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Banque nationale de Belgique : 175 years of the National Bank of Belgium
Banque nationale de Belgique : 175 years of the National Bank of
About this update from Banque Nationale De Belgique Sa
[{"type":"text","content":"\n \n The Bank's tasks, operations and structure have changed over the years, in line with economic, technological and political developments. However, one thing has remained constant throughout the Bank's 175 years of existence: a desire to serve the interests of society, the country and the economic and financial system to the best of its abilities.\n \n \n Summing up the Bank's riveting history in a brief press release is no small feat. Much ink has indeed already been spilled on this subject, but here are a few key dates and milestones:\n \n The National Bank did not see the light of day until two decades after the creation of Belgium. This was mainly because foreign currencies were used in the newly minted state, with the issuance of banknotes initially entrusted to private banks such as the Société Générale de Belgique. Indeed, it was only after the economic crisis of 1848, which brought to the fore the fragility of the financial system and its inability to adequately support the economy, that the country's finance minister, Walthère Frère-Orban, decided the time had come to create a central bank, which was founded in 1850. Its main tasks were to ensure currency unification, improve access to trade credit, manage foreign exchange reserves and act as the government's cashier.\n In 1851, the National Bank issued its first banknotes. The 1,000 Belgian franc note, the largest denomination at the time, would be worth more than 8,000 euros today. Each banknote was signed by hand.\n Belgian banknotes were not officially recognised as legal tender until 1873. Prior thereto, no one was obliged to accept them. This changed when the National Bank was granted a right of issue in 1873. During the two world wars, the Bank lost this right twice, and the Belgian franc was replaced by wartime currency.\n In 1900, the National Bank became the National Bank of Belgium . The politician Charles de Brouckère had founded a commercial bank called the Banque de Belgique (\"Bank of Belgium\") in 1835. This bank, which was wound up in 1885, was a shareholder in the National Bank. To avoid confusion, the National Bank's name was only changed after the disappearance of the Banque de Belgique from the financial scene.\n \n \n The National Bank's governor has sat on the Board of Directors of the Bank for International Settlements (BIS), often referred t...