ARHIVELE OLTENIEI - Universitatea din Craiova

The Romanian National Bank after nationalization.The monetary reform from 1947 91obliged at important war indemnification; Romania’s currency was blocked inthe West countries. To all of these were added the drought between1945-946,the tax avoidance, products’ stocking and also the speculative.At 14 th June 1947 The Romanian Communist Party presented to theMinistry Council the proposal for reestablishing the national economy whichattended to remove the speculate, the sabotage, tax avoidance and to achieve abalanced budget 21 . From this reason in 21 st June 1947 was made the MinistryCommittee for Economical Reestablishing and Monetary Stability. The Committeeput into practice series of laws regarding the regime of circulation of agricultureproducts and organizing of economical control. Through the adopted measurementsof this Committee was also the monetary reform from 15 th August 1947.The monetary unit was “leul” having as subdivision “banul”. The newcontent of leu was established at 0,60mgr gold with the title 9/10. There wereredrawn the banknotes of the National Bank, the divisional metallic coinsemitted by Ministry of Finance, the special means of payment (cash vouchers,treasury bonds, paying certificates, treasury bonds of compensation, checks ofarmy dowering and tax checks) 22 .Starting with 15 th August1947 they were putting into circulation the newmonetary signs: bank tickets of 100, 500(emitted in 1949) and 1000 lei (emittedin 1948), divisionary metallic coins of 0,50; 1; 2 and 5 lei and also the banknoteof paper of 20 lei (emitted by the Ministry of Finance in 1950).Depending on the occupation of natural person or on the quality of legalperson, holders of old lei, the law established the admitted sum at exchanging instabilized lei.Thus for the employees the sum that followed to be exchanged was3million of old lei for each person and for farmers the sum was 5 million perfamily. Invalids, widows and orphans of war and also the people who hadadmitted jobs through decision of the Committee for Economical Reestablishingand Monetary Stabilization, could exchanged till 3 million of old lei. The publicinstitutions benefited of an unlimited exchange with the condition of previousjustification. The commercial enterprises, which have bought products or goodsfor selling or to rent them, hadn’t got admitted any sum for exchanging. Themodel farms recognized by state, benefited of exchanging an equal sum with allsalaries paid in June 1947.The sums of old lei that weren’t exchanged had to be put obligatory in ablocked account, without interest at credit institutions.Duties, taxes, remaining or current amends were recalculated accordingwith the new prices and then paid in stabilized lei 23 .The Monetary reform from 1947 based upon the potential of nationaleconomy without benefiting of external financial support or internal loans. The21 Al. Şeşan, art. cit., p. 190.22 Ibidem, p. 191.23 „Monitorul Oficial”, Part I, no. 187, August 16 1947, p. 7310-7311.