Statement of the National Bank of Moldova
- Susana Almuina, Ian McCarthy, Gabriel Sensenbrenner, and Justin Zulu
- Published Date:
- December 1995
The IMF is providing considerable technical assistance to the National Bank of Moldova, which has a distinct value now, in the period of implementing the market-oriented economic reforms.
The Resident General Operations Advisor to the National Bank of Moldova from the Bank of Israel, Matityahu Herskovitz, appointed by the IMF, is coordinating the technical assistance from the Bretton Woods institutions and the cooperating central banks, identifying the areas of high priority. The IMF’s wide-ranging assistance for the National Bank covers the fields of monetary policy and operations, accounting procedures, payments system, banking supervision, balance of payments, foreign exchange market, legal aspects, and other areas of banking activity.
Considerable assistance and advice have been provided in the areas of monetary policy and operations. Experts from the Statistics Department of the IMF assisted us in setting-up the system for compiling the monetary survey. This assistance was essential for designing and performing an appropriate monetary policy after the introduction of the national currency. Experts from the IMF’s Monetary and Exchange Affairs Department have assisted us in designing the National Bank’s instruments of monetary control and in developing monetary programming and analysis capabilities. In these efforts they have been assisted by the central banks of Israel and Portugal.
In the area of accounting, experts from the Monetary and Exchange Affairs Department have prepared a new chart of accounts for the Baltic countries, Russia, and other countries of the former Soviet Union. Our staff took part in the seminar in Almaty on this issue. Currently, the department is providing experts from the Reserve Bank of New Zealand in order to coordinate the process of transition to Western accounting standards.
In the field of payments system, experts from the Reserve Bank of Australia are providing assistance in the reorganization of the clearing and settlements system of Moldova.
As for the balance of payments, we received considerable help from the Statistics Department of the IMF and specialists from the Netherlands Bank. They assisted in improving the database, identifying the information sources for the balance of payments, and worked out the methodology for the balance of payments compilation.
The Monetary and Exchange Affairs Department and its experts from the Bank of France and the Czech National Bank provided considerable assistance in preparing and implementing the introduction of the national currency—the leu, in particular paying attention to the technical aspects of this process.
The department and its experts from the Bank of France have also provided assistance in developing the foreign exchange market in Moldova and the foreign exchange operations and reserve management of the National Bank. These experts assisted with the establishment of the Moldovan Interbank Foreign Currency Exchange (IFCE) and advised the Bank in setting up the fixing sessions where the Moldovan leu is quoted against the U.S. dollar.
The Monetary and Exchange Affairs Department with its banking supervision experts from the U.S. Federal Reserve System have provided training and advice in modernizing our prudential regulations to our Banking Supervision Department.
We appreciate the guidance of the IMF’s Monetary and Exchange Affairs Department and the Legal Department on the monetary policy and banking activity during the elaboration of the Foreign Exchange Regulations and the fundamental laws. The drafts of the laws, prepared by National Bank specialists, were examined by IMF experts and their suggestions were very useful.
In addition to the above-mentioned areas, the National Bank has received considerable technical assistance from the World Bank, the European Commission, and the European Bank for Reconstruction and Development.