KPMG: Tax & Legal Newsflash

KPMG: Tax & Legal Newsflash

• 14.08.2009

National Bank lowers some interest rates The new rates set by the National Bank of Moldova are as follows: · Basic rate for short-term operations – 8.0 percent per year · Overnight loans - 10.5 percent per year · Overnight deposits - 2.0 percent per year · Basic rate for long-term loans (over 5 years) - 8.0 percent per year. Changes to compulsory bank reserve requirements For the period between 21 July and 5 August 2009 the compulsory bank reserve requirement for funds deposited in Moldovan lei, non-convertible currencies and freely convertible currencies has been set at 14,0% of the effective base. Changes to the layout of the forms of strict evidence Upon completing the forms of strict evidence the dashes are not obligatory in the sections where no information is available. This information is based on the provisions of National Bank of Moldova Decree Nr. 177 on amending the compulsory bank reserve requirements (16 July 2009) National Bank of Moldova Decree Nr. 176 on interest rates (16 July 2009) Government Decree Nr. 434 (15 July 2009). For more details check our KPMG Publications page.

KPMG Moldova

KPMG is a global network of professional firms providing Audit, Tax and Advisory services. KPMG operates in more than 155 countries and has over 174,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. In Romania, KPMG was founded in 1994 and now operates from six offices, in Bucharest, Timisoara, Cluj Napoca, Iasi, Constanta and in Chisinau (the Republic of Moldova) since 1997. The practice has more than 800 staff, including 18 Partners, both Romanian and expatriates from the Canada, France, Israel, Sweden etc.