Romania’s National Bank (BNR) recorded a 50% increase in net profit in 2017 compared to 2016, to RON 186.7 million (EUR 40.9 million), according to its annual report.

The institution fully covers its functioning costs and doesn’t receive any money from the state budget, governor Mugur Isarescu said on Friday, June 29, local News.ro reported. Moreover, the central bank transferred 80% of its profit, some RON 149.3 million (EUR 32 million) to the state budget.

BNR’s annual report for 2017 also includes a special chapter dedicated to Romania’s gold reserve, which is under the central bank’s management. According to the report, the gold reserve increased by 36 tons from 1990 until 2017, to some 104 tons.

BNR last year finalized its audit of the gold reserve, which included physically checking all gold bars and coins held in the central bank’s treasury as well as the bars deposited at the Bank of England. Governor Isarescu said he personally went to England last year to check if the bars were there.

editor@romania-insider.com