Constantin Şchendra specified that the new law was adopted following several recommendations of the International Monetary Fund. The vice-governor of the NBM claims that the changes that the NBM has made in recent years in the field of banking supervision should be transferred to other areas as well.

“We look at this process as an opportunity to optimize the supervisory process and to strengthen NBM’s capabilities. We will emphasize the development of new skills and the organization of an effective supervision process, but we will also take into account the profile of each newly supervised entity, the risks that will be identified in the case of each one”, Şchendra told IPN.

After the law enters into force, the NBM will emphasize sound corporate governance and monitor the strengthening of internal control functions in each entity for better public accountability.

The vice-governor of the NBM also said that the practice of exaggerated interest rates and commissions, as well as inadequate information to consumers about them, must stop:

“Decisions must become more transparent and safe for consumers, and credit portfolios – more quality. After taking over the supervisory duties, the NBM will make efforts to effectively check compliance with these rigors by the participants in the non-bank lending market”.

AGORA specifies that the banking sector includes licensed commercial banks, 11 in number in our country. They are supervised by the National Bank of Moldova. The non-bank sector includes investment companies – insurance companies, non-bank credit organizations, savings and loan associations and others. Currently, the institution in charge of supervising the non-banking sector is the National Financial Market Commission.