National Bank of Moldova

The National Bank of Moldova (Romanian: Banca Naţională a Moldovei) is the central bank of the Republic of Moldova.[2]

National Bank of Moldova



HeadquartersChişinău
Established4 June 1991
Ownership100% state ownership[1]
GovernorOctavian Armașu
Central bank ofRepublic of Moldova
CurrencyMoldovan leu
MDL (ISO 4217)
Reserves1 740 million USD[1]
Websitewww.bnm.md

The National Bank of Moldova is an autonomous public legal entity and is responsible to the Parliament of the Republic of Moldova.[3] The primary objective of the National Bank of Moldova shall be to ensure and maintain the price stability. Without prejudice to its primary objective, the National Bank of Moldova shall promote and maintain a financial system based on market principles and shall support the general economic policy of the state.[4]

The National Bank cooperates with the Government with the view to achieving its objectives and, according to the Law, undertakes the necessary measures to implement such cooperation. The NBM periodically informs the public about macroeconomic analysis, financial market evolution and statistic data, including on money supply, credit granting, balance of payments and foreign exchange market.

Governors
  • Leonid Talmaci served as the first Governor of the National Bank (1991–2009).
  • Dorin Drăguțanu served as the Governor from November 2009.[5]
  • Sergiu Cioclea, brought in from BNP Paribas was elected on 11th March 2016 as the new Governor by the country's parliament. [6]
  • Octavian Armașu was appointed governor in November 2018.

Regulatory Bank

As the central bank of Moldova, the bank has a responsibility to the management and control of all banks in Moldova.

As a result of a deliberate act, shortly before the 2014 Moldovan parliamentary election, a bank fraud took place involving three banks. Over a three day period, funds worth $1 billion were transferred to United Kingdom and Hong Kong shell companies used to conceal the real owners of assets,[7][8] then deposited into Latvian bank accounts under the names of various foreigners. An independent investigation appointed by the National Bank of Moldova concluded the three banks transferred at least 13.5 billion lei to five Moldovan companies affiliated with the Shor group, controlled by Ilan Shor. The fraud nearly bankrupted Moldova.[9] On 13 April 2023, a court sentenced Shor to 15 in years in prison in absentia on graft charges and froze all his assets.[10]

Assistance from the IMF and various changes to banking in Moldova resulted in major improvements in the sector. The IMF reported in 2023 that Banks remain adequately capitalised, maintain adequate liquidity coverage and healthy asset quality.[11]

The National Bank of Moldova as the central bank, also controls interest rates and the exchange rate of the Moldovan leu.

See also

References
  1. Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
  2. Article 1 paragraph (1) of the Law of the Republic of Moldova on the National Bank of Moldova No. 548 of 21 July 1995
  3. Article 1 paragraph (2) of the Law of the Republic of Moldova on the National Bank of Moldova No. 548 of 21 July 1995
  4. Article 4 of the Law of the Republic of Moldova on the National Bank of Moldova No. 548 of 21 July 1995
  5. Dorin Drăguţanu, guvernator al BNM Archived 2014-12-26 at the Wayback Machine besøkt 30. november 2011. (Oversatt artikkel, Google Translate)
  6. "Restoring trust in Moldova's banking sector". 14 February 2019.
  7. The great Moldovan bank robbery, BBC News (18 June 2015)
  8. The billion-dollar ex-council flat, BBC News (7 October 2015)
  9. "Banking: Is Moldova unreformable". 10 December 2019.
  10. Service, RFE/RL's Moldovan. "Moldovan Court Increases Fugitive Shor's Prison Sentence To 15 Years". Radiofreeeurope/Radioliberty.
  11. "Republic of Moldova: Second Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements, and Request for Waiver of Applicability for Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Republic of Moldova". 12 January 2023.

47°01′45″N 28°50′17″E


This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.