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 it. 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
The financial system is the set of institutions, markets and rules through which a country's savings reach those who need financing. Its role is to move money from those who save to those who invest — companies, the state and households.
In Moldova, it is built on two arteries. The first is the banking system — intermediation through banks, the dominant part. The second is the capital market — issuers sell shares and bonds directly to investors, the small part that's still under construction. Around them sit related segments: insurance, pension funds, non-bank lending and crowdfunding.
From here on we focus on the capital market — the part that concerns you directly when you want to invest. Here's who makes it up.
The participants of the system
The NBM, the NCFM and the Ministry of Finance — set the rules, authorize participants and supervise the market.
The Moldova Stock Exchange (market operator) and the Single Central Depository (registration and settlement). Registrar companies are being merged into the DCU.
Investment firms and investment advisers — they're who you actually buy through. A bank can also hold the status of an investment firm.
Those who raise capital: companies (shares, bonds), the state through government securities and local authorities (municipal bonds).
Those who provide capital: individuals and legal entities — retail and professional investors.
The Investor Compensation Fund on the capital market and the Deposit Guarantee Fund on the banking side.
At the end of 2025, 26 companies licensed by the NCFM were active on the capital market (market operator, investment firms and managers). Source: NCFM 2025 report.
The banking system remains the dominant part, while the capital market is small and still under construction. This difference explains why local investment options are still limited — a topic we return to in chapter 5.
The three institutional pillars
You've seen the map. Now let's look at each piece in detail, starting from the top. Responsibility for how the system works is split between three public authorities, each with its own area of regulation and supervision.
The National Bank
The central bank. Licenses and supervises banks, conducts monetary policy, manages the exchange rate and holds the exclusive right to issue the leu. It also supervises the securities settlement infrastructure.
Law no. 548/1995The National Commission for Financial Markets
Supervises the non-bank financial market: the capital market (securities), insurance, voluntary pension funds, collective investment undertakings and non-bank lending.
Law no. 192/1998The Ministry of Finance
The issuer of government securities, conducts fiscal-budgetary policy and manages the state's public debt.
Fiscal-budgetary frameworkIn short: the NBM is responsible for banks and the national currency, the NCFM for the capital market and the rest of the non-bank market, and the Ministry of Finance for government securities. The details of each authority are on their own dedicated pages.
The capital market infrastructure
This is where the mechanics show. When an investor buys a share or a bond, the order passes through four pieces working together.
- The Moldova Stock Exchange (BVM) — the organized market where supply and demand meet. Founded in 1994, with its first trades in 1995. It has a regulated market and a multilateral trading facility (MTF).
- Investment firms — the intermediaries licensed by the NCFM. An individual doesn't trade directly on the exchange; they do it through an investment firm, which executes their orders.
- The Single Central Depository (DCU) — the post-trade infrastructure. It registers, keeps records of and settles securities, allocates ISIN codes and settles trades concluded on the BVM.
- The Investor Compensation Fund — the safety net. If an investment firm cannot return clients' money or securities, the fund compensates retail investors, within the limits set by law.
How a buy order flows
Sources: Law no. 234/2016 (DCU); Law no. 171/2012 on the capital market.
The segments of the system
Viewed horizontally, the financial system has five segments. Each has its own participants and its own supervisory authority.
The banking sector
The largest segment. Licensed banks take deposits and grant loans. Deposits are protected by the Deposit Guarantee Fund.
The capital market
Shares, corporate and municipal bonds, government securities. The smallest segment, but a growing one.
Insurance
Insurance and reinsurance companies, intermediaries. Covers risks for individuals and companies.
Voluntary pensions (Pillar III)
Private pension funds, complementary to the state pension. A new segment, only just starting in Moldova.
Non-bank lending
Non-bank lending organizations and savings and loan associations — financing outside the banks.
Payments
The systems through which money moves: transfers, cards, and, since 2025, euro payments through SEPA.
Also under the NCFM are the emerging segments: crowdfunding and collective investment undertakings (investment funds) — still small in size, but part of the supervised framework.
Local limits and the global bridge
The institutional picture is complete. What's missing is market depth. Being realistic about the numbers:
- The local capital market is small and thinly traded. In 2025, only about 13 issuers had transactions. The regulated market has only a handful of active issuers, and the MTF list, though long on paper, is mostly inactive.
