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BNR rejects draft law on reducing foreign reserve to boost budgetUpdated: 18-07-2010 | Financial and Banking

The National Bank of Romania (BNR) was presented for approval a bill stipulating the boosting of budget revenue by reducing the foreign currency reserve, an initiative which the Central Bank opposes, as it violates BNR's status, the EU Treaty and the Constitution, Adrian Vasilescu, advisor to the BNR Governor, stated, quoted by Mediafax. "First and foremost, BNR points out that the bill does not clearly state whether BNR's contribution to boosting budget revenue would be made by granting a loan or by financing the state budget. It is certain that both hypotheses are a grave violation of the BNR status law. This clearly stipulates that the National Bank is banned from granting any type of loan to the state," Vasilescu stated.

"Moreover, according to article 130 in the Treaty, central banks should not be given directions by EU bodies, governments of member states of any other body. Even in the Romanian Constitution, article 148, line 2, it is stated that the provisions of the EU constitutive treaties and the other compulsory community regulations take precedence over contrary stipulations in the internal legislation, in keeping with the provisions of the joining treaty. Therefore, the bill in question violates the BNR status law, the EU Treaty and the Romanian Constitution," the BNR official argued.

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