ons beyond the formal statement of their functions. Data
relating to the money supply and foreign exchange reserves have also
been kept secret.

Banking Institutions

The banking system consists of the National Bank of the Romanian
Socialist Republic (referred to as the National Bank), the Investment
Bank, the Romanian Foreign Trade Bank, the Bank for Agriculture and the
Food Industry, and the Savings and Loan Bank. The functions of the
Romanian Foreign Trade Bank and of the Bank for Agriculture and the Food
Industry had been exercised to a more limited extent by the National
Bank until 1968. The Economy and Consignment Fund, a department of the
Savings and Loan Bank, makes credit available for the construction of
privately owned housing--a function exercised by the Investment Bank
until the end of 1969. Information on the interrelations between the
specialized banks and the National Bank or between the banks and the
Ministry of Finance was not available in early 1972.

The National Bank, as reconstituted in December 1970 with a
capitalization of 1 billion lei, is the country's central bank of issue,
but it also acts as a banker for the government, a bankers' banker for
the specialized financial institutions, and a short-term credit and
discount agency for economic organizations. The main functions of the
National Bank in the field of domestic finance include: the issue of
currency and control over its circulation; management of the budgetary
cash resources; coordination of all short-term credit and discount
activities; and participation in the formulation of annual and five-year
credit and cash plans, jointly with the State Planning Committee and the
Ministry of Finance.

The National Bank establishes official foreign exchange rates, engages
in foreign exchange operations directly or through the Romanian Foreign
Trade Bank and other authorized organizations, and participates in
working out the balance of foreign payments and in following up on its
execution. The National Bank also controls the production, processing,
and use of precious metals and gems and, together with the State
Planning Committee and the Ministry of Finance, develops plans for their
acquisition and allocation at home and abroad. The bank has exclusive
authority to purchase from individuals items made of precious metals or
stones and items of artistic, historic, or documentary value.

The National Bank is managed by an administrative council,