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In Moldova, the level of guaranteed deposit coverage in the banking system will increase to 200 thousand lei from 2025.

In Moldova, the level of guaranteed deposit coverage in the banking system will increase to 200 thousand lei from 2025.

The total volume of guaranteed bank deposits at the end of 2023 amounted to 29 billion 509 million lei, an increase of 58% over the year. This was discussed in the Report on the activities of the Deposit Guarantee Fund in the banking system for 2023, which parliament heard at a plenary session on Thursday. According to the information presented, the financial position of the banking sector was characterized by an increase in assets, loans, equity ratio, deposits of individuals and legal entities. At the end of 2023, according to banks, the total volume of bank deposits amounted to 113 billion 396.6 million lei, an increase of more than 22% compared to 2022. Moreover, the majority of deposits were in national currency - 63.4%, and deposits in foreign currency amounted to 36.6%. At the same time, guaranteed deposits at the end of 2023 amounted to 29 billion 509 million lei, having increased by about 58% during the reporting year. This was due to a significant increase in the level of coverage, as well as a revision of the selection criteria for certain categories of depositors. As it was emphasized, in this context, 2023 brought major changes to the regulatory framework governing the activities of guaranteeing bank deposits in Moldova. These changes meant alignment with the provisions of the European regulatory framework and international best practice in this area. With the entry into force of the new Law on Guaranteeing Bank Deposits, a new coverage level of 100 thousand lei was established, which will increase to 200 thousand lei from January 1, 2025. Parliament, in its decision following the hearing of the Report on the activities of the Deposit Guarantee Fund in the banking system, recommended that the Deposit Guarantee Fund in the banking system ensure the development of a secondary regulatory framework related to the bank deposit guarantee scheme; conduct ongoing assessment of the effectiveness of the guarantee system to maintain public confidence; increase the level of financial education of the population. // 06.06.2024 — InfoMarket

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