● MONDAY, December 15

Public institutions can apply for energy efficiency improvements

Public institutions as well as apartment block associations in Chisinau will be able to apply for financing to improve the energy efficiency of buildings thanks to a project implemented by UNDP. Project manager Nicolae Zaharia, told that the project team together with local authorities will identify the blocks that need thermal insulation, replacement of windows, adjustments to the heating system, etc. These services will be contracted through a financing instrument that doesn't require direct investment from the beneficiaries.

Air Moldova increases free baggage allowance on Istanbul flights

The national flag carrier Air Moldova has announced it is increasing the free baggage allowance for passengers on the flights to and form Istanbul. Starting December 16, passengers will be allowed to take up to 3 pieces of baggage of maximum 23kg each without paying extra charges.

Central bank encourages non-cash payments

While bank cards in Moldova are constantly increasing in numbers, their holders mainly use them to withdraw cash from ATMs, accounting for roughly 80% of the total bank card operations. The statistics was presented by National Bank Governor Dorin Dragutanu at a news conference on Monday held to launch a national campaign which seeks to encourage the public to go for non-cash payments. According to the NBM statistics, 60.4% of the 1.3 million cards issued are active, and only 19.8% of them are used to make payments.

Air Moldova launches new flight

Air Moldova on Tuesday will launch a regular flight from Chisinau to Torino. The inaugural flight is scheduled for 1:50 pm (local time). The plane will land in Torino at 3:10 (local time). Returning to Chisinau, the plane will take off at 4:00 pm (local time) and is expected back at 7:30 pm (local time).

● TUESDAY, December 16

Russian economic recession will hurt Moldova, experts 

The Russian economic recession and the decline of the ruble will hurt Moldova's economy, despite the current positive development indexes. The opinions were voiced during the “Fabrika” talk-show on Publika. Dorin Vaculovschi, dean of the Faculty of General Economy and Law at the Academy of Economic Studies, said that the impact of the Russian economic crisis will be felt in Moldova regardless of the positive economic indexes in the country. “If we analyze each component, we see that this economic growth was sensitive. Because of the basis we set last year, we can't afford to stay idle. But no matter how close we get to the EU, Russia's economic problems will affect us as well. Our people depend on remittances, many of them speak and think Russian, and we have important economic flows with Russia”, argued the professor.

C-bank chief says 'no reason to panic' over leu depreciation 

From the beginning of the year the Moldovan leu has dropped against the US dollar by roughly 17%, but National Bank Governor Dorin Dragutanu says “there is no reason to panic”. “True, the leu has depreciated slightly and this is mainly due to the difficult circumstances in the region. But there were many other similar experiences in the past that our national currency has lived through”, Dragutanu told a news conference on Monday. “Moldova's economy is an open one and is thus affected by the tensions existing in the region. There has been a drop in the foreign demand for Moldovan goods, related to the military conflict in Ukraine. But the depreciation has a certain limit after which things will get back into balance”, assured the Governor.

● WEDNESDAY, December 17

Newly-appointed ambassador hopes Japan will soon savor Moldovan wine 

Shigeki Sumi, the newly-appointed Ambassador of Japan to Moldova, says that the Embassy will seek to promote Moldovan wine to reach the Japanese market. “I visited the Cricova Winery and I was impressed by the high quality of the wines. I hope people in Japan will soon have the occasion to savor Moldovan wines”, stated the diplomat. Shigeki Sumi said that Japan has extended its economic assistance to Moldova, offering a total of over $135 million for health care, education and agriculture. The Ambassador added that he was pleased to learn that the Moldova will soon open an Embassy in Tokio hopefully next year.

Fall of Russian ruble will reduce remittances, says Expert-Grup 

The biggest effect of the depreciation of the Russian ruble on Moldovan economy will be lower remittances. Adrian Lupusor, director of the Independent Analytic Center “Expert-Grup”, anticipates a 20% drop in remittances from Russia, which in the short term equals a 12% drop in the total inflow of remittances. According to the Expert-Grup analysis, this 12% fall will lead to a series of negative consequences in the absence of adaptation mechanisms such as migration to other fields of work or to other countries. First of all, monetary shortage will grow and households' consumption will drop by 5-7%. Decreased consumption combined with reduced domestic production will dwindle the tax base and budget income by 3.5-3.7% on the account of VAT and direct taxes. The budgetary deficit could even be 1-1.5% bigger in the worst-case scenario.

European Parliament opens EU market to Moldovan fresh fruits 

The European Parliament today approved a proposal to further open the EU market to some groups of fresh fruit imports from Moldova, in a bid to compensate Moldova's producers for their losses due to Russia's politically-motivated ban on imports of Moldovan produce, the EP said in a press release. The measure, that passed with a score of 551 to 67 and 23 abstentions, will allow Moldova to export duty free 40,000 tonnes of apples, 10,000 tonnes of table grapes and 10,000 of plums. "The importance of the regulation approved today goes far beyond some quantities of apples, grapes and plums. It serves as a demonstration of solidarity in the face of hardship: it is a breath of fresh air for a sector of vital importance to the Moldovan economy, which is affected by an irrational Russian ban, just like the EU itself", said rapporteur Sorin Moisa (Romania) after the vote.

Central banks sells $30M to banks to absorb external shocks 

The National Bank of Moldova on Wednesday sold $30 million to authorized banks in a bid to absorb external shocks. This takes the amount sold to banks from the beginning of September to $115 million, the NBM said in a press release. It further said that inspections carried out at 83 bureaus de change didn't reveal any problems: all the currency exchange offices are operating in a normal mode. The central bank assures it is monitoring the situation closely, intervening whenever needed to provide licensed banks with cash.

