Financial Sector Assessment : Moldova
The Financial Sector Assessment Program (FSAP) team produced an Aide Memoire and the following three detailed reports that were reviewed by and delivered to the authorities: 1) technical notes; 2) assessment of compliance with standards and codes;...
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| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2005/03/17893703/moldova-financial-sector-assessment http://hdl.handle.net/10986/15938 |
| Summary: | The Financial Sector Assessment Program
(FSAP) team produced an Aide Memoire and the following three
detailed reports that were reviewed by and delivered to the
authorities: 1) technical notes; 2) assessment of compliance
with standards and codes; and 3) detailed bank-by-bank
stress tests. The Anti-Money Laundering and Combating the
Financing of Terrorism (AML/CFT) section of the report was
based on the report of an International Monetary Fund (IMF)
technical assistance mission undertaken in April 2004.
Although Moldova is the poorest country in Europe, measured
by per capita Gross Domestic Product (GDP), the country has
achieved some success in building up the framework of a
functioning market economy, especially in the banking
sector. In addition to the underlying structural weaknesses,
there are several potential macroeconomic problems that
increase the vulnerability of the financial system. These
include: a) the direct financing of the state budget by the
central bank against the background of the weak fiscal and
external situation; b) dependency on remittances; and c)
dollarization, in combination with significant exchange rate volatility. |
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