● MONDAY, June 26
Card payment frees to be decreased
The National Bank of Moldova (NBM) decided to cap interchange fees for card payment transactions. The measure will directly lead to lower costs for both economic operators and final consumers.
This way, the applied interchange fees will be reduced in three stages over two years from the current 1.6% and 2.5% to 0.5% - 0.6%.
Patent holders protest next to Government Building
Patent holders mounted a protest in front of the Government Building on Monday to express their dissatisfaction with the reform by which trade based on patent as from July 1 is replaced with independent activity with the use of cash registers, which is a simplified fiscal regime. For his part, Minister of Economic Development Dumitru Alaiba said the measure will help the traders to develop.
● TUESDAY, June 27
Lilia Dabija: We didn’t say the state intends to concede airport
The Minister of Infrastructure and Regional Development denies the reports about the state’s intentions to concede the Chisinau International Airport. According to Lilia Dabija, the modernization of the airport infrastructure and attraction of more low-cost airlines so as to provide more fights at accessible prices are the Government’s priorities.
Deposits of private individuals on the rise
The new term deposits in May came to 3.118,1 billion lei, an increase of 19.3% on April. 64.2% of these deposits were attracted in national currency.
The average nominal rate on deposits in national currency decreased by 0.62 percentage points on a month before to 7.64%, while on deposits in foreign currencies grew by 0.03 percentage points to 2.16%.
Strategy on central bank’s macro-prudential policy drafted
The draft Strategy on the macro-prudential policy of the National Bank of Moldova (NBM) was completed. Also, the capacities of NBM employees responsible for monitoring the financial market infrastructure and payment instruments were strengthened. These are accomplishments of the Twinning Project “Strengthening supervision, corporate governance and risk management in the financial sector of the Republic of Moldova” which is funded by the European Union. The achieved results were discussed at the seventh meeting of the Steering Committee.
Moldova signs Free Trade Agreement with European Free Trade Association
The Republic of Moldova has signed a Free Trade Agreement with the European Free Trade Association (EFTA) that consists of Iceland, Liechtenstein, Norway, and Switzerland. Under the agreement, customs duties on the export of particular Moldovan agricultural products will be decreased, while Moldova will eliminate all the customs duties on the import of industrial products. The document also contains provisions concerning electronic trade.
Heating charges in Chisinau and Balti decreased
The inhabitants of the capital city will pay less for the heat supplied by SA Termoelectrica. The National Agency for Energy Regulation on Tuesday approved a heating charge of 3,267 lei per gigacalorie, by 310 lei less than the current charge.
Study: Adverse effects of taxing of meal vouchers
The taxing of meal vouchers by 24% as from January 1, 2020 produced a number of adverse effects. This way, the value of meal vouchers decreased by 45%, while the number of recipients diminished by 40%, shows a study conducted by the sociological company iDATA in cooperation with the Association of Investors from Romania, the American Chamber of Commerce in Moldova and the France-Moldova Chamber of Commerce and Industry.
EU and EBRD invest €43m in rehabilitation of North-South Rail Corridor
The European Bank for Reconstruction and Development (EBRD) is lending €23 million to Moldovan Railways to support the rehabilitation of two key sections of railway lines on the country’s North-South Rail Corridor: the 446 km long Vălcineț-Ocnița-Bălți-Ungheni-Chisinau-Căinari. For its part, the European Union (EU) is providing a €20 million grant for the purpose as part of the EU Solidarity Lanes initiative to improve transport to and from Ukraine.
● WEDNESDAY, June 28
Vasile Grădinaru to patent holders: Interaction with state will occur only once a year
The patent holders will benefit from state support to easier pass the period of transition to independent activity, said PAS MP Vasile Grădinaru. He assured that the patent holders will benefit from 10,000 lei to purchase cash registers. According to the MP, trade based on patent does not obey consumer rights as a sales slip is not offered and the persons who are not satisfied with the purchased goods or services cannot file complaints.
Citizens of EU and other states to work in Moldova without work permit
The citizens of the 27 EU member states and of other states will be able to work in the Republic of Moldova without needing a work permit. The Cabinet approved a relevant bill to amend the law on the regime of foreigners in the Republic of Moldova.
NAER ascertains preconditions for cheapening electricity
The National Agency for Energy Regulation (NAER) said that preconditions are in place for reducing the electricity charges in Moldova., IPN reports.
As a matter of urgency, the Agency will examine the relevant requests made by the supplier ICS “Premier Energy” SRL and the distribution system operator ICS “Premier Energy Distribution” SA.
Subsidies of up to 10,000 lei for patent holders who switch over to independent activity
The state will provide up to 10,000 lei subsidies to patent holders who will switch over to independent activity, for purchasing cash registers and equipping the workplace. Regulations to this effect were approved by the Government at the suggestion of the Ministry of Economic Development and Digitization.
