The actions of the National Bank of Moldova to maintain confidence in the national currency were successful, the share of deposits and loans in lei is quite stable - NBM.
This was stated by the First Vice-President of the National Bank of Moldova, Vladimir Munteanu, speaking during the solidarity event under the motto "Victory in conditions of extreme uncertainty: the strength of resilience." According to the National Bank of Moldova, the meeting, organized by the European Fund for Southeast Europe (EFSE) and the Green Growth Fund (GGF), gathered more than 70 participants from central banks, financial institutions and donor organizations from Moldova, Ukraine, Armenia, Georgia and Azerbaijan. The purpose of the meeting was to reaffirm commitments to build sustainable businesses and promote responsible and green finance in South East Europe, Eastern Europe and the Caucasus. It comes at a time when countries that are still recovering from the economic fallout from the COVID-19 pandemic are currently facing unprecedented economic, social and security instability due to the war in Ukraine. Vladimir Munteanu said during the event that throughout this period, the National Bank of Moldova applied all monetary policy instruments to maintain confidence in the national currency and reduce inflationary pressure. “Our actions have been successful in maintaining confidence in the national currency, since its share in deposits and loans is quite stable, near the pre-crisis level. The same can be said about the foreign exchange reserves used at the beginning of the war in Ukraine, and now they exceed the pre-crisis level,” said the First Vice President of the NBM. Vladimir Munteanu stressed that the EFSE and GGF mechanism for providing local currency financing is necessary to support and protect small and medium-sized businesses from foreign exchange risk, especially in the context of an unprecedented multi-faceted crisis caused by the invasion of Ukraine. To help micro, small and medium enterprises (SMEs) stay healthy and resilient during the crisis, EFSE and GGF continue to provide local currency funding to protect entrepreneurs from exchange rate fluctuations. In addition, impact investment funds also provide specialized technical assistance to enhance the institutional capacity of financial institutions for sustainable business and economic development, which contributes to job creation and accelerates the transition to a green economy in the region. The event also included a special signing ceremony for the confirmation of an EFSE loan in the amount of 20 million euros in lei for OTP Bank Moldova in order to finance micro, small and medium-sized enterprises in local currency. // 29.11.2022 — InfoMarket
