{"id":239356,"date":"2006-10-26T17:23:00","date_gmt":"2006-10-26T17:23:00","guid":{"rendered":"http:\/\/new.moldova.org\/2006\/10\/26\/imf-satisfied-with-amendments-to-nbm-law-19472-eng\/"},"modified":"2006-10-26T17:23:00","modified_gmt":"2006-10-26T17:23:00","slug":"imf-satisfied-with-amendments-to-nbm-law-19472-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/imf-satisfied-with-amendments-to-nbm-law-19472-eng\/","title":{"rendered":"IMF satisfied with amendments to NBM law"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

The International Monetary Fund mission is satisfied with the amendments introduced to the Law on the National Bank of Moldova, Mr. Thomas Richardson, Deputy Division Chief, Northeastern Division (Belarus, Moldova, Norway and Russia) in the IMF’s European Department, stated upon the mission’s completion of its visit to Chisinau during October 11-25. <\/p>\n

The IMF experts reckon the Moldovan central bank presently possesses broad possibilities to curb consumer price growth and, hence, to effectively control the monetary inflation aka basic inflation. <\/p>\n

Thomas Richardson appeared at a joint press conference here together with Moldovan Prime Minister Vasily Tarlev, and said, in particular, that the monetary inflation in Moldova in 2006 is actually lower than its indictors published for the first 9 months of this year. The IMF experts mean the imported inflation that takes place due to a higher rate on energy, which is currently US$160 per a thousand cubic meters, against US$80 last year. <\/p>\n

Thomas Richardson said the IMF had hoped for an NBM hard-currency reserve greater that what the National Bank is actually going to have by the end of this year. He explained that in their calculations, the IMF experts proceeded from the pace of the currency-reserve growth over last several years. However, due to the suspended Moldovan wine exports to traditional markets, the currency reserve growth indicators turned out to be smaller than what was projected in the 2006 Memorandum on Economic and Financial Policies (MEFP) concluded between the IMF, the Government of Moldova and the National Bank. <\/p>\n

The IMF mission hopes that next year the National Bank and Government will manage to bridle inflation within 10%, as rates higher than this may tell adversely on the businesses’ access to commercial bank credits. <\/p>\n

Before its departure from Chisinau, Prime Minister Vasily Tarlev and the IMF Resident Representative in the Republic of Moldova Johan Mathisen issued a Joint Press Statement, saying, in particular, this was the first review mission under the Poverty Reduction and Growth Facility (PRGF). <\/p>\n

The mission assessed performance over the previous 6 months in implementing macro-economic policies and structural reforms agreed in the 2006 MEFP, and held discussions on the Government’s and NBM’s MEFP for 2007. The mission was pleased to note that performance under the program in 2006 has been positive. <\/p>\n

The mission, jointly with the Moldovan authorities, reached a preliminary agreement on a new MEFP for 2007. This agreement, the Joint Press Statement said, will as always need to be reviewed by the IMF management, following which it will be submitted to the IMF’s Executive Board for consideration. It is hoped that the IMF Executive Board will be able to consider this proposed agreement in mid-December 2006. <\/p>\n

Importantly, the document said, the mission plans to propose an increase in the size of the loan, from US$118 million to about US$163 million, over three years. This proposed increase would be intended to help Moldova adjust to the difficult external circumstances it faces. \/\/ Infotag<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>IMF International Monetary Fund mission amendment NBM National Bank of Moldova law<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-239356","post","type-post","status-publish","format-standard","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

The International Monetary Fund mission is satisfied with the amendments introduced to the Law on the National Bank of Moldova, Mr. Thomas Richardson, Deputy Division Chief, Northeastern Division (Belarus, Moldova, Norway and Russia) in the IMF’s European Department, stated upon the mission’s completion of its visit to Chisinau during October 11-25. <\/p>\n

The IMF experts reckon the Moldovan central bank presently possesses broad possibilities to curb consumer price growth and, hence, to effectively control the monetary inflation aka basic inflation. <\/p>\n

Thomas Richardson appeared at a joint press conference here together with Moldovan Prime Minister Vasily Tarlev, and said, in particular, that the monetary inflation in Moldova in 2006 is actually lower than its indictors published for the first 9 months of this year. The IMF experts mean the imported inflation that takes place due to a higher rate on energy, which is currently US$160 per a thousand cubic meters, against US$80 last year. <\/p>\n

Thomas Richardson said the IMF had hoped for an NBM hard-currency reserve greater that what the National Bank is actually going to have by the end of this year. He explained that in their calculations, the IMF experts proceeded from the pace of the currency-reserve growth over last several years. However, due to the suspended Moldovan wine exports to traditional markets, the currency reserve growth indicators turned out to be smaller than what was projected in the 2006 Memorandum on Economic and Financial Policies (MEFP) concluded between the IMF, the Government of Moldova and the National Bank. <\/p>\n

The IMF mission hopes that next year the National Bank and Government will manage to bridle inflation within 10%, as rates higher than this may tell adversely on the businesses’ access to commercial bank credits. <\/p>\n

Before its departure from Chisinau, Prime Minister Vasily Tarlev and the IMF Resident Representative in the Republic of Moldova Johan Mathisen issued a Joint Press Statement, saying, in particular, this was the first review mission under the Poverty Reduction and Growth Facility (PRGF). <\/p>\n

The mission assessed performance over the previous 6 months in implementing macro-economic policies and structural reforms agreed in the 2006 MEFP, and held discussions on the Government’s and NBM’s MEFP for 2007. The mission was pleased to note that performance under the program in 2006 has been positive. <\/p>\n

The mission, jointly with the Moldovan authorities, reached a preliminary agreement on a new MEFP for 2007. This agreement, the Joint Press Statement said, will as always need to be reviewed by the IMF management, following which it will be submitted to the IMF’s Executive Board for consideration. It is hoped that the IMF Executive Board will be able to consider this proposed agreement in mid-December 2006. <\/p>\n

Importantly, the document said, the mission plans to propose an increase in the size of the loan, from US$118 million to about US$163 million, over three years. This proposed increase would be intended to help Moldova adjust to the difficult external circumstances it faces. \/\/ Infotag<\/p>\n

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