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Moldovan Central Bank Takes Measures to Support Banking Sector Amid COVID-19 Pandemic

Chisinau, March 2020 - The National Bank of Moldova (NBM) Approves Series of Measures

The National Bank of Moldova has approved a series of measures aimed at supporting the country’s banking sector and ensuring the continuity of financial services during the COVID-19 pandemic. The NBM aims to alleviate the economic pressure on businesses and individuals affected by the crisis.

Measures to Support Businesses

  • Licensed banks have been given flexibility in managing loan payments until June 30, 2020.
  • This decision allows banks to postpone or modify payment deadlines and amounts for loans granted to economic agents whose financial situation is temporarily impacted by the state of emergency.

Measures to Support Individuals

  • The central bank has approved measures to support individuals struggling to pay their contracted loans during the emergency period.
  • Licensed banks can now grant facilities to individuals to manage their loan payments until May 31, 2020.

Prudent Risk Management and Continuity of Banking Services

  • The NBM emphasizes the importance of prudent risk management by banks to maintain the stability of the financial system and protect depositors.
  • To prevent the spread of COVID-19, the central bank has taken measures to ensure the continuity of banking services while protecting employees and customers.

Encouragement from the National Bank of Moldova Governor

  • Octavian Armasu, Governor of the National Bank of Moldova, emphasized in an interview that the country’s banking system is solid and stable, with sufficient liquidity and capital.
  • He encouraged individuals who can continue to fulfill their loan obligations to do so, particularly through remote payment methods.

Monitoring and Additional Measures

  • The NBM will closely monitor the situation and introduce additional measures if necessary to maintain a sufficient level of liquidity in the banking system and ensure the efficient transmission of its monetary policy.

Advice for Citizens

  • Citizens are advised to contact licensed banks for more information on available services.
  • They are also encouraged to use cashless payment methods whenever possible, such as internet applications and mobile payments.