Governor of National Bank of Moldova resigns from office, feeling his mission fulfilled, banking system gets out of crisis

Chisinau, 20 November /MOLDPRES/ - Governor of the National Bank of Moldova (BNM) Sergiu Cioclea at a today’s briefing said that he had officially submitted to parliament an application on ceasing fulfilling his duties of BNM governor as of 30 November 2018. “I have a feeling of the mission fulfilled, after almost three years of mandate, which I have fulfilled with honour,” Sergiu Cioclea said.    

The BNM governor noted that he had ruled to resign for “personal reasons,” stressing that the office of head of the central bank had not been “a goal in itself.”  “I set the goal to work at the National Bank as long as it is necessary, in order to strengthen the banking system and get the financial system out of crisis. Another goal was that that the reforms cross the point making the return to the crisis situation impossible. I believe that this stage was passed in October 2018, after the block of stocks had been sold at Moldova-Agroindbank (MAIB), as well as after the last laws worked out by BNM had been adopted,” Sergiu Cioclea stressed.    

Cioclea also said that he had the feeling of the “mission fulfilled,” as well as the one “to carry through the mandate entrusted to me.” There are also “private reasons” which the governor did not specify; yet, he said that, in the last years, he had subordinated his entire private life to the work and position held.

The getting out of crisis, laying the foundations of a new banking system, making more transparent the shareholders and re-establishment of the good cooperation relations with the foreign partners of Moldova were the main objectives of BNM in the last years. “These goals were also my personal ones, when I ruled to compete for the office of governor of the National Bank. And we have managed to do this,” Cioclea said.       

According to Cioclea, “in the macro-financial sector, although the inflation oscillates, it is decreasing. The Moldovan leu’s exchange rate has stabilized and  has even strengthened. The interest rates are at their historical minimum levels; the reserves have almost doubled and have reached maximum historical values. In terms of legislation, a string of laws and amendments have been adopted, which deeply changed the banking system. It has become stronger, more transparent and more solid.”    

The banking system was re-capitalized and now “it does not pose risks for the system or depositors or for the budget.”

Sergiu Cioclea underlined that he described goals assumed when taking over the office of BNM governor as achieved. “The banking system is now more solid; this was recognized not only through unprecedented foreign investments, but also by the appreciations of the International Monetary Fund, World Bank and European Commission. In this context, I believe that time is ripe to pass the torch to a new head of the National Bank, who is to manage these changes,” the BNM governor said.   

„The adoption of a new strategic plan for 2018-2021 marks a new, very important stage in the reforms promoted by the National Bank in the last years. This is a recognition that we have got out of the crisis phase and that we can return to qualitative, radical changes, to deepen them and the final goal is that these reforms bring concrete benefits to the real economy, economic agents and to citizens,” Sergio Cioclea added.