Central bank’s independence will be strengthened

The activity framework of the National Bank of Moldova (NBM) will be strengthened, taking into account the international standards applicable to central banks. Also, the NBM’s powers in the field of preventing and combating money laundering will be specified and some aspects regarding the supervision duties of the National Bank will be standardized in the legislation. This is stipulated in a draft law that was given a first reading by Parliament, IPN reports.

The bill provides specific regulations that take into account the status and objectives pursued by the National Bank as a resolution authority, an authority that carries out the licensing and supervision of banks, payment service providers and electronic money issuers, as well as the particularities of the sectors regulated and supervised by the National Bank.

The document consolidates the regulations on accounting and financial reporting, specifies the mandate and powers of the NBM in the macro-prudential field. It also regulates the right of the NBM to sell commemorative and jubilee coins directly to the general public.

The draft prohibits members of the NBM’s governing bodies and NBM staff from holding shares in the share capital of supervised entities. This provision was included in order to prevent potential conflicts of interest in the process of exercising the regulatory, supervisory and control duties.

At the same time, the members of the governing bodies who completed their duties and the employees of the National Bank who had supervisory duties and terminated their employment relations will benefit from a monthly allowance of 50% of the salary. The costs for paying the allowance for the period of compliance with the non-employment restriction will be covered by the National Bank.

The bill was drafted by the National Bank of Moldova, taking into account the recommendations of the International Monetary Fund and the commitments assumed by our country under the Association Agreement with the EU. The document is to be given a final reading by Parliament.

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