● MONDAY, November 14
Commercial ways to Europe go through Chisinau, regional press
Whilst the war and the sanctions imposed by the EU on Russia have severed these traditional trade links, Moldova’s strategic position is of great importance to ensure transportation and continued trade flows from Ukraine to Romania, to the Danube river via Moldova’s Giurgiulesti port, and to other EU countries, said the portal profit.bg.
Arcadie ALBUL, Deputy Governor NBM: The entry of the Republic of Moldova in SEPA will offer faster, cheaper, and safer euro payments for citizens and companies. IPN Interview
„By next autumn, the Republic of Moldova could submit the application for joining the Single Euro Payments Area (SEPA), says the deputy governor of the NBM, Arcadie Albul, in an interview for the IPN Agency. SEPA eliminates the differences between national and cross-border payments. SEPA was operational in the euro currency area by 2014 and in EU countries outside the euro currency area by 2016. In the Republic of Moldova, accession preparations have recently begun, and the National Bank of Moldova will represent the local financial community in this process. Chisinau will host a conference to discuss the current status and next steps.
● TUESDAY, November 15
90% of corn harvest was lost
The corn harvest is very poor this year, but Moldova’s food security is not yet in danger as the gathered corn is enough to satisfy the food and fodder needs, said the executive director of the Association of Grain Producers and Exporters “Agrocereale” Igor Grigoriev. According to him, the drought and the war in Ukraine pushed fertilizer prices up and disrupted supply chains, with the agricultural production being also affected.
Tax-deductible nominal value of a meal voucher to be increased
The nominal value deductible for fiscal purposes of a meal voucher for a workday will be raised as from next year, as the draft budgetary-fiscal policy for 2023 provides. The tax-deductible nominal value of a meal voucher for a workday is proposed to be increased from 35 to 40 lei in the case of the minimum quota and from 55 to 70 lei in the case of the maximum quota.
Mineral resource extraction charge could be distributed differently
As from next year, the method of distributing the mineral resource extraction charge will be modified. 50% of the charge will be transferred to the local budget of the first level, while 50% to the local budget of the second level, as the draft budgetary-fiscal policy for 2023 that was presented for public consultations stipulates. Currently, the mineral extraction charge is fully paid into the local budget of the second level.
Entrepreneurs can ask for state subsidies for paying interest on loans
The entrepreneurs can already ask for subsidies from the Government for paying interest on loans. The assistance is provided by the Organization for Entrepreneur Development that has a budget of 200 million lei for the purpose. “The measures are needed in order to alleviate the shocks of the rise in interest rates on loans taken out by small and medium-sized enterprises. The subsidies will be allocated from November 2022 until March 2023, for the August-December period, and will not exceed the cumulative sum of 300,000 per business entity,” said the authorities.
NBM anticipates change of trajectory of annual inflation rate
The annual rate of inflation in the fourth quarter will hit a record high and will then enter a new phase, decreasing during the next forecast period. The rate of inflation will decline by all the components, as the central bank forecast. Given the current forecasts, the National Bank of Moldova is to switch over from a restrictive monetary policy to a simulative one. The goal is to create favorable financing conditions for the business community and the population.
● WEDNESDAY, November 16
Deadline for patent-based work to be extended until July 2023
The deadline by which work based on patent is possible expires on December 31, 2022, but will be extended until July 1, 2023. The proposal is stipulated in the draft budgetary-fiscal policy for next year, which was proposed by the Ministry of Finance for public consultations. The entrepreneur’s patent is now used to retail through kiosks, stalls, pavilions and from motor vehicles and to sell locally produced perishable goods on condition the sanitary-epidemiological conditions concerning storage, keeping and selling are met.
Decline in inflation does not mean decrease in prices, NBM governor
The annual rate of inflation in the third quarter of this year continued the upward trend of the previous period. However, it was lower than the value anticipated in August 2022. According to the National Bank of Moldova, in September it was 34%, up from 31.8% in June. As a result, as in the previous period, the annual rate of inflation in the third quarter continued being above the upper limit of the interval of 5% ±1.5 percentage points.
● THURSDAY, November 17
“Antreprenor Expo” exhibition held in Chisinau
Moldexpo Center during November 17-19 is hosting the “Antreprenor Expo” exhibition that brings together business entities and state institutions for giving a new impetus to the development of SMEs in Moldova, supporting these and offering them the possibility of selling their products.
New PPA director aims to take management of state property to new level
Prime Minister Natalia Gavrilița presented the new director general of the Public Property Agency (PPA) Alexandru Musteață, who was appointed on Wednesday, to the staff. Musteață has over 20 years’ experience and held executive posts at different private and state-owned companies, IPN reports, quoting the Government’s press service.
Criteria for defining status of SMEs modified
The values used as criteria for defining the status of micro-, small and medium-sized enterprises will be adjusted. For example, micro enterprise will be considered the firm that has an annual turnover of under 18 million lei or total assets to the value of less than 18 million lei, up from the current ceiling of 9 million lei. A bill to this effect was given a final reading by Parliament, IPN reports. The category of small enterprises will include enterprises with an annual turnover under 50 million, up from 25 million lei at present, while the category of medium-sized enterprises – firms with an annual turnover under 100 million lei, up from 50 million lei.
Moldova’s accession to Single Euro Payments Area – a national project
Moldova’s endeavor to join the Single Euro Payments Area (SEPA) represents a national project, an essential step on our country’s path to EU membership, stated National Bank president Octavian Armașu. Accession to SEPA will open the doors to a payment market without barriers, which will bring the citizens of the Republic of Moldova cashless payments in euros to and from the European area much safer, faster and in a more convenient manner.
● FRIDAY, November 18
Energocom to raise loan equal to €25m
The joint stock company Energocom will take out a revolving credit equal to €25 million repayable in at most 12 months, as the Commission for Exceptional Situations decided on November 17. Under an order signed by Prime Minister Natalia Gavrilița, the Commission’s chair, the conditions of the loan agreement, the lending entity and the method of using the financial sources will be agreed by the Board of SA Energocom and will be confirmed by the Public Property Agency.
NAER authorized to adjust prices of electricity as a matter of urgency
The National Agency for Energy Regulation (NAER) will be able to adjust the electricity supply prices as a matter of urgency, as the Commission for Exceptional Situations decreed. The electricity charge will be reviewed when the purchase prices of electricity are modified, in case of fluctuations of the exchange rate of the national currency and the adoption of the normative documents that have an impact on the supply costs. These are objective factors leading to the necessity of reducing or increasing the regulated revenue of suppliers by more than 1%.
Apartments made available for occupancy twice lower in number than last year
The number of apartments that have been made available for occupancy this year will be twice lower than last year, Veaceslav Ioniță, economic policy expert of the Institute for Development and Social Initiatives “Viitorul”, anticipated. According to the expert, home loans have increased in volume starring with 2017. The interest rates on loans were accessible and the population’s incomes grew faster than the price of apartments. But apartment sales this year decreased considerably due to the decline in investment volumes.
Sveatoslav Mihalache: Moldovan economy will stabilize after third quarter of 2023, after a recession of about 6%
The economy of the Republic of Moldova will enter a stage of stabilization only after the third quarter of 2023, after a recession of about 6%, said doctor of economy Sveatoslav Mihalache, a member of the Coalition for Unity and Welfare (CUB). The population will regrettably have to get used to the current level of prices, with a slight increase of 5% next year, against a decline in consumption. The rate of inflation will remain relatively stable and will oscillate around 5%, with the risk of going under 3.5%.