● THURSDAY, December 18

Vasile Bumacov: Tasteful Moldovan fruits will conquer European market 

Speaking on phone during the “Fabrika” talk-show on Publika TV, the acting Minister of Agriculture, Vasile Bumacov, said that Moldovan fruits will conquer the European market thanks to their excellent taste. Bumacov thinks that Moldovan fruits taste differently from fruits produced in the EU and says that consumers in the EU have begun to appreciate it. “We just need to focus on sorting and packaging. Europeans like nicely packaged goods. Unfortunately, our farmers ignored this aspect because for many years the Russian market absorbed our production thanks to its taste qualities. They didn't care about packaging and our farmers got used to it”, explained the outgoing official.

Ruble depreciation expected to affect Moldovans with low incomes 

The depreciation of the Russian ruble will affect Moldovans with low incomes and those dependent on remittances from Rusia. Roman Chirca, director of the Market Economy Institute, said during the “Place of Dialogue” talk-show on Radio Moldova that the fall of the ruble will mostly hurt two sectors of Moldovan economy: remittances and exports. “I think the exports will suffer a little less because the Russian embargo forced many Moldovan producers to reorient themselves towards other markets, including the West. I also think that part of the Moldovans working in Russia won't be affected because they are competitive and are paid in euros or dollars. Nonetheless, I expect remittances from Russian to decrease by 20% in 2015, which is about 150 million dollars. Of course, the fall of the ruble will lead to the depreciation of the Moldovan leu, but I don't think that inflation will go beyond 10%”, said Chirca.

IMF projects Moldova’s fiscal position to deteriorate significantly 

Output growth is projected to decelerate to about 2 percent in 2014, reflecting a moderation in agriculture production, weaker economic activity in main trading partners, and the impact of Russia’s restrictions on imports of Moldovan products, found the Executive Board of the International Monetary Fund (IMF), after concluding the second post-program monitoring discussions with the Republic of Moldova. In 2015, growth is projected to recover to 3½ percent as recently negotiated free trade agreements enter into effect and domestic demand recovers with the dissipation of election-related uncertainties.

Ten regional employer's associations created from 2011 

Ten regional employers' associations have been created in Moldova since the launch of the project “Local social dialogue for a better governance of the labor market in Moldova” in 2011. The project was implemented by the National Confederation of Employers (CNPM) in partnership with the Bureau for Employers' Activities of the International Labor Organization and financed by the Norwegian government. The results of the program were presented on Thursday, December 18. The project focused on three fields: strengthening the capacities of employers and employers' organizations, promoting newly-created organizations and providing technical support to these organizations. Employers from different districts were assisted in registering employers' organizations and received training and information. CNPM found out that registering an employers' association is a difficult procedure and will propose amendments to the law in this field.

● FRIDAY, December 19

Central bank investigating suspicious operations at Banca de Economii, Banca Sociala 

The National Bank of Moldova (NBM), together with the special administrators at Banca de Economii and Banca Sociala, is investigating as series of suspicious operations carried out at these banks in the second part of November and is assisting the law-enforcement in their ongoing investigations. The NBM announced this after the latest IMF report on Moldova triggered comments in the media. The NBM said in a press release that after introducing special administrations at the two banks, it took firm measures to ensure the bank's proper functioning and protect the clients' money. “A central bank has a number of means and instruments to ensure financial stability in the banking system. The National Bank of Moldova has opted for offering bailout loans, as this is the fastest way to ensure the banks' stability, avoid additional risks and protect individual and corporate deposits”, reads the release.

Candu promises bank frauds will be investigated: There will be blood if needed 

The authorities will do their utmost to modernize and stabilize the banking system in Moldova and will investigate all frauds and punish those responsible, stated outgoing Minister of Economy Andrian Candu in a joint press conference with the head of the EU Delegation to Moldova Pirkka Tapiola. Candu commented on a recent report of the International Monetary Fund, which highlighted IMF's concerns about the situation in the Moldovan banking system, especially regarding the cases of Banca de Economii and Banca Sociala. “The Moldovan banking system isn't the best one. There are problems that are known not only by the EU and the IMF, but by all of us. Over the past six months, serious efforts were made to improve the legislation concerning the National Bank's institutional capacity and legal interventions. We know what the problems are, we know they are urgent and we know that we must take measures”, said Candu.

EU supports economic development of rural areas in Moldova 

The European Union continues to support the economic development of rural areas in Moldova. The EU transferred a payment tranche of 13.16 million euros to the Moldovan treasury under the Economic Stimulation in Rural Areas Budget Support Programme (ESRA BSP). This disbursement follows an extensive evaluation by the competent European Union services of the tranche payment terms. It reflects a 94% technical and financial achievement rate by the Moldovan government, as the maximum amount of the variable tranche was 14 million euros.

● SATURDAY,  December 20

BNM governor encourages Moldovans to keep savings in lei 

The governor of the National Bank of Moldova (BNM) encouraged the people to keep their savings in lei. Dorin Dragutanu said during the “Fabrika” talk-show on Publika TV that Moldovans shouldn't worry about about the depreciation of the leu and said that the current situation isn't similar to that of 1998. “Although we have a 20% depreciation of the leu, inflation isn't bigger than 5%. So, BNM accomplished its goal and the depreciation of the currency didn't affect prices. On the other had, wages grow faster than prices or than the leu drops”, said the governor.