 | |
 Headquarters inChișinău | |
| Headquarters | 1 Grigore Vieru Boulevard,Chișinău |
|---|---|
| Established | 4 June 1991 |
| Ownership | 100%state ownership[1] |
| Governor | Anca Dragu |
| Central bank of | Republic of Moldova |
| Currency | Moldovan leu MDL (ISO 4217) |
| Reserves | 1 740 million USD[1] |
| Website | www.bnm.md |
TheNational Bank of Moldova (Romanian:Banca Națională a Moldovei,BNM) is thecentral bank of theRepublic of Moldova.[2]
The National Bank of Moldova is an autonomous public legal entity and is responsible to theParliament of the Republic of Moldova.[3] The primary objective of the National Bank of Moldova shall be to ensure and maintain the price stability. Without prejudice to its primary objective, the National Bank of Moldova shall promote and maintain a financial system based on market principles and shall support the general economic policy of the state.[4]
The National Bank cooperates with theGovernment with the view to achieving its objectives and, according to theLaw, undertakes the necessary measures to implement such cooperation. The NBM periodically informs the public aboutmacroeconomic analysis,financial market evolution andstatistic data, including onmoney supply,credit granting,balance of payments andforeign exchange market.
As the central bank of Moldova, the bank is the primary regulator in the industry, with the authority to issue and withdraw banking licenses and regulate and supervise the banking sector.[5]
Assistance from theIMF and various changes to banking in Moldova resulted in major improvements in the sector. The IMF reported in 2023 that Banks remain adequately capitalised, maintain adequate liquidity coverage and healthy asset quality.[6]
The National Bank of Moldova as the central bank, also controls interest rates and the exchange rate of theMoldovan leu.
Laws passed by the parliament are supplemented by secondary legislation consisting of regulations and decisions issued by the National Bank of Moldova.[5]
Following the passing of legislation in 1991, a two-level banking system was formed with the National Bank of Moldova acting as the central bank and being banned from commercial banking activities.Leonid Talmaci was appointed Governor, he would hold office for 18 years and oversee the 1995 banking legislation that would cover the central bank and banking institutions.[7]
Following the collapse of theSoviet Union and theMoldovan Declaration of Independence in 1991, January 1992 saw Moldova began a market economy, however the freeing of price restraints resulted in rapid inflation and for a number of years the economy was in crisis. The country joined theIMF on 12 August 1992 and on 29 November 1993 a new currency was introduced, theMoldovan leu.
2001 saw an improvement in the economy with steady annual growth for a number of years.
As a result of a deliberate act, shortly before the2014 Moldovan parliamentary election, abank fraud took place involving three banks. Over a three day period, funds worth $1 billion were transferred toUnited Kingdom andHong Kong shell companies used to conceal the real owners of assets,[8][9] then deposited into Latvian bank accounts under the names of various foreigners. An independent investigation appointed by the National Bank of Moldova concluded the three banks transferred at least 13.5 billion lei to five Moldovan companies affiliated with the Shor group, controlled byIlan Șor. The fraud nearly bankrupted Moldova.[10] On 13 April 2023, a court sentenced Șor to 15 in years in prisonin absentia on graft charges and froze all his assets.[11]
In December 2023 the Governor,Octavian Armașu, having been criticised in Parliament for failing to recover stolen financial assets and retaining in office bank employees who were accused in the banking fraud case, was dismissed.[12] In a June 2024 report, theEuropean Commission described Armașu's dismissal as sudden and unexpected, stating that "the procedure by which the former governor was dismissed is a cause for concern and may pose a risk to the independence of the central bank".[13] The dismissal was likewise criticised by theInternational Monitary Fund (IMF).[14] Armașu was succeeded byAnca Dragu.[15] In November 2024, the Ministry of Finance put forth an amendment to remove Parliament's sole right to dismiss and approve the management of the banking authority.[16]
| № | Name | Photo | Term of office | |
|---|---|---|---|---|
| Start of term | End of term | |||
| 1 | Leonid Talmaci |  | 4 June 1991 | 26 September 2009 |
| 2 | Dorin Drăguțanu | .png) | 6 November 2009 | 11 April 2016[17] |
| 3 | Sergiu Cioclea |  | 11 April 2016[18] | 30 November 2018 |
| 4 | Octavian Armașu |  | 30 November 2018 | 21 December 2023 |
| 5 | Anca Dragu | .jpg) | 22 December 2023[19] | incumbent |
On 21 December 2023, the former governor of the National Bank of Moldova, Octavian Armașu, was abruptly and unexpectedly dismissed. The procedure by which the former governor was dismissed is a source of concern and may pose risks to the independence of the central bank. Technical discussions with both the EU and the IMF have followed on the importance of good economic governance, strengthening central bank independence and following due processes, notably as regards the appointment and dismissal of a central bank governor
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47°01′45″N28°50′17″E / 47.02917°N 28.83806°E /47.02917; 28.83806
