Source: http://www.bnm.md/en/content/regulation-open-market-operations-national-bank-moldova-approved-dca-nbm-no-188-september-25
Timestamp: 2017-10-23 19:16:48
Document Index: 768489291

Matched Legal Cases: ['Art. 1386', 'Art.1714', 'Art.1547', 'in fine', 'in fine', 'art.1', 'art.32', 'art.89', 'art.102', 'art.103', 'art.6', 'art.155', 'art.178', 'art.272', 'art.194', 'art.105', 'art.107', 'art.412', 'art.447', 'art.65', 'art.186', 'art.85', 'art.273', 'art.279', 'art.69', 'art.160', 'art.245', 'art.325', 'art.367', 'art.446', 'art.489', 'art.149', 'art.249', 'art.395', 'art.230', 'art.232', 'art.366', 'art.472', 'art.515', 'art.668', 'art.239', 'art.340', 'art.521', 'art.161', 'art.496', 'art.48', 'art.374', 'art.249']

Regulation on open market operations of the National Bank of Moldova, approved by the DCA of the NBM, No. 188 of September 25, 2014 | National Bank of Moldova
Published in the Official Monitor of the Republic of Moldova, 2014, no.293-296, Art. 1386
No. 1133 of 05 October 2016
DECISION no.188
of “25” September 2014
on the approval of the Regulation on open market operations
Pursuant to Article 5 paragraph (1) letter a) and letter e), Article 11 paragraph (1), Article 15, Article 18 paragraphs (1), (2), (4) and (5), Article 26 letter a) and letter c), Article 42 and Article 45 of the Law no.548-XIII of 21 July 1995 on the National Bank of Moldova (Official Monitor of the Republic of Moldova, 1995, no.56-57, Article 624), with further amendments and completions, the Council of Administration of the National Bank of Moldova
1. To approve the Regulation on open market operations of the National Bank of Moldova, according to Annex no.1.
2. To repeal some normative acts of the National Bank of Moldova, according to Annex no.2.
3. This Decision shall enter into force on 31 October 2014.
no.188 of 25 September 2014
on open market operations of the National Bank of Moldova
DEB of the NBMno.249 of 22.09.2016, Official Monitor of the Republic of Moldova no.355-359 of 14.10.2016, Art.1714
1. This Regulation establishes the general principles, instruments, conditions, criteria and procedures for conducting open market operations of the National Bank of Moldova, duties and responsibilities of participants in these operations, eligible assets for trading and for collateralisation of liquidity provision operations, operations settlement procedures and sanctions to be applied in case of participants' failure to honour their obligations.
2. Open market operations of the National Bank shall be carried out at its initiative with the eligible participants in order to manage the liquidity in the market, steer the interest rates and to signal the stance of monetary policy. National Bank shall establish the instrument to be used, terms and conditions to carry out such operations.
3. For the purpose of this Regulation, the following terms shall be used:
a) granting of collateralised loans - liquidity-providing operation whereby the National Bank grants loans to eligible participants that maintain the ownership of the eligible assets pledged as collateral;
b) eligible assets for trading and collateralisation - state securities (hereinafter SS), Certificates of the National Bank of Moldova, and other eligible financial assets established by the National Bank;
c) equivalent assets (SS) - SS equivalent to those sold/purchased within a repo/reverse repo operation. Equivalent SS are assets of the same issuer, forming part of the same issue and being of identical type, nominal value, description and amount;
d) margin call - procedure applied in liquidity-providing operations by which National Bank calls for eligible participants to supply additional assets where the value of the underlying assets, measured on a regular basis, falls below a certain level. In order to reduce the frequency of margin calls, National Bank applies a trigger point;
e) collection of term deposits - liquidity-absorbing operation with a pre-specified maturity whereby the National Bank attracts deposits from eligible participants;
f) certificates of the National Bank of Moldova (hereinafter NBM Certificates) - debt securities issued by the National Bank as open market instruments. NBM Certificates are issued on a discount basis and are redeemed upon maturity at nominal value, with the circulation term of up to one year;
g) settlement date - date on which the open market operations are settled. The settlement date may be only a working day;
