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National Bank of Moldova – the first Eastern Partnership bank joining the Memorandum of Cooperation with the European Banking Authority

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The National Bank of Moldova (NBM) has joined the Memorandum of Understanding concluded between the European Banking Authority (EBA) and banking supervisors in some countries of Southeastern Europe.

Thus, the Republic of Moldova is the first country of the Eastern Partnership that has joined this memorandum.

With the accession to the Memorandum, a framework for cooperation and exchange of information between NBM and EBA in the field of banking regulation and supervision will be established.

NBM will be invited to participate in the ABE forums for Southeast European Banking Supervisors, will regularly receive information from EBA on the development of the European Union’s single supervisory framework on the convergence of supervisory practices, the functioning of colleges supervisors in the European Union and on the risks and vulnerabilities of the European Union banking system.

The EBA will also provide NBM access to its regular training activities.

At the same time, the NBM will provide EBA, periodically or ad hoc, with information on the relevant developments of the banking system in the Republic of Moldova that will be used for risk analysis purposes.

“The accession to the EBA Memorandum is an important step of the NBM in the context of fulfilling the commitments of the Moldova-EU Association Agreement and the promotion of the reforms in the banking sector in order to strengthen the regulatory and supervisory framework in line with international standards”, underlines NBM Governor, Octavian Armasu.

The European Banking Authority (EBA) is an independent European Union authority created in 2011 with a view to ensuring an effective and consistent regulatory and prudential supervisory framework throughout the European Union banking sector.

EBA is part of the European System of Financial Supervisors (ESFS) and its main objectives are to maintain financial stability in the European Union and ensure the integrity, efficiency and smooth operation of the banking sector.

Economy

“A decision expected by 10,000 patents”. Deputies of ‘ACUM’ ask for an extension of patent activity to 2022

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Deputies of the opposition bloc ‘ACUM’ have today registered in Parliament’s secretariat a legislative initiative to extend small business activities based on entrepreneurial patents until 31 December 2022.

According to Deputy Alexandru Slusari, this decision is long awaited by about 10,000 patents, “who together with their families are now afraid of breasts” and “are hand-luggage.”

Reminder: In November 2018, the Parliament adopted a draft which indicated the term of the entrepreneur’s patent for retail trade to be extended until 31 December 2019.

The term of the patent was only extended to holders, which had patents for these activities on 31 December 2018. About 9400 patents in retail are currently valid.

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Economy

The IMF estimates an economic growth of 3.5% for the Republic of Moldova in 2019

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However, the report on global economic outlook “World Economic Outlook” shows that the Moldovan economy will grow more slowly than the previous forecast when the fund expected an increase of 3.8%, informs Moldpres.

According to the latest report of the Fund, the annual inflation rate will be 3.3% and the current account deficit of the Republic of Moldova will represent 7.7% of the GDP in 2019.

The IMF expects the economy of the Republic of Moldova to grow by 3.8% in 2020, and the same economic growth is projected by 2024.

The World Bank, too, recently revised the GDP growth forecast for Moldova in 2019 by 0.2 percentage points – from 3.8% to 3.6%. The World Bank forecasts inflation for this year at 4.7%.

How many years does RM need to reach the level of economic development of EU countries in 2018?

This economic growth rate of 3.5% is the lowest for the group of the poorest member states of the Commonwealth of Independent States (CIS), of which, according to IMF classification, the Republic of Moldova is part of. Accordingly, to reach the EU level in 2018, Moldova needs 34 years.

“The situation described above is not a short-term evolution of the national economy, but a long-lasting trait of economic changes in the Republic of Moldova,” said economist Viorel Gârbu.

According to the expert, taking into consideration the annual economic growth in the last 20 years (4%), the Republic of Moldova needs 14 years to reach the average level of development of economies in transition.

Approximately 27 years will be needed to reach the level of the CIS member state’s economic development in 2018 or 34 years – to reach the 2018 level of economic development in transition economies in Europe.

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Economy

A Swedish company would like to invest between 20 and 50 million euros in Moldova

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In the Republic of Moldova there are 32 enterprises with Swedish capital, the investments in social capital amounting to 74,154,000 lei. By value of the invested capital, Sweden ranks 17th among the major foreign investors.

A Swedish company would like to invest between 20 and 50 million euros in Moldova. The statement was made by Anders Jarlskog, the general manager of the Swedish company Euro Finans, during a meeting with Economy and Infrastructure Minister Chiril Gaburici.

According to a communique of the ministry, the management of Euro Finans has approved the investment for Moldova. However, they will have to be exposed to the Board of Directors of the company. In this respect, the Euro Finans management and the Management Board will hold a visit to Chisinau in order to discuss the facilities created for foreign investors, the strategic areas and sectors of the Republic of Moldova, the projects planned for this year, and so on. Following the visit, the Swedish delegation is to make the final decision on the investment.

Chiril Gaburici mentioned that Sweden is one of the main development partners and supporters of the so-called European path of our country, being among the top 5 donors of Moldova.

According to general manager Anders Jarlskog, Euro Finans’ entry to the Republic of Moldova will stimulate the economic development of the country thanks to its unique business model and product range.

“We appreciate the progress made by the Republic of Moldova in the reforms, as well as the facilities offered to the business environment, with the reduction of bureaucracy,” added the director of Euro Finans.

Euro Finans is a financial company specializing in B2B financing.

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