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, IPN reports.
The meeting that was hosted by the NBM assessed the progress made during the reporting period for each project intervention area. The results include the improvement of the quality of the Financial Stability Report and completion of the activities dedicated to the National Commission for Financial Markets (NCFM) for strengthening the institutional capacities in the efficient and correct application of European consumer protection practices.
The achievements also include the fulfillment of an explicit criterion for accession to the Single Euro Payments Area (SEPA) through the approval of the Regulation on credit transfer and direct debiting aimed at implementing the adjusted provisions of the Law on payment services and electronic money, as well as the completion of a first draft of the application for SEPA membership.
“The members of the Steering Committee approved of the fruitful cooperation within the project and reiterated their commitment to continue implementing the necessary reforms to bring the financial regulatory and supervisory framework in line with international and EU standards, including to achieve long-term sustainable economic growth,” the NBM said in a press release.
The 24-month Twinning project “Strengthening supervision, corporate governance and risk management in the financial sector” was launched in October 2021. Given the need to fully align the regulatory framework in the insurance sector with the EU framework and considering the takeover of this sector by the NBM from July 1, the implementation period has been extended by another six months, i.e. until April 17, 2024.
The next meeting of the Twinning Project’s Steering Committee is to take place in September this year.
Twinning is an EU instrument for institutional cooperation between the authorities of EU Member States and the authorities of beneficiary countries. Twinning projects aim to develop the institutional capacities of the beneficiary authorities. Within these projects, EU public sector experts assist beneficiary authorities in achieving specific objectives. Further information on the Twinning assistance instrument is available on the European Commission’s website.
