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Republic of Moldova: Central Bank Transparency Code Review

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  • International Monetary Fund

Abstract

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. The NBM undertakes its Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) supervisory responsibility transparently, but some gaps still exist in its internal AML/CFT activity transparency. The NBM discloses the broad objectives of its foreign exchange intervention policy, its interaction with monetary policy, and the relevant legal and institutional frameworks. The NBM discloses the key objectives, risk exposure, governance with oversight responsibility, and investment structure of its foreign exchange reserve management. The NBM also discloses its macroprudential policy framework, including its objectives, strategy, and instruments. The transparency of the Emergency Liquidity Assistance framework has been greatly enhanced with the publication of the NBM’s ELA Regulation in 2019. The NBM’s communications strategy, which is currently fragmented, should have clear objectives and measurable targets.

Suggested Citation

  • International Monetary Fund, 2025. "Republic of Moldova: Central Bank Transparency Code Review," IMF Staff Country Reports 2025/084, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2025/084
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