IMF says National Bank of Moldova implemented deep structural reforms leading to more efficient banking supervision
The National Bank of Moldova (BNM) in the last decade has implemented deep structural reforms, leading to more efficient banking supervision, as well as strengthening the prudential regulation framework. This conclusion is contained in the statement on the conclusion of the IMF mission, conducted during December 4-17.
According to the Statement, the reforms implemented by BNM have decisively contributed to the resilience of the banking system and the maintenance of financial stability in a complex regional and geopolitical context.
Within the Financial Sector Assessment Programme (FSAP), conducted by the IMF and the World Bank, international experts found that Moldova's banking system was well-capitalized, liquid and capable of withstanding severe shocks, reflecting the efficiency of policy and oversight measures applied by the BNM. At the same time, the IMF appreciates the substantial strengthening of financial safety mechanisms, including progress in the areas of bank resolution and crisis management.
The IMF report emphasizes the importance of continuing reforms, recommending further strengthening of risk-based supervision and a more rigorous identification of operational risks. It also highlights the need of further developing the emergency liquidity assistance framework, including the establishment of adequate support mechanisms.
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