National Bank of Moldova celebrates 20 years of work

“The National Bank of Moldova and the banking system have always been ahead the reformation processes. It is the central bank that stated to adjust the legislation and regulations to the international norms, long before the authorities declared the European Integration as absolute internal and foreign policy priority,” Head of Parliament and Acting President of Moldova Marian Lupu said during the international conference “Way out of crisis. The central banks’ role” that was held to mark 20 years of the foundation of the bank, Info-Prim Neo reports. According to Marian Lupu, this institution and the whole banking system developed normally and promoted economic policies during the economic changes of the 1990s, which were aimed at fostering the private sector and integrating Moldova into the world economy. The conference was attended by officials, representatives of the central bank and commercial banks of Moldova and of central banks from 16 countries, delegates of financial institution and the development partners. Moldova’s first President Mircea Snegur said the creation of the central bank represented the appearance of a symbol of the country’s independence even if it was founded before the Declaration of Independence was adopted. “We had nothing at the beginning – neither capital, nor foreign exchange reserves or legislation. But the International Monetary Fund, Romania and other countries helped us and within a rather short period of time - 2-3 years - we switched over to a new system,” said Leonid Talmaci, the first governor of the National Bank. He spoke about the putting of the national currency into circulation, the regional financial crisis of 1998, when the measures taken by the central bank enabled to avoid the destruction of the young banking system of Moldova, and other dramatic events that were overcome successfully. Former Deputy Minister of France and Prime Minister Valeriu Muravschi said the enthusiasm and devotion of the people who founded the National Bank and the banking system of Moldova often substituted the lack of experience. Current governor Dorin Dragutanu said the central bank proved that it does its job well. “The fact that we successfully dealt with the last world financial crisis shows that the National Bank and the banking system of Moldova are viable. The central bank will do everything possible to ensure a reasonable inflation and create thus conditions for sustainable economic development,” he stated. The central bank was established by presidential decree on June 4, 1991.