National Bank of Moldova publishes IMF transparency assessment and sets out plans to implement recommendations

The National Bank of Moldova has published the results of an International Monetary Fund (IMF) transparency assessment conducted during an August to November 2024 mission requested by the central bank. The review concludes that the National Bank of Moldova applies advanced transparency practices in key areas, is broadly aligned with core international standards, and meets comprehensive criteria in many areas, while identifying further opportunities to strengthen transparency. The assessment was structured around the five pillars of the IMF Central Bank Transparency Code, covering governance, policies, operations, outcomes and official relations. In governance, the IMF highlighted detailed public information on the bank’s legal structure, mandate and governance, as well as clear and accessible rules on conduct and anti-corruption, alongside comprehensive disclosure on risk exposure, supervisory arrangements, financial reporting and external and internal audit arrangements. For policies, operations and results, the IMF noted that the monetary policy framework is well presented and that transparency has increased substantially, with clear presentation of objectives and the legal and institutional frameworks for foreign exchange administration and regulation of cross-border financial flows; it also pointed to clearer disclosure of implementation tools for capital flow and cross-border foreign exchange policies, and improved transparency of the emergency liquidity assistance framework following publication of the National Bank of Moldova’s emergency liquidity assistance regulation. The National Bank of Moldova indicated it will implement a set of key recommendations through a concrete action plan.