h) maturity date - date of actual redemption of state securities, NBM Certificates by the issuer; expiry date of an open market operation of the National Bank;
i) issuance of NBM Certificates - liquidity-absorbing operation whereby the National Bank sells NBM Certificates to banks and to Deposit Guarantee Fund in the Banking System through banks;
j) tender - a procedure by which the National Bank provides liquidity to the market or withdraws liquidity from the market on the basis of bids submitted by participants in competition;
k) quick tender - tender procedure used by the National Bank for fine-tuning operations when it is deemed desirable to have a rapid impact on the liquidity situation in the market. Quick tenders are normally executed within 90 minutes of the announcement of the tender;
l) standard tender - a tender procedure used by the National Bank in its regular open market operations. National Bank shall announce participants about standard tender conditions on the working day preceding the day of the tender. All eligible participants are entitled to submit their bids in the standard tender;
m) valuation haircut - a risk control measure applied to underlying assets used in repo transactions and when granting collateralised loans, implying that the National Bank calculates the value of underlying assets as the market value of the assets reduced by a certain percentage (haircut);
n) multiple price/rate auction procedure - an auction at which winning bids are satisfied at the level of the price/rate offered by the participants;
o) trigger point - a pre-specified level of the value of the liquidity provided at which a margin call is executed;
p) bilateral procedure - a procedure whereby the National Bank deals directly with only one or a few participants, without making use of tender procedures;
q) repo (reverse purchases) - liquidity-providing operations whereby the National Bank purchases eligible assets from eligible participants upon their commitment to repurchase the respective assets or other equivalent assets at the date and the price agreed on the date the transaction was concluded;
r) repo (reverse sales) - liquidity-absorbing operations whereby the National Bank sells eligible assets to eligible participants, thereby committing itself to repurchase the respective assets or other equivalent assets at the date and the price agreed on the date the transaction was concluded;
s) outright transaction - a liquidity-absorbing/providing transaction whereby the National Bank sells/buys SS outright from/to the own portfolio whose ownership is transferred from seller to buyer.
4. This Regulation shall also apply the terms defined in the following regulations:
1) Regulation on the placement and redemption of state securities in book-entry form, approved by the Decision of the Council of Administration of the National Bank of Moldova no.96 of 17 May 2013 and by the Ministry of Finance of the Republic of Moldova no.13/2-1/133 of 17 May 2013 (Official Monitor of the Republic of Moldova, 2013, no.125-129, Article 887);
2) Regulation on Book Entry System of Securities, approved by the Decision of the Council of Administration of the National Bank of Moldova no.250 of 25 October 2012 (Official Monitor of the Republic of Moldova, 2012, no.252-253, Art.1547), including further amendments and completions.
5. Eligible participants with which the National Bank carries out open market operations are the banks licensed by the National Bank.
Deposit Guarantee Fund in the Banking System (hereinafter Deposit Guarantee Fund) shall be entitled to participate only in NBM Certificates issuance through banks.
6. In order to participate in the open market operations, the eligible participants shall possess the quality of participant in the Automated Interbank Payment System (AIPS), and to participate in open market operations, involving transactions with SS and/or NBM Certificates, the eligible participants and Deposit Guarantee Fund shall also possess the quality of participant in the Book Entry System of Securities (BES).
Eligible participants shall have qualified staff and adequate technical facilities (Bloomberg Professional Service, specific communications equipment - telephone, fax, etc.).
(Item 6 amended by the DEB of the NBM no.249 of 22.09.2016, in force on 25.10.2016)
7. To participate in open market operations of the NBM, each eligible participant shall enter into an agreement with the National Bank with regard to the participation in open market operations of the National Bank of Moldova (Annex no.1).
