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Ministry of Justice

Republic of Moldova

On January 10, 2018 No. 1287

RESOLUTION OF NATIONAL BANK OF THE REPUBLIC OF MOLDOVA

of December 27, 2017 No. 355

About approval of Regulations about the mode of required reserves

(as amended of the Resolution of National Bank of the Republic of Moldova of 26.09.2019 No. 246)

Based on part (1) Articles 11, Article 17 and Items and) and c) parts (1) article 27 of the Law on National Bank of Moldova No. 548-XIII of July 21, 1995 (repeated publication: The official monitor of the Republic of Moldova, 2015, Art. No. 297-300, 544), with subsequent changes and amendments, parts (2) Article 54 and part (1) article 62 of the Law on improvement of banks and the bank resolution No. 232 of October 3, 2016. (The official monitor of the Republic of Moldova, 2016, Art. No. 343-346, 707), with subsequent changes and amendments, DECIDES: Executive committee of National Bank of Moldova

1. Approve Regulations about the mode of required reserves, according to appendix.

2. Declare invalid the Regulations about the mode of required reserves approved by the Resolution of Administrative board of National Bank of Moldova No. 85 of April 15, 2004. (The official monitor of the Republic of Moldova, 2004, Art. No. 67-72, 168), with subsequent changes and amendments, registered in the Ministry of Justice of the Republic of Moldova at No. 701 of September 17, 2009.

3. Required reserves for the period of observation of the raised funds on January 8 – on February 7, 2018, established according to the Regulations about the mode of required reserves approved by the Resolution of Administrative board of National Bank of Moldova No. 85 of April 15, 2004 will be supported by banks:

1) in Moldovan lei - on accounts of Loro in National Bank of Moldova on average for the period on February 8, 2018 – on March 15, 2018;

2) in foreign currency – on accounts of "Nostro" of National Bank of Moldova in USD and EUR opened in foreign banks till March 19, 2018.

4. The raised funds reflected in balance sheets of bank for the period on February 8 - 15, 2018 will not be included in calculation base for determination of required reserves.

5. This resolution becomes effective on February 16, 2018, except for Items 3 and 4, which become effective on the date of publication.

6. Regulations about the mode of required reserves.

Chairman of Executive committee of National Bank of Moldova

Serdzhiu Chokl

Appendix

to the Resolution of Executive committee of National Bank of the Republic of Moldova of December 27, 2017 No. 355

Regulations about the mode of required reserves

Chapter I. General provisions

1. These regulations set the mode of required reserves which the banks and branches of foreign banks licensed by National Bank of Moldova (further - banks) shall support on the accounts opened in National Bank of Moldova.

2. Banks create required reserves in Moldovan lei (MDL) and foreign currency, US dollars (USD) and euro (EUR), in the conditions of these regulations.

3. The basic concepts used in these regulations have the following values:

1) required reserves - money of banks in MDL, USD and EUR supported on the accounts opened in National Bank of Moldova;

2) calculation base - daily average remaining balance for the period observations of the raised funds which are subject to reservation considered on deposit accounts and other similar passive accounts belonging to the class 2 "Obligations" of bank balance to which the regulation of required reserves is applied;

3) the observation period - period for which the calculation base is determined;

4) the application period - period throughout which it is necessary to support on the accounts opened in National Bank of Moldova, the established level of required reserves;

5) the established level of required reserves - result of multiplication of calculation base by regulation of required reserves which should be supported in the application period on the corresponding account of required reserves specified by National Bank;

6) actual level of required reserves: for MDL – cash amount, supported by bank in the application period on the account of Loro in National Bank, and for foreign currency – cash amount on accounts "Nostro" National Bank in USD and EUR in foreign banks for the limiting date established by National Bank;

7) surplus of reserves – the amount of positive difference between the actual level and the established level of required reserves;

8) deficit of reserves – the amount of negative difference between the actual level and the established level of required reserves, necessary for covering of the established level of required reserves on one of accounts on which reserves in National Bank of Moldova are supported;

9) regulation of required reserves – the percentage share applied to calculation base to determination of the amount of required reserves;

10) measures for early intervention – the measures provided Art. 42-53 of the Law on improvement of banks and the bank resolution No. 232 of October 3, 2016;

11) tools of the resolution and accomplishment of powers of the resolution – tools and powers of the resolution provided in the Section IV of Chapter IV of the Law on improvement of banks and the bank resolution No. 232 of December 3, 2016;

12) freely convertible currencies – the foreign currencies specified in Item 19 of Regulations on establishment of the official rate of Moldovan leu in relation to foreign currencies, approved by the Resolution of Administrative board of National Bank of Moldova No. 3 of January 15, 2009. (The official monitor of the Republic of Moldova, 2009, Art. No. 27-29, 100), with subsequent changes and amendments;

13) inconvertible currencies – foreign currencies, others, than specified in Item 19 of Regulations on establishment of the official rate of Moldovan leu in relation to foreign currencies, approved by the Resolution of Administrative board of National Bank of Moldova No. 3 of January 15, 2009.

Chapter II. Calculation base of required reserves

4. The calculation base of required reserves is created of money in MDL, inconvertible currencies and freely convertible currencies reflected in bank balances on accounts of class 2 "Obligations".

5. Are excluded from calculation base of required reserves:

1) the money raised from National Bank of Moldova;

2) the money raised from the banks licensed by National Bank and from branches of the foreign banks licensed by National Bank;

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