The financial system of the Republic of Moldova
How the country's financial system is built, who supervises it, and how money and securities move through the financial system. A map of the institutions, the infrastructure and the segments.
- The three pillars
- Market infrastructure
- Settlement diagram
- Reforms 2025–2026
What the financial system is
A financial system is the set of institutions, markets and rules through which a country's savings reach those who need funding. Its job is to move money from those who save to those who invest: companies, the state and households.
In the Republic of Moldova, the financial system is built on two arteries. The first is the banking sector, where banks act as intermediaries; this is the dominant part. The second is the capital market, where issuers sell shares and bonds directly to investors; this part is small and still being built. Around these two arteries sit adjacent segments: payment systems, insurance, voluntary pension funds, non-bank lending and crowdfunding.
The rest of this page focuses on the capital market, the part that concerns you directly when you want to invest. The list below shows who makes up the capital market.
Participants in the system
NBM, NCFM and the Ministry of Finance set the rules, license participants and supervise the market.
The Moldova Stock Exchange and the Moldova International Exchange (BIMx) — the two licensed market operators — plus the Single Central Depository (CSD), which registers securities and settles trades. Registrars keep shareholder registers for issuers; the registers of banks, insurers and exchange-listed companies have been transferred to the Single Central Depository (art. 46 of Law No. 234/2016).
Investment firms and investment advisers. You buy financial instruments through them. A bank may also hold the status of an investment firm.
Those who raise capital: companies (shares, bonds), the state through government securities, and local authorities, which issue municipal bonds — an instrument city halls have been using increasingly in recent years.
Those who provide capital: individuals and legal entities, both non-professional and professional investors.
The Investor Compensation Fund on the capital market, with a ceiling of EUR 1,000 per investor, and the Deposit Guarantee Fund on the banking side.
As at 31 December 2025, 26 companies licensed and authorised by the NCFM were active on the capital market: one market operator, 12 investment firms (7 bank-based, 5 non-bank), 7 registrar companies, one investment adviser, 4 share valuation firms and one pension fund management company. In August 2026 a second market operator was added, the Moldova International Exchange. Source: NCFM, Capital market indicators of the Republic of Moldova in 2025 (12.02.2026).
The banking sector remains the dominant part, while the capital market is small and still being built. The difference in size between the banking sector and the capital market explains why local investment options are still limited. Chapter 5, "Local limits and the global bridge", returns to this with figures.
The three institutional pillars
You have seen the map of participants from chapter 1. We now go through each category, starting with the authorities. Responsibility for the system is divided between three public authorities, each with its own field of regulation and supervision.
National Bank of Moldova
The central bank. It licenses and supervises banks, runs monetary policy, sets the exchange-rate regime and holds the exclusive right to issue the leu. It supervises the Single Central Depository. The draft law on central depositories, passed at first reading in August 2026, would transfer authorisation and supervision of central depositories to the NCFM. Since 1 July 2023, under Law no. 178/2020, the NBM also licenses and supervises insurers, non-bank lending organisations and savings and loan associations.
Law no. 548/1995National Commission for Financial Markets
Supervises the capital market (including collective investment undertakings), voluntary pension funds and crowdfunding. From 1 July 2023, under Law No. 178/2020, insurance and non-bank lending moved to the NBM. Under Law No. 175/2023, the NCFM took over the protection of financial consumers: from July 2023 for non-bank lenders and insurers, and from 1 January 2024 also for banks and payment service providers. Once the law on the crypto-asset market adopted in August 2026 enters into force, the NCFM will also supervise the crypto-asset market.
Law no. 192/1998Ministry of Finance
The issuer of government securities. It runs fiscal and budgetary policy and manages public debt.
Fiscal and budgetary frameworkIn short: the NBM is responsible for banks and the national currency and, since 2023, for insurance and non-bank lending; the NCFM for the capital market, voluntary pensions and crowdfunding; and the Ministry of Finance for government securities. Each of the three authorities has a dedicated page on Trading.md setting out its powers in detail.
Capital market infrastructure
This chapter shows the mechanics of the capital market. When an investor buys a share or a bond, the order passes through five pieces of infrastructure working together.
- The Moldova Stock Exchange (BVM) is the organised market where supply and demand meet. Founded in 1994, with its first trades in 1995. It operates a regulated market and a multilateral trading facility (MTF). The deadline for BVM to comply with the minimum capital requirement, postponed by Laws no. 321/2022, 259/2024 and 177/2025, was 14.09.2026. After that date BVM continued to hold sessions and publish announcements.
- The Moldova International Exchange (BIMx) is the second market operator, also with a regulated market and an MTF. The NCFM granted BIMx its market-operator licence on 21.08.2026. On 28.09.2026 BIMx began admitting trading members and issuers. BIMx has announced its first listing by the end of 2026.
