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Moldovan banks will not apply penalties for a certain period of time to farmers with a good credit history.

Moldovan banks will not apply penalties for a certain period of time to farmers with a good credit history.

This was announced by the Minister of Agriculture and Food Industry Vladimir Bolea, noting that the corresponding agreement was reached following negotiations with commercial banks. The head of the Ministry of Agriculture spoke about this at a meeting with representatives of the leadership of the National Bank of Moldova and the Ministry of Finance, at which the conditions for lending to agricultural producers, tax incentives and currency transfer operations for farmers were discussed. In particular, the Minister of Agriculture and Food Industry Vladimir Bolea, in order to improve the situation in the agricultural sector and at the request of farmers, held a meeting with representatives of the leadership of the NBM and the Ministry of Finance, at which the parties discussed the need to take measures to ensure the sustainable development of farmers and preventing serious difficulties in the agricultural business environment. Thus, aspects related to the restructuring of loans for farmers, the possibility of re-lending, the revision of the conditions for the reclassification of investment loans in agriculture and the possibility of access to investment loans were analyzed. In this context, Vladimir Bolea noted that following the results of negotiations with commercial banks, an agreement was reached on the non-application of penalties for a certain period of time to farmers with a good credit history. For their part, representatives of the NBM said that any financial assistance offered to clients in the agricultural sector is at the discretion of commercial banks. Another topic discussed was the issue of currency transfers for goods imported/exported from/to Russia. Representatives of the NBM said that in connection with the sanctions imposed by the international financial system against the Russian Federation, money transfers in foreign currency from this country are suspended and are conditioned by the systems and private positions of the European banking sector. In this context, Moldovan farmers are forced to look for alternative solutions. The leadership of the Ministry of Agriculture also reported the problem of the lack of domestic insurance companies capable of providing financial obligations, which is a prerequisite for identifying new markets and expanding commercial relations, especially with perishable, value-added fruits and vegetables. Representatives of the National Bank and the Ministry of Finance said they would analyze what was discussed and offer recommendations and solutions. // 17.08.2022 — InfoMarket

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