The relevant draft law on the amendment of the Law on the National Bank of Moldova was adopted in the second reading by the votes of 54 MPs.
Previously, the decision to recall the head of the National Bank was made only by Parliament. Now, for his recall, the parliament makes a proposal by 2/3 of votes, while the final decision is taken by the president of Moldova.
“Practices vary from country to country. As far as I remember, Italy has a similar practice, but each country itself determines the procedure for dismissing the NBM president,” said Radu Marian, chairman of the Commission for Economy, Budget and Finance.
Also, the member who is also a member of the executive committee (vice-president) will be excluded from the NBM Supervisory Board. At the same time, the number of independent members of the Supervisory Board is increased from 4 to 5. The term of office of independent members is reduced from 7 to 5 years.
According to the authors of the draft, the new provisions are aimed at strengthening the independence of the NBM governing bodies.
The amendments also provide for a more detailed regulation of the composition of the governing bodies, qualification requirements, term of office and responsibilities.
The new rules for the Supervisory Board will be applied to the members appointed after the entry into force of the law.
