The new law is designed to prepare the financial system for the country’s accession to the European Union.
Thus, from the moment the law enters into force, the limit of capital transactions for residents will increase from 10 thousand euros to 100 thousand euros. From January 1, 2028 the next stage will take place. The limit of capital transactions for residents will increase to 250 thousand euros.
The regime of mandatory notifications on receipt of credits and loans from non-residents will be replaced by a reporting system. This will allow the National Bank to track capital movements, but without unnecessary bureaucracy, which is especially important for small and medium-sized businesses.
In addition, the draft law abolishes mandatory authorization for transactions with foreign financial instruments, credits and loans, guarantees, transactions with personal funds and foreign exchange transactions abroad. Residents moving abroad, as well as non-bank payment organizations will be able to open accounts abroad without the approval of the National Bank.
According to the authors, the adoption of such a law is in line with the recommendations of the IMF and the European Commission, as well as the strategic goal of the National Bank to gradually liberalize capital movements.
Freedom of investment: what is already allowed
Recall that last April, the government has already taken measures to partially liberalize foreign exchange transactions with capital. At that time, it was allowed to conduct operations with some foreign financial instruments without the authorization of the National Bank of Moldova. This concerned long-term government securities with a remaining maturity of more than five years, issued by EU countries or the Organization for Economic Cooperation and Development with a rating not lower than AA/Aa. Also, the changes concerned financial instruments in the form of shares or bonds of companies and groups with a similar level of credit rating, registered in states with a rating not lower than AA/Aa.
