Moldova Financial Sector Assessment Program

Abstract

This assessment of Moldova current state
 of compliance with the Basel core principles for effective
 banking supervision (BCPs) was undertaken as part of a joint
 International Monetary Fund (IMF) - World Bank mission in
 connection with a broader financial sector assessment
 program exercise. This version of the assessment has a
 greater focus on risk management policies and practices
 implemented by supervised institutions and their assessment
 by the supervisory authority as well as more emphasis on
 quality implementation of supervisory standards. The
 assessment has been conducted in accordance with the revised
 BCP assessment methodology approved by the Basel committee
 and was based on extensive discussions with officers and
 staff members of the Banking Supervision Department in
 National Bank of Moldova (NBM), and a review of internal
 supervisory documents, such as manuals, operating policies,
 examination reports, and external audit reports. The mission
 reviewed the BCP self-assessment undertaken by NBM preceding
 this assessment, and detailed responses to a questionnaire
 addressing supervisory issues. The assessment should provide
 the Moldovan authorities with an internationally consistent
 measure of quality of their banking supervision relative to
 the 2012 revision of the core principles, which are
 internationally recognized as minimum standards.