Advancing with Confidence: A Conversation with Anca Dragu, Governor of the National Bank of Moldova
by Andreea Dragan, Editor Nine O’Clock
In this interview with Her Excellency Mrs. Anca Dragu, Governor of the National Bank of Moldova, we explore the country’s growing role in the regional and European economic landscape. Following her participation in major international events such as the IMF and World Bank Annual Meetings and the OMFIF Conference in Washington, Mrs. Dragu shares her perspective on Moldova’s economic outlook, financial sector development, and integration into the European payment and financial systems. With a strong commitment to stability, transparency, and innovation, the Governor also reflects on Moldova’s dialogue with the diaspora, women’s leadership in finance, and the strengthening of bilateral relations with Romania.
Nine O’Clock: Mrs. Governor, what were the main topics of discussion and the most relevant outcomes for the Republic of Moldova following your participation in the Annual Meetings of the International Monetary Fund and the World Bank?
H.E. Anca Dragu: Moldova’s participation in the Annual Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) was an important opportunity to deepen strategic dialogue with international partners and to reaffirm the country’s commitment to stability, transparency, and its European integration path.
Discussions focused on Moldova’s macroeconomic developments and the resilience of its economy in a global context defined by uncertainty and about the achievements in strengthening the governance, financial supervision, and regulatory framework. Our partners from the IMF and the World Bank acknowledged the country’s steady progress in recent years: from reducing inflation and maintaining macroeconomic stability to joining the Single Euro Payments Area (SEPA), a milestone in Moldova’s European financial integration.
We also discussed the modernization of the financial sector and the acceleration of digital transformation through the development of the national instant payments system – MIA Instant Payments, already recognized as a regional success story.
I emphasized the importance of financial inclusion as a national priority, ensuring equal access to modern financial services for all citizens, particularly for vulnerable groups such as rural population, women, young people, and seniors.
I would like to mention that currently, the National Bank of Moldova, in cooperation with other authorities and with the support of the World Bank, is developing Moldova’s first National Financial Inclusion Strategy, aimed at expanding access of digital financial services, enhancing financial literacy, and strengthening consumer protection.
During the Regional Economic Outlook (REO) sessions, we examined inflationary trends, geopolitical challenges, and their impact on emerging economies, highlighting the need for stronger coordination between monetary and fiscal policies to reinforce economic resilience.
Particular attention was also given to women’s leadership, the green transition, and sustainable finance – areas in which Moldova is already implementing concrete projects in partnership with the World Bank and European institutions.
For the Republic of Moldova, the visit to Washington represented a reaffirmation of its role as a credible, active, and respected partner within the international financial architecture — a country that is advancing through reforms, cooperation, and open dialogue with global institutions.
Nine O’Clock: During your dialogue with the Moldovan diaspora in Washington, you spoke about building a “modern Moldova.” How do you see the role of the diaspora in strengthening the country’s economic and social development?
H.E. Anca Dragu: The meeting with Moldovans living in the United States, organized by the Embassy of the Republic of Moldova in Washington, D.C., provided an excellent opportunity for an open and forward-looking dialogue about the role of the diaspora in the country’s economic development and European integration process.
My message was clear: the Moldovan diaspora plays a decisive role in transferring ideas, capital, and best practices, while also strengthening the image of the Republic of Moldova as a modern, competitive, and European state.
The discussions highlighted that Moldovans abroad are a valuable source of knowledge and innovation: individuals capable of supporting national economic growth through their expertise, investments, and connections. Many participants expressed interest in the recent developments within Moldova’s financial system, the stability of the banking sector, and the reforms bringing the country closer to European standards.
I saw Moldovans in the United States who are deeply engaged, well-informed, and genuinely concerned about the way their country is evolving. This genuine interest shows that, regardless of distance, Moldova has preserved a vibrant connection with its people — one built on a common aspiration for progress.
