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National Bank and the members of its decision-making bodies shall be independent in exercising the tasks conferred upon them by law, and shall neither seek nor take instructions from public authorities or from any other authority.
In order to ensure and maintain price stability over the medium term, the National Bank’s aim will be to keep inflation (measured by Consumer Price Index) at the level of 5.0 percent annually with a possible deviation of ± 1.5 percentage points, considered to be optimal for growth and development of Moldova's economy over the medium-term.
National Bank shall have the exclusive right to issue on the territory of the Republic of Moldova banknotes and coins as legal tender, as well as commemorative and jubilee banknotes and coins as legal tender and for numismatic purposes.
National Bank is exclusively responsible for the licencing, supervision and regulation of financial institutions activity.
National Bank of Moldova acts as banker and fiscal agent of the State and shall receive from state bodies economic and financial information and documents, which are necessary for carrying out its tasks.
National Bank of Moldova supervises the payment system of the Republic of Moldova and promotes a stable and efficient functioning of the automated inter-bank payment system
National Bank of Moldova is an autonomous public legal entity and is responsible to the Parliament.
National Bank shall inform the public on the monetary policy strategy on the results of the macroeconomic analysis, the evolution of the financial market and on statistics, including with regard to monetary supply, crediting, balance of payments and the state of the foreign exchange market.
National Bank of Moldova is responsable for the compilation of the balance of payments, international investment position and the statistics of the external debt of the Republic of Moldova.
The Law on the issuance of government bonds for execution by the Ministry of Finance of the payment obligations derived from state guarantees no. 807 of 17 November 2014 and no. 101 of 1 April 2015 has been published in the Official Monitor of the Republic of Moldova.
In accordance with the provisions of this Law, government bonds in the total amount of MDL 13341200000 have been issued and transferred to the National Bank on 4 October 2016. This is the amount of emergency loans granted by the central bank to ”Banca de Economii” S.A., BC ”Banca Socială” S.A. and BC ”Unibank” S.A., which have not been repaid on the date of the government bonds issuance.
The aforementioned amount was divided into 25 issuances of government bonds, with maturities from 1 to 25 years. The government bonds with maturities of 1-9 years have been issued with a fixed-interest rate of 1.4 percent annually, while those with maturities of 10-25 years with a fixed-interest rate of 5.3 percent annually. The interest will be paid semi-annually, excluding the interest for the first year of issuance, which will be paid at the end of the year.
An inflation rate of 5 percent annually was taken into consideration to establish the effetive interest rate for all issuances. This is the level to which the National Bank aims in promoting the inflation targeting regime with a possible deviation of ±1.5 percentage points. (An inflation level estimated as optimal for the economic growth and development of the Republic of Moldova on medium term.)
Thus, the effective interest rate for the aforementioned issuances, determined at the inflation target level, will allow to keep in real terms the value of debt at the time of bonds issuance.
