The banking sector was recapitalized and now poses no threats to the system, depositors or budget, the governor of the National Bank of Moldova stated in a press briefing on November 20 where he presented the Bank’s strategic objectives for the next three years. “The consolidation of the banking sector is the heart of our actions and, according to the new supervision rules, we will improve banking surveillance, but our goal is to make sure the banks are healthy and to also resume the financial intermediation activity,” stated Sergiu Cioclea.
According to him, energetic actions were taken to ensure bank shareholder transparency. As a result, two systemic banks were sold and the third was placed under temporary administration and discussions with potential investors are now being held. “Two years ago, less than 20% of the assets of the banking system in minority were managed by highly qualified international groups. Currently this figure stands at over 70%,” stated Sergiu Cioclea.
At macro-financial level, inflation has decreased even if it oscillates, the exchange rate of the leu stabilized and even became stronger, while the interest rates reached historical lows for the state and also for business entities and the citizens. The international exchange reserves almost doubled ant hit historical highs. At legislative level, a series of laws and amendments were adopted and these profoundly changed the Moldovan banking system. These changes were recognized by the European banking authority, noted the governor.
He also said the adoption of the strategic plan for the next three years marks a new, very important stage in the reformation process conducted by the National Bank. “It is a confirmation of the fact that we overcame the crisis and can now think about radical high-quality changes to strengthen the effects of reforms, to extend them so that these reforms generate concrete benefits for the real economy, business entities and our citizens,” said Sergiu Cioclea.
He noted the overcoming of the crises, laying of the basis for a new banking system, ensuring of shareholder transparency and restoration of the good cooperation relations with the foreign partners were the main objectives of the central bank during the past few years and the personal goals he set when he decided to apply for the post of governor. The tasks he undertook when he took up the post were carried out. The banking system is now solid and this is confirmed not only by the unprecedented levels of foreign investment, but also by the assessments carried out by the International Monetary Fund, the World Bank and the European Commission.
In the same press briefing, Sergiu Cioclea announced his resignation from the post of governor as of November 30, invoking personal reasons.