Nine O’Clock: How would you assess the current regional economic outlook in today’s geopolitical context, and what role can the Republic of Moldova play in a Europe undergoing continuous transformation?
H.E. Anca Dragu: The regional economy is going through a complex period marked by geopolitical tensions, energy transition, structural adjustments, and persistent inflationary pressures. Countries in Central and Eastern Europe face the dual challenge of managing short-term risks while maintaining the long-term trajectory of reforms.
Over the past few years, the Republic of Moldova has demonstrated both macroeconomic stability and strong adaptability, managing to strengthen the confidence of its international partners and to advance steadily on its modernization path. Inflation has declined significantly, while the banking sector remains sound, well-capitalized, and aligned with European standards.
Reforms in governance, financial supervision, and digitalization have further enhanced institutional credibility and laid the foundation for sustainable growth.
Competitiveness will continue to strengthen through the implementation of the EU Growth Plan, amounting to €1.9 billion for 2025-2027, the most ambitious economic program since independence. This plan offers Moldova an unprecedented opportunity to accelerate European integration through investments in infrastructure, digital transformation, the green transition, and human capital development. The National Bank of Moldova actively contributes to this effort by ensuring macroeconomic stability, modernizing financial markets, and reinforcing investor confidence.
International assessments confirm these achievements. S&P Global Ratings recently affirmed Moldova’s sovereign rating at “BB-/B” with a stable outlook, positioning the country above several economies in the Western Balkans. This reflects the soundness of Moldova’s macroeconomic policies and the growing confidence of international investors in its development potential.
In a Europe undergoing continuous transformation, the Republic of Moldova is becoming a reliable partner on the eastern border of the European Union – an economy that is steadily progressing on the path of economic and financial integration. Moldova’s accession to the Single Euro Payments Area (SEPA), the implementation of the MIA Instant Payments system, and the launch of the Financial Sector Assessment Program (FSAP) are clear milestones on this irreversible path toward alignment with European standards.
In the medium term, Moldova has the potential to become a regional hub for financial and digital services, leveraging its strategic location and highly skilled human capital. Through consistent reforms and prudent policies, the country can translate resilience into economic credibility and actively contribute to the stability and prosperity of South-Eastern Europe.
At the same time, the green transition, digitalization, and energy diversification remain shared priorities across the region and the Republic of Moldova is an active participant in this collective effort. Continued investments in infrastructure, education, and innovation will further consolidate European integration and foster a more predictable, competitive, and forward-looking economic environment.
I remain confident that the Republic of Moldova may become the “wonder child” of the region – a genuine example of transformation, credibility, and European convergence.
Nine O’Clock: You attended the OMFIF conference on managing reserves in a volatile global environment. What key lessons or best practices do you believe can be applied by the National Bank of Moldova?
H.E. Anca Dragu: The OMFIF conference provided an excellent platform for dialogue and knowledge exchange among monetary and financial institutions from around the world. The discussions focused on how central banks manage reserves in an increasingly volatile global environment shaped by geopolitical tensions, economic transitions, and shifting market dynamics.
One of the key takeaways was that resilience and diversification are fundamental to safeguarding financial stability. Reserve management today is not only about balancing return and safety – it also requires anticipating risks, enhancing flexibility, and integrating advanced analytical tools, including those powered by artificial intelligence.
The Republic of Moldova actively participates in the Reserve Advisory and Management Partnership (RAMP) of the World Bank, a global platform that fosters cooperation and the exchange of best practices among central banks. Through this partnership, experts from the National Bank of Moldova benefit from advanced training, technical assistance, and access to international models of reserve portfolio management.
For the National Bank of Moldova, these experiences reaffirm that transparency, cooperation, and professionalism are the pillars of prudent and effective reserve management.
Participation in OMFIF discussions helps us calibrate internal policies, strengthen confidence in the central bank, and adapt our reserve management strategy to the evolving realities of global financial markets.
