Connect with us


National Bank of Moldova decreases the base rate to 9%



On October 27th, the National Bank of Moldova adopted a decision to adjust the short-term monetary policy.

Therefore, the base rate on short-term monetary policy operations was decreased by 0,5% from 9,5% to 9%. The interest rates for overnight loans were decreased from 12,5% to 12%, while the rates for the deposits were decreased from 6,5% to 6%.

The decision states that the required reserves ratio from financial means attracted in freely convertible currency would be maintained at the level of 14% of the base. Those attracted in MDL (Moldovan leu) and non-convertible currency would be set at the level of 35%.

The central monetary and banking regulator announces that the annual inflation rate constituted 3% in September, 0,6% less than in August.
The core inflation rate constituted 6,7% in September, 0,8% less than in July. The central bank of Moldova thinks that the annual inflation rate is still below the upper limit of the 1,5% range from 5% target.

According to the National Bank, the external inflationary risks are associated with increased international prices for food and raw materials along with the uncertainty related to more pronounced volatility of the international price of oil. Potential internal risks and uncertainties to inflation arise from the impact of changes in excise duties in terms of fiscal policy stance for 2017 and from the 2017 harvest.

The National Bank of Moldova predicts that the annual inflation rate will get to its negative minimum level in the first trimester of 2017 and will then slowly recover.

Continue Reading


The 3rd EU assistance package for Moldova approved – the amount and programmes to which the budget support is directed



On October 31st, the European Commission has approved a new disbursement of about €25 million, that representing assistance to the budget of the Republic of Moldova in order to support the Moldovan government in delivering key reforms in the areas of policing, fight against corruption and money laundering, agriculture, as well as rural development, according to a press release of the European Commission.

“Today’s assistance package – the fourth since July – demonstrates the EU’s strong and continued commitment to the reform path of Moldova. It should be seen as recognition of the sustained efforts made by the Moldovan government to address problems within vital areas such as justice and the rule of law for the benefit of the Moldovan people. The EU stands ready to further assist this important process conditional to tangible results, especially on the much-awaited justice reform,” Johannes Hahn, Commissioner for European Neighbourhood Policy and Enlargement Negotiations, declared.

The previous payments were made as following:

The amount of €24.85 million corresponds to budget support disbursements under two programmes:

  • Support to Police reform: particularly, for modernisation of police structures, women participation in the police force, pilot community policing projects, strengthening the rapid-reaction capacities of its intervention teams to emergency calls and reducing the intervention time, building new anti-corruption units within the police to actively promote and implement the principles of zero tolerance to corruption;
  •  ENPARD Moldova – Support to Agriculture and Rural Development: namely, for enhancing the competitiveness of Moldovan agri-food sector by supporting farm investment, creation of producer groups and helping agri-food establishments trade with the EU, helping agricultural producers to comply with international and EU quality standards on food safety and supporting rural development initiatives, initiated at the local level.

According to the platform of EU-funded technical assistance projects in the Republic of Moldova, eu4moldova.md, our country is the largest beneficiary of EU aid per capita in the European neighbourhood, which means that the European Union invested 619 851 649 in the Republic of Moldova until this moment.

The experts believe that in the absence of DCFTA (Deep and Comprehensive Free Trade Area), the Moldova’s state budget would have lost over 7 billion lei in revenues, and the private sector would have lost at least 320 million euros in investments in fixed capital, according to a  report issued by the Expert-Group representatives and the Institute for European Policies and Reforms.

Still, the potential offered by the EU-Moldova Association Agreement has not yet been fully reached, as a lot is still to be done, especially when it comes to functioning of democratic institutions and strengthening the rule of law and the independence of justice.

“The prevention and combating of high-level corruption has been mainly characterised by selective justice practices or by lack of finality, despite the consolidation of the normative and institutional framework by creating the Anti-corruption Prosecutor’s Office and by reforming the integrity system. Efforts aimed at police reform were recorded, being also supported by our development partners. However, the depoliticization of law institutions remains an arrearage. Corruption is still perceived as the main problem of the society. […] All of these have affected the EU-Moldova dialogue, including the use of the full support from the European Union,” the Expert-Group report showed.

