National Bank of Moldova reports contained financial risks amid elevated credit growth and a 2.5% countercyclical capital buffer

The National Bank of Moldova published the National Financial Stability Committee’s assessment of financial-sector risks as of March 31, 2026. The banking sector remained stable, although lending continued to grow faster than gross domestic product and the credit-to-GDP ratio remained above its long-term trend. This supported the National Bank’s previous decision to raise the countercyclical capital buffer rate to 2.5%, effective May 26, 2026. The prudential nonperforming loan ratio rose 0.5 percentage points to 4.3%, mainly because of qualitative assessment criteria, while the IFRS 9 ratio increased 0.1 percentage points to 1.5%. Liquidity, sector concentration, market and systemic institution risks remained low. Risks in nonbank lending remained moderate to low, with the sector’s loan portfolio growing 2.3% and nonperforming loan ratios declining by 0.2 percentage points for both nonbank credit organizations and savings and loan associations. Insurers continued to exceed minimum liquidity and solvency requirements, with solvency ratios of 164% for general insurance and 644% for life insurance. Capital market activity generated no risks with systemic potential. The National Bank also reported stronger remote electronic customer identification and authentication controls and issued financial-sector participants with operational, technical, reporting and monitoring recommendations to prevent financial fraud. The committee will continue monitoring systemic risks, with its next regular meeting planned for September 2026.