Între justiție iluzorie, tactică politică și atentate în adresa independenței băncii centrale. Opinie pe marginea inițiativei de a redistribui o parte din profiturile BNM pentru acoperirea a „furtului miliardului”
Between illusory justice, political tactics and attacks on the independence of the Central Bank. Opinion on the initiative to redistribute part of the NBM's profits to cover the "theft of the billion"

Author(s): Adrian Lupușor
Subject(s): National Economy, Financial Markets, Commercial Law
Published by: EXPERT-GRUP Centrul Analitic Independent
Keywords: corruption;
Summary/Abstract: At the beginning of this week, the President of the country, Igor Dodon, came up with the initiative to reallocate part of the profit of the National Bank of Moldova (BNM) to the state budget in order to partially cover the state debt formed following the entry into force of the "law billion". The NBM supported this proposal, stating that "the partial distribution of the NBM's profits, under the agreed conditions, corresponds to international standards in the field of capitalization of central banks. The solution is a balanced one and will allow the gradual accumulation of the National Bank's capital, necessary for the exercise of its mandate, as well as the reduction of the burden on the state budget by distributing profits to it". This initiative requires a deeper deciphering and analytical interpretation, as it contradicts the principles of central bank independence and has important implications for the macro-financial stability framework in the country. In addition, the initiative cannot solve the fundamental problem: lack of real progress in the process of investigations on the "theft of the billion", and the necessary resources for the early repayment of the debt have not been identified.

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