Republic of Moldova: Central Bank Transparency Code Review

International Monetary Fund

No 2025/084, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses the detailed review report of Republic of Moldova’s Central Bank Transparency Code review. The National Bank of Moldova (NBM) has emerged from a challenging history regarding trust and accountability, significantly influencing its current transparency and communication practices. The NBM undertakes its Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) supervisory responsibility transparently, but some gaps still exist in its internal AML/CFT activity transparency. The NBM discloses the broad objectives of its foreign exchange intervention policy, its interaction with monetary policy, and the relevant legal and institutional frameworks. The NBM discloses the key objectives, risk exposure, governance with oversight responsibility, and investment structure of its foreign exchange reserve management. The NBM also discloses its macroprudential policy framework, including its objectives, strategy, and instruments. The transparency of the Emergency Liquidity Assistance framework has been greatly enhanced with the publication of the NBM’s ELA Regulation in 2019. The NBM’s communications strategy, which is currently fragmented, should have clear objectives and measurable targets.

Keywords: I. central bank Transparency Review; national bank of Moldova; IMF mission; NBM Law; staff team of the International Monetary Fund; Anti-money laundering and combating the financing of terrorism (AML/CFT); Financial sector stability; Lender of last resort; Internal audit (search for similar items in EconPapers)
Pages: 124
Date: 2025-04-04
New Economics Papers: this item is included in nep-cis and nep-tra
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