Bank of Greece

Bank of GreeceBank of Greece is the Central (formerly National) Bank of Greece. It was founded in 1927 and began operations in 1928.

Prior to this, the title of the Central Bank of the country was granted to the National Bank of Greece – the oldest and largest bank in Greece.

Bank of Greece is a joint stock company whose shares exactly half (50%) belongs to the state, the second half – to institutional investors, some of whom are foreign and minority shareholders.

Headed by the Bank of Greece manager, who appointed by the President on the proposal of the government for just four years. Internal affairs of the Bank are conducted by the Governing Body of 12 people: managers, two of his deputies, representatives of industry, trade and labor unions. Policy in the monetary sphere defined by the government, and solely responsible for the implementation of its decisions is the Governor of the Bank of Greece.

The Bank of Greece have the following mandate:

• issuing currency
• control over policy in the monetary sphere and exchange rate in the country
• maintaining foreign exchange reserves
• monitoring the country’s financial system
• act as treasurer against Government

Bank of Greece, a member of the European network of central banks, received the status of an independent institution in 1997 under the Maastricht Treaty. The new status of the Bank is prohibited interference by external forces in its operations.

Since January 1, 2001, after the entry of Greece into the Economic and Monetary Union and the entry of the country into a single European currency area, the Bank of Greece became a member of the European System of Central Banks and most of the functions were transferred to the European Central Bank.

The main functions of the bank today are overseeing private banks and ensuring price stability in the country. The Bank plays the role of the fiscal agent of the government of the republic and the Treasury.

Headquarters of the Bank of Greece is located at 3105 21 Avenue E. Venizelos GR-102 50 Athens Greece

Phone: + 30-1-320-1111; -2048; -2052
Fax: + 30-1-323-2239; -2816

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