Analysis of the Proposed Amendments and Additions to the Law on the National Bank of Moldova

The analysis finds that, for the most part, the proposed amendments and additions are consistent with EU principles and best practice on the independence of central banks.

However, the authors recommend that, before issuing a positive opinion, the Parliamentary Committee on Economy, Budget and Finance take further steps to remove certain divergences from EU principles and add provisions that strengthen the independence and transparency of the National Bank of Moldova. The key recommendations are to replace the Supervisory Board member appointed by the Government with one appointed by the Presidency or Parliament, and to ensure that Supervisory Board members are different from those of the Executive Committee. The paper also proposes a number of other measures to secure the independence and transparency of the National Bank's work.