European Commission appreciates stability of financial sector in Moldova

Chisinau, 21 June /MOLDPRES/ - The European Commission has welcomed the strengthening of the stability of the financial sector and the solid macroeconomic policies in Moldova.  

In the opinion on the application on Moldova’s accession to EU, the European Commission highlighted the progress made by Moldova in more sectors, among which the significant strengthening of the stability of the financial sector and the consolidation of the macroeconomic policies. Thus, a solid basis was created for the aligning with the EU’s acquis. The opinion was issued on 17 June 2022 and recommends that the European Council gives Moldova the perspective to become member of the European Union.    

The European Commission’s document reads that, before the manifestation of the global inflationist pressures, fueled by the war in Ukraine, the National Bank of Moldova (BNM) had successfully managed to maintain the inflation in the target interval set and backed a stable national currency. ‘’At the same time, amid the pronounced increase in prices for energy and food products, the inflation remains one of the major challenges for Moldova’s macroeconomic stability in the long run,’’ the document reads.      

„Presently, due to the last years’ reforms, the banking sector seems to be well-capitalized – all banks fulfill the capital adequacy rate, with a substantial decrease in the share of bad credits recorded, the Commission’s opinion also reads. The document specifies that, due to the successful reforms in the banking sector, the access to financing had improved, especially for the small and medium-sized enterprises,’’ according to the quoted source.    

At the same time, these conclusions are accompanied by a string of recommendations, for the status of candidate for accession to EU to be given to Moldova. Among the recommendations, there is also the implementation of a comprehensive framework in the prevention of money laundering, in line with the standards of the Financial Action Task Force.    

The applications on accession to EU of Moldova, Ukraine and Georgia, in the context of the Commission’s opinions, will be discussed at the European Council on 23 and 24 June.