National Bank of Moldova reports moderate credit growth risks as bank lending outpaces economic growth

The National Bank of Moldova published an update on the National Financial Stability Committee’s Sept. 22, 2026, meeting, reporting that the banking sector remained stable and nonbank lending risks were moderately low as of June 30, 2026. Bank lending continued to outpace economic growth, while loan quality deteriorated at nonbank credit organizations. Excessive credit growth risk remained moderate, with the ratio of credit to gross domestic product exceeding its long term trend for a seventh consecutive quarter. These developments were consistent with earlier decisions to increase the countercyclical capital buffer to 2.5%, applicable since May 26, 2026. The banking sector’s nonperforming loan ratio stood at 5.2% under national prudential rules, mainly reflecting qualitative assessment criteria such as missing updated borrower information. The corresponding ratio under International Financial Reporting Standard 9 was 1.4%, while payment arrears remained relatively stable. Liquidity, sectoral concentration and market risks remained low. Loan portfolios expanded 4% during the quarter at both nonbank credit organizations and savings and loan associations, mainly driven by lending to legal entities. The nonperforming loan ratio increased by 0.9 percentage points at credit organizations but declined by 0.2 percentage points at savings and loan associations. In insurance, claims grew faster than premiums, increasing the ratio of claims to premiums. Insurers maintained liquidity above minimum requirements, while solvency ratios reached 168% for general insurance and 621% for life insurance, against a minimum requirement of 100%. Capital market activity generated no risks with systemic potential.