The National Bank of Moldova (BNM) has launched the process of assessing the financial sector in collaboration with the International Monetary Fund (FMI) and the World Bank. The process is structured into several stages, during which a thorough analysis of the financial sector will be conducted, culminating in a report that will be submitted for approval by the FMI and World Bank boards, IPN reports.
The first phase of the FSAP (Financial Sector Assessment Program) mission will be carried out in collaboration with the FMI and the World Bank at the request of the BNM.
The FSAP is a comprehensive assessment tool for the financial system, jointly implemented by the FMI and the World Bank. It includes an in-depth analysis of the quality of banking system regulation and supervision, as well as stress tests for banks in Moldova. Additionally, the program evaluates crisis management capabilities and how the financial system supports access to financing for small and medium-sized enterprises, as well as other economic sectors.
"Through this assessment, the National Bank of Moldova aims to obtain a clear and objective view of the financial system’s performance. This will help identify opportunities for sector reform, implement international standards such as Basel III principles, and strengthen response capacity to economic challenges," stated Tatiana Ivanicichina, Deputy Governor of the BNM.
According to the BNM, completing the FSAP program will enhance the institution’s ability to manage financial risks and promote economic stability. Furthermore, the support provided by the FMI and the World Bank will facilitate the advancement of economic reforms, improve citizens’ quality of life, and create a favorable environment for long-term sustainable development.
