Download or read book Republic of Moldova Technical Assistance Report Financial Sector Stability Review written by International Monetary and published by International Monetary Fund. This book was released on 2022-02-07 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: The mission conducted a diagnostic review of the financial system and proposes a Technical Assistance Roadmap (TARM) to support the authorities’ efforts to strengthen their detection of risks and vulnerabilities and to enhance capacity in financial sector oversight and development. Two modules were undertaken during this FSSR mission. The financial stability module focused on areas agreed with the NBM and NCFM during the scoping stage: financial sector oversight, financial stability (macroprudential framework, systemic risk assessment, and stress testing), financial crisis management, financial inclusion and capital markets development. The financial sector statistics module focused on key data gaps hampering financial stability analysis as well as statistical reporting to the IMF’s Statistics Department.
Download or read book Republic of Moldova written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Republic of Moldova written by International Monetary Fund. Statistics Dept. and published by International Monetary Fund. This book was released on 2019-09-04 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Assistance Report on the Republic of Moldova provides details of IMF mission to review available source data for deposit takers and other sectors including other financial corporations (OFCs); and to review the current financial soundness indicators (FSI) compiled by the National Bank of Moldova with a view to ensure methodological consistency of the FSI compilation with the IMF’s FSI Compilation Guide 2006. The mission found some deviations from the FSI Guide in key indicators currently compiled based on the International Financial Reporting Standards and Basel III principles as well as national supervisory standards. Some methodological deviations include the measurement of capital. In order to support progress in the above work areas, the mission recommended a detailed action plan with several priority recommendations. It is recommended to expand the coverage of the OFCs sector to include the non-bank credit organizations (microfinance institutions and leasing companies) in collaboration and coordination with the National Commission for Financial Markets.
Download or read book Republic of Moldova written by International Monetary Fund. Statistics Dept. and published by International Monetary Fund. This book was released on 2020-05-22 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Assistance report on the Republic of Moldova constitute technical advice provided by the staff of the IMF to the authorities in response to their request for TA. The mission recommended that the National Bank of Moldova (NBM) play the lead role in the production of financial balance sheet statistics (FABS). Coordination of the activities of the agencies involved in the project is key to its success. In addition, the mission recommended that the NBM create a higher level group to act as a monitoring committee. The role of this group should be to ensure that the work of the interagency group is proceeding satisfactorily and on time, and to resolve any conceptual or practical issues that the technical group cannot agree on. It should meet at least twice a year, however, may need to meet more often in the earlier part of the project. The NBM agreed with the plan, which aims to compile and FABS publish annual and quarterly by March 2022. By March 2020, the NBM will generate sector annual financial balance sheet data for the 2015–2018 period using existing data. The report recommends organizing a seminar for compilers, the objective is to explain the goal of FABS, present the challenge and the methodology.
Download or read book Republic of Moldova written by International Monetary Fund. Legal Dept. and published by International Monetary Fund. This book was released on 2024-07-12 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the request of the National Bank of Moldova (NBM), a technical assistance (TA) mission of the Monetary and Capital Markets Department and the Legal Department visited Chisinau during November 28 to December 5, 2022, to assist with the design of a revised bank liquidation framework. The mission reviewed three stylized models for bank liquidation – i.e., a purely administrative model in which a public authority (e.g., the resolution authority) directs the liquidation procedure, a judicial model that relies on court-supervised liquidation procedures, and a hybrid model in which a dedicated liquidator carries out the liquidation process under supervision of the court. It identified important considerations in support of a continued (albeit reduced) role for the NBM in bank liquidation and concluded that a hybrid model could be a viable option for Moldova: by shifting more responsibilities to the judiciary, the NBM’s Resolution Division could free up some resources, while maintaining synergies between the NBM’s responsibilities for adopting early intervention measures and (the planning of) bank liquidation. The mission recommended that, in such a model, the NBM retains the power to (i) initiate liquidation; (ii) appoint or propose liquidators; and (iii) undertake a ‘Purchase and Assumption’ type of transaction, whereby the deposits of the failing bank are transferred to a willing buyer. It also provided detailed guidance on, among others, (i) the triggers for determining when liquidation should be initiated; (ii) the process for commencing the liquidation process; (iii) the legislative design of transfer powers and associated safeguards; (iv) the role and appointment of liquidators; and (v) legal protection of the NBM.
