Acting as fiscal agent of the State in servicing state securities, the National Bank of Moldova is authorised to organise and to conduct the selling, recording and redemption of dematerialised state securities issued by the Ministry of Finance of the Republic of Moldova.

The National Bank carries out vested attributions as in accordance with the Fiscal Agent Agreement concluded between the Ministry of Finance of the Republic of Moldova and the National Bank of Moldova.

Since Treasury Bills started to be issued in March 1995 and during the operation of the state securities market, the National Bank has undertaken a series of efficient measures aimed at developing this market.

In cooperation with the Ministry of Finance – the issuer of state securities, the National Bank has set and applies the regulation of activities and operations on the primary market of state securities and has worked out a number of measures targeted to create all relevant conditions for the development of the primary market of state securities in a transparent and regulated issuance environment and the maintenance of a relevant liquidity in the market.

Two types of state securities are issued in the internal market of Moldova:
   • Treasury Bills -state securities with different circulation terms up to 1 year;
   • State Bonds -state securities with the maturity over 1 year.

State securities are issued in dematerialised form and are recorded in the Book-Entry System of Dematerialised State Securities (BES) implemented in the National Bank of Moldova in February 1996.

The market of state securities of the Republic of Moldova is an over-the-counter market formed of banks – Primary Dealers. The clients of Primary Dealers may be any resident or non-resident individual or legal entity. The National Bank analyses the activity and the performance of Primary Dealers, establishes the List of Primary Dealers and,upon necessity, modifies this List.

Primary market:   Schedule of selling auctions of dematerialized State Securities

                         Ministry of Finance Official Communique of State Securities Issuance:

                                     - Treasury Bills

                                     - Government Bonds

                         Ministry of Finance Official Communique:

                                     - Interest (cupon) rate related to Government bonds with floating rate

                                     - Results of Government securities auctions

                                     - Weighted average yields on Government Securities of the RM

Criteria applied upon selection of banks as Primary Dealers and evaluation of primary Dealers' activity in the dematerialized state securities market.

Activity of Primary Dealers on the State Securities Market

Secondary market. Information about trading of Moldova's Treasury bills/bonds

Book-Entry System of State Securities (BES)