Nine O’Clock: At the “Women Leaders’ Discussion” forum organized by the World Bank, topics such as female leadership and inclusion were highlighted. How do you promote these values within the institution you lead?
H.E. Anca Dragu: The “Women Leaders’ Discussion” forum, hosted by Ms. Antonella Bassani, Vice President of the Europe and Central Asia Region at the World Bank, served as a dynamic platform to explore how women’s leadership, gender equity, and financial inclusion can drive tangible economic progress.
Together with women leaders from around the world, we discussed the importance of equal access to finance, economic education, and women’s participation in decision-making processes.
I emphasized that gender equality and financial inclusion are not only social imperatives but also key drivers of competitiveness and sustainable growth. An economy becomes stronger and more resilient when all talents are empowered and women have equal access to resources and opportunities.
At the National Bank of Moldova, these principles are embedded in our institutional policies and organizational culture. Women represent 64% of the Bank’s staff, and more than half of all managerial positions are held by women – the result of a culture built on merit, professionalism, and collaboration.
A concrete example of our commitment is the launch of “FinanciarELE”, Moldova’s first women’s leadership community in the financial sector, initiated by the National Bank in March 2025. Through this initiative, we inspire and support women who wish to contribute to the country’s economic transformation and to promote a leadership model grounded in equity,
integrity, and accountability. An equitable institution is, fundamentally, a more efficient one and more connected to the people, and this principle guides our daily work.
Nine O’Clock: The Republic of Moldova has officially joined the Single Euro Payments Area (SEPA). What concrete impact will this milestone have on the economy, the business environment, and Moldovan citizens?
H.E. Anca Dragu: The Republic of Moldova’s accession to the Single Euro Payments Area (SEPA) marks a historic milestone for the national financial system and a tangible step forward in our European integration journey.
This achievement grants Moldova access to a common financial space shared with EU member states, allowing payments in euro to be executed under the same conditions of cost, safety, and speed as within the European Union. It gives citizens and businesses the ability to make and receive euro payments at identical standards of efficiency and security, strengthening confidence in our financial infrastructure and opening new opportunities for economic integration.
For the national economy, SEPA integration translates into greater efficiency and direct savings up to €20 million only on remittances of approximately €1.5 billion remittances from EU and SEPA countries. Savings from trade and foreign direct investment could be doubled than this amount, considering trade of almost €10 billion with EU and SEPA countries. These resources will remain in the domestic economy to support investment, business development, and job creation. At the same time, SEPA membership sends a strong signal of stability and credibility to international partners and investors, positioning the Republic of Moldova as a reliable, predictable, and forward-looking European partner.
At the operational level, eight commercial banks in Moldova have already obtained SEPA Participant status, enabling them to process euro payments in full compliance with the technical and regulatory standards applied across the EU. This ensures faster, safer, and lower-cost transfers, enhancing the competitiveness of local businesses and facilitating international trade and investment flows.
Before accession, payments to the SEPA area were made through the SWIFT network – in 2024 over 830,000 transactions, totaling €11.8 billion, were processed between the Republic of Moldova and SEPA countries. Today, these transfers are carried out instantly, with reduced costs of up to €1 per transaction, bringing tangible benefits to citizens, the diaspora, and small and medium-sized enterprises.
For citizens, the advantages are immediate and visible: faster, cheaper, and more secure payments fully interoperable with the European financial area. For businesses, SEPA opens access to a single market of over 450 million consumers, facilitating trade, investment, and innovation.
From an institutional perspective, Moldova’s SEPA membership strengthens the credibility and stability of the banking sector, demonstrating compliance with strict European standards in payments, security, and consumer protection.
This achievement represents a decisive step toward full integration into Europe’s financial infrastructure, a confirmation of the country’s institutional maturity and its irreversible commitment to European convergence.
Nine O’Clock: What are the main findings and recommendations of the recently completed Financial Sector Assessment Program, and how does the National Bank plan to implement them?