Download or read book Republic of Moldova written by International Monetary Fund. Statistics Dept. and published by International Monetary Fund. This book was released on 2018-10-03 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Assistance Report discusses the findings and recommendations made by the IMF mission to improve public sector debt statistics (PSDS) in Moldova. The IMF mission found that Moldova continues to improve their recording, compilation and dissemination of PSDS reflecting potential fiscal risks, but faces some statistical challenges going forward. The adoption of recommendations, along with comprehensive monitoring of on-lending and contingent liabilities, would increase the Moldovan policymaker’s ability to forecast future fiscal risk and actively monitor the gross debt of all public-sector institutions in line with the new Fiscal Risk Statement. This would translate into a sound Public Finance Management structure and allow for more accurate macroeconomic surveillance and analysis.
Download or read book Republic of Moldova Technical Assistance Report Country Governance Assessment written by International Monetary and published by International Monetary Fund. This book was released on 2021-07-26 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite having legal and institutional frameworks largely in place, Moldova continues to suffer from significant corruption and governance vulnerabilities. These are fairly pronounced in the areas of rule of law, anti-corruption, anti-money laundering and combatting the financing of terrorism (AML/CFT), and SOE governance, while other areas assessed for purposes of this report (PFM, tax administration, central bank governance and financial sector oversight) presented some good progress in mitigating such vulnerabilities.
Download or read book Republic of Moldova written by International Monetary and published by International Monetary Fund. This book was released on 2022-09-23 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: A national accounts statistics mission provided remote technical assistance in national accounts to the National Bureau of Statistics of Moldova (NBS) during January 17–28, 2022. The NBS has received extensive technical assistance from the IMF in recent years and has made good progress in improving the national accounts compilation. The GDP estimates are compiled according to the System of National Accounts, 2008. Recent national accounts technical assistance missions have assisted the NBS in improving the quarterly estimates of GDP, implementing chain-linked volume measures, and implementing the Statistical Classification of Economic Activities in the European Community (NACE rev.2), among other areas. The mission assisted in improving the annual GDP estimates for 2014 to 2020, to take account of revised population data and other additional source data. Estimates of GDP in current prices by production and by expenditure categories were reviewed and improved. Estimates of GDP in volume terms (at prices of the previous year) were compiled by production and expenditure categories. Both sets of GDP estimates were balanced at current prices and in volume terms. The mission recommended that, to improve the consistency and accuracy of the GDP estimates, the NBS develop a system to compile supply and use tables on a regular basis.
Download or read book Republic of Moldova written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2020-03-18 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper provides a systematic assessment of Moldova’s governance and institutional frameworks. It follows guidelines approved by the IMF executive board, which were developed to deliver systematic and even-handed analysis on macroeconomically critical governance and institutional vulnerabilities. This paper also focuses on seven key areas for IMF engagement: corruption, rule of law, regulatory framework, fiscal governance, financial sector oversight, anti-money laundering/combating the financing of terrorism, and central bank governance. The analysis is based on internationally comparable data, diagnosis from IMF technical assistance reports, as well as other expert assessments. Strengthening the judiciary and rule of law and accelerating state-owned enterprises (SOE) reform are clear priorities. The widespread nature of governance vulnerabilities and institutional weaknesses in Moldova, combined with capacity constraints, creates challenges for policy formulation and prioritization. Policy efforts should therefore focus on strengthening rule of law and reforming Moldova’s judiciary system, as well as building capacity and increasing the autonomy of key institutions. Steadfast SOE reform would foster competition, investment, and productivity, while reducing fiscal risks.
Download or read book Republic of Moldova written by International Monetary Fund Legal Dept and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite having legal and institutional frameworks largely in place, Moldova continues to suffer from significant corruption and governance vulnerabilities. These are fairly pronounced in the areas of rule of law, anti-corruption, anti-money laundering and combatting the financing of terrorism (AML/CFT), and SOE governance, while other areas assessed for purposes of this report (PFM, tax administration, central bank governance and financial sector oversight) presented some good progress in mitigating such vulnerabilities.
