Recently, the first part of the FSAP (Financial Sector Assessment Program) mission, carried out in collaboration with the International Monetary Fund (IMF) and the World Bank (WB), took place at the request of the National Bank of Moldova (NBM).
The FSAP program is a comprehensive financial system assessment tool, jointly implemented by the IMF and the WB. It includes an in-depth and objective analysis of the quality of regulation and supervision of the banking system, the conduct of stress tests for banks in the Republic of Moldova, the assessment of crisis management capacity, and the analysis of how the financial system supports access to financing for small and medium-sized enterprises, as well as for other key economic sectors.
The evaluation process is structured in several stages, the first of which is to determine the areas to be covered by the program. Subsequent missions will analyze the financial sector’s situation in detail and finally, a report will be prepared for approval by the boards of the IMF and WB.
"Through this assessment, the National Bank of Moldova aims to obtain a clear and objective picture of the financial system's performance. This will facilitate the identification of opportunities for reforming the sector, implementing international standards such as the Basel III principles, and strengthening the capacity to respond to economic challenges," said Tatiana Ivanicichina, Deputy Governor of the NBM.
The completion of the FSAP program will help strengthen the NBM's capacity to manage financial risks and promote economic stability. At the same time, support from the IMF and the WB will facilitate the promotion of economic reforms, improve the quality of life for citizens, and create an environment conducive to long-term sustainable development.
