Parliament to examine legislative measures to strengthen NBM independence in line with European standards

Parliament will examine in the first reading a draft law providing measures to strengthen the independence of the National Bank of Moldova (NBM). The Parliamentary Committee on Economy, Budget and Finance approved the report on the draft law.

The document transposes into national legislation the European standards on the independence of central banks. According to the explanatory note, the EU acquis in the economic and monetary policy establishes clear requirements regarding the independence of the central bank, prohibits the direct financing of the public sector by the central bank, and limits the public sector’s privileged access to financial institutions.

Thus, the draft law stipulates that the National Bank and the members of its governing bodies shall exercise their duties independently and may not request or accept instructions from Parliament, the Government, or other public authorities of the Republic of Moldova. At the same time, the NBM will continue to submit reports on its activities to Parliament.

The draft law also regulates the legal regime of the National Bank’s assets. The classification of immovable property as public or private property, as well as the allocation of movable property, will be carried out in accordance with the NBM’s internal regulations. At the same time, provisions concerning the administration and privatization of public property will not apply to the National Bank’s assets.

Another provision concerns the incompatibility regime applicable to members of the NBM’s governing bodies. They will not be allowed to engage in paid activities, except for teaching and scientific activities.

After adoption, the new legislative provisions will enter into force one month after their publication in the Official Journal, except for certain articles that will take effect as of the date of the Republic of Moldova’s accession to the European Union.

 

Communication and Public Relations Department of the Parliament of the Republic of Moldova