International relationship

International Monetary Fund (IMF)

1. The Republic of Moldova is a member of IMF from August 12, 1992

On June 30, 1995 Moldova agreed with the provisions of article VIII, sections 2, 3 and 4 of the International Monetary Fund Statute, which approves the liberalization of current currency transactions. De facto, it implies the converting of national monetary unit – Leu, enabling the economic agents to buy and sell freely currency for all the current international transactions, as well as for some capital transactions.

The financial support granted up to date by the IMF to the Republic of Moldova amounts to 251.6 mln. DST (366.8 mln. USD). On December 21, 2000 the IMF Council of Directors adopted a new Program of Economic Growth and Poverty Eradication Support, which will be operating with the World Bank for a period of 3 years and a total sum of 110.9 DST (142 mln. USD). On December 29, 2000 the NBM received, within the limits of the new program, the first loan estimated to 9.2 mln. DST (12.1 mln. USD).

In February 1998 the Republic of Moldova joined the General System of Data Distribution (GSDD). At present, the National Bank of Moldova, in cooperation with the Ministry of Finance and the Department of Statistics are working up the method of estimating of the indexes included in the system.

The International Monetary Fund performs per annum consultations related to the economic and financial policy of the Republic of Moldova in compliance with the provisions of article IV of the Statute, which settles the cooperation relations between the states members and IMF. Accordingly, during the year 2000, Moldova was visited from term to term by the missions of the International Monetary Fund.

The technical assistance given by IMF to the bank system of the Republic of Moldova is directed to the training of collaborators of the National Bank of Moldova and of commercial banks.

2. World Bank

In terms of the Parliament Decision dated July 28, 1992, the Republic of Moldova joined the International Bank for Reconstruction and Development (IBRD), International Financial Corporation (IFC), International Agency for Development (IAD) and the Agency of Multilateral Guarantee of Investments (AMGI).

IBRD gave to the Republic of Moldova financial assistance estimated to 272.8 mln. USD.

IFC granted 12 mln. German Marks for the reconstruction, postprivatization and enlargement of three factories for vegetables and fruits refinement within the limits of the corporation INCON. Also, a loan estimated to 40 mln. USD had been granted to IM "Voxtel" S.A. in order to finance the project of mobile telephony.

The Republic of Moldova is a member of the Convention of Disputes Settlement regarding Investments between States (CDSIS).

3. European Bank of Reconstruction and Development (EBRD)

The Republic of Moldova became a member of the European Bank for Reconstruction and Development (EBRD) adopting on May 5, 1992 the provisions of the Resolution No. 21 of the EBRD Governors Council.

EBRD is supporting the Republic of Moldova in the implementation of structural economic reforms and per sectors, including the demonopolization, decentralization and privatization. Its activities comprise the development of infrastructure requested for the support of private sector, reconstruction of financial institutions etc. Up to date twenty projects had been approved, estimated to 151.7 mln. Euro. In 2000 the investments of EBRD in Moldova achieved a substantial level of portfolio diversification: 28% in portfolio of financial sector, 38% in infrastructure, 34% in commercial sector. In the sector of technical cooperation twenty-seven projects had been approved, estimated to 7.3 mln. Euro.

4. The collaboration of the Republic of Moldova with European Community (EC)

The relations between the Republic of Moldova and European Community, as well as the states members of this one are officially based on the Agreement of Partnership and Cooperation, signed on November 28, 1994 and come into effect on July 1, 1998. The Agreement provides, inter alia, for the collaboration in the financial-bank sector, this one having as a purpose the facilitation of the integration of the Republic of Moldova in the universally approved systems of mutual deduction.

The assistance of European Community for the Republic of Moldova is granted using three available procedures: a long period financing of the payments balance, TACIS program, a medium term loans for the provision and medicines supply.

In order to support Moldova in the process of reform implementation, the Program TACIS is granting, within the scope of National Program, assistance in three main directions: agriculture, factories support, human resources development.

Beginning with 1991, the TACIS Program gave about 68 mln. Euro by the force of the National Programs for Moldova.

5. International Commerce Organization

At present, the Republic of Moldova is going to join the International Commerce Organization (ICO). Within the limits of this process, the National Bank of Moldova took an active part in the elaboration of the List of Specific Engagements with respect to the bank and other financial services (excluding the insurance services), completing accordingly, during the year 2000, the negotiations with the states members and the ICO secretariat.

6. The collaboration within the limits of the Black Sea Basin (BNMCD)

On November 28, 1995 the Parliament of the Republic of Moldova adopted the Decision regarding the ratification of the Agreement for the Creation of the Black Sea Bank for Commerce and Development, this one being the main mechanism of accumulation of financial resources, financing and implementation of mixed regional projects.

7. Collaboration with the central banks of other states

The National Bank maintains relations of collaboration with several central banks, including Federal Reserve Bank (SUA), Banque de France (France), Deutsche Bundesbank (Germany), de Nederlandsche Bank N.V. (Holland), Bank of England (Great Britain), Oesterreichische Nationalbank (Austria), Banca d’Italia, Bank of Japan, National Bank of Romania, National Bank of Czechia, National Bank of Poland, central banks of Baltic States, central banks of CIS states etc.