{"id":247713,"date":"2008-01-04T18:09:00","date_gmt":"2008-01-04T18:09:00","guid":{"rendered":"http:\/\/new.moldova.org\/2008\/01\/04\/top-10-economic-events-85295-eng\/"},"modified":"2008-01-04T18:09:00","modified_gmt":"2008-01-04T18:09:00","slug":"top-10-economic-events-85295-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/top-10-economic-events-85295-eng\/","title":{"rendered":"Top-10 Economic Events"},"content":{"rendered":"Reading Time: <\/span> 3<\/span> minutes<\/span><\/span>

Most relevant economic events in 2007 in Moldova, according to the BASA-press News Agency: <\/p>\n

1. Stock Exchange Moldova has officially registered the purchase of Mobiasbanca by Societe Generale Group de France. This is the biggest transaction in the Stock Exchange’s history. Societe Generale offered a price of 313.9 mln lei (18.4 mln EUR) for the majority shareholding (70.57%) held in the bank by the American investment fund Development Capital Corporation with 63.68% and natural persons Nicolae Dorin (president of the bank), Serghei Cartasov and Tatiana Hvostovet (deputy presidents). As many as 5 021 651 shares were put for sale at the price of 62.51 lei per share. <\/p>\n

2. From July 2007 the National Financial Market Commission started to work in Moldova. The new structure, also called the financial market mega regulator, was created by reforming the National Securities Commission and merging the supervising and regulatory authorities for the insurances, non-governmental pension funds, savings and crediting associations. <\/p>\n

3. The National Bank of Moldova increased by 2.5 percentage points up to 16% the basic refinancing rate, and the share of compulsory reserves attracted by the banks in MDL and foreign exchange were raised from 10% up to 15%. The decision was taken with a view to reduce the inflationist expectations as a result of growing foreign exchange inflows and crediting activity of commercial banks. The growth produced after the inflation raised in June-September. <\/p>\n

4. Fiscal liberalization that included fiscal amnesty, capital legalization and zero tax for the redistributed profit was one of the most revolutionary decisions taken by Moldovan authorities. Under the fiscal amnesty debts of about 4 bn lei accumulated by over 32 thousand taxpayers were forgiven, of which 2 bn constituted fines and penalties. At the same time, the amnesty of capitals faced certain difficulties because most legal persons did not hurry to legalize their assets, and the population to legalize their money means. The zero tax for income entered into force as of 1 January 2008. <\/p>\n

5. Foreign investments in the capital of Moldovan banks reached 65.61% at the end of October, and increased by almost 3 percentage points from the beginning of the year. Although foreign investments hit a record share, the rise was less compared with the previous year, when it accounted for 12 percentage points. The increase of the foreign investment share in the capital of Moldovan banks in 2007 produced, in particular, after the share of the French group Societe General in Mobiasbanca stock capital had grown up to 95%, ExImBank had reinvested the profit into the bank’s development, and the investment company Horizon Capital had purchased 25% of FinComBank shares. <\/p>\n

6. Direct foreign investments in the economy doubled. According to the preliminary data, foreign investments constituted over 178 mln USD and grew by 2.6 times compared with the first quarter of 2006. Independent experts estimate an increase of investments up to 400 mln USD, while the IMF says that this figure may reach 450 mln USD in 2007. The biggest share of investments (25%) came to constructions, followed by industry with 22%. The country with the biggest investments in the Netherlands (over 21%), followed by Russia (11%) and Cyprus (9.5%). <\/p>\n

7. Guillotine II. In December 2007 the Parliament approved a set of amendments to about 100 legislative acts providing for the further liberalization of the entrepreneurial activity and establishment of more favorable conditions for the activity of economic agents. The law entered into force on 1 January 2008. It sets out clear conditions for issuance of licenses and regulatory authorities. <\/p>\n

8. The volume of transactions at the Stock Exchange Moldova exceeded 1 bn lei in 2007, following a period of 10 years during which the Stock Exchange Moldova registered a total volume of transactions worth 3.1 bn lei. <\/p>\n

9. The interest rates to credits and deposits stayed stable despite the inflationist trends, higher basic rate and increasing demand for loans, in particular, with the population. The average interest rate to credits grew from 18.70% in January up to 19.16% in November. During the same period, the interest rates to credits in foreign exchange reduced from 11.12% to 10.80%. <\/p>\n

