The National Bank of Moldova published a communiqué on the 16 December 2025 regular meeting of the National Committee for Financial Stability, which reviewed systemic risk developments across banking, non-bank lending, insurance and capital markets using data as of 30 September 2025. The committee noted that financial sector stability is being maintained, with most risks assessed as low and the risk of excessive banking credit growth remaining moderate. In banking, credit continued to expand faster than gross domestic product, while non-performing loans rose by 0.1 percentage points quarter-on-quarter under national prudential rules and by 0.4% under IFRS 9 to a level comparable with the regional average; liquidity and market risks were assessed as low, sectoral concentration increased slightly but stayed below the heightened-concentration threshold, and systemically important banks continued to meet regulated capital and liquidity requirements. In non-bank lending, the total portfolio grew in the third quarter of 2025 mainly due to household lending, with non-performing loan rates falling by 0.2 percentage points for non-bank credit organisations and by 0.5 percentage points for savings and loan associations, alongside broadly stable funding structures and a slight deterioration in the aggregated foreign-exchange position of the non-bank credit segment. In insurance, gross written premiums increased by 0.9% year-on-year, liquidity was described as adequate, 25.6% of premiums were reinsured (down 3.9% year-on-year), 19.2% of claims paid were recovered from reinsurers, and solvency stood at 180% for general insurance and 695% for life insurance. For capital markets, primary and secondary market activity and service providers were not seen as generating systemic risk, and the committee discussed progress and remaining steps to launch the Moldova International Stock Exchange, including technical and operational infrastructure. The next regular meeting is planned for March 2026.

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