The National Bank of Moldova (NBM) and the National Bank of Romania (NBR) on June 11 signed a new cooperation agreement. According to the NBM, a new agreement was needed because the previous agreement signed in 2001 does not correspond to the new context that is marked by the multiple reforms in the banking sector, aligned with the best practices that can meet the current requirements and challenges, IPN reports.
In the signing ceremony, NBM governor Octavian Armașu said that the NBR in time had a remarkable contribution to the development of the financial-banking sector of Moldova, primarily within the EU-funded Twinning project that was aimed at strengthening the NBM’s regulation and ban surveillance capacities. “This support contributed to the alignment of the national banking legislation with the EU standards, the efficient implementation of the new legal framework and the development of the Bank’s surveillance,” noted the governor.
NBR governor Mugur Isărescu said the new agreement aims to develop and extend cooperation, including by exchanging information for promoting the safety and proper functioning of the financial-banking systems in Moldova and Romania. “The European values reflected in the Association Agreement with the European Union that was signed by the Republic of Moldova in June 2014 can be also seen in the path covered and progress made by the National Bank of Moldova following the numerous projects designed to develop capacities in close cooperation with the NBR and other central banks,” stated the governor.
According to the NBM, the signing of the agreement with the NBR forms part of the Bank’s efforts to develop cooperation with the authorities of other states that are responsible for the regulation and supervision of the financial-banking sector. In 2020, the NBM signed a memorandum of understanding in the bank surveillance area with the European Central Bank and the Central Bank of Hungry, while in 2019, it became a signatory of the memorandum of cooperation between the European Banking Authority and the bank surveillance authorities of Southeastern Europe.
In 2018, the European Banking Authority approved of the confidentiality regime applied by Moldova in bank surveillance, which facilitates the exchange of information between the NBM and the bank surveillance authorities of the EU.