10. At the end of 2007 the National Financial Market Commission registered the first non-governmental pension fund in Moldova. The first pension fund was established by Victoria Asigurari SRL and has a capital of 10 thousand lei. The representatives did not specify the data when the fund will start its activity, which is expected to start in 2008.  \/\/ BASA-Press<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 3<\/span> minutes<\/span><\/span>Most relevant economic events in 2007 in Moldova<\/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-247713","post","type-post","status-publish","format-standard","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 3<\/span> minutes<\/span><\/span>

Most relevant economic events in 2007 in Moldova, according to the BASA-press News Agency: <\/p>\n

1. Stock Exchange Moldova has officially registered the purchase of Mobiasbanca by Societe Generale Group de France. This is the biggest transaction in the Stock Exchange’s history. Societe Generale offered a price of 313.9 mln lei (18.4 mln EUR) for the majority shareholding (70.57%) held in the bank by the American investment fund Development Capital Corporation with 63.68% and natural persons Nicolae Dorin (president of the bank), Serghei Cartasov and Tatiana Hvostovet (deputy presidents). As many as 5 021 651 shares were put for sale at the price of 62.51 lei per share. <\/p>\n

2. From July 2007 the National Financial Market Commission started to work in Moldova. The new structure, also called the financial market mega regulator, was created by reforming the National Securities Commission and merging the supervising and regulatory authorities for the insurances, non-governmental pension funds, savings and crediting associations. <\/p>\n

3. The National Bank of Moldova increased by 2.5 percentage points up to 16% the basic refinancing rate, and the share of compulsory reserves attracted by the banks in MDL and foreign exchange were raised from 10% up to 15%. The decision was taken with a view to reduce the inflationist expectations as a result of growing foreign exchange inflows and crediting activity of commercial banks. The growth produced after the inflation raised in June-September. <\/p>\n

4. Fiscal liberalization that included fiscal amnesty, capital legalization and zero tax for the redistributed profit was one of the most revolutionary decisions taken by Moldovan authorities. Under the fiscal amnesty debts of about 4 bn lei accumulated by over 32 thousand taxpayers were forgiven, of which 2 bn constituted fines and penalties. At the same time, the amnesty of capitals faced certain difficulties because most legal persons did not hurry to legalize their assets, and the population to legalize their money means. The zero tax for income entered into force as of 1 January 2008. <\/p>\n

5. Foreign investments in the capital of Moldovan banks reached 65.61% at the end of October, and increased by almost 3 percentage points from the beginning of the year. Although foreign investments hit a record share, the rise was less compared with the previous year, when it accounted for 12 percentage points. The increase of the foreign investment share in the capital of Moldovan banks in 2007 produced, in particular, after the share of the French group Societe General in Mobiasbanca stock capital had grown up to 95%, ExImBank had reinvested the profit into the bank’s development, and the investment company Horizon Capital had purchased 25% of FinComBank shares. <\/p>\n

6. Direct foreign investments in the economy doubled. According to the preliminary data, foreign investments constituted over 178 mln USD and grew by 2.6 times compared with the first quarter of 2006. Independent experts estimate an increase of investments up to 400 mln USD, while the IMF says that this figure may reach 450 mln USD in 2007. The biggest share of investments (25%) came to constructions, followed by industry with 22%. The country with the biggest investments in the Netherlands (over 21%), followed by Russia (11%) and Cyprus (9.5%). <\/p>\n

7. Guillotine II. In December 2007 the Parliament approved a set of amendments to about 100 legislative acts providing for the further liberalization of the entrepreneurial activity and establishment of more favorable conditions for the activity of economic agents. The law entered into force on 1 January 2008. It sets out clear conditions for issuance of licenses and regulatory authorities. <\/p>\n

8. The volume of transactions at the Stock Exchange Moldova exceeded 1 bn lei in 2007, following a period of 10 years during which the Stock Exchange Moldova registered a total volume of transactions worth 3.1 bn lei. <\/p>\n

9. The interest rates to credits and deposits stayed stable despite the inflationist trends, higher basic rate and increasing demand for loans, in particular, with the population. The average interest rate to credits grew from 18.70% in January up to 19.16% in November. During the same period, the interest rates to credits in foreign exchange reduced from 11.12% to 10.80%. <\/p>\n

10. At the end of 2007 the National Financial Market Commission registered the first non-governmental pension fund in Moldova. The first pension fund was established by Victoria Asigurari SRL and has a capital of 10 thousand lei. The representatives did not specify the data when the fund will start its activity, which is expected to start in 2008.  \/\/ BASA-Press<\/p>\n

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