{ "title": "Republic of Moldova: Central Bank Transparency Code Review", "publication": "IMF Staff Country Reports, April 4, 2025", "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/04/04/republic-of-moldova-central-bank-transparency-code-review-565901", "canonical": "https://www.imf.org/en/publications/cr/issues/2025/04/04/republic-of-moldova-central-bank-transparency-code-review-565901", "overlayPath": "/en/publications/cr/issues/2025/04/04/republic-of-moldova-central-bank-transparency-code-review-565901/index.md", "summary": "This paper discusses the detailed review report of Republic of Moldova’s Central Bank Transparency Code review. The National Bank of Moldova (NBM) has emerged from a challenging history regarding trust and accountability, significantly influencing its current transparency and communication practices", "sections": [ { "heading": "Background and context", "content": "- The National Bank of Moldova (NBM) has emerged from a challenging history regarding trust and accountability, which significantly influences its current transparency and communication practices.\n- The review discussed in this paper examines the NBM’s disclosure practices across AML/CFT supervision, foreign exchange intervention, reserve management, macroprudential policy, Emergency Liquidity Assistance (ELA), and communications strategy." }, { "heading": "AML/CFT supervisory transparency", "content": "- Findings:\n - The NBM undertakes its Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) supervisory responsibility transparently.\n - Some gaps remain in the transparency of the NBM’s internal AML/CFT activities.\n- Implication:\n - Continued attention is needed to close internal-transparency gaps to strengthen accountability and public trust." }, { "heading": "Foreign exchange intervention and reserve management", "content": "- Findings:\n - The NBM discloses the broad objectives of its foreign exchange intervention policy.\n - The NBM discloses the interaction between foreign exchange intervention and monetary policy.\n - The NBM discloses the relevant legal and institutional frameworks for foreign exchange intervention.\n - The NBM discloses key objectives, risk exposure, governance with oversight responsibility, and investment structure of its foreign exchange reserve management.\n- Implication:\n - The existing disclosures provide a substantive basis for understanding policy aims, interactions, and governance of reserve operations." }, { "heading": "Macroprudential policy and Emergency Liquidity Assistance", "content": "- Findings:\n - The NBM discloses its macroprudential policy framework, including objectives, strategy, and instruments.\n - Transparency of the Emergency Liquidity Assistance framework has been greatly enhanced with the publication of the NBM’s ELA Regulation in 2019.\n- Implication:\n - Publication of the ELA Regulation in 2019 represents a material improvement in lender-of-last-resort transparency; ongoing disclosures of macroprudential instruments support financial stability communication." }, { "heading": "Communications strategy and institutional transparency", "content": "- Findings:\n - The NBM’s communications strategy is currently fragmented.\n- Recommendation:\n - The communications strategy should have clear objectives and measurable targets to improve coherence, accountability, and public understanding." }, { "heading": "Consolidated policy recommendations", "content": "- Strengthen transparency of internal AML/CFT activities to close identified gaps.\n- Maintain and, where appropriate, deepen disclosures on foreign exchange intervention objectives, interactions with monetary policy, and legal/institutional frameworks.\n- Continue to disclose reserve management objectives, risk exposures, governance arrangements, and investment structure to enhance market understanding and oversight.\n- Preserve and operationalize the transparency gains from the 2019 ELA Regulation; ensure ongoing clarity around ELA procedures and accountability.\n- Reform the communications strategy to set clear objectives and measurable targets, replacing fragmented practices with a coherent, goal-oriented framework.\n\nSource: Republic of Moldova: Central Bank Transparency Code Review, April 4, 2025.\n\n---\n\n Content in this bundle\n\n- Central Bank Transparency Review — Executive Summary and Detailed Findings\n - Central Bank Transparency Review — Executive Summary and Detailed Findings (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Central Bank Transparency Review — Executive Summary and Detailed Findings (PDF){rel=\"external\" type=\"application/pdf\"}" } ], "bullets": [ "[Markdown version](/en/publications/cr/issues/2025/04/04/republic-of-moldova-central-bank-transparency-code-review-565901/index.md)", "[Structured JSON version](/en/publications/cr/issues/2025/04/04/republic-of-moldova-central-bank-transparency-code-review-565901/index.json)", "[Bundle manifest](/en/publications/cr/issues/2025/04/04/republic-of-moldova-central-bank-transparency-code-review-565901/bundle-manifest.json)", "Published: April 4, 2025", "Series: IMF Staff Country Reports", "DOI: https://doi.org/10.5089/9798229007382.002", "The National Bank of Moldova (NBM) has emerged from a challenging history regarding trust and accountability, which significantly influences its current transparency and communication practices.", "The review discussed in this paper examines the NBM’s disclosure practices across AML/CFT supervision, foreign exchange intervention, reserve management, macroprudential policy, Emergency Liquidity Assistance (ELA), and communications strategy.", "Findings:", "Implication:", "Findings:", "Implication:", "Findings:", "Implication:", "Findings:", "Recommendation:", "Strengthen transparency of internal AML/CFT activities to close identified gaps.", "Maintain and, where appropriate, deepen disclosures on foreign exchange intervention objectives, interactions with monetary policy, and legal/institutional frameworks.", "Continue to disclose reserve management objectives, risk exposures, governance arrangements, and investment structure to enhance market understanding and oversight.", "Preserve and operationalize the transparency gains from the 2019 ELA Regulation; ensure ongoing clarity around ELA procedures and accountability.", "Reform the communications strategy to set clear objectives and measurable targets, replacing fragmented practices with a coherent, goal-oriented framework.", "**Central Bank Transparency Review — Executive Summary and Detailed Findings**" ], "related": [ { "title": "Central Bank Transparency Review — Executive Summary and Detailed Findings", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/cr/2025/english/1mdaea2025001-print-pdf.pdf", "summary": { "path": "/-/media/files/publications/cr/2025/english/1mdaea2025001-print-pdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/cr/2025/english/1mdaea2025001-print-pdf.pdf", "mime": "application/pdf" } } ], "alternates": { "markdown": "/en/publications/cr/issues/2025/04/04/republic-of-moldova-central-bank-transparency-code-review-565901/index.md", "json": "/en/publications/cr/issues/2025/04/04/republic-of-moldova-central-bank-transparency-code-review-565901/index.json", "bundleManifest": "/en/publications/cr/issues/2025/04/04/republic-of-moldova-central-bank-transparency-code-review-565901/bundle-manifest.json" }, "generatedAtUtc": "2026-09-11T07:08:02.497Z" }