The National Bank of Moldova has approved a recalibration of bank capital buffers that increases the countercyclical capital buffer rate for loans granted in Moldova by 1 percentage point to 2.5% and reduces the systemic risk buffer rate to zero. The measure implements a positive neutral countercyclical buffer rate and keeps banks’ overall own funds requirement unchanged, because the increase in one buffer is offset by the reduction in the other. The central bank linked the change to recent financial cycle developments. At the end of the fourth quarter of 2025, lending was still growing faster than economic activity and the deviation of the credit to GDP ratio from its long-term trend remained positive for a fifth consecutive quarter, signalling a gradual build-up of cyclical systemic risk. The National Bank of Moldova said the shift gives it a more flexible tool to address risks that build up during periods of economic growth, while current assessments show all banks have sufficient capital to meet the new requirement. The new regulation becomes applicable once it is published in the Official Gazette of the Republic of Moldova. The National Bank of Moldova will review the rates quarterly as it continues to monitor macroeconomic and financial developments.
National Bank of Moldova2026-05-27
National Bank of Moldova raises countercyclical capital buffer to 2.5% and cuts systemic risk buffer to zero
The National Bank of Moldova recalibrated bank capital buffers by raising the countercyclical capital buffer rate for loans granted in Moldova by 1 percentage point to 2.5% and reducing the systemic risk buffer rate to zero, keeping overall own funds requirements unchanged. The central bank cited credit growth outpacing economic activity and a sustained positive deviation of the credit-to-GDP ratio as evidence of cyclical systemic risk, and said all banks currently hold sufficient capital to meet the new requirement.