Reforms in the financial-banking sector started, but are slow, said experts of the Independent Think Tank “Expert-Grup”, who monitored the activities in this sector during the last three months. In a news conference at IPN, these said that both the authorities and the community of donors became more active in the reformation process. Despite this, the measures taken so far are not enough for solving the bank crisis or for preventing similar crises in the future.
The monitoring report on the reformation in the financial-banking sector covers four areas: the financial-banking package; the draft roadmap; the contest for selecting the candidate for National Bank governor and the technical assistance in the financial-banking sector.
Expert Dumitru Pantea said that after last year’s shocks in the banking system, in 2016 the situation seems to stabilize. The share of deposits in lei has increased following the restoration of the people’s confidence in the national currency. The number of loans in lei and in foreign currency decreased because of the monetary policy that makes the loans very costly for the population. The possible risks in the banking system in 2016 include the increase in the number of bad loans, diminution of the people’s confidence in the national baking system and bank concentration.
For his part, report author Adrian Lupusor said the experts support the reforms in the financial-banking system that were included in the priority reform action roadmap. However, they are concerned about the slow auditing process at the three banks that are under special supervision. In the EU, the checks at banks that are tens of times larger last for one-two months, while in Moldova these lasted twice more at two banks and continue at the third bank.
As to the contest to choose a candidate for the post of governor of the National Bank of Moldova, the expert said that this was successful, but the commission for selecting the candidate played only a consultative role and the final decision is to be taken by the Speaker of Parliament. The list of criteria for assessing the candidates was appraised and approved after collecting applications and this is one of the shortcomings in the selection process.
Adrian Lupusor noted that the problems in the financial system need to be solved by a series of reforms. Among the main measures that should be taken in this regard are to strengthen the independence of the central bank, to step up bank monitoring and surveillance and to increase share ownership transparency in the banking sector.
