Historical review

The Bank of Greece is the central bank of the country and commenced operations in May 1928.

The Bank was established by virtue of the Geneva Protocol of 15 September 1927. The proposal to establish a central bank was put forward by the League of Nations, in order to support the Greek government’s efforts to overcome the severe economic and fiscal problems it was facing at the time.

Until the establishment of the Bank of Greece, central banking functions were performed by the country's largest commercial bank, the National Bank of Greece, which was founded in 1841 and had gradually acquired the exclusive privilege of note issue. According to the League of Nations, the public policy function of note issue was incompatible with commercial banking activity. 

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