Over the past few years the National Bank of Moldova (NBM) has benefited from technical assistance from international financial institutions, foreign central banks, and other development partners. The fields covered by the technical assistance are consistent with the priorities and medium-term strategic development objectives of the NBM.
Assistance provided by international financial institutions
International Monetary Fund and World Bank are the two main actors that provide support in the key areas of the NBM’s activity. Enhancing the efficiency of monetary policy and financial management, strengthening institutional and structural policies, development and proper functioning of the payment system are listed among the objectives of the technical assistance provided by these institutions.
Assistance provided by the European Union
The European Commission’s support is provided to the NBM as a follow-up to the commitments undertaken by the Republic of Moldova in the context of European integration process. The assistance from the European Union is granted by transferring knowledge through Twinning and TAIEX.
Since 1 July 2015, the NBM has benefited from the assistance offered by the European Union through the Twinning instrument. This assistance is directed towards strengthening the NBM's capacity in the field of banking regulation and supervision in the context of EU requirements.
Through the TAIEX instrument, the NBM benefitted from assistance in the following fields:
– Crisis Communication Management (November 2014)
– Creation of a Single Central Securities Depository (January 2015)
– Promoting Cashless Payments (March 2015)
– Cash Management and Security of Vault in the Central Banks (July 2015)
– Supervision, Recovery and Resolution of Credit Institutions and Investment Firms (September 2015)
Other TAIEX assistance requests of the NBM will be implemented in the forthcoming period.
Other assistance provided by the European Union
On 20 November 2015, representatives of the NBM and licensed banks attended a seminar on banking resolution delivered by Srichander Ramaswamy, Adviser to the Prime Minister of the Republic of Moldova on banking sector and expert within the European Union High Level Policy Advice Mission to the Republic of Moldova (EUHLPAM).
Starting with 15 February 2016 the NBM is assisted by a High Level Adviser for the banking sector – Ms Aldona Jočienė. This support is provided by the European Union in the context of the EUHLPAM Program and will contribute to capacity building of the NBM in the banking field.
Assistance provided by other partners
The technical assistance provided to the NBM by the central banks of other countries and other development partners in the area of banking supervision, monetary and foreign exchange policy, financial stability, payment system etc. is of utmost importance.