Photo: ec.europa.eu

Continue Reading


Participate in the 6th edition of Moldova Business Week and get to know more about the Moldovan business environment



Moldova Business Week is the biggest national economic event outlining the policies, reforms, trends and success stories of the investment climate of Moldova, being designed to create a network to benefit from all the business opportunities in Moldova.

This is how the event is presented on the official website. It will be conducted between November 13-15 at the Palace of the Republic (Maria Cebotari street, 16) and on November 16th at the Tekwill Centre (Studenților street, 9/11).

This year program includes an agenda dedicated to Moldova’s strategic sectors like ICT (Information and Communication Technologies) & BPO (Business Process Outsourcing), Agrifood, Tourism and Green Energy, as well as Creative industries and Cinema Production. For the first time, the 4th edition of Moldova Automotive Days will be held during Moldova Business Week, having a focus on Mechatronics, Clusterisation and Research & Development.

On November 15th, the ProExport Forum will be conducted, which will allow local companies to increase the know-how regarding qualitative exports and establish a useful business network. On November 16th, the annual “Moldova in Fashion” Conference will refresh the business trends in the fashion industry.

More than 1000 national and international leaders and business partners are expected to be present at the event, which is organised by the Investment Agency in collaboration with the development partners and the associative environment. Moreover, over 100 local speakers and 26 international speakers from 15 other countries will discuss the opportunities and challenges of the strategic and niche sectors.

The scope of Moldova Business Week 2019 is to promote the business environment in Moldova as one based on sustainable economic growth, friendly fiscal system and open attitude towards establishing transparent commercial relations with partners around the world.

Moldova Business Week will start with panels dedicated to key reforms to improve the investment climate, progress and challenges of foreign investors, followed by individual B2B discussion sessions.

The 4-days-agenda of Moldova Business Week 2019 can be found here.

Access to the conference is free, based on a prior registration on the official page of the event between October 10th and November 10th, 2019.

Moldova is ranked 48th in the Ease of doing business ranking, according to the World Bank Group report on Doing Business 2020. The rank shows where are the regions with easiest to do business in the world. In 2017, Moldova had the 44th place in the ranking, same as in 2018.

Among the states that are ahead of the Republic of Moldova regarding the ease of doing business are Slovakia, Belgium and Armenia, Moldova being followed by Belarus, Montenegro and Croatia.

Doing Business is a valuable tool used by governments, businesses and potential investors to assess the evolution of business environment in a certain country.

Source: Doing Business 2020 Report

Photo: invest.gov.md

Continue Reading


5 uncommon businesses in Moldova we bet you didn’t know about



All of them work really hard to see their dreams come true. All of them took risks when investing money, work, equipment and time into their businesses. All of them are great, representing our country and its heritage at home and abroad. There are many more unique businesses like this in Moldova. It’s just that they are not yet discovered by the public eye. For now, check out those presented below.

Biantti – ecological almonds and sea buckthorn products

Biantti is the only local producer of organic flour, cold pressed oil and almond flakes, which is certified as being ecological in the Republic of Moldova.

The owner of a 7 hectares almond orchard, a 10 hectares walnut orchard, a 5 hectares sea buckthorn orchard, as well as the producing factory is Igor Golban. He came back to Moldova after he graduated his studies in France and started the almond business in the village he was born.

By taking the technology from Germany, the planting material from Romania and accessing funds from several sources, including non-reimbursable funds, the idea of growing almonds became reality.

source: madein.md

Besides the almond and walnut oil and flour, briquettes made out of shells, sea buckthorn leaves tea, the producer sells also dried fruits, pumpkin seeds, flax, hemp and cumin oil, pumpkin, as well as flax flour.

“We have a total of 7 generations of nuts and almonds trees. Last year, we gathered 12-14 tons of almonds. This year, around 7-8 tons,” declared Igor Golban.

Only 15% of the volume of the products are exported, the rest remains in the country, being used in Moldovan kitchens.

The owners of this business – Mr. and Mrs. Malancea launched it after the retirement. The pasta and home made noodles are produced from organic ingredients. It is so good that most kindergartens and schools in the region buy pasta from the Malancea family. The couple plans also to export the goods abroad.