- Investment firms are the intermediaries licensed by the NCFM. An individual does not trade on the exchange directly, but passes the order to an investment firm, which executes it on their behalf.
- The Single Central Depository (CSD) is the post-trade infrastructure. It registers, keeps records of and settles securities, allocates ISIN codes and settles exchange trades. A draft law passed at first reading in August 2026 would replace the current framework and open the market to other central depositories.
- The Investor Compensation Fund is the safety net. If an investment firm cannot return clients' money or securities, the fund compensates clients who are natural persons, up to the equivalent of EUR 1,000 per client.
How a buy order travels
Sources: Law no. 171/2012 on the capital market and Law no. 234/2016 on the single central depository. Law no. 171/2012 is to be replaced by the law on markets in financial instruments adopted in August 2026. Law no. 234/2016 is to be replaced by the law on central depositories, currently at first reading. BVM deadline: the Government's explanatory note; BVM sessions: BVM statistics. BIMx: communiqué of 25.08.2026 and communiqué of 28.09.2026.
The segments of the system
Seen horizontally, the financial system has seven regulated segments: four supervised by the NBM and three by the NCFM. Each segment has its own participants, its own law and its own supervisory authority.
Banking sector
The largest segment. Licensed banks take deposits and grant loans. Deposits are protected by the Deposit Guarantee Fund.
Capital market
Shares, corporate and municipal bonds, government securities and collective investment undertakings (investment funds).
Insurance
Insurance and reinsurance companies and intermediaries. They cover risks for individuals and companies.
Voluntary pensions (Pillar III)
Private pension funds that supplement the state pension. The first voluntary pension fund was approved by the NCFM in February 2026. Contributions are tax-deductible up to 15% of the income earned in the tax year (art. 67(1) of the Tax Code).
Non-bank lending
Non-bank lending organisations and savings and loan associations. They provide finance outside the banking system.
Payments
The systems through which money moves: transfers, cards, and since October 2025 euro payments through SEPA, which has become the country's main channel for cross-border payments in euro.
Crowdfunding
Online platforms through which small businesses, start-ups and local authorities raise investment or loans directly from the public. Regulated by Law no. 181/2023, in force since 1 March 2024.
The crypto-asset market becomes the eighth supervised segment once the law adopted in August 2026 enters into force, six months after publication in the Official Gazette. Until then, crypto-assets are not a regulated segment of the financial system.
Sources: NBM, 10.08.2026 (SEPA — the main channel for cross-border euro payments); NCFM, Board decisions of 17 and 20.02.2026 (the first voluntary pension fund); NCFM, 04.03.2024 (Law No. 181/2023 on crowdfunding services).
Local limits and the global bridge
The institutional picture is complete. What is missing is market depth. Realistically, on the figures:
- The local capital market is small and illiquid. In 2025 only 13 issuers saw any trading: 5 on the regulated market and 8 on the MTF. Across the whole year there were 130 trades on the regulated market and 16 on the MTF, while 95.65% of the number of trades in 2025 were off-exchange.
- The range of instruments is limited. For someone who wants to invest, the real local options are government securities (through eVMS), municipal bonds issued by city halls, a few corporate bonds and bank deposits.
- For liquidity, diversification and access to thousands of instruments — global equities, ETFs, international bonds — the route runs through international markets. The reason is not a prohibition. The exchanges in the Republic of Moldova list only local issuers, and the local settlement infrastructure has no links yet with depositories abroad. Those cross-border links are to be created by the law on central depositories, currently in the parliamentary process, precisely in order to facilitate access for investors and issuers from the Republic of Moldova to external markets.
- Access also depends on the currency regime. The threshold up to which a resident may buy foreign financial instruments without NBM authorisation is set to rise. The details are in chapter 6, "Recent reforms and what comes next".
International markets are accessed through a regulated broker. We are not aware of any investment firm licensed in the Republic of Moldova offering direct access to international exchanges and financial markets, so access runs through regulated international brokers. This is where Trading.md comes in: education, comparison between regulated international brokers, support with opening an account, and consultation. Trading.md is a consulting, education and intermediation firm — not an investment firm licensed by the NCFM — and it does not intermediate trades on the local market.
Source of the 2025 figures: NCFM, Capital market indicators of the Republic of Moldova in 2025 (12.02.2026).
Recent reforms and what comes next
The legal framework and the market infrastructure are changing. The summer of 2026 brought the densest series of changes so far. The NCFM licensed a second market operator, and in its extraordinary session of 24–25 August 2026 Parliament voted on 34 draft laws, 20 of them linked to European integration (Promo-LEX, summary of the plenary sittings of 24–25 August 2026). Below are the changes that concern investors directly.
- July 2025in forceLiberalisation of the currency regime
Law No. 124 of 29 May 2025, in force since 12 July 2025, amended the currency regulation law (62/2008) and relaxed a number of restrictions on foreign currency operations.
