National Bank of Serbia
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| National Bank of Serbia Народна банка Србије Narodna banka Srbije |
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| Headquarters | Belgrade | ||||
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| Established | 1884 | ||||
| Governor | Radovan Jelašić | ||||
| Central Bank of |  Serbia |
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| Currency | Serbian dinar | ||||
| ISO 4217 Code | RSD | ||||
| Reserves | 16.3 billion USD (Dec. 2007) | ||||
| Base borrowing rate | 12.25% | ||||
| Base deposit rate | 7.25% | ||||
| Website | www.nbs.yu | ||||
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National Bank of Serbia (Serbian: Народна банка Србије or Narodna banka Srbije) is the central bank of the Republic of Serbia and as such its main responsibilities are the protection of price stability and maintenance of financial stability.
Core functions of the National Bank of Serbia include determining and implementation of the monetary policy, as well as that of the dinar exchange rate policy, management of the foreign currency reserves, issue of banknotes and coins, and maintenance of efficient payment and financial systems. Radovan Jelašić serves as the current Governor of the National Bank of Serbia.
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[edit] History
[edit] Late 19th and early 20th century
Following the liberation from the centuries-long period of the Ottoman domination in the Balkans in the nineteenth century, the re-established Serbian state embarked on setting up the cornerstones of the new cultural and state institutions. Throughout this period of re-establishing national authorities, Serbia had no national legal tender and as many as 43 foreign currencies were in circulation.
What became acutely apparent at this point was a need to put Serbia’s monetary and treasury affairs in order and establish a national bank. The year 1854 saw the publication of an article entitled Current Monetary Crisis in the Srpske novine newspaper in which the author called for establishment of such an institution. Nevertheless, thirty years passed until this initiative was realized. It was only in 1884 that the institution entitled the Privileged National Bank of the Kingdom of Serbia was founded.
Following lengthy preparations the Law on the National Bank was ratified by King Milan on January 6, 1884. The subscription of shares was successfully completed and the first General Meeting was held on February 26-29, 1884. However, the Bank is considered to have been established on March 16, 1884 as this was the day when it received the first official letter addressed by Đorđe Pavlović, Minister of Finance.
The National Bank officially started to operate on July 2, 1884, in the rented building owned by the Kumanudi brothers, at Knez Mihajlova 38, at the corner of Dubrovačka (now Kralja Petra). This was the date imprinted on its first banknote.
This bank was organized on the model of the Belgian national bank, which was, at the time, viewed as a paragon of a modern banking institution. It had its Shareholders’ Committee, Principal Council, Governing Council, Supervisory Council, Discount Council, Bank’s Governor and a Vice-Governor.
At first the National Bank of Serbia’s seat was located in downtown Belgrade, in Knez Mihailova street, it was later moved to an even more presentable new building in Kralja Petra Street, which is still its head location. A well-known Viennese architect, Konstantin Jovanović worked out the blueprint for the head office building. In 1890, when the National Bank of Serbia moved into the new building and in the same year the architect received a high state decoration for this monumental work in the neoclassic style which, in the words of Felix Kanić, “would be the pride and joy of any metropolis in the world”.
Following the World War I, when the part of South Slavs united into a single state, the law passed on January 26, 1920 envisaged the transformation of the National Bank of the Kingdom of Serbia into the National Bank of the Kingdom of Serbs, Croats and Slovenians. In its new form it assumed the role of a central bank for the whole territory of the newly formed state.
Although the bank was founded as a privileged holding institution, Bank’s operations were under constant control of the state. It was only after changes that befell the country in 1920 that the Bank was legally recognized as a principally lending institution. From the year 1931 on, the Bank’s primary responsibility focused of streamlining the national monetary policy and assuming direction of the lending policy. In line with the new name and the extended territory of the country, the Bank changed its name into the Bank of the Kingdom of Yugoslavia with its core purpose to maintain the integrity and value of the national currency.
[edit] After World War II
During World War II (April 1941 – October 1944) the bank was renamed to the Serbian National Bank. [1]
During this time, the Yugoslav government-in-exile operated the Yugoslav National Bank from its representative main office in London. In September 1946, the Bank was nationalized and operated under the name of National Bank of Yugoslavia.
[edit] Present
Pursuant to Law on the Implementation of the Constitutional Charter of the State Union of Serbia and Montenegro the National Bank of Yugoslavia continues to operate as a government institution of the Republic of Serbia. Position, organization, scope of authority and functions of the National Bank of Serbia are regulated by the Law on the National Bank of Serbia, effective as of July 19, 2003.
The National bank of Serbia has moved its operations from five different locations in Belgrade to one of the most modern buildings in Serbia during mid 2006, located in Nemanjina street. Official headquarters, as well as the office of the Governor, remains at the historic building in Kralja Petra street.
[edit] Buildings
[edit] Kralja Petra st.
The National Bank of Serbia head office building at Kralja Petra street in downtown Belgrade was built from 1888 – 1890.
Some of the most impressive sights inside the building combine the choice of natural materials and intricate decoration techniquies. The main halls and main corridors boast impressive marble columns and wall panels in balanced combination of colors. The columns are dominantly in light pink colour, matching the light brown nuance of the wall-covering panels. Side corridors on the ground floor and the first floor also reflect stylish taste in the wall plaster decoration that closely resemble marble panels in the main halls.
The central part of the building above the main hall is topped with a circle made of stained glass just like the windows on the walls encircling it on the second floor. Proudly overhanging the Main Room are the massive and elaborately decorated chanderliers made in copper with finely stylized symbols of the National Bank. The impressively high ceiling of the Main Room is covered in intricately carved oak-wood, whereas the wood-covered walls boast deeply engraved oak decorations and equally impressive regally red baize. Up until World War II, the portraits of all Bank's governors by a famous Serbian painter, Uroš Predić, were lined on the walls of this room. The impressive heavy furniture pieces in the halls and corridors as well as in the Main Room were carved in oak wood and elaborately ornamented.
Following the World Exhibition in Paris in 1900, the National Bank of Serbia purchased one of the exhibited statues, a bust entitled Serbia (inspired by a detail on the Monument to the Heroes of the Kosovo Battle, from Kruševac). This statue was brought back to the country and proudly placed on the gallery overlooking the shell shaped main stairs. Set in the centre against the wall of the gallery there is a memorial plaque listing the names of the Bank’s employees who lost their lives in the Balkan Wars and the World War I.
The building was reconstructed and structurally extended between 1923 and 1925 due to political changes following the establishment of a joint state of South Slav nations and spreading out of the Banks responsibilities. Konstantin Jovanović, the architect who originally designed the blueprint of the building, was entrusted with the task of extending the structure of the building. The identical materials were also used for the interior decoration of the extended structure.
Today the building includes two underground floors, one for the strong room and one upper underground floor, a ground floor and two upper floors topped with an attic floor. This massive building spreads over an entire block framed by the following streets: Kralja Petra I, Cara Lazara, Spasićeva, and Gračanička.
The appearance of the facade remained unchanged from the time it was first painted.
[edit] New headquarters
The NBS has moved its headquarters into a more modern building on Slavia Square. The massive glass building started construction during the 90’s however due to financial problems and controversy surrounding the owner of the building construction was halted. After democratic power was restored in Serbia the building continued its construction again and was officially opened in early 2006. It is located in one of the most famous streets in Belgrade, Nemanjina Street.
[edit] See also
[edit] References
[edit] External links
- (Serbian) (English) Official site: National Bank of Serbia
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