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Category: Banks & Finance
The increase in the corporate income tax rate for banks from 12% to 18% does not pose a major risk to the economy, especially since the tax is scheduled to be in effect for one year. This view was expressed by the President of the Republic of Moldova, Maia Sandu.
Russians sharply increased the amount of cash in circulation in July. According to the Bank of Russia, the figure rose by ₽643.4 billion (approximately €7.2 billion), which is nearly one and a half times the increase seen in June. Since the beginning of the year, the amount of cash has increased by ₽2.1 trillion (about €23.5 billion).
Our approach is not to raise taxes, but to shift the tax burden in the right direction: lower taxes on labor, and higher taxes on vices and excess profits.
The government has revised the most controversial proposal in the previous draft budget and tax policy for 2027—the plan to raise the VAT rate to 20 percent. VAT rates will be differentiated.
One of the key priorities of the Republic of Moldova’s new tax policy for 2027, presented by Prime Minister Vasile Tofan on August 6, will be a review of the approach to personal income taxation. The reform focuses primarily on creating conditions for the growth of disposable income for citizens who receive official wages and participate in the formal economy. This principle is reflected in the very title of the draft: “Labor. Investment. Justice.”
During a press conference today, Moldovan Prime Minister Vasile Tofan confirmed that the new fiscal and tax policy framework includes an increase in the income tax rate for banks from the base rate of 12% to 18%.
The personal tax deduction will be increased by approximately 35%—from the current 29,700 lei to 40,000 lei per year. Prime Minister Vasile Tofan made this announcement during the presentation of the tax policy draft titled “Labor. Investment. Justice.”
The National Bank of Moldova raised its benchmark interest rate from 7% to 7.5% per annum. The decision was adopted unanimously at a meeting of the NBM Executive Committee on August 6, 2026. The reserve requirement ratio remains at 18% for lei and 26% for foreign currency.
In Moldova, the thresholds within which residents may conduct foreign exchange transactions without permission from the National Bank of Moldova (NBM) will be raised from 10,000 to 100,000 euros, and from January 1, 2028, to 250,000 euros.
Foreigners with residence permits will be able to become members of credit unions. This will strengthen and expand their opportunities—including financial and economic ones—for integration in Moldova.
The Bank of Russia has revised downward its forecast for the Russian economy in 2026: inflation may turn out to be higher, and GDP growth weaker, than previously expected.
The concept for the new tax reform will be officially presented on August 6, but the authorities have already revealed its main provisions. The previous version of the document was withdrawn following a wave of criticism from the public and the business community and is said to have been one of the reasons for the government’s resignation.
Requirements for companies to prepare sustainability (ESG) reports are being introduced into legislation. In this context, it is proposed that a separate chapter be added to the Law on Accounting and Financial Reporting.
The Ministry of Finance has developed new reporting requirements for businesses. They will take effect upon Moldova’s accession to the European Union.
Products imported under the excise tax suspension procedure will be required to be backed by cash guarantees.
U.S. financial regulators have fined the Swiss bank UBS $125 million for violations of anti-money laundering (AML) regulations. According to the U.S. Department of the Treasury, this is the largest civil penalty ever imposed on a broker-dealer for violating the Bank Secrecy Act.
Over the past week, from July 27 to 31, 2026, the State Tax Service (STS) transferred approximately 2 billion lei to the national public budget and issued VAT refunds totaling 128 million lei.
Moldova is expanding the list of products subject to excise taxes, including electricity.
Risks to the functioning of Moldova’s nonbanking sector remain low, and the sector’s financial position is stable. According to data presented at a meeting of the National Committee on Financial Stability, the nonbank financial sector is demonstrating resilience in the face of external and internal challenges.
The current image of the banking system as a “showcase” is very convenient—it makes it clear who to blame and where to run. But I have some bad news for you: the next crisis will most likely look nothing like the ones before. ATMs will continue to work. Deposits won’t go anywhere. The National Bank will calmly talk about high liquidity and capital adequacy.
