The Government approved amendments to the Law on Financial Institutions by which the moratorium imposed by the National Bank of Moldova on the three banks that are under special administration is extended to nine months, plus two months, if necessary, IPN reports.

According to the central bank’s vice governor Ion Sturzu, complex analyses should be carried out within the special administration process, by attracting audit firms. Only afterward will the measures to improve the situation be implemented.

The National Bank of Moldova instituted a special administration regime at Banca de Economii at the end of November and then at Banca Sociala and Unibank, with which Banca de Economii had performed dubious transactions. The IMF and the WB recommended the Moldovan authorities to strengthen the central bank’s capacity to deal with banking crises, including by promoting amendments to the law. The recommendations were made during the assessment mission that worked in Moldova in February-May 2014.