H.E. Anca Dragu: The 2025 Financial Sector Assessment Program (FSAP) focused on assessing the resilience of Moldova’s financial system, the quality of supervision and regulation, the macroprudential framework, and the country’s financial safety nets and crisis management capacity. It also examined financial integrity, access to finance, climate finance for agriculture, and the development of long-term finance markets. The FSAP mission worked closely with the National Bank of Moldova (NBM), the Ministry of Finance, and other stakeholders, benefiting from the FSAP team’s high professionalism and expertise. The exercise was marked by excellent cooperation and constructive dialogue, and it is viewed by the NBM as an important tool for further strengthening Moldova’s financial stability framework and supervisory practices.
Since the previous assessments – the FSAP Update in 2014 and the Financial Sector Stability Review (FSSR) in 2021 – Moldova has made substantial progress, driven by post-crisis reforms following the 2014 banking crisis. A major turning point came with the adoption of the Law on the Activity of Banks (No. 202/2017), which significantly enhanced the NBM’s supervisory powers, introduced an explicit financial stability mandate, and aligned the legal framework with Basel III standards and the CRD IV/CRR package. Building on this foundation, the NBM issued comprehensive secondary legislation covering licensing, governance, capital adequacy, liquidity, and the supervisory review and evaluation process (SREP). These reforms led to notable improvements in banks’ governance, internal controls, and risk management.
NBM also implemented a fully risk-based supervisory framework supported by continuous monitoring and targeted on-site inspections, allowing timely identification of emerging risks. Efforts to increase transparency in bank ownership restored confidence and improved corporate governance across the sector. The full adoption of International Financial Reporting Standards (IFRS) further strengthened the regulatory architecture. Currently, the NBM is aligning its regulatory framework with the CRD VI/CRR III package – the final phase of Basel III reforms in the EU — with full transposition planned by 2027 under the National Program for EU Accession (2025-2029).
Additional reforms have enhanced Moldova’s financial safety net and crisis management capacity. Borrower-based macroprudential measures introduced in 2022 help limit household and mortgage-related risks. The adoption of the Bank Recovery and Resolution Law improved NBM’s powers as resolution authority and reinforced inter-institutional coordination through the creation of the National Committee for Financial Stability. The authorities are also implementing IMF recommendations on emergency liquidity assistance and developing a strategy to meet Minimum Requirements for Own Funds and Eligible Liabilities (MREL) by 2030.
The FSAP 2025 mission provided a set of preliminary recommendations covering systemic risk analysis, macroprudential policy, financial supervision, integrity, crisis management, access to finance, and long-term finance development. These include refining borrower-based measures, introducing climate-linked conditions in agricultural finance, and developing an institutional investor base to support capital market growth. The FSAP also recommended extending government debt maturities to create a credible yield curve and deepen the domestic capital market. The NBM reaffirms its commitment to continuous improvement and will carefully integrate the mission’s recommendations to further enhance the quality, timeliness, and reliability of financial sector supervision in line with international standards.
Nine O’Clock: The relaunch of the Moldova-Romania Bilateral Chamber of Commerce and Industry marks a new chapter in bilateral cooperation. What benefits do you foresee for the business communities on both sides of the Prut River?
H.E. Anca Dragu: Today, nearly 70% of the Republic of Moldova’s exports are directed toward the European Union, and Romania remains the country’s largest trading partner, and Romania remains the country’s largest trading partner with a significant share of 32.6% of total goods export (USD 1159.17 million).
This development confirms that the future of Moldova’s economy is closely tied to European integration and to strengthening its economic relationship with Romania, a partnership built on common interests and mutual trust.
The relaunch of the Moldova – Romania Bilateral Chamber of Commerce and Industry creates a sustainable platform for cooperation among the business community, public authorities, and financial institutions of both countries. It serves as a catalyst for investment attraction, business development, and cross-border innovation.
