German Economic Team: Financial System of Republic of Moldova is back on track

The German Economic Team of experts, who offer advices regarding economic issues to Chisinau's Government, have declared that Republic of Moldova managed to overcome the crisis created by banking fraud and the Financial System is now stable. 

The reforms implemented by the Ministry of Economy were meant to bring back trust in banking system and assure transparency of all actions of the bank's real owners.

At the same time, chances were also made in other areas in order to prevent this incident from ever repeating.

Authorities from Moldova will introduce next year new quality standards for the banking system, based on those from European Union.

The National Bank of Moldova has also concentrated its efforts to ensure transparency and it has brought results. Important shares were frozen in big banks and only partially remitted. 

Another sign of stabilization mentioned by German experts is the positive development of the average sufficiency of risk-weighted capital in the system. In Moldova the number being of 16%.

After a fall of the average risk-weighted capital to less than 13 percent in January 2015, the indicator is now nearly 30 percent, even higher than before the crisis.

This is all due to the implementation of new raised standards and better surveillance over the banking system.

After the National Bank of Moldova has introduced a special surveillance over the three main banks from the country, German experts considers that the transparency and trust in this sector has greatly rose.

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