National Bank of Moldova is a banking institution established in 1991. It is the central banking institution for the Republic of Moldova, and its main objective is to achieve and maintain price stability. It cooperates with the government to achieve its objectives.It is operated by a supervisory board consisting of seven people and an executive board of four members.
There is a two-level banking system in place in the Republic of Moldova, with the National Bank of Moldova being the central bank that is not involved in commercial banking. The National Bank of Moldova holds responsibility for the authorization, the supervision, and the regulation of other Moldavian financial institutions’ activities. The bank is also responsible for observing the enforced laws, regulating the conflicts of interest, thoroughly using incomes for profit increase, conducting authorized expenditures according to their destination, adequately protecting assets, correctly entering liabilities, and mitigating risks. The Moldovan Leu, the currency of the country, is controlled by the National Bank of Moldova as well, and the bank is able to put more of the currency into circulation or withdraw it.
The National Bank of Moldova has the power to adjust interest rates for the entire country. The country started to see inflation due to the COVID-19 global crisis in 2020. With the high global prices and war in Ukraine starting in early 2022, inflation continued to climb to 27 percent in April 2022. The National Bank of Moldova raised its interest rate to over 18 percent in June 2022 in an attempt to combat inflation.
Statement by IMF Deputy Managing Director Kenji Okamura at the Conclusion of a Visit to Moldova
June 14, 2022
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