The explanations were posted on the institution’s official website in response to the dissemination in the public sphere of information that, in the BNM’s view, “discredits and undermines public confidence in the central bank” for political reasons.
The BNM believes that such an approach toward an independent state institution is unacceptable, since “the BNM’s decisions affect the economy as a whole, the security of the public’s savings, confidence in the financial system, and the international reputation of the Republic of Moldova.”
“To attract and retain highly qualified professionals, the central bank competes in the labor market with commercial banks, financial companies, and international institutions. Consequently, under these conditions, a competitive compensation system is necessary to retain the expert knowledge on which the quality of the BNM’s decisions and the safe and stable functioning of the financial system depend,” the regulator states.
According to the bank, the current compensation system, based on job evaluation, was implemented in 2018 with the support of experts from “KORN FERRY-Hay Group” — a global leader in human resources management — and the agency had no reason not to trust these global leaders.
At the same time, the National Bank expresses understanding of the public’s concerns in the context of the ongoing public debate over compensation levels in government agencies, assuring that it “manages its resources in accordance with the law.”
