution will organize elections for NBR board of directors and governor.

NBR board is made up of nine members appointed by common accord the Parliament of Romania for a renewable term of five years. The chairman of the board is also the governor of National Bank of Romania.

According to NBR webpage, the board of directors of the institution is composed of: the governor, Mugur Isarescu, first-deputy governor Florin Georgescu, deputy governor Eugen Dijmarescu, deputy governor Cristian Popa and of members of the board (Silviu Cerna, Maria Ene, Agnes Nag, Napoleon Pop and Virgiliu Stoenescu).

Therefore, the board of directors consists of nine members who are elected by the Parliament of Romania, following the nominations by the standing committees of the two Chambers of the Parliament, for a renewable five year-period.

Pursuant to the law, Board members cannot be MPs, members of a political party, Court officials or public servants. The permanent board structure of the National Bank is made up of a governor, 3 deputy governors, one of which is first deputy governor. The other five members are not on the payroll of NBR. The chairman of the Board of Directors is also governor o0f National Bank of Romania.

The main tasks of the institution are to design and implement the monetary policy and the exchange rate policy, to authorize, regulate and supervise the credit institutions, and to oversee the smooth operation of the payment systems. The Board of Directors decides on the attributions and tasks of executive structures and staff of National Bank of Romania.