NBR reports 907 million euros profit. Previous years� losses, covered

National Bank of Romania reported 3.34 bln (907 million euros) profit in 2008, seven-fold higher than a year earlier, which coupled with the three-month profit for 2009 offsets the losses recorded in the previous years, shows the report made public by the central bank.

“Coupled with the three-month profit of 2009, the National Bank of Romania managed to offset completely the losses recorded in the previous years, resuming its contribution to state budget revenue growth, with a share of 80% of net revenues”, reads the NBR report.

In 2008, NBR said the 458.5-mn euro profit was designed to cover the losses from the previous years.

NBR is profit-tax exempted, but under the legal provisions, an 80% share of net revenues after covering fiscal year expenses and losses from prior fiscal years are transferred to the state budget.

“In 2001-2006, when the inflation target could not be reached in default of a massive cash flow absorption, NBR has assumed the cost of a restrictive money-market policy, ending fiscal years on operational loss”, report shows.

According to community acquis, NBR is not seeking the achievement of trade-related performance, such as maximizing profit, its actions being focused on the adoption of a money-market policy designed to ensure the achievement of a fundamental objective, namely the stability of prices.

“NBR’s constant efforts to bring inflation to levels compliant to the price stability as it is defined in Europe, as well as to keep the financial stability, have brought the economic environment closer to a mature state, creating the premises of conferring to the National Bank of Romania the status of primary lender of the banking system – process accelerated by the radical shortening of the cash flow worldwide. Under these circumstances, NBR’s financial results have substantially improved throughout 2008, the profit recorded at the end of the year (of 3.34 bln lei) being seven times higher than a year earlier”, said NBR.

The profit recorded by National Bank of Romania for 2008 was allocated to loss coverage.

Costs incurred by actions designed to bring inflation in a reasonable target range were confirmed by the results obtained in the disinflation process, as the annual growth pace of consumer prices dropped from 9.3% in 2004 to 6.3% in 2008.

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