Document from CIS Legislation database © 2003-2020 SojuzPravoInform LLC

LAW OF THE REPUBLIC OF MOLDOVA

of July 21, 1995 No. 548-XIII

About National Bank of Moldova

(as amended on 15-08-2019)

The parliament adopts this law.

Chapter I General provisions

Article 1. Legal status of National Bank of Moldova

(1) the National Bank of Moldova (the equivalent name - National Bank) is Central Bank of the Republic of Moldova.

(2) the National Bank is independent public legal entity and bears responsibility to Parliament.

(3) the National Bank is not subject to entering into the State register of the companies and the State register of the organizations.

(4) the National Bank can open at discretion branches and representations in the country and beyond its limits.

Article 2. The used concepts

In this law the following concepts are used:

The help with liquidity in emergency situations – ensuring liquidity with National Bank from own money to the solvent and viable bank facing temporary problems with liquidity or any other form of the help in emergency situations which can lead to increase in amount of money of National Bank without such transaction was part of monetary management.

Bank - the financial institution by the nature of the activities accepting deposits or their equivalents which can be translated by means of various payment instruments from physical persons or legal entities, and using these means fully or partially for loan granting or for investment at own expense and on the risk.

The requirement - the requirement to assets or any other values shown by one person to another, request for payment in debt repayment or other forms of repayment of obligations.

Debt obligation - any negotsiiruyemy debt or equivalent to it the tool, and also any other negotsiiruyemy tool which grants the right to receive other negotsiiruyemy debt obligation by means of subscription or exchange. Negotsiiruyemy debt obligations can exist in the form of the certificate or entry in the accounting register.

Infrastructure of the financial market – the multilateral system between participants and her operator operating within general rules, formal and standardized, used for the purpose of calculations, clearing (compensation) or registration of payments, securities, derivative financial instruments or other financial transactions.

Financial institution - the legal entity by the nature of the activities accepting deposits or their equivalents which cannot be translated by means of various payment instruments, and using these means fully or partially for loan granting or for investment at own expense and on the risk.

Monetary commitments - set of the obligations reflected in balance of National Bank, except for obligations to the Government and the International Monetary Fund.

The order - the obligatory regulation published by National Bank for the purpose of execution of this law concerning one or several financial institutions, components less than one category of financial institutions.

Basic rate - the interest rate of monetary management established by Executive committee and periodically published by National Bank.

The recommendation - the instruction of National Bank which does not have binding force.

Regulations - the obligatory regulation published by National Bank for the purpose of execution of this law concerning one or several categories of financial institutions and other legal entities and physical persons.

Article 3. Competence of National Bank

Enters competence of National Bank:

a) conclusion of agreements and release of obligations;

b) acquisition and the order by personal and real estate for the purpose of implementation of the functions and ensuring the activities;

c) the address with the claim to court and participation in process as the subject.

Article 4. Main objective

(1) the Main objective of National Bank are providing and maintenance of price stability.

(The National Bank develops 2) Without prejudice to the main objective and supports the financial system based on the market principles and helps general economic policy of the state.

Article 5. Main functions

(1) the National Bank performs the following main functions:

a) determines and performs monetary and monetarist policies of the state;

b) is effective as the banker and the agent of the state;

c) carries out the economic and cash analysis and on its basis makes to the Government the offers, brings analysis results to the attention of the public;

d) licenses, exercises supervision and regulation of activities of financial institutions and branches of foreign banks;

e) grants the loans to banks, including the help with liquidity in emergency situations;

f) establishes, licenses, performs, regulates and controls activities of infrastructures of the financial market in the procedure established by the law and promotes their stable and effective functioning;

g) acts as the single issued body of national currency;

h) sets the mode of the exchange rate of national currency;

i) stores currency holdings of the state and manages them;

j) on behalf of the Republic of Moldova assumes liabilities, carries out the transactions following from participation of the Republic of Moldova in activities of the international public organizations, in bank, credit and cash spheres in accordance with the terms of international treaties;

k) constitutes paying balance, the international investment line item and develops statistics of external debt of the Republic of Moldova;

l) performs currency control in the territory of the Republic of Moldova;

m) licenses, exercises regulation and supervision of activities for provision of payment services and activities for release of electronic money;

n) ceased to be valid according to the Law of the Republic of Moldova of 06.04.2017 No. 58

o) is effective as body of the bank resolution according to the Law on improvement of banks and the bank resolution 

(2) the National Bank has the right to process the personal data obtained when implementing the functions provided by this law without the consent to that of subjects of personal data.

(3) the Subject of personal data has no right to object to processing of personal data if that treats the functions of National Bank provided by this law.

(4) Processing of the personal data obtained by National Bank according to this Article is performed according to provisions of the legislation on personal data protection.

(5) For the purpose of ensuring stability of financial system in the situations of system financial crisis or danger of its emergence determined by the founded national authority by management of system financial crises, the National Bank can make the decision on taking measures to financial stabilization which can demand suspension or/and restriction of any payment obligations or obligations on deliveries following from any agreement which party is the subject which is under the supervision of National Bank, or any activities / transactions of this subject since day of publication of the decision on the official site of National Bank, for the period up to 6 months. The decision on application of measures for financial stabilization is made by National Bank in coordination with the Government. Measures for financial stabilization can be applied to all or separate categories of persons, and also to all or separate types of activities / to financial foreign currency transactions and/or in national currency. Conditions and procedure for application of measures for financial stabilization are established by National Bank of Moldova.

Article 6. Interaction with state bodies

(1) the National Bank interacts with the Government in realization of the tasks and according to this law undertakes necessary measures for implementation of such interaction.

(2) the National Bank on requests of economic and financial bodies of the Government provides them information on cash and financial questions. The specified bodies in turn for requests of National Bank provide it information on macroeconomic, cash or financial questions.

(3) Any draft of the regulation of body of the public power concerning the areas relating to functions of National Bank is accepted after receipt of the conclusion on it National Bank. The conclusion shall be provided within no more than 30 days from the date of its reclamation.

(4) the National Bank and members of its governing bodies are independent in implementation of the functions established by this law and cannot address for instructions and receive those from bodies of the public power or any other body. Bodies of the public power or any other bodies will not try to exert impact on members of governing bodies of National Bank in implementation of the functions by them.

(5) Without prejudice to part provisions (Article 11 and Article 11-1, any body of the public power or any third party cannot approve, stop, cancel, subject 4) to censorship, detain or cause entry into force of acts of National Bank, express opinions of ex-ante on acts of National Bank or any otherwise to influence the edition National Bank of the final act.

Article 7. International cooperation

(1) the National Bank represents the Republic of Moldova at intergovernmental meetings, in councils and the organizations for monetary management, licensing of banking activity, for bank control and another, being within its competence.

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 40000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.