“80% of our production is represented by homemade noodles. Moldovans love homemade products,” said Mr. Malancea.

Source: masainfamilie.ro

Every day, 8 employees work at the factory in Antonești. During one day, they use at least 2000 eggs, needed in the production process. Generally, over a ton of pasta is produced in the factory for one day.

The noodles are prepared after a traditional recipe, as they are prepared at home. After the pasta and noodles are dried for 8 hours, the package process comes in place.

Still, Malancea spouses revealed that the biggest problem they have to face is the shortage of skilled labour, as a lot of such workers prefer to work abroad.

Green – handcrafted soap made of natural ingredients

Ivan Chiriac is a beekeeper  who creates honey products and handmade soaps with different natural additions. He can quickly name his products’ properties and has a great passion for what he is doing.

The young man said that it all started with the purchase of the first hive. Then he took what the bees produce and managed to open a small workroom near his house, where he and his partner started to produce honey goods and natural soaps.

source: ea.md

“After discovering the properties of honey, I started to produce different products derived from it, such as solid shampoo and natural soaps, with various additions of plants or oils,” claimed Ivan.

The entire composition of solid shampoo and soap produced at the Ivan’s workroom is based on natural products, such as vegetable oils, seeds, honey, everything being indicated on the label.

Brânza de Popeasca – a unique kind of cheese protected by the European Commision

About Cheese from Popeasca we already wrote in a previous article. It is one of the few authentic products from Moldova that were qualified as products with a protected designation of origin. Once it obtained such a labelling, it can no longer be manufactured according to the same recipe and the same name anywhere in the world. “Brânza de Popeasca” is a cheese made with different additional ingredients like dill, parsley, olives, bell pepper and other kinds of cheese.

source: moldnova.eu

Vadim and Mariana Osipov are the households that manage a farm of 200 heads. Their customers are several restaurants and supermarkets in Chișinău. These people face daily a lot of difficulties, from human factor to climatic conditions. Despite all the hardships, they never give up and continue to work for developing their business and taking it to a new stage.

FROM THE HEART.SHOP – the online shop where only Moldovan goods are sold

FROM THE HEART.SHOP aimed to be the first online store in the Republic of Moldova where products manufactured and created in Moldova were collected in one place. It was set out to create a bridge between Moldovan producers and consumers, wherever they are, as it facilitated the online purchase of the goods desired and their delivery in any corner of the world.

source: fromtheheart.shop

The online platform was founded by a group of enthusiastic people led by Nata Albot, a blogger, TV producer, journalist and a media manager from Moldova.

There online shop sells all kinds of clothing products, shoes, cosmetics, accessories, books and household items from 28 Moldovan brands and there is still room for more.

Photo: Getty Images (Opolja)

Continue Reading

Latest News

Miscellaneous12 hours ago

A new way of looking at the world – the Good Country Index: How does Moldova rank?

The Good Country Index is an index that measures what each country contributes to the common good of humanity and to...

Diaspora1 day ago

The Festival of Talents of the Moldovan Diaspora will have its first edition in London

The Festival of Talents of the Moldovan Diaspora is the first event that unifies the entire Moldovan diaspora from the...

Politics3 days ago

Moldova has a new Government: Ion Chicu is the prime minister of the country

Things are happening in Moldova from one day to the next. The Government headed by Ion Chicu, the adviser of President...

Politics4 days ago

A new option for Moldovan politics? The minority government

The Socialist Party of the Republic of Moldova (PSRM) announced today its support for the President’s initiative to establish a...

Important5 days ago

Moldovan Government fell as a result of the Parliament’s no-confidence vote – a full picture of events

Today, October 12th, the government led by Maia Sandu collapsed. The no-confidence motion submitted by the Party of Socialists of...

Politics7 days ago

The message of European and American officials for Moldova’s coalition government

The representatives of the EU delegation in Moldova, the Embassy of Romania, UK, USA and of Polish Ministry of Foreign...

Politics1 week ago

PSRM brought a no-confidence motion in the Parliament criticising the Government. What’s next?

Just a few hours ago, the Party of Socialists of the Republic of Moldova (PSRM) brought a no-confidence motion in...