The IMF assessment confirmed the National Bank of Moldova's commitment to transparency and international best practices
In particular, the National Bank of Moldova (NBM) strengthens its image as a modern and transparent institution by implementing “best practices of transparency in key areas”. According to the NBM, this confirmation was obtained as a result of an assessment mission of the International Monetary Fund, carried out from August to November 2024. The assessment was carried out at the request of the NBM in order to verify transparency based on the 5 pillars of the IMF’s Central Bank Transparency Code: governance, policies, operations, results and official relations. The decision to comprehensively review these pillars reflects the NBM's desire to better understand the needs for increased transparency and compliance with international best practices. The results of the evaluation are encouraging and show that the NBM is a dynamic, open public institution with potential for improvement. The evaluation also confirmed that NBM's transparency practices are in line with the main international standards, and that in many sectors comprehensive criteria are met. This assessment provided a significant opportunity for the team of the National Bank of Moldova to benefit from the experience and knowledge of other central banks shared by the IMF mission. In the area of governance, the IMF report emphasized that NBM “provides detailed information on its legal structure, mandate, and governance” and that “the Code of Conduct and anti-corruption measures applicable to NBM's governance are clear and easily accessible”. It was also noted that NBM has comprehensively provided information on risk exposure, transparency of supervisory mechanisms, financial reporting practices and external audit mechanism, transparency of internal audit mechanisms. Regarding the transparency of policies, operations and results, the IMF mission noted that the monetary policy framework of the NBM is well presented; the National Bank of Moldova has significantly increased the transparency of its monetary policy; the policy objectives, legal and institutional framework of foreign exchange management and regulation of cross-border financial flows are clearly defined and presented. The NBM has clearly defined and presented its instruments for the implementation of policies for the management of cross-border capital flows and foreign exchange operations, including the regulatory framework, licenses, reports, monitoring and enforcement tools, as well as foreign exchange operations. It was noted that the transparency of the NBM Emergency Liquidity Assistance (ELA) framework has significantly improved with the publication of the NBM Regulation on Emergency Liquidity Assistance. At the same time, in order to further enhance the transparency of the National Bank's activity, areas for improvement were identified. To this end, the NBM will implement a number of key recommendations, which will be realized through a concrete action plan. // 08.04.2025 - InfoMarket.
