The National Bank of Romania has a long and storied history. It was established way back in 1880, in the capital of Romania, Bucharest. It is a national bank and has responsibilities that include the issuing of bank notes, setting monetary policy, and managing the official reserves.
In the news recently for seeking to tighten retail lending regulation, the National Bank of Romania has sparked debate in its country. They have been calling for stringent reforms on the rules surrounding corporate loans in foreign currency, as well as those to consumers.
The drive for reform and innovation continues in other areas. In a move that would have been unthinkable not so long ago, the bank has looked to an American company to provide certain ‘solutions’.
Many of the innovations seem to be around replacing so-called ‘legacy systems’. Accounting Treasury operations as well as Back, Middle and Front Office concerns. With the currency reserves and monetary policy execution of Romania at stake, this is clearly a high stakes game.
The whole field of treasury management is understood by few. Even though this is true, it is something which has consequences that extend far beyond that group, and into the wider global economic system.
This is not the first time a central bank has trusted Wall Street Systems. It has been reported that as many as 42 central banks have brought them in over the last fifteen years.
It is not just central banks who have used the company’s services. Corporate treasuries often have to delay with some of the same kind of numbers as central banks, and they to have looked to the company named after New York’s famous financial district.
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