Республиканский Клуб Деловых людей

Expert-Grup advises Moldova’s authorities to reform the stock market


The recommendations were presented at a round table. According to the experts, commercial banks are the only banks in Moldova capable of ensuring the capital turnover. “The banks hold 78% of the market of securities issued by the Finance Ministry and earn 200 times as much as participants of the capital market all combined. 

Because of the inefficiency of the market, the government lost about MDL 600 million in 2015-2016 and that crisis as well as the changes in the banking sector have posed risks to the access of the real sector to the capital market and to the financing of the public debt”, the experts state. There are some factors, such as the early maturity of the outstanding securities and the regulations that give the banks the edge over all the rest of the market participants hamper the investment in the national economy. The market of state securities is not attractive for private investors and the lack of infrastructure on the secondary stock market hampers the development of the intermediary mechanisms. Besides, institutional investors are scarce on the domestic market, investors in general have little access to state securities and financial literacy of the population leaves much to desire. The experts advise NBM, Finance Ministry and NCFM to identify key barriers to the market development and ways to overcome them as well as to develop their shared vision of how the capital market should develop. 

They recommend giving priority to the market of state securities in the National Strategy for Financial Markets Development; ensuring free and direct access of professional and non-professional investors to the market to make it more competitive; revising tax and legal regulations and lift any preferences for whatever market participants to avoid monopoly; using modern solutions for transactions on the state security markets, such as integrate mobile payment systems, M-Pay, internet banking, etc. to enhance access of the investors to the market; launching special campaigns to improve financial literacy of the population and encouraging banks to promote the state securities market.


 BNM 19.10.2018

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