At the Thursday meeting, Moldovan Parliament adopted in two readings at once a bill designed to enhance the independence of the National Bank of Moldova (NBM).
In particular, the MPs approved the amendments and additions to the Law on the National Bank, the Law on Banking Activities, the Law on the Rehabilitation of Banks and the Banking Resolution, as well as amendments to the Administrative, Criminal, Criminal Procedure and Civil Procedure Codes of Moldova. The amendments have been elaborated to enhance the integrity and finality of the NBM decisions in the field of monetary policy, regulation and banking supervision. The main provisions of the draft law relate to liability for damage caused by an illegal administrative act of the NBM, the mechanism for determining the amount of material damage caused, and the procedure for bringing to responsibility the members of the governing bodies of the NBM. The bill was developed by the National Bank. According to its authors, the document is intended to improve the regulatory provisions regarding the framework for excluding non-compliant shareholders from the banking sector, the compensation regime for losses caused by the NBM acts, as well as the autonomy and accountability of the banking regulator. The adoption of this bill is part of the commitments of the Moldovan government under the new Program with the IMF. As InfoMarket reported earlier, the cost of the new program of cooperation between Moldova and the IMF is $558 million, and it is scheduled to be implemented within 3 years (2020-2023). The program itself might be approved by the IMF Board of Directors in December 2020. // 19.11.2020 - InfoMarket.
