National Bank of Moldova, top European bank sign agreement on access to liquidities in Moldovan lei

Chisinau, 7 December /MOLDPRES/ - The National Bank of Moldova (BNM) and the European Bank for Reconstruction and Development (EBRD) have signed a bilateral agreement on the carrying out of swap-type currency operations, in order to establish a facility on support of the national economy.  

The signing of the agreement comes after EBRD implemented similar mechanisms in Ukraine, Georgia and Azerbaijan. BNM and EBRD identified acceptable conditions for implementing the project in Moldova as well.  

During the swap transactions, the value of Moldova’s official reserve assets, managed by BNM, will increase. ‘’This will have a positive impact on the feeling of the financial market from Moldova and will consolidate the BNM’s capacity to pursue its fundamental goal,’’ the National Bank of Moldova said.  

The agreement’s approval does not imply financial spending for BNM. At the same time, the providing of liquidities within this agreement will be made in conditions similar to other operations practiced by the National Bank on the domestic monetary or currency market.   

„The expected effect of the agreement consists in the creation and implementation of new competitive instrument for the crediting by EBRD of economic agents from Moldova in the national currency and development of the national economy’s real sector, which is necessary especially in the conditions triggered by the pandemic situation in the world,’’ the quoted source added.  

The currency swap implies the purchasing of currency at the moment of signing the transaction and the obligation to sell it at a pre-established forward exchange rate.