The National Bank of Moldova published a readout of the National Committee for Financial Stability’s third ordinary meeting of 2025, focused on system-wide risk developments across banking, non-bank lending, insurance and capital markets as of 30 June 2025. The Committee took note of the assessments presented. In banking, credit continued to grow at an accelerated pace, outstripping GDP growth, while credit risk was assessed as moderate, with the non-performing loan ratio rising by 0.3 percentage points quarter on quarter under national prudential rules and falling to 1.7% under IFRS 9. Liquidity and market risks were assessed as low, sectoral concentration rose slightly but remained below the heightened concentration threshold, and risks linked to difficulties at systemically important institutions were considered low, with such banks continuing to meet National Bank of Moldova liquidity and capital requirements. In non-bank lending, overall risks were assessed as low, with portfolio growth in the second quarter driven mainly by household lending, but asset quality deteriorated as non-performing loans increased for both non-bank credit organisations (+0.5 percentage points) and savings and loan associations (+0.1 percentage points); funding structures were broadly unchanged and the sector’s aggregated foreign-currency position decreased. In insurance, gross written premiums increased by 2.6% year on year and solvency ratios stood at 183% for general insurance and 579% for life insurance, while 26.9% of premiums were ceded to reinsurance and 17.5% of claims paid were recovered from reinsurers. The next ordinary meeting is planned for December 2025.

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