Guvernor of National Bank of Moldova unveils report on bank's work for 2018

Chisinau, 17 July /MOLDPRES/ - Governor of the National Bank of Moldova (BNM) Octavian Armasu presented the report on the work of BNM for 2018 at a meeting of the parliament’s commission for economy, budget and finances today.

According to Armasu, in 2018, Moldova marked a robust economic expansion. Thus, the Gross Domestic Product (GDP) recorded a four-per cent growth. The inflation maintained at a low level during the last year, standing at an average of three per cent, - by 3.6 percentage points lower against the one from 2017.    

Octavian Armasu also said that the rate of bad credits was decreasing. Thus, while in 2017, the index of bad credits was of 18.4 per cent on average, in late 2018, it dropped to 12.5 per cent.

The report’s data also shows that, in the end of 2018, Moldova’s state debt amounted to 52,012.5 million lei, accounting for 27.4 per cent of the GDP. The state debt in 2018 increased by 352.2 million lei or 0.7 per cent.    

As for the fraud from the banking system, Armasu noted that 2.274 billion lei had been reimbursed from the emergency loan so far. “The sum comes partially from the reimbursement of old credits, from the liquidation of banks’ assets, such as the headquarters and from enforceable titles. Till present, nothing has been brought from the assets transferred abroad,” the governor specified.  

„The recovery is zero. What has happened in the last months was a kind of re-establishment of lawfulness in the financial system, with the sale of real estate, with the sale of banks, but the recovery is zero,” the head of the commission for economy, budget and finances, Igor Munteanu, said.   

The report was approved by the parliament’s commission and subsequently it is to be presented in the parliament’s plenum.