National Bank of Moldova publishes draft changes to required reserves rules covering remuneration, reporting and bank reorganisations

The National Bank of Moldova has published a draft Executive Committee decision to amend its Regulation on the required reserves regime, updating how banks report and settle required reserves and how the central bank remunerates (or charges for) reserves, including where negative rates apply. The draft also adds a dedicated framework for applying the regime during bank mergers and demergers and refreshes supervision and enforcement provisions. Key proposals include shortening the reporting deadline to within four working days after the end of the relevant period, allowing remuneration of required reserves “including at negative rates”, and specifying payment and collection mechanics in Moldovan lei (via banks’ “Loro” accounts) and in USD and EUR (via dedicated reserve management accounts), with collection based on direct debit agreements. A new remuneration formula splits the month into two sub-periods (up to the 15th and from the 16th to month-end) and applies the remuneration rate to the lower of required versus actually maintained reserves, using a 365-day year for MDL and 360 for EUR and USD. The revised supervision chapter requires resubmission of corrected reports where errors are found, sets out outcomes where corrected reporting changes the required reserve level, and provides for recovery of overpaid remuneration and for charging interest on reserve shortfalls (linked to the weighted average overnight credit facility rate), generally collectible within 10 working days of notification. The draft states it will apply from a future “observation period” for attracted funds running from the 16th to the 15th of subsequent months (dates to be inserted). Before the amendments enter into force, licensed banks must sign and submit an updated direct debit agreement reflecting the new settlement and recovery mechanisms.