The National Bank of Moldova released its Financial Stability Report 2024, concluding that the financial system remained resilient in 2024 despite international economic uncertainty and domestic structural vulnerabilities. The economy grew by 0.1% amid a contraction in agriculture, while average annual inflation was 4.7%, temporarily moving above the National Bank’s target corridor in the second half of the year due to food price pressures and energy tariffs. Banking sector fundamentals remained at “comfortable” levels, with capitalisation above minimum requirements, liquidity consistently above regulatory thresholds, high asset quality and a low share of non-performing loans. The aggregate financial stress index reached a historical low and systemic banking vulnerability remained low, while the systemic risk assessment pointed to persistent vulnerabilities in the non-bank sector and potential risks linked to real estate, climate change and digitalisation; exposure to geopolitical, energy and trade shocks remained a relevant source of uncertainty, although cross-border contagion risks were assessed as moderate. On the macroprudential side, amendments to Law No. 548/1995 on the National Bank of Moldova established an explicit macroprudential mandate and toolkit, with instruments applied proportionately to identified risks and further regulatory strengthening supported by active interinstitutional coordination through the National Committee for Financial Stability. For 2025, the report anticipates GDP growth of 2.0% and a gradual return of inflation to the National Bank’s target corridor, alongside continued monitoring of systemic risks and actions to bolster financial system resilience as needed.

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