The National Bank of Moldova reported that Governor Anca Dragu spoke at the 38th plenary meeting of the European Covered Bond Council in Stavanger, setting out Moldova’s perspective on capital market development and the role of financial markets in supporting access to housing. In her keynote on Moldova’s mortgage lending market and development direction, she presented capital market development as a priority for diversifying funding sources for the economy, supporting long term investment and advancing the country’s European path. In that context, she identified covered bonds as a potential tool to refinance mortgage portfolios and widen the investor base, which could improve conditions for housing lending. The speech also highlighted that Moldova’s mortgage market has expanded in recent years, while housing affordability should be approached through the lens of financial stability, market development, energy efficiency, lending standards, consumer protection and effective supervision. Dragu linked housing finance to sustainability, pointing to green financial products such as loans for energy efficient homes and housing stock renovation. She also cited progress in financial market infrastructure, including the strengthening of the Single Central Securities Depository, the creation of the new Moldova International Stock Exchange in partnership with the Bucharest Stock Exchange, broader public access to government securities through the e-VMS platform and the Moldovan government’s recent approval of the national taxonomy for sustainable finance.
National Bank of Moldova 2026-05-06
National Bank of Moldova outlines capital market modernization and covered bond potential for housing finance at ECBC plenary
The National Bank of Moldova said Governor Anca Dragu, speaking at the European Covered Bond Council plenary, named capital market development a priority to diversify funding, support long-term investment and advance Moldova’s European integration, highlighting covered bonds to refinance mortgage portfolios and broaden the investor base. She linked mortgage market growth and housing affordability to financial stability, sustainability and consumer protection, and cited progress in market infrastructure, including strengthening the Single Central Securities Depository, launching the Moldova International Stock Exchange with the Bucharest Stock Exchange, expanding public access to government securities via the e-VMS platform and approving a national taxonomy for sustainable finance.