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

of April 15, 2004 No. 85

About approval of Regulations about the mode of required reserves

Based on Art. 11 and 17 of the Law on National Bank of Moldova and for the purpose of establishment of the mechanism of creation of required reserves in the conditions of separate reservation in Moldovan lei and freely convertible currency the Administrative board of National Bank of Moldova DECIDES: N548-XIII of July 21, 1995

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

II. From the date of application of these regulations to consider invalid Regulations about procedure for forming and maintenance of required reserves by commercial banks of the Republic of Moldova for N5/08, approved by the decision of Administrative board, protocol N 40 of 26.12.1995 Monitorul Oficial al Republicii Moldova" by N8-9/11 of 08.02.1996), with subsequent changes.

III. The regulation of required reserves and stages of transition to separate reservation according to requirements of the Regulations about the mode of required reserves approved in item 1 of this resolution will be established by Administrative board of National Bank of Moldova in May of the current year taking into account the planned purposes of monetary and monetarist policies of National Bank of Moldova, evolution of the market and dynamics of inflation.

IV. To impose control over the implementation of this resolution on department of market transactions, department of monetary management and researches, accounting department, department of currency transactions and external relations, department of information technologies and data processing and department of statistics.

V. This resolution becomes effective from the date of publication in "Monitorul Oficial al Republicii Moldova" and is applied, since the period of observation of the raised funds on July 1-15, 2004.

Regulations about the mode of required reserves

 Chapter I General provisions

1. These regulations are developed based on the Law of the Republic of Moldova N 548-XIII of July 21, 1995 about National Bank of Moldova.

2. Banks support required reserves in Moldovan lei and freely convertible currency on the accounts opened in accounting registers of National Bank of Moldova in the conditions of these regulations.

Chapter II of the Concept

3. In these regulations the following concepts are used:

The Required Reserves (RR) - the money of banks in Moldovan lei (MDL) and the freely convertible currency (FCC) supported on the accounts opened in the National Bank of Moldova (NBM).

The calculation base - represents daily average remaining balance for the period of observation of the raised funds which are subject to reservation considered on deposit accounts and other similar passive accounts, class 2 "Obligations" of bank balances.

Daily average the remaining balance of the period of observation is determined taking into account the number of calendar days in this period.

The observation period - period for which the calculation base is determined.

The maintenance period - period throughout which it is necessary to support on the accounts opened in National Bank of Moldova, the established level of required reserves.

The established level of required reserves represents result of multiplication of calculation base by regulation of required reserves.

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