Limba romana                                                                                                      Russian

April 25, 2019

PRESS LINE

Mr. Volodymyr Tulin, the International Monetary Fund (IMF) Resident Representative in Moldova, made the following statement today in Chisinau: 

“The International Monetary Fund has always placed an utmost importance on the issue of central bank institutional and policy independence. A robust central bank governance framework and strong balance sheet underpin price and financial sector stability, which are fundamental for sustainable economic development. 

Legal reforms enacted in the aftermath of the 2014 banking crisis and supported by the IMF have strengthened the NBM’s governance structure and autonomy. The existing governance framework rests on adequate mechanisms for dismissal procedures of the NBM management. Securitization of the 2014-2015 emergency lending to the troubled banks has been imperative to ensure a viable balance sheet and hence NBM’s capacity to fulfill the mandate of maintaining price and financial stability. It remains vital to protect the hard-earned progress and avoid any initiatives that would weaken existing safeguards. The IMF will be closely monitoring developments in this area.”