Republic of Moldova: Financial Sector Assessment Program-Technical Note on Macroprudential Framework and Policies
IMF Staff Country Reports, June 11, 2026
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- Published: June 11, 2026
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229049177.002
Macroprudential governance — progress and remaining gaps
- Macroprudential governance has advanced following recent reforms.
- Clarifying mandates and strengthening coordination remain essential for timely and effective action.
- The Law on the NBM assigns equal weight to financial stability and support of government policy without a clear hierarchy, raising the risk of ambiguity when objectives conflict.
Institutional roles and responsibilities
- The National Bank of Moldova (NBM) sits at the center of the framework—supervising both banks and non-bank lenders after the 2023 twin-peaks reform.
- The National Commission for Financial Markets (NCFM) oversees capital markets.
- Consolidation of supervision has enhanced oversight and consistency.
- Both institutions are operationally independent and legally tasked with preserving financial stability.
Policy coordination and decision-making
- Policy coordination and information exchange occur through the National Committee for Financial Stability (NCFS), the formal macroprudential authority and high-level inter-agency forum with comply-or-explain powers.
- Coordination and communication have improved through internal mechanisms, including:
- a Financial Stability Working Group (FSWG)
- frequent Board discussions
Transparency, outputs, and tools
- External outputs that support communication and accountability include:
- an annual Financial Stability Report (FSR; since 2019)
- a quarterly Financial Stability Assessment Report (since 2024)
- a macroprudential policy strategy
- publication of material on the NBM website
Implications for policy
- Strengthen legal clarity on mandate hierarchy to reduce ambiguity when financial stability and government-support objectives conflict.
- Reinforce coordination mechanisms and information-sharing through the NCFS and internal working groups to enable timely macroprudential action.
- Continue publishing regular external outputs (FSR, Financial Stability Assessment Report, macroprudential strategy) to support transparency and accountability.
Republic of Moldova: Financial Sector Assessment Program-Technical Note on Macroprudential Framework and Policies — IMF Staff Country Reports
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