There are no preconditions for the Moldovan economy to be affected by the financial crisis experienced by the United States and some of the Western states, Minister of Finance Mariana Durlesteanu said at the debate meeting “Free Economic Zone” on October 3. “What happened in the U.S. and the UK, which were the hardest hit by the crisis, is a consequence of the uncontrolled use of such financial instruments as mortgage lending, without guarantees, advance and permanent place of residence in the country. Such financial instruments are socially orientated and appreciated by the population. Their implementation can produce positive, but short-term results. In the U.S., they have been employed for many years, especially speculatively. Besides, the US Federal Reserve granted loans under the rate of inflation. The crash resulted from here,” the minister said. Fortunately, Durlesteanu said, mortgage lending in Moldova did not reach a risk level. She described the steps taken by the National Bank of Moldova in June, among which the rise in the mandatory reserves and the base rate, as opportune. “Our aim is single-digit inflation and we think such an objective is achievable,” the official said. “We think that our bank instruments are well-planned and sustainable. This is a very important thing. We see that the European Commission also tackles these issues. When I say that Moldova is not affected by the global financial crisis, this does not mean that we neglect the signals coming from overseas and from everywhere,” Durlesteanu added. The mortgage loans make up a small percentage of the total bank loans – about 2 billions out of 28 billions, said economic expert Alexandru Muravschi. According to him, in order to increase trust in the banking system, the guaranteed sum for bank deposits should be increased. 4,500 lei is a too small sum, Muravschi said. “The global crisis could have indirect consequences on Moldova, for example if it affects the economy or Russia or other countries from the CIS, where the Moldovan products are exported,” Muravschi said. Independent expert Veaceslav Ionita also said that the global financial crisis will not affect Moldova. The financial market and mortgage lending are at the incipient stage. Moldova does not have “financial pyramids as the United States or other countries,” the expert said. On the other hand, Ionita said, the policies pursued by the central bank and the budgetary-financial policies must be topics for public discussions before implemented.