Everything about The Oesterreichische Nationalbank totally explained
The
Oesterreichische Nationalbank (OeNB) is the
central bank of the
Republic of Austria and, as such, an integral part of both the
European System of Central Banks (ESCB) and the
Eurozone. In the public interest, the OeNB contributes to monetary and
economic policy decision-making in Austria and in the Euro area. In line with the Federal Act on the Oesterreichische Nationalbank, the OeNB is a stock corporation. Given its status as a central bank, it is, however, governed by a number of special provisions, as laid down in the Nationalbank Act. The OeNB's capital totals EUR 12 million, half of which is held by the federal government and half of which is owned by employer and employee organizations as well as banks and insurance corporations.
The main tasks of the OeNB center on contributing to a stability-oriented
monetary policy within the Eurozone, safeguarding financial stability in Austria and supplying the general public and the business community in Austria with high-quality, for example counterfeit-proof, cash. In addition, the OeNB manages reserve assets, for example gold and foreign exchange holdings, with a view to backing the euro in times of crisis, draws up economic analyses, compiles statistical data, is active in international organizations and is responsible for payment systems oversight. Furthermore, the OeNB operates a payment system for the euro, promotes knowledge and understanding among the general public and decision makers owing to its comprehensive communication policy, and supports research in Austria.
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