The Republic of Moldova needs now investments, not money. Currently, there is about 15 billion lei on the accounts of Moldovan banks, but this money cannot be used and the National Bank has to block this money, economic expert of the Institute for Development and Social Initiative “Viitorul” Veaceslav Ioniță stated in the talk show “Fabrika” on Publika TV channel, IPN reports.

According to him, Moldova is bypassed by investments, but it needs these as the foreign investments bring not only money, but also management and technology. The banking system needs very clear internal procedures and rules so as to combat swindles and to avoid delinquent loans. “In two years, 14 billion lei was brought into our banking system in the form of deposits. The people trust the banks that have a total of 63 billion lei. On the other hand, loans are not extensively released and the money, instead of coming to banks and leaving, remains blocked,” said Veaceslav Ioniță, noting that National Bank has to take this money and pay interest to banks from the citizens’ money.

Director of the Market Economy Institute Roman Chircă said the banking system reflects the situation in the economy. Among the main problems are the improper surveillance, poor corporate governance and the relevant standards in the banking system. “Up to 70% of the banking system is owned by offshore companies. There is no shareholder transparency in the banking system. These remain serious problems for the whole system,” he stated.

According to him, the risks related to incompetence or low loan management standards persist. “I got the impression that the banks were disconnected from the real economic system and do not understand how the business entities work, what their philosophy and needs are and do not provide loans,” noted the expert.