Bank-financial sector of Moldova achieved impressive progress, in spite of crisis - Viitorul
Experts of the IDIS Viitorul Institute for Development and Social Initiatives have said the bank-financial sector of Moldova marked impressive achievements this year, in spite of the crisis.
During the presentation of the national economy development results for 2010 and the activity principles for 2011 on Wednesday, economic expert Corina Gaibu said that state securities (SS) rose in prices by about 155% this year in comparison to the first 9 months of 2009. According to her, it is a typical situation for underdeveloped countries, where banks easily enrich themselves at the expense of state debt buying-selling activities by means of state securities.
The expert said that bank credit portfolio went up about 10% against the 2008 ante-crisis year, when it went up only 2%. It proves the bank sector starts reviving, in spite of the fact that the unfavorable credit amount went up US$146 million.
"The bank capital went up at the expense of revenues, and also under the influence of the Moldova National Bank's (NBM) decision to increase the 1st level capitals of commercial banks. According to the NBM, banks must increase it to 100 million lei till the end of the year, to 150 million in 2011 and to 200 million in 2012, which will ensure a stability of the bank system", Gaibu said.
Experts of Viitorul said the prices will go up considerably in 2011, especially on food stuff due to the energy resource price rise.
They forecasted the 8.4% inflation and slight lei depreciation by 1-1.5% for the next year. Representatives of Viitorul said there must be taken measures for keeping currencies stable and proposed the NBM to cut down refinancing rates for a further reduction of bank credit rates.
Analysts said the Government priorities are the 2011 state Budget adoption, the EU-Moldova free trade area agreement signing for providing Moldovan exporters with a wide market, as well as for implementing concrete reformations for the business environment development.
Infotag
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