● TUESDAY, May 7

Remittances from abroad in January – March 2.3% down

Money transfers from abroad made in favor of individuals from the Republic of Moldova in the first quarter of 2019 came to US$276.81 million. About 83% of these were remitted via money transfer systems, mainly without opening bank accounts. According to the National Bank of Moldova, the transfers recalculated in U.S. dollars decreased by 7.0% compared with the first quarter of 2018. The fluctuations in the exchange rate of original currencies against the U.S. dollar contributed 4.7% to the decrease in the value of transfers in the first quarter of 2019. However, the effective decrease in transfers was of 2.3%. The transfers in U.S. dollars totaled 112.14 million, in euros - 152.83 million, in Russian rubles - 8.88 million, in other currencies - 2.96 million.

● WEDNESDAY, May 8

Bloc ACUM seeks repealing of law that allows opening gas stations in duty free zones

The coming days the Bloc ACUM will introduce a legislative proposal by which the law that enables to open gas stations in duty free zones would be repealed, the leader of the Party “Action and Solidary” Maia Sandu, MP on behalf of the Bloc ACUM, stated. According to her, this law was adopted by the Democratic MPs and was promulgated by President Igor Dodon. Maia Sandu considers this law was formulated strictly for promoting the businesses of Ilan Shor. “This law is unconstitutional and implies enormous costs for the state budget. For example, if ten gas stations are opened in these duty free zones, we calculated that the budget will lose approximately 100 million lei,” stated the politician.

● FRIDAY, May 10

World Bank offers US$ 70m loan for Power System Development Project

Moldova will benefit from increased capacity and improved reliability of its power transmission system, supported by a US$ 70 million loan for the Power System Development Project, approved by the World Bank’s Board of Executive Directors on May 8. The project will enhance Moldova’s domestic transmission capacity and reliability, as well as support Moldova’s future power system interconnection with the European electricity grid through Romania. This will be vital to helping diversify Moldova’s electricity supply sources, allowing for competitively and transparently priced electricity supply. According to a press release of the World Bank, increasing energy efficiency and security of energy supply are critical factors for improving Moldova’s economic competitiveness - a priority for the World Bank Group. With declining efficiency and capacity to generate, Moldova needs to import 80 percent of its electricity to meet domestic demand and relies on a limited number of sources. Lack of effective power interconnections with the European energy system and the current electricity supply structure pose significant supply risks and hinder competition in the electricity supply, thus resulting in highly priced electricity and vulnerability to external shocks.