EU continues providing support for modernizing financial sector of Moldova

Chisinau, 18 January /MOLDPRES/ - Parliament Speaker Igor Grosu today participated in an event on launch of a Twinning project financed by the European Union. The project regards the strengthening of the supervision, corporate governance and risks’ management in the financial sector of Moldova. The event was held in hybrid format, with the participation of decision-makers in charge of the project from Moldova and foreign partners, the parliament’s communication and public relations department has reported.    

Igor Grosu highlighted the importance of the project financed by EU and reviewed its positive impact on the financial sector.  

“The National Bank and the National Commission of Financial Market (CNPF) will benefit from expertise and support of three central banks from the European Union. The expertise of Lithuania, the Netherlands and, certainly, of Romania will be conjugated, in order to help us advance in our financial system. We have already made certain progress in legislation and regulation; yet, there is still much to be done. We have still much to do, in order to meet all requirements of a safe, protected and developed financial system, so as to protect the consumers of financial services from abuses, to bring proper order on the regulated markets, to prevent the residents’ indebtedness. Yet, we will do all this, step by step,’’ the speaker said.   

In the context, the parliament speaker noted that the success of a safe, stable, developed and transparent financial system was absolutely indispensable; thus, he counts on the constant support of the partners in the fulfillment of the goals set.    

“We have a common objective – to make sure that the thefts from the past are not repeated and bring our financial system to a proper level of development, so that it serves the interests and needs of the citizens and entrepreneurs. I assure you that there is political will in Moldova now for the reforms necessary, for the benefit of the citizens and entrepreneurs,’’ Igor Grosu said.  

Attending the event were Governor of the National Bank of Moldova (BNM), project leader on behalf of Moldova Octavian Armasu, the deputy head of the Administrative Board of the National Commission of Financial Market Vitalie Lemne, as well as EU Ambassador to Moldova Jānis Mažeiks. Also, greeting words were conveyed by Governor of the National Bank of Romania Mugur Isarescu; President of the Central Bank of the Netherlands Klaas Knot; President of the Central Bank of Lithuania Gediminas Šimkus.      

The Twinning project is to be implemented in the next two years and is aimed at modernizing the financial sector of Moldova, consolidating BNM and CNPF, by aligning with the EU regulations and the international standards.  

The project was worked out following cooperation with partner institutions from EU: National Bank of Romania, as the project’s senior partner, the Central Banks of the Netherlands (De Nederlandsche Bank) and Lithuania (Lietuvos bankas), as junior partners, in cooperation with the Romanian Financial Supervisory Authority and the National Authority for Consumer Protection from Romania.     

Photo: Parliament