- The range of instruments is limited. For someone who wants to invest, the real local options are government securities (through eVMS), some corporate bonds and bank deposits — safe, but few.
- For liquidity, diversification and access to thousands of instruments — global stocks, ETFs, international bonds — the path runs through the international markets.
Access to these markets is through a regulated broker. There are no local brokerage companies in Moldova offering direct access to international exchanges and financial markets — access happens through regulated international brokers. This is where our role comes in: education, comparison between regulated international brokers, support opening an account, and consultation. Trading.md is a consulting, education and intermediary firm — not a brokerage company, and it does not intermediate transactions on the local market.
Recent reforms and what's next
The system is in motion. Some changes are already in force and bring Moldova closer to European standards; others are still in preparation.
- May 2025in forceLiberalization of the currency regime
Law no. 124/2025 amended the currency regulation law (62/2008) and eased a number of restrictions on foreign currency operations.
- July 2025in forceEnhanced protection on the capital market
Law no. 177/2025 amended Law no. 171/2012 on the capital market and introduced investor protection measures, aligned with the European rules in the field.
- 2025in forceThe National Capital Market Development Strategy 2025–2030
The framework for modernizing regulation, expanding financial instruments and encouraging investor participation, adopted in 2025.
- October 6, 2025in forceJoining SEPA
Moldova is an operational member of the Single Euro Payments Area. Euro transfers become faster and cheaper, which simplifies funding accounts at European brokers.
- registered Dec. 2025in preparationThe International Exchange of Moldova (BIM)
A new market operator, built on the technology of the Bucharest Stock Exchange. Officially registered at the end of 2025, it goes through the NCFM authorization procedure in 2026, with launch estimated during the year. The goal is a more liquid market and access to capital for companies.
- consultation 2026in preparationA new law aligned with MiFID II/MiFIR
A new law on financial instrument markets and investment activities, aligned with European standards (MiFID II/MiFIR), which will replace the current framework. Sent by the NCFM for public consultation in 2026, it brings new types of trading venues, expanded transparency requirements and enhanced supervisory powers.
- from 2026in preparationRegulation of the crypto market
The crypto market is not yet regulated in Moldova. The authorities have announced their intention to regulate it, a process expected to advance from 2026. Until then, it remains outside the supervised framework.
Frequently asked questions
For a few reasons that combine. The local capital market is structurally underdeveloped: it emerged in the '90s out of mass privatization, never matured, and has few instruments, low liquidity and weak infrastructure (a finding from the National Capital Market Development Strategy 2025–2030). Add to that low financial literacy and a preference for bank deposits and real estate.
Low participation isn't only a Moldovan problem. In the US, about 58–62% of adults own stocks, mostly through retirement accounts. In the EU it varies widely: around 26% in Sweden, 15% in Germany and 5% in France, while in Romania and Bulgaria under 1% of the population owns shares directly, the lowest rates in the EU. Moldova, with an even less developed market, sits below this level.
Anyone looking for a deep, liquid and diversified market turns to the international markets, through regulated brokers.
The National Commission for Financial Markets (NCFM). It regulates and supervises capital market participants, along with insurance, voluntary pensions and non-bank lending. Banks are supervised separately by the National Bank of Moldova.
Yes, but only through an investment firm licensed by the NCFM, not directly. In addition, the local market is small and thinly traded, with a limited number of active issuers.
Securities issued by the Ministry of Finance, through which the state borrows from investors. They can be purchased by individuals and legal entities through the eVMS platform.
There are two distinct safety nets: bank deposits are protected by the Deposit Guarantee Fund, and investments made through investment firms are covered by the Investor Compensation Fund — each within the limits set by law.
For liquidity, diversification and a wide range of instruments that don't exist locally. Access is through regulated brokers, headquartered in jurisdictions that require investor protection.
Where do you fit into this picture?
You now understand how the system is built. The next step is to see what options you have and how to access them safely.
Note
This page is for informational and educational purposes and does not constitute investment advice. Investments in financial instruments involve risks, including the risk of losing capital. Trading.md is a consulting, education and intermediary firm — a partner of regulated international brokers — and not a brokerage company authorized in the Republic of Moldova.