## Republic of Moldova: Central Bank Transparency Code Review

_IMF Staff Country Reports, April 4, 2025_

## Source details

**Canonical URL:** [Republic of Moldova: Central Bank Transparency Code Review](https://www.imf.org/en/publications/cr/issues/2025/04/04/republic-of-moldova-central-bank-transparency-code-review-565901)

## Other formats

- [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)

## Bibliographic details
- Published: April 4, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229007382.002

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### Background and context
- 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.

### AML/CFT supervisory transparency
- Findings:
  - The NBM undertakes its Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) supervisory responsibility transparently.
  - Some gaps remain in the transparency of the NBM’s internal AML/CFT activities.
- Implication:
  - Continued attention is needed to close internal-transparency gaps to strengthen accountability and public trust.

### Foreign exchange intervention and reserve management
- Findings:
  - The NBM discloses the broad objectives of its foreign exchange intervention policy.
  - The NBM discloses the interaction between foreign exchange intervention and monetary policy.
  - The NBM discloses the relevant legal and institutional frameworks for foreign exchange intervention.
  - The NBM discloses key objectives, risk exposure, governance with oversight responsibility, and investment structure of its foreign exchange reserve management.
- Implication:
  - The existing disclosures provide a substantive basis for understanding policy aims, interactions, and governance of reserve operations.

### Macroprudential policy and Emergency Liquidity Assistance
- Findings:
  - The NBM discloses its macroprudential policy framework, including objectives, strategy, and instruments.
  - Transparency of the Emergency Liquidity Assistance framework has been greatly enhanced with the publication of the NBM’s ELA Regulation in 2019.
- Implication:
  - 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.

### Communications strategy and institutional transparency
- Findings:
  - The NBM’s communications strategy is currently fragmented.
- Recommendation:
  - The communications strategy should have clear objectives and measurable targets to improve coherence, accountability, and public understanding.

### Consolidated policy recommendations
- 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.

*Source: Republic of Moldova: Central Bank Transparency Code Review, April 4, 2025.*

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## Content in this bundle

- **Central Bank Transparency Review — Executive Summary and Detailed Findings**
  - [Central Bank Transparency Review — Executive Summary and Detailed Findings (Markdown version)](/-/media/files/publications/cr/2025/english/1mdaea2025001-print-pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Central Bank Transparency Review — Executive Summary and Detailed Findings (PDF)](/-/media/files/publications/cr/2025/english/1mdaea2025001-print-pdf.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2025/04/04/republic-of-moldova-central-bank-transparency-code-review-565901_