Moldova must clean up its scandal-plagued banking sector if it is to receive the bulk of a $179 million loan from the International Monetary Fund, the country's central bank chief said on Monday.

Sergiu Cioclea told Reuters the IMF approved the three-year loan in November after the former Soviet republic promised to combat money laundering by improving the transparency of the ownership structures of its largest banks.

"The success of these reforms will depend on how the banks learn and comply with the new rules of the game," Cioclea said.

Moldova received the first tranche of the IMF loan worth about $36 million in December. The disbursement of further payments in the second half of 2017 will depend on the progress of reforms.

More at Reuters.