The governor of the National Bank of Moldova (BNM) encouraged the people to keep their savings in lei. Dorin Dragutanu said during the “Fabrika” talk-show on Publika TV that Moldovans shouldn't worry about about the depreciation of the leu and said that the current situation isn't similar to that of 1998.
“Although we have a 20% depreciation of the leu, inflation isn't bigger than 5%. So, BNM accomplished its goal and the depreciation of the currency didn't affect prices. On the other had, wages grow faster than prices or than the leu drops”, said the governor.
He noted that the interest rate for deposits in lei offered by commercial banks is higher than that for deposits in foreign currencies and it will be increased at BNM's request. The interest rate for deposits in lei is also higher than the rate of inflation.
Dragutanu announced that next year an international company specialized in banking audit and the Prosecutor General's Office will carry out an investigation into operations at Banca de Economii and Banca Sociala, both currently placed under BNM's special control.
“Our intervention has stabilized these two banks. Now they work normally, but cannot offer loans. By mid-January we will select the audit company. We have to find out what happened at these banks, if assets were stolen. I can say with certainty that in the last two weeks of November the banks offered massive unjustified loans, including loans to cover other loans. Bad loans were offered to foreign companies. They even falsified the accounting books and on paper Banca Sociala became the largest bank in the country. The guilty must be identified and punished”, concluded Dragutan.
According to the BNM governor, a special commission consisting of the best specialists in the field will be created to investigate banking frauds. Its activity will be coordinated with the International Monetary Fund.