At the relaunch event, I reaffirmed a message that reflects our economic reality: “Those who do not invest in Moldova today will regret it in five to ten years.” This statement underscores the profound economic and financial transformation underway in Moldova: a stable, open, and rapidly modernizing economy.
I also emphasized the importance of a modern, reliable financial system that builds confidence among entrepreneurs and investors. The launch of the MIA Instant Payments system, including the P2G functionality for payments to public services, along with Moldova’s accession to the Single Euro Payments Area (SEPA), integrates the local economy into the European financial infrastructure. This allows European investors to conduct transactions with Moldovan partners under the same standards of efficiency and security as within the European Union.
Nine O’Clock: Looking ahead to 2025 and beyond, what are the National Bank of Moldova’s key strategic priorities for strengthening financial stability and advancing integration with European financial systems?
H.E. Anca Dragu: Looking ahead to 2025 and beyond, the National Bank of Moldova is intensifying its efforts to fortify the country’s financial stability and deepen integration with EU financial systems. The focus is on aligning Moldova’s financial sector with EU standards by transposing them into national legislation. This alignment aims to enhance the competitiveness and safety of Moldova’s banking sector, making it more attractive and transparent to investors and providing access to higher-quality financial services for consumers.
Beyond the regulatory dimension, the National Bank of Moldova is also focusing on modernizing the country’s financial infrastructure. This includes upgrades to payment systems, including instant payments and alignment with SEPA, enabling faster, cheaper, and more reliable transactions across borders. The macroprudential framework and systemic risk analysis have also been strengthened to enhance the resilience of the financial sector, through the introduction of tools to monitor and mitigate systemic risks. These efforts are designed to build trust, improve resilience, and consolidate Moldova’s position within the broader European market.
Furthermore, the National Bank of Moldova’s commitment to financial stability is reflected in its active role in Moldova’s European integration process. The central bank plays a leading role in coordinating negotiations on financial services, the free movement of capital, and economic and
monetary policy, ensuring that Moldova’s financial system is well-prepared for deeper integration into the EU’s financial architecture.
Nine O’Clock: On October 10, 2025, Nine O’Clock celebrates its 34th anniversary with a special 120-page edition titled “Top Interviews, Messages, and Speeches of Ambassadors and CEOs – Happy 34th Anniversary, Nine O’Clock! 2025 Edition.” What is your opinion on this initiative by the newspaper’s new management? Do you believe such a publication is relevant and necessary in today’s media and business landscape? We would also be honored to receive an exclusive statement from you for this edition. Additionally, you are warmly invited to the launch event, which will take place in November 2025 at one of the embassies in Romania.
H.E. Anca Dragu: In an era when the information space is increasingly fragmented and often distorted by disinformation, an editorial initiative that promotes responsible communication, balance, and in-depth analysis is more necessary than ever.
Such projects help strengthen public trust and foster a deeper understanding of the economic and social dynamics shaping our present and defining our future.
By consistently bringing together influential voices from the worlds of economy, diplomacy, and public policy, Nine O’Clock has, for 34 years, demonstrated that journalism can still be a force for balance, clarity, and meaningful dialogue.
I congratulate the Nine O’Clock team for their professionalism, consistency, and their ability to highlight genuine stories of leadership, cooperation, and progress.
Nine O’Clock: Thank you for these answers and for taking the time to participate to this interview!
Andreea Drăgan joined Nine O’Clock in April 2023. She graduated the Faculty of Journalism and Communication Science in 2023 and holds a degree in communications sciences. She obtained the Cambridge Assessment English: First Certificate in English (FCE) diploma in December 2018 with a B2 Level. In August she was promoted to Editor of Nine O’Clock Newspaper after many interviews and articles written by her. Andreea Drăgan, journalist at Nine O’Clock, specializing in Capital Markets and listed companies on the Bucharest Stock Exchange, has been nominated for the “Excellence in Capital Market Journalism in 2024” award at the prestigious BVB Awards, organized by the Bucharest Stock Exchange. Get in touch with her: [email protected]
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