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RESOLUTION OF ADMINISTRATIVE BOARD OF NATIONAL BANK OF THE REPUBLIC OF MOLDOVA

of January 24, 2013 No. 8

About approval of Regulations about implementation of transactions in the interbank foreign exchange market of the Republic of Moldova

(as amended on 09-03-2022)

Based on Article 4, the item and) the Art. 5, the Art. 11, subitems b) and d) the Art. 16, the subitem c) Art. 26 and the subitem and) Art. 51 of the Law on National Bank of Moldova No. 548-XIII of July 21, 1995 (Monitorul Oficial al Republicii Moldova, 1995, Art. No. 56-57, 624), with subsequent changes and amendments, parts (3) article 35 of the Law on currency control No. 62-XVI of March 21, 2008 (Monitorul Oficial al Republicii Moldova, 2008, Art. No. 127-130, 496), with subsequent changes and amendments, and also for realization of tasks of the Strategic plan of the National Bank of Moldova for 2013-2017 approved by the Resolution of Administrative board of National Bank of Moldova No. 209 of September 13, 2012, the Administrative board of National Bank of Moldova DECIDES:

1. Approve Regulations about implementation of transactions in the interbank foreign exchange market of the Republic of Moldova it (is applied).

2. This resolution becomes effective on March 1, 2013.

Chairman of Administrative board of National Bank

Doreen Dregutsana

Approved by the Resolution of Administrative board of National Bank of the Republic of Moldova of January 24, 2013, No. 8

Regulations about implementation of transactions in the interbank foreign exchange market of the Republic of Moldova

Chapter I. General provisions

1. In these regulations the concepts determined by the Law on currency control No. 62-XVI of March 21, 2008 (Monitorul Oficial al Republicii Moldova, 2008, Art. No. 127-130, 496), with subsequent changes and amendments are used (further - the Law No. 62-XVI of 21.03.2008). Also for the purpose of these regulations the following concepts are used:

a) the firm quotation - the buying rate (sales) obligatory in case of implementation of interbank currency transaction for the participant who performs quoting (announces the corresponding rate), in case when other participant decided to purchase/sell foreign currency;

b) the approximate quotation (the information quotation) - the buying rate (sales) which is not obligatory for implementation of interbank currency transaction and is used by the participant who performs quoting (announces the corresponding rate), for the purpose of informing other participant;

c) transaction date - date (day) of the conclusion of interbank exchange currency transaction and which can be only in the working afternoon;

d) value date (value date) - date when calculations for interbank exchange currency transaction are perfromed and which can be only in the working afternoon;

e) interbank currency auction (auction) - the auction for sale/purchase of foreign currency in the interbank foreign exchange market initiated and held by National Bank of Moldova as the seller (buyer) of foreign currency when licensed banks submit at the scheduled time purchasing requests (offers for sale) foreign currency which the National Bank of Moldova satisfies according to the rules established by these regulations;

f) interbank exchange currency transaction (interbank currency transaction) - any transaction performed between two members of the interbank foreign exchange market by direct negotiations or at currency auction which consists in sale/purchase of foreign currency for national currency or other foreign currency the corresponding amounts are delivered by participants of the transaction for the stipulated value date and by the established currency rate;

g) bilateral interbank exchange currency transaction (bilateral interbank currency transaction) - any interbank exchange currency transaction performed out of interbank currency auction on bilateral basis by direct negotiations;

h) the option (option) - the right, but not obligation of the owner of the option to purchase (call option) or to sell (put option) during the established period of time certain amount in one currency in exchange for certain amount in other currency by the established currency rate;

i) the interbank foreign exchange market of the Republic of Moldova (the interbank foreign exchange market) - the market in which interbank exchange currency transactions between licensed banks, and also between licensed banks and National Bank of Moldova are performed;

j) single trade platform - the electronic platform delivered by the Bloomberg Finance LP company which allows to perform cash currency transactions in the interbank market;

k) the transaction the forward (urgent transaction) - transaction of purchase/sale of foreign currency for national currency or other foreign currency as a result of which calculation between participants of the transaction is perfromed in two and more working days of transaction date, by the currency rate established between participants (the currency rate the forward);

l) the transaction spot (cash transaction) - transaction of purchase/sale of foreign currency for national currency or other foreign currency as a result of which calculation between participants of the transaction is perfromed for the second working day from transaction date (t+2), by the currency rate established between participants (spot exchange rate). Also according to the arrangement between participants cash transaction can be performed with value date to the second working day after transaction date, namely: with the value date matching transaction date (t+0, the transaction of "today"), and with value date the next working day from transaction date (t+1, the transaction of "tomorrow");

m) currency transaction swap (the transaction swap) - the currency transaction including at the same time two exchange currency transactions between the same two participants of the transaction namely transaction on purchase (sale) and at the same time return transaction on sale (purchase) of the equal amounts of one foreign currency for national currency or other foreign currency with different value dates and using the different currency rates (the difference is expressed in Items swap), which are determined in day of the conclusion of currency transaction swap.

2. These regulations establish:

a) the basic principles of implementation of transactions in the interbank foreign exchange market of the Republic of Moldova;

b) rules of holding interbank currency auctions;

c) the features concerning publication of information on quotations of banks about interbank currency transactions and access to this information;

d) conditions of implementation by National Bank of Moldova of currency transactions swap in the interbank foreign exchange market.

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