European Commission praises stability of Moldova’s financial sector

In its opinion on Moldova’s application for EU membership, the European Commission noted the progress made towards significantly strengthening the stability of the Moldovan financial sector and strengthening macroeconomic policies, among others. Thus, a solid basis has been created for further alignment with the EU acquis, the National Bank of Moldova stated in a press release.

The European Commission’s document notes that prior to the global inflationary pressures fueled by the Ukraine war, the National Bank of Moldova generally managed to keep inflation within its target range and maintained a stable national currency. At the same time, against the background of the sharp rise in energy and food prices, inflation remains one of the major challenges for Moldova’s macroeconomic stability in the future.

“Currently, thanks to reforms implemented in recent years, the banking sector seems well capitalized. All banks meet the capital adequacy rate, with a substantial decrease in the share of non-performing loans. The document states that due to the successful reforms in the banking sector, access to finance has also improved, especially for small and medium enterprises”, the NBM statement reads.

The findings are also accompanied by a series of recommendations so that Moldova can qualify for candidate status. These include the implementation of a comprehensive framework for the prevention of money laundering, in line with the standards of the Financial Action Task Force (FATF).

Moldova’s application, alongside those of Ukraine and Georgia, will be discussed by the European Council on June 23 and 24.

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