BNM governor: Banking legislation 98% aligned with EU standards
The banking system in the Republic of Moldova is largely aligned with European financial rules and mechanisms. Anca Dragu, the Governor of the National Bank of Moldova (BNM), stated that 98 percent of the country's banking and financial legislation is harmonized with European standards. During the "EU si UE" program on Moldova 1, she emphasized that Moldovan banks are prepared for the country's integration into European structures.
Reforms in the financial and banking sectors will continue, even though the Republic of Moldova has fulfilled nearly all the recommendations issued by the European Union. The process of aligning with European norms will progress, as community legislation is constantly updated, requiring our country to consistently adapt its legal framework.
"We are very close, around 98% to 95%. Currently, we have several amendments in Parliament that are in the approval process, which pertains to nuances in setting objectives. I have had extensive discussions with representatives from the International Monetary Fund and the European Commission. European legislation is continually changing. If we become complacent, we risk falling behind as European laws evolve, necessitating updates to our own legislation," declared Anca Dragu.
To facilitate a quicker and more efficient adaptation of national legislation to European standards, banking specialists periodically travel to Brussels. There, they collaborate with European experts and officials to develop policies and reforms. According to Anca Dragu, the Governor of the National Bank of Moldova, this institution is the first in the Republic of Moldova to initiate such a process.
"We have already sent specialists to Brussels twice. They work side by side with European officials in various departments and directorates-general of the European Commission. Moldova has successfully obtained the right to send personnel to work within European entities for periods of three to five months, just like any member state," said the BNM director.
The alignment of the National Bank with European standards is integral to the Republic of Moldova's accession process to the European Union. These reforms aim to strengthen the economy, protect citizens, and enhance investor confidence.