Download or read book Republic of Moldova written by International Monetary Fund and published by International Monetary Fund. This book was released on 2005-02-23 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews Moldova’s Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on Monetary and Financial Policy Transparency, and Banking Supervision. Compliance with the Basel Core Principles and the IMF Code of Good Practices on Transparency in Monetary and Financial Policies was found to be good with many of the principles, although implementation is sometimes less so. Banks are the most developed part of the financial system. Quantitative indicators of financial soundness are at impressive levels.
Download or read book Republic of Moldova written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2020-03-18 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents 2019 Article IV Consultation with the Republic of Moldova and its Sixth Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements. Moldova’s economic growth remained solid in the first three quarters of 2019, with output expanding nearly 5 percent, supported by strong domestic demand. The three-year program has been broadly successful in achieving its objectives. Comprehensive reforms have rehabilitated the banking system and strengthened financial sector governance, entrenching macrofinancial stability. Prudent and well-coordinated policies are needed to safeguard the progress achieved. Decisive governance and institutional reforms are necessary for faster, sustainable, and inclusive growth. Safeguarding central bank independence is a priority. The inflation-targeting (IT) regime remains appropriate, but additional efforts are needed to improve policy credibility, promote exchange rate flexibility, and disincentivize foreign currency intermediation. Widespread governance and institutional vulnerabilities are major impediments to accelerating income convergence. Addressing these could have significant growth dividends through faster capital accumulation, reduced labor and human capital headwinds from emigration, and higher productivity.
Download or read book Republic of Moldova written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2024-07-11 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: Moldova’s economic recovery from the multiple shocks is proceeding, albeit at a slower pace than expected. Progress towards EU accession continues. Presidential elections are scheduled in October, to be combined with a referendum on EU accession.
Download or read book Republic of Moldova written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2016-02-29 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Moldova has made some important advances since the 2008 FSAP Update. On the positive side, inflation has been brought down to single digits, the payment system has been upgraded, and important enhancements have been made to financial sector regulation and supervision. However, risks to banking sector stability have become severe. Large credit concentration and concealed connected lending, questionable cross-border exposures, and important data gaps mean that regulatory data likely significantly understate the system’s vulnerability. Non-transparent ownership, weak governance, connected lending and weaknesses in regulatory powers and enforcement further exacerbate these risks and could limit the scope for an effective policy response to shocks. Governance structures, internal oversight processes, and risk management practices are poorly developed. In some cases, cross-border exposures are substantial and the pattern of some (particularly cross-border) financial transactions suggest a serious risk of money laundering.
Download or read book Republic of Moldova written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2016-03-28 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: An important aspect of the FSAP mission was the review of the bank crisis resolution framework in Moldova. There are several characteristics of vulnerabilities in the banking system which suggests the need for the authorities to give a high priority to crisis resolution preparedness. Notable in this context is the concentrated nature of the banking system, being dominated by six domestic banks (four of which are relatively large): the six banks, which de facto appear to form two groups of banks (involving five of the six largest domestic banks) having combined market share of 60–70 percent of banking system assets. In the case of two of these banks there is a significant large exposure risk, with aggregate large exposures being well in excess of the banks’ capital. These banks also have relatively large exposure risk to foreign banks. Moreover, stress testing undertaken for the FSAP suggests a potential vulnerability to credit risks, particularly as regards foreign currency denominated loans.
Download or read book Republic of Moldova written by International Monetary Fund and published by International Monetary Fund. This book was released on 2007-02-06 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: The First Review Under the Three-Year Arrangement under the Poverty Reduction and Growth Facility of the Republic of Moldova analyzes macroeconomic and structural policy measures to support the adjustment and promote growth. Moldova is facing serious external shocks that will have long-lasting effects. All quantitative performance criteria and indicative targets were met with the exception of the international reserves target, which was missed because of the shocks. Financial sector development is to be promoted by encouraging foreign competition in the banking system.
Download or read book Republic of Moldova written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2022-12-15 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: The State Tax Service (STS) has made good progress in enhancing services to taxpayers. A stable dispute resolution process and new tools for enhancing the quality of tax audit will lay a good foundation for an increase in public trust in Moldovan tax administration. The recent focus on establishing processes for business continuity to reduce operational and human capital risks shows a good level of preparedness to manage external hazards.