● THURSDAY, June 29
Vladimir Bolea: 200m lei identified for farmers was taken from children and older persons
The money identified for supporting the farmers who protested in the Great National Assembly Square was taken from children and older persons, said Minister of Agriculture and Food Industry Vladimir Bolea, who rejected the farmers’ ultimatum and said that the Government is looking for new funds to help the farmers. The Deputy Prime Minister assured that the regulations on the provision of subsidies is being designed and the 200 million lei promised to farmers will be soon distribution through the Agency for Intervention and Payments in Agriculture (AIPA).
Citizens can invest in three basic financial instruments, NBM adviser
The citizens can invest in three main financial instruments, namely bank deposits, state securities, and new instruments of joint stock companies or specialized institutions, like bank or municipal bonds, said adviser of the National Bank of Moldova (NBM) Alexandru Savva. However, he noted that these instruments are not sufficient in number and are not varied enough in terms of possibilities. More or less, they cover relatively small areas, but the attempts to go beyond these limits are appreciable.
Central Securities Depository plays central role in transfer of financial instruments, Alexandru Savva
NBM adviser Alexandru Savva said the single Central Securities Depository (CSD), which was created in the Republic of Moldova five years ago, is necessary for a developed market. It is a nucleus that builds connections between financial institutions, being necessary for payments, and this nucleus is created at the National Bank of Moldova. It goes to a known system – automated interbank payment system. The Depository also plays a central role in the transfer of financial instruments, not of money, but of securities, which are issued by the state, through the Ministry of Finance, to joint stock companies.
Moldova to withdraw from International Sugar Agreement
The Republic of Moldova will withdraw from the International Sugar Agreement that was adopted in Geneva on March 20, 1992 and also from the International Sugar Organization.
The decision was taken by the Government after analyzing the development tendencies in the sugar industry and the existing sugar supplies and after consulting the business community.
Women remain a minority in business community, findings
Women remain a minority in the business community even if they represent more than half of Moldova’s population. The situation is influenced by the limited access to starting capital and the family responsibilities that limit the women’s availability to develop larger companies, shows a report on the assessment of the “Women in Business” Program, which was presented in an event centering on the challenges faced by Moldovan female entrepreneurs.
● FRIDAY, June 30
Secretary of state about exclusion of entrepreneur’s patent: It is fear of change
The banning of the entrepreneur’s patent and the switchover to individual activity will exclude the phenomenon of unfair competition and will enable to legalize the incomes of all traders, said secretary of state of the Ministry of Economic Development and Digitization Viorel Garaz. According to him, the parent holders who come to protests in central Chisinau are afraid of changes, but the Government will help them to overcome the period of transition by offering them financial support.
Memorandum to promote family-friendly initiatives at workplace
The Chamber of Commerce and Industry (CCI) of the Republic of Moldova and the United Nations Population Fund (UNFPA Moldova) signed a memorandum of cooperation to promote family-friendly initiatives and policies at the workplace. One of the objectives is to work out an initiative to certify companies that will implement family-friendly policy standards so that they benefit from support from the local and central public authorities and foreign development partners.
Managers and dwellers will decide who will pay for energy consumed in common use places
The housing sector managers will decide, together with dwellers, how to distribute the costs for energy consumed in common use places. Such an amendment will be made to the methodology and regulations for the distribution of heating costs for apartments disconnected from the centralized heating system.
Regulation of nonbank lending and insurance sectors transferred under NBM
As from July 1, the regulation and supervision of the nonbank lending and insurance sectors will be the duties of the National Bank of Moldova (NBM) which took over these from the National Commission for Financial Markets (NCFM).
Instead of the Commission, the central bank will now license, authorize, issue the notice for state registration, will regulate and supervise the work of insurers, reinsurers and intermediaries in these fields, such as the National Bureau of Motor Insurers of Moldova, savings and loan associations, credit bureaus and nonbank lenders.
MGRES to cover 98% of electricity consumption of right bank of the Nistru in July
Transnistria’s MGRES (Moldovan Power Plant) in July will satisfy 98% of the electricity needs of the right side of the Nistru River. SA Energocom coordinated the power supply schedule for July based on the current contract that is valid until September 2023, IPN reports.
Tax on excisable goods will rise by 7% a year over next three years
The tax on excisable goods, including tobacco, cedar and particular oil products, during the next three years will increase by 7% annually, except for particular categories of products, such as liquefied petroleum gas, crude oil, beer and alcohol. This is provided in the draft budgetary-fiscal policy for 2024 which was given a first reading by Parliament.
NCFM to ensure protection of consumers of financial services from July 1
As from July 1, the duty to protect the consumers of financial services will be carried out by the National Commission for Financial Markets (NCFM), as a bill that was given a final reading by the MPs provides.
Currently, the regulatory framework is fragmentary and the supervision duties in the field are divided between a number of public authorities, namely the NCFM, the National Bank of Moldova and the Sate Inspectorate for Nonfoods Supervision and Consumer Protection. This generates confusion and reduced efficiency, said the bill sponsors.