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Money Laundering, Theft, and Public Debt: A Perfect Storm

Chisinau, [Date]

In a shocking revelation, it has been discovered that the National Bank of Moldova (NBM) bypassed the special supervision provided by law and established a special administration at Banca de Economii, Banca Sociala, and Unibank without waiting for financial resources to be exhausted from these banks.

Unaccountable Funds

According to an NBM report, less than half of the resources offered to the three banks during 2014-2015 were used as intended. The rest was used to cover other issues, including creating undeserved profits through currency speculation. This reckless behavior has led to a massive withdrawal of billions from commercial banks and state international reserves.

Consequences

The government’s decision in September 2016 to assume responsibility for the accumulated debt has only exacerbated the situation. MDL 13.34 billion was converted into public debt over the next 25 years, tripling domestic debt from MDL 7.2 billion at the beginning of 2016 to over MDL 22 billion by the end of that year.

Repayment Costs

The repayment cost for this debt is estimated at MDL 25 billion over the next 25 years, with citizens facing an annual interest rate of 5%. Meanwhile, the beneficiaries and owners of the banks were given a preferential interest rate of just 0.1%. This glaring disparity has raised questions about double standards and complicity.

Risks to Financial System

Experts warn that the risks of financial system contamination persist, with other financial institutions potentially following in the same scenario. The money entrusted to these entities by citizens is at risk due to the government’s alleged complicity with different interest groups managing financial flows in Moldova.

Double Standards

The National Bank of Moldova has been accused of applying double standards in setting interest rates, claiming that a higher rate was necessary to protect against losses from devaluation of debt. However, this justification has raised eyebrows, given the bank’s willingness to lend to the beneficiaries of banking fraud while forbidding direct lending to the government.

Financial Sector Risks

The financial sector is dominated by a number of interest groups, generating additional risks and lack of transparency regarding beneficial owners. The situation is further complicated by large exposures to certain customers, loans extended to affiliated persons, and high levels of non-performing loans accumulated as a result.

Conclusion

This shocking revelation has sparked concerns about the state of Moldova’s financial system and the government’s role in perpetuating these risks. The perfect storm of money laundering, theft, and public debt threatens the stability of the entire economy, and it is essential to address these issues immediately to prevent further damage.