The Independent Analytical Center “Expert-Grup” said that to improve the economic situation and stabilize the exchange rate of the Moldovan leu, the authorities should immediately negotiate and sign a new agreement with the International Monetary Fund. Also, the National Bank of Moldova should gradually relax the monetary policy so as not to endanger the already pessimistic economic growth prospects, IPN reports.
According to experts, the depreciation of the national currency that started in the last quarter of 2014 and continues shows that the economy entered a contraction phase, while the weakening of the banking sector following the dubious transactions of the last few years will lead to worse socioeconomic indicators in 2015.
“Expert-Grup” considers the signing of a new agreement with the IMF will lead to a more relaxed climate in the relations with the foreign donors and will facilitate the obtaining of foreign funds for Moldova. The central bank should diminish the mandatory reserves for deposits in foreign currency as this will generate an additional supply of dollars and euros and the pressure on the exchange rate of the national currency will be thus diminished.
The experts also recommend the Government to make additional effort to maximally exploit the free trade area with the EU and stimulate exports and to improve the competition environment and combat fraudulent transactions.
