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Bank Financial Performance Report for Q4 2025
There is a paradoxical situation in the municipal council. Since December 3, attempts have been made to hold a meeting, but it cannot not only take place, but even close due to the lack of quorum. Therefore, the meeting is constantly postponed. Even more paradoxical is the fact that about a month has passed since the last, ninth attempt to approve the municipality’s budget for 2025. But neither it, nor the budget for the next year 2026 is discussed in the council today.
The National Bank publishes the annual report “On Financial Stability”. The experts confirmed the resilience of the Moldovan financial system and its ability to support the real economy, while pointing out the systemic vulnerability to external threats, among which geopolitics and macroeconomics play a major role.
A threefold increase in any indicator in the banking market can hardly be considered an ordinary event. This also applies to the National Bank’s increase in the countercyclical capital buffer rate for exposures from loans in Moldova from 0.5% to 1.5% of the total value of the exposure to risk. This wording seems complicated to explain, but it is not difficult to understand.
The Moldovan Parliament adopted in the second reading amendments to the Law on State Budget for 2025, increasing its deficit by 304.6 million lei (+1.7%) – up to 18 billion 211 million lei.
A bill that hands the president of Moldova the final decision to recall the leadership of the National Bank has sparked controversy in parliament. Opposition MPs warned that the National Bank could now find itself outside the “orbit of the country and parliament”.
The stock option plan program was approved by the parliament last year, but it has not been in effect so far due to the lack of regulations with a written procedure for its application. This has been repeatedly pointed out by representatives of the business community. The Ministry of Finance has developed a relevant regulation on the Long-Term Incentive Program (stock option plan).
Large-scale tax reforms in Moldova are planned for 2027 to ensure that they are properly prepared, consulted with the business community, and are stable and predictable for entrepreneurs. For 2026, the Ministry of Finance intends to promote less complex and precise, but positively affecting business adjustments. And in the short term – to extend and make permanent the mechanism for deferring income tax payment until dividends are withdrawn, at least for certain categories of business entities.
In the new episode of the National Bank of Moldova’s “The Meaning of Money” podcast, the NBM Governor Anca Dragu and International Finance Corporation representative Galina Cicanci discuss why the ability to save is becoming the foundation of personal independence, how financial discipline is formed, and what role women and digitalization play in this process.
Despite the fact that the country’s cryptocurrency legislation is under regulation, blockchain-based financial transactions are making their way into Moldovan life and practice in various ways.
This year’s fall has been fruitful for forecasts of the country’s economic development. Updates followed from both international partners – IMF, WB – and local experts. All of them show cautious optimism about overcoming stagnation. However, they are unanimous that sufficient recovery growth should not be expected.
The Executive Committee of the National Bank of Moldova at its meeting on November 6 unanimously decided to keep the prime rate at the current level, reducing the mandatory reserve requirements for banks
Forvis Mazars, an international partner in the field of audit, taxation and consulting, announced the launch of its activity in the Republic of Moldova in a special event called “Symphony of New Beginnings”. The event took place on October 15 at the Organ Hall in Chisinau.
Experts note that the problem in Moldova is not so much the lack of money as the inability to utilize it. In their report on budget execution in the first half of 2025, experts from the Ministry of Finance also point this out. The decrease of revenues in the implementation of projects with international financing has become a trend that is observed almost monthly. Auditors of the Accounts Chamber (AC) also confirm these statements.
Moldova will become a full member of the Single Euro Payments Area (SEPA) next week. This was said during a meeting that the president of the National Bank of Moldova, Anca Dragu, held in Brussels with the director general of the European Commission’s Directorate General for Economic and Financial Affairs (DG ECFIN), Martin Verwey.
“Financial independence starts with a simple rule: half of your income goes for current expenses, about a third for personal needs, and at least 20% for savings. If there is a ‘safety cushion’ for at least three months, you are free to choose a job, are not tied to circumstances and can afford a pause between hard stages,” says Anca Dragu, Governor of the National Bank of Moldova.
Chisinau hosted Taxcon’25 – the largest conference on taxation, where regulators, business and international experts assessed the country’s fiscal course. This year, the main topics were the harmonization of taxes and excise duties with EU legislation, digitalization of tax administration, and the impact of artificial intelligence on the automation of fiscal systems. For Moldova, which is on its way to the EU, these issues are of key importance: not only the fulfillment of European requirements, but also the ability to support economic growth depends on how the country adjusts its tax levers.
According to the vision of the Ministry of Finance, the country should increase tax revenues by 10% annually over the next three years. The share of taxes in GDP will grow from 32.2% in 2025 to 33.6% in 2028. At the same time, the grant component in budget revenues will gradually decrease. This trend can already be traced in the current year’s budget execution and will intensify in the following years.
Sireţi commune (Straseni district) intends to attract 3 million lei by issuing securities to finance road repairs. The value of one bond is 1 thousand lei. This is the first experience of issuing its own bonds by a rural settlement.
The total income tax declared by legal entities-residents of Moldova for 2024 amounted to 7.5 billion lei. The data are presented in the report of the State Tax Service.
