Despite the pandemic crisis, Moldovans have paid off their bank loans. In a press release, Governor of the National Bank of Moldova Octavian Armașu claims that not even 12 percent of the loans were rescheduled or renegotiated. Thus, according to Armaşu, there is no risk that the banking system will be affected.

According to the central bank, 11.62 percent of loans were extended or renegotiated by May 22, which gives the population and the business environment the opportunity to recover their financial situation. The value of these loans is 4.8 billion lei.

The governor of the National Bank estimates that we will not see a significant increase in non-performing loans. At the end of April, their share was 8.3 percent, only 0.2 percentage points more than on the last day of February. Armaşu says that this influenced the banks' profit.

In the context of the crisis caused by the novel coronavirus, in April, the National Bank allowed commercial institutions to change by June 30 the terms and amounts of payments of loans offered to legal entities. At the same time, the base rate and the required reserve ratio were reduced.

In the answers offered to journalists, Octavian Armaşu also referred to the activity of microfinance companies in the crisis situation. The Governor of the NBM reminded that the legislation has recently been amended, so that all additional payments on a loan, whether bank or non-bank, cannot be higher than the amount of the loan itself. However, in order to avoid the over-indebtedness of the population, Armaşu says that it is necessary to increase the level of financial culture.