PM attends anniversary event at National Bank of Moldova

Prime Minister Vasile Tofan has attended an anniversary event titled, The National Bank of Moldova (BNM) at 35: Stability, Innovation and Trust. The PM congratulated the team of the National Bank, as well as the professionals of the banking and financial sector. Vasile Tofan also praised the institution’s role in strengthening the financial system, ensuring monetary stability and developing the economy of Moldova.

“In a modern economy, few institutions are more important than a strong, professional and independent central bank. The independence of the National Bank is not a privilege; it is a responsibility. It means being able to make the right decision even when that decision is difficult, inconvenient or unpopular. If you destroy the credibility of the Central Bank, the entire economy will pay the price very quickly,” Prime Minister Vasile Tofan said.

The PM emphasized that the decisions of the National Bank had a direct impact on the economy, investments and citizens’ well-being. A change in the BNM’s policy rate can influence borrowing costs for hundreds of thousands of people, companies’ investment decisions, the exchange rate, household savings, prices and family incomes. In this context, the prime minister stressed that the institution’s independence must be accompanied by professionalism and responsibility in every decision.

“There is only one way in which I would ever want the BNM to surrender part of its monetary sovereignty: by taking Moldova into the European Union and, when we are ready, adopting the euro,” the PM said.

Vasile Tofan also welcomed the presence of Romanian banks in the banking sector of Moldova and highlighted the importance of reciprocal access for Moldovan banks seeking to expand into Romania, so that trade and financial exchanges between the two countries can become even stronger.

At the same time, the prime minister thanked the leadership and entire team of the National Bank, as well as the institution’s partners, including the National Bank of Romania and Banque de France, for their contribution to building Moldova’s banking, financial and regulatory system: “Much of a central bank’s work is not visible, but its results must be felt through confidence and predictability, and above all, through price stability. On your 35th anniversary, I wish you to remain a strong, independent institution that maintains high standards for itself,” the PM concluded.

The National Bank of Moldova was established on June 4, 1991. In November 1993, Moldova introduced its national currency, the Moldovan leu, into circulation—one of the essential milestones in the formation of the country’s monetary system.

The main goal of the National Bank of Moldova is to ensure and maintain price stability. The BNM establishes and implements monetary and foreign exchange policy, manages the country’s foreign exchange reserves, regulates and supervises financial institutions and financial market infrastructures, and is the sole issuing authority for the national currency.