- July 2025in forceStronger protection on the capital market
Law no. 177/2025 amended Law no. 171/2012 and introduced investor protection measures aligned with European rules.
- 2025in forceNational capital market development strategy 2025–2030
The framework for modernising regulation, broadening the range of financial instruments and encouraging investor participation.
- 6 October 2025in forceJoining SEPA
The Republic of Moldova became an operational part of the Single Euro Payments Area. Ten months after connecting, SEPA was already the main channel for cross-border payments in euro, with savings of around EUR 13.2 million for citizens and companies. For an investor in the Republic of Moldova, funding an account held with a broker inside the SEPA area becomes faster and cheaper.
- 21 August 2026licensedMoldova International Exchange (BIMx)
The NCFM issues the market operator licence and the authorisations for a regulated market and a multilateral trading facility, all open-ended; public announcement on 25 August 2026. The Moldova International Exchange is built with the participation of the Bucharest Stock Exchange, which holds 26.67% of its capital, alongside the Public Property Agency and several institutional investors. On 28.09.2026 BIMx began admitting trading members and issuers. BIMx has announced its first listing by the end of 2026.
- August 2026adoptedA new law aligned with MiFID II/MiFIR
Parliament adopted at second reading the law on markets in financial instruments and investment activities, which replaces Law no. 171/2012. The law introduces a single authorisation regime for investment firms in place of the current licence categories, opens the status of investment adviser to individuals, strengthens protection for non-professional clients, and restricts the marketing, sale and distribution of contracts for difference (CFDs) to them. It enters into force six months after publication in the Official Gazette; some provisions apply from accession to the European Union.
- August 2026adoptedRegulation of the crypto-asset market
The law on the crypto-asset market, drafted by the NBM, partially transposes the European MiCA regulation. It divides crypto-assets into e-money tokens, asset-referenced tokens and other types, with supervision resting mainly with the NCFM and the NBM responsible for e-money tokens. NFTs fall outside the law on the crypto-asset market. It enters into force six months after publication.
- first reading, August 2026in preparationA new law on central depositories
The draft replaces Law no. 234/2016 and ends the legal monopoly of the single central depository: other central depositories may be authorised, including those licensed in European Union member states, which will be able to provide services in the Republic of Moldova including through branches. Authorisation and supervision move to the NCFM. Parliament passed it at first reading on 25 August 2026 with 59 votes, and a second reading is pending. Once definitively adopted, the law enters into force one year after publication in the Official Gazette — a period needed for the NBM and the NCFM to adjust their secondary regulation.
- first reading, August 2026in preparationThe second stage of currency liberalisation
The draft raises the threshold up to which residents may carry out capital currency operations without NBM authorisation: from EUR 10,000 to EUR 100,000 on entry into force, and to EUR 250,000 from 1 January 2028. It applies to the purchase of foreign financial instruments among other things. The draft passed first reading in August 2026 and a second reading is pending. Until it is definitively adopted and enters into force, the current threshold of EUR 10,000 remains unchanged.
Sources: NBM, 10.08.2026 (SEPA, savings of EUR 13.2 million); NCFM, 02.09.2026 (the law on markets in financial instruments); NCFM, 02.09.2026 (the law on the crypto-asset market); Ministry of Finance, 12.08.2026 (central depositories); Ministry of Finance, 12.08.2026 (currency thresholds); Parliament of the Republic of Moldova, 27.06.2025 (National capital market development strategy 2025–2030).
Frequently asked questions
For several reasons that compound each other. The local capital market is structurally underdeveloped: it was created in the 1990s out of mass privatisation, never matured, and has few instruments, low liquidity and weak infrastructure (a finding from the National capital market development strategy 2025–2030). Added to that are low financial literacy and a preference for bank deposits and property.
In other countries, investing on the stock exchange is a widespread habit. In the United States, 62% of adults held shares in April 2025, directly or through funds and retirement accounts (Gallup). In Sweden, more than 2.8 million unique shareholders were registered at the end of 2025, in a country of 10.6 million people (Euroclear Sweden; SCB, 31.12.2025). In Romania, the number of investors at the Bucharest Stock Exchange reached 306,264 on 31 March 2026, up 24.5% year on year (quarterly report of the Investor Compensation Fund). For the Republic of Moldova there is no published statistic on the number of investors; in 2025, shares of 13 issuers were traded on the Moldova Stock Exchange (NCFM, 12.02.2026).
Anyone looking for a deep, liquid and diversified market turns to international markets, through regulated brokers.
Where do you fit in the financial system?
You now know how the financial system of the Republic of Moldova is built. The next step is to see what investment options you have and how to access them safely.
Note
This page is informational and educational and does not constitute an investment recommendation. Investing in financial instruments involves risk, including the risk of losing your capital. Trading.md is a consulting, education and intermediation firm — a partner of regulated international brokers — and not an investment firm licensed by the NCFM.