This is stated in a press release from the National Bank of Moldova (NBM) following the recent regular meeting of the National Committee on Financial Stability, which was held in an expanded format. The purpose of the meeting was to coordinate preventive policies and ensure the exchange of relevant information to maintain financial stability in Moldova. During the meeting, information was presented on risks in the banking sector as of March 31, assessed in light of the interim targets set out in the Macroprudential Policy Strategy. The analysis confirmed that the banking sector remained stable. It was noted that the risk associated with excessive credit growth remained moderate, and bank lending continued to grow at a rate exceeding GDP growth. The fact that the loan-to-GDP ratio exceeded its long-term trend for four consecutive quarters confirmed the NBM's previous decisions to raise the countercyclical buffer rate to 2.5%, which took effect on May 26. The share of non-performing loans (in accordance with national prudential standards) stood at 4.3%, up 0.5 percentage points from the previous quarter, driven primarily by qualitative loan assessment criteria (such as a lack of up-to-date information on borrowers), while the ratio of past-due loans remained relatively stable. Under International Financial Reporting Standards (IFRS), this ratio stood at 1.5% (+0.1 percentage points) and was comparable to the regional average. Liquidity, sector concentration, and market risks remained low thanks to maintaining liquidity reserves above regulatory requirements, a diversified loan portfolio structure, and limited exposure to market fluctuations. The risk associated with the potential impact of problems at systemically important institutions on the stability of the financial market and the real economy was assessed as low: systemically important banks complied with liquidity and capital requirements, demonstrating high resilience. The meeting also noted that risks in the non-bank lending sector—comprising non-bank credit organizations (NBCOs) and loan and savings associations (LSAs)—remained moderately low as of March 31. The total loan portfolio in the non-bank lending sector increased by 2.3% in the first quarter, driven primarily by growth in loans extended to corporate borrowers. The quality of the NBCOs' and LSAs' loan portfolios remained relatively stable, with the level of non-performing loans declining by 0.2 percentage points compared to the previous quarter. The structure of funding sources remained stable compared to the previous quarter for both non-bank credit organizations and credit unions: loans and borrowings or deposits predominated, followed by equity and other liabilities. An analysis of the insurance sector as of March 31 revealed that insurance risk was assessed as low, while gross insurance premiums increased compared to the same period of the previous year. A similar trend was observed for insurance claims paid, which grew at a faster rate than insurance premiums, leading to an increase in the ratio of claims paid to premiums. Insurance companies' liquidity levels continued to exceed the established regulatory minimum, enabling them to meet their obligations. Approximately 30% of gross insurance premiums were reinsured, which is 2% more than in the previous year, and 15.5% of claims payments were recovered from reinsurers, demonstrating effective risk management and an adequate level of financial protection in the insurance sector. The solvency ratio stood at 164% for general insurance and 644% for life insurance, significantly exceeding the minimum requirement (≥100%), reflecting the companies' sound financial position and their ability to ensure the sector's long-term stability. With regard to the analysis of the capital markets, it was noted that, from the perspective of capital market risks, activities in the primary and secondary markets, as well as those of service providers—including those engaged in investment activities—did not pose risks with systemic potential. In addition, measures adopted by the NBM to prevent and combat financial fraud were presented. In this regard, mechanisms for remote electronic customer identification (e-KYC) were improved, strict customer authentication by payment service providers was implemented, and attention was paid to the technical security of mobile banking applications and the protection of personal data. The NBM provided participants in the financial system with a series of operational, technical, reporting, and control recommendations aimed at preventing and combating financial fraud. In addition, a number of measures were adopted to inform the public and raise awareness. The next meeting of the National Committee on Financial Stability is scheduled for September. // 03.08.2026 — InfoMarket