Romania's National Bank (BNR) reported a net profit of RON 2.03 billion (EUR 417 mln) for 2020, 13% higher than the 2019 result.

The central bank says it "implements the monetary policy adequate to achieve its fundamental objective and ensures the fulfillment of the other attributions provided by law, without pursuing commercial results, such as profit maximization."

However, its activity also targets the efficient use of the resources at its disposal, including by limiting its own operating expenses, according to the BNR's annual report.

In 2020, the BNR's operational result (excluding expenditures with unfavorable differences from the revaluation of net assets in foreign currency) increased by 24% compared to 2019 to RON 2.36bln.

The central bank's operating expenses in 2020 were about 11% below the budgeted level, and their share in total revenues decreased to 11.7% from 12.3% in 2019.

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andrei@romania-insider.com