Governor of Moldova's national bank states to changed "rules of game" so that illicit practices leading to bank fraud to be no longer possible

Chisinau, 10 August /MOLDPRES/ – The National Bank of Moldova (BNM) has promoted a series of new laws to change "the rules of the game" in such a way that the illicit practices that have led to bank fraud are no longer possible. A statement in this regard was made by BNM governor, Sergiu Cioclea, in an interview set upon questions of the Moldovan mass media institutions.

"Withn recent two years we have worked hard to lay the foundations for a new banking system in Moldova – more transparent, stronger, more efficient," said the head of the central bank. He added that, first, "we have promoted a number of new laws to change "the rules of the game" so that illicit practices that have led to bank fraud are no longer possible, and punishments for breaking the law are discouraging, much tougher than they had been before."

Also, for the citizens not to pay hard for bankers' errors or malpractice that could lead to bank failure, BNM has introduced new instruments of early intervention or bank resolution. They allow saving a banking institution without resorting to public money. Similarly, we promoted the increase of deposit guarantee ceiling to MDL 50 thousand, said Sergiu Cioclea.

According to BNM governor, in order to make the consolidation of the banking sector irreversible, it is necessary to complete the process of transparency and in particular the sale of blocked shares in Moldova Agroindbank (MAIB) and Moldindconbank. "Then we will make a colossal qualitative leap in reforming the sector and we can say with certainty that a new banking crisis similar to 2014 – 2015 has no chance in our country. But the surest warranty against crises and fraud remains the independence and professionalism of BNM. We work diligently to strengthen the institution and authority of the central bank by strengthening the legislative framework, but also reforming BNM internally," outlined Cioclea.

(Reporter V. Bercu, editor L. Alcaza)