The Executive Committee of the National Bank of Moldova fined six managers of the commercial bank “Moldova Agroindbank”. The fines vary between 99,000 and 165,000 lei and come to over 760,000 lei.

According to the central bank, the penalty was imposed as a result of an inspection at the bank during which there were identified violations of the Law on Financial Institutions and of regulations of the National Bank of Moldova, IPN reports.

The identified violations refer to the non-meeting by the bank of the prudential requirements applying to lending, risk concentration, classicization of assets, etc. The fines will be transferred to the state budget.

The members of the bank’s Administration Committee and of the Board were warned that harsher punishments will be imposed if the identified violations are not removed by the agreed date or if similar violations are committed again.