The Bank of Greece is the country's central bank. The Bank forms part of the European System of Central Banks, which is comprised of the European Central Bank and the national central banks of all the European Union member states. The Bank's primary objective is to ensure price stability. The Bank's independence is safeguarded and is accountable directly to the Greek Parliament. In addition to its tasks in the fields of monetary and exchange rate policy, the Bank holds and manages Greece's official foreign reserves, issues bank notes that have the status of legal tender, exercises prudential supervision of credit institutions and other financial institutions through the Supervision of Credit and Related Financial Institutions Department (SCRFID), promotes and oversees the smooth operation of payment and securities settlement systems, and acts as a treasurer and fiscal agent for the government.
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