In Moldova, the threshold for notifying the NBM about loans / credits / guarantees received by residents from non-residents is planned to be reduced from 50 thousand to 10 thousand euros.
This is provided for by amendments to the Law on Currency Regulation, which were developed by the National Bank of Moldova and presented for public consultation. As the NBM notes, there are a number of reasons for lowering the threshold. First of all, notification is a statistical procedure, the purpose of which is to provide the NBM with information on external assets and liabilities in the form of loans / credits / guarantees for the compilation of external sector statistics and for analytical purposes, in particular, analysis of the evolution in the foreign exchange market, currency turnover for supervision and anti-fraud, financial stability analysis, etc. In addition, international practice does not provide for the application of thresholds for statistics on loans, on the contrary, the EU promotes more detailed statistics on loans-by-loans. As the NBM emphasizes, the current threshold of 50 thousand euros does not allow providing high-quality statistics on flows and stocks of external loans / credits. It is estimated that loans of less than € 50,000 represent about half of the net external private loans estimated for 2020, and not accounting for them distorts the statistics. This ceiling also makes it impossible to meet the IMF's methodological requirements for the quality of international accounts and national accounts statistics, in particular with respect to the disaggregation of the households subsector. The National Bank notes that since August this year electronic notification and submission in electronic form of reporting to the NBM on external loans / credits and guarantees is used, which will help to simplify the process of notification and reporting to the NBM on external liabilities, reduce financial and time costs for both the speakers and the NBM. Also, the developed draft law states that accounting for these loans / credits or guarantees does not imply the NBM's assumption of related obligations and cannot be considered as approval or permission of the NBM for these operations. At the same time, the draft law establishes that the NBM keeps records of these loans / credits or guarantees and the transactions carried out with them. These data will be used by the NBM to fulfill its obligations established by law, for example, when conducting economic and monetary analysis, preparing the Balance of Payments, international investment position, developing statistics on Moldova's external debt.// 10.11.2020 — InfoMarket.
