(VIDEO) The vice-governor of the National Bank of Moldova, on loans and insurance: We want people to benefit from better quality services

The fourth edition of the podcast “Give Meaning to Money,” launched today, July 20, brings news about the takeover, from July 1, 2023, by the National Bank of Moldova (NBM) of the regulation of the two new sectors: non-bank lending and the insurance market, previously supervised by the National Financial Market Commission (NFMC), as well as useful information about loans and insurance under safe conditions.

This time, the guest of moderator Liliana Barbăroșie is the vice-governor of the National Bank of Moldova in charge of supervision, Constantin Șchendra.

The interview focuses on topics related to the challenges of the regulatory process of the insurance and non-bank lending market, the immediate action plan of the new supervisor, and the perspectives of the corporate governance of companies and the diversification of services for citizens.

“We would like the citizen not to feel this transfer. So we want things to go exactly as they were, i.e., insurance policies to be issued and credits to be granted exactly as they were when these entities were under the supervision of the NFMC. We managed to transfer all databases and software, exactly on June 30 at noon. Insurance policies are issued, and everything is fine. In the medium and long term, of course, we want the citizen to benefit from much better quality services – to ensure that the system is resilient and solid so that people have confidence in insurance companies but also a diversification of them,” said Constantin Șchendra.

In the podcast “Give Meaning to Money,” the deputy governor of the NBM explained the role played by non-bank lending organizations (NCLs), what it is, and how the annual effective interest rate (APR) is found, but also at what rates you can borrow.

The full interview can be viewed below.

The podcast “Give Meaning to Money” aims to regularly explain economic topics in a context where the crises of recent years have repeatedly highlighted the need to strengthen the financial education of the citizens of the Republic of Moldova.

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