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RESOLUTION OF NATIONAL BANK OF THE REPUBLIC OF MOLDOVA

of November 28, 2019 No. 302

About approval of Regulations about the mode of required reserves

Based on part (1) the Art. 11, Art. 17 and the item and) and c) parts (1) Art. 27 of the Law on National Bank of Moldova No. 548-XIII of July 21, 1995 (pereopublikovan in Monitorul Oficial al Republicii Moldova, 2015, 544), with subsequent changes, the Executive committee of National Bank of Moldova DECIDES: Art. No. 297-300,

1. Approve Regulations about the mode of required reserves it (is applied).

2. Declare invalid the Regulations about the mode of required reserves approved by the Resolution of Executive committee of National Bank of Moldova No. 355/2017 (Monitorul Oficial al Republicii Moldova, 2018, No. 18-26, the Art. 89) registered in the Ministry of Justice of the Republic of Moldova at No. 1287 of January 10, 2018.

3. This resolution becomes effective on January 16, 2020.

4. To apply the regulations about the mode of required reserves approved according to Item 1 of this resolution since the observation period on January 16, 2020 – on February 15, 2020.

Chairman of Executive committee of National Bank of Moldova

Octavian to Armash

Approved by the Resolution of Executive committee of National Bank of Moldova of November 28, 2019, No. 302

Regulations about the mode of required reserves

Chapter I General provisions

1. These regulations set the mode of required reserves which banks - legal entities of the Republic of Moldova and department of banks of other states licensed by National Bank of Moldova (further - banks) shall store on the accounts opened in National Bank of Moldova.

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

3. In these regulations the following terms and the basic concepts are used:

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 of class 2 "Obligations" of bank balance to which the regulation of required reserves is applied;

3) the raised funds which are subject to reservation – part of calculation base to which the regulation of required reserves other than zero is applied and, respectively, from which required reserves are constituted;

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

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

6) the established level of required reserves - result of multiplication of calculation base by regulation of required reserves which should be stored during application on the corresponding account of required reserves specified by National Bank;

7) the actual level of required reserves – the average cash amount stored by bank during application on accounts on which required reserves are stored in National Bank;

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

9) deficit of reserves – the amount of negative difference between the actual level and the established level of required reserves;

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

11) measures of early intervention - the measures provided Art. 42-53 of the Law on bank improvement and the bank resolution No. 232/2016;

12) 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 bank improvement and the bank resolution No. 232/2016;

13) freely convertible currencies - the foreign currencies specified in Item 19 of Regulations on establishment of the official rate of the Moldovan leu in relation to foreign currencies approved by the Resolution of Administrative board of National Bank of Moldova No. 3/2009;

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

Chapter II Calculation base of required reserves

4. The calculation base of required reserves is created of the money reflected in bank balances on accounts of class 2 "Obligations".

5. Are excluded from calculation base of required reserves:

1) the money received from National Bank of Moldova;

2) the money raised from banks (subjects of the mode of required reserves set by National Bank);

3) Reserves and/or elements of own means of bank according to the Regulations about own means of bank and requirements of the capital approved by the Resolution of Executive committee of National Bank of Moldova No. 109/2018.

6. Balance sheet accounts of class 2 "Obligations" included in calculation base are specified in appendix No. 1 to these regulations.

7. The calculation base is determined as daily average remaining balance for the period of observation on the accounts provided in appendix No. 1.

8. Daily average the remaining balance for the period of observation is determined taking into account the number of calendar days of the period of observation. Remaining balance of the previous working day is applied to the days off and festive non-working days.

9. The calculation base of which required reserves in MDL are created is created of the funds raised in MDL and inconvertible currencies. The calculation base of which required reserves in MDL are created can be created by the decision of Executive committee of National Bank of Moldova also of the raised funds freely convertible currencies. Recalculation in MDL the amount of the raised funds in foreign currency is performed daily using the official rate of the Moldovan leu valid for the corresponding date.

10. The calculation base for forming of required reserves in USD and EUR consists, respectively, of the raised funds in USD, EUR and other freely convertible currencies, according to Item 11 provisions.

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