Moldova’s National Bank Focuses on Recovery Efforts in Consumer Loans
Ensuring Financial Stability Through Recovery Initiatives
The National Bank of Moldova has outlined a series of initiatives aimed at promoting recovery in consumer loans, as part of its ongoing efforts to ensure financial stability. These measures are designed to mitigate risks and promote sustainable lending practices.
Reviewing Interest Rate Risk
In 2024, the bank will review the interest rate risk associated with non-trading book activities. This review will focus on assessing the accuracy of banks’ calculations for potential changes in economic value due to interest rate fluctuations. This move is intended to help mitigate risks and promote sustainable lending practices.
Enhancing Payment Systems Supervision
The National Bank is stepping up its monitoring and supervision of payment systems and services, which have become increasingly complex in the digital age. The bank will focus on ensuring the continuity and efficiency of local and international payment systems, as well as promoting confidence among users of cashless payment instruments.
- Monitoring and supervision of payment systems and services
- Ensuring continuity and efficiency of local and international payment systems
- Promoting confidence among users of cashless payment instruments
Combating Money Laundering and Terrorist Financing
To combat money laundering and terrorist financing, the National Bank will continue to identify and assess new or emerging risks. The bank will use a risk-based approach to supervise reporting entities and strengthen its internal processes for identifying and managing these risks with the support of advanced technologies and data analysis.
- Identifying and assessing new or emerging risks
- Using a risk-based approach to supervise reporting entities
- Strengthening internal processes for identifying and managing risks
Prioritizing ICT Risk Management
The National Bank is prioritizing the identification and effective management of risks associated with information and communication technologies (ICT). This includes ensuring the security and integrity of information systems, as well as monitoring banking systems and services for vulnerabilities.
- Ensuring security and integrity of information systems
- Monitoring banking systems and services for vulnerabilities
Commitment to Promoting Financial Stability
“We are committed to promoting financial stability in Moldova by addressing the key challenges facing our banking sector,” said a National Bank spokesperson. “Our efforts will focus on supporting recovery in consumer loans, ensuring the efficient functioning of payment systems, and combating money laundering and terrorist financing.”
The bank’s initiatives aim to improve the resilience capabilities of banks and ensure appropriate protection against cyber threats and attacks. By strengthening its supervision and monitoring activities, the National Bank is working to create a more stable and secure financial environment for Moldovan consumers and businesses.