Banca de Economii (Savings Bank) will hold Moldova’s Treasury for another two years. The bank was granted this right at a tender contest in 2012 for a three-year period, IPN reports.

In hearings held by the parliamentary commission on economy, budget and finance, Minister of Finance Anatol Arapu said the state-owned shareholding in this bank does no influence the results of the tender contest and, after the period of validity set in the contract with Banca de Economii expires, any other bank can keep the Treasury. The money in Banca de Economii is not held in a permanent account, but is put into circulation as Moldova cannot afford to simply keep the money in accounts.

Banca de Economii needed an additional share issue in order o break the economic deadlock faced by it. The state didn’t subscribe for shares and thus its holding fell from 56% to 33.3%.