The macroeconomic environment, particularly the dependence on remittances, inflationary pressures, vulnerability to sharp increases in energy prices, and rapid credit growth could pose some risks to the financial system – these is one of the findings of the recently concluded joint IMF/World Bank assessment of Moldova’s financial sector. The mission has found that developmental needs of the financial sector as a whole are substantial, as evidenced by lagging benchmarks against Moldova’s more advanced peers. The share of the financial sector in the economy is small, markets are shallow, and some elements of the infrastructure are missing. These indicators are much worse for the insurance and the securities sector than for banking. The mission hopes that these issues will be tackled closely once the newly established National Commission on Financial Markets (NFCM) will reach its full capacity. The mission has noted that the National Bank of Moldova (NBM) has achieved partial success in trying to solve the bank ownership issues. Allowing the purchase of domestic banks by reputable foreign investors is an encouraging sign, although the privatisation of Banca de Economii has been lagging. At the same time, the mission was pleased to conclude that, overall, the financial sector, and particularly the banking sector, has undergone positive evolution since the 2004 FSAP, a press statement from the Office of the IMF Resident Representative in Moldova reads. The Financial Sector Assessment Programme (FSAP), a joint IMF and World Bank effort introduced in May 1999, aims to increase the effectiveness of efforts to promote the soundness of financial systems in member countries.