The independence of the National Bank will be strengthened in Moldova.
This is provided for by the draft amendments to a number of regulations, adopted by Parliament in the first reading, aimed at strengthening the activities of the NBM. The amendments stipulate that the scope of the National Bank's activities will be consolidated taking into account international standards applicable to central banks. The changes provide for the consolidation of certain aspects of the functional independence of the National Bank and adjustment of the legislative framework regarding administrative procedures carried out by the NBM. The draft contains specific provisions that take into account the status and goals pursued by the National Bank as a resolution body, a body that carries out licensing and supervision of banks, payment service providers, electronic money issuers and other entities in accordance with the law, as well as the specifics of the industries regulated and supervised by the National Bank. The document also clarifies the powers of the NBM in the field of preventing and combating money laundering, unifies in legislation some aspects relating to the supervisory and control powers of the NBM, consolidates the rules of accounting and financial reporting, and clarifies the mandate and powers of the NBM in the macroprudential field. The NBM is also given the right to sell commemorative and anniversary coins directly to the public. The bill prohibits members of management bodies and employees of the NBM from owning shares in the authorized capital of supervised organizations. This provision was included to prevent potential conflicts of interest in the exercise of regulatory, supervisory and control powers. In addition, members of the governing bodies of the NBM who have terminated their powers and employees of the National Bank who performed supervisory duties and terminated their employment relationships will be paid a monthly allowance in the amount of 50% of their salary. The bill was developed by the National Bank of Moldova, taking into account the recommendations of the IMF and the obligations of our country emanating from the Association Agreement with the EU. The document will be considered by parliament in the second reading.// 13.06.2024 — InfoMarket.