Open market operations and relating procedures
8. Depending on the objectives, regularity and procedures, open market operations of the National Bank of Moldova are divided into the following categories:
1) main operations - regular refinancing operations or, where appropriate, liquidity-absorbing operations, which play a pivotal role in achieving open market operations objectives of the National Bank, conducted weekly, based on standard tenders and with a maturity usually of one or two weeks. All eligible participants may submit bids to tender for the main operations. In order to send monetary policy signals to the market, National Bank apply the base rate to these operations;
2) fine-tuning operations - executed on an ad-hoc basis with the aim of managing the liquidity situation in the market and steering interest rates, in particular in order to smooth the effects on interest rates caused by unexpected liquidity fluctuations in the market. Fine-tuning operations may be conducted on the last days of a required reserve maintenance period to counter liquidity imbalances, accumulated since the liquidity-provision/absorption of the last main operation.
Fine-tuning operations may take the form of liquidity-providing or liquidity-absorbing operations, their frequency and maturity is not standardized. Fine-tuning operations are normally executed through quick tenders or bilateral procedures;
3) structural operations - operations conducted with all eligible participants through standard tenders and bilateral procedures, when it is necessary to adjust the structural position of the National Bank vis-à-vis the financial sector (regularly or occasionally). The frequency of these operations may be regular or irregular, and their maturity standardized or non-standardized.
In structural operations, the National Bank may carry out longer-term refinancing operations. Generally, the National Bank does not use these operations to transmit signals to market and therefore accepts the rates proposed.
Longer-term refinancing operations are usually executed in the form of variable rate tender. Periodically, the National Bank may indicate the refinancing volume to be allotted in the forthcoming tenders. In exceptional circumstances, the National Bank may also execute longer-term refinancing operations through fixed rate tenders.
9. National Bank carries out operations on open market using the following instruments:
1) repo/reverse repo operations with eligible assets;
2) outright transactions (outright sales and purchases of SS);
3) granting of loans collateralised with eligible assets;
4) issuance of NBM Certificates;
5) collection of term deposit;
6) foreign exchange swap transactions.
10. Assets eligible as collateral are SS, NBM Certificates, and other categories of eligible financial assets, established by the National Bank.
11. Assets eligible as collateral shall meet the following conditions, cumulatively, as appropriate:
1) be the property of the eligible participant;
2) shall not be pledged or seized;
3) have a later maturity than the maturity of the operation performed, except assets accepted as collateral for loans through bilateral procedures;
4) shall not be issued by the eligible participant.
12. State securities (SS) are eligible assets in repo / reverse repo and outright transactions.
Repo / reverse repo transactions with eligible assets
13. Repo / reverse repo operations may be used in the main operations, fine-tuning operations and structural operations.
14. In case of repo transactions, the SS publicly issued and registered in the account no.I of participants in BES at the National Bank are deemed eligible.
15. National Bank may be both the original buyer (repo) and the original seller of SS (reverse repo).
16. During the repo / reverse repo transaction with eligible assets, the ownership of the assets is transferred to the creditor.
17. At the maturity date of a repo / reverse repo transaction, the original buyer is obliged to sell the same SS or equivalent SS, and the original seller is obliged to repurchase them. The maturity date of a repo / reverse repo transaction may be changed with the agreement of both parties.
18. When performing a repo transaction, the term from its maturity date until the maturity date of the SS delivered in the transaction shall not be less than three working days.
19. Only government bonds that have the interest (coupon) payment date later than the maturity date of the repo transaction are accepted.
20. The repurchase price of eligible assets subject to trading, which are the object of repo / reverse repo transactions, consists of selling price and interest due at maturity relating to the amount of assets sold. The interest rate applied is the nominal interest rate based on the day-count convention “actual/365”.
21. When performing a repo / reverse repo transaction, the National Bank shall set the buying/ selling price of SS.
When setting the buying/selling price, the National Bank shall determine the market price of SS, which is decreased upon repo transactions with a valuation haircut set by the National Bank.
22. In order to maintain the initial percentage of the transaction guarantee, established by the National Bank, if the market price of SS purchased by the National Bank as the original buyer under repo transactions falls essentially, the National Bank has the right to require additional collateral in the form of SS or additional funds (margin call).
If the adjusted value of SS, following their revaluation, exceeds a certain level, the amount of liquidity provided plus accrued interest up to the date of the revaluation, the National Bank may return to the eligible participant the excess of collateral additionally provided at request.
23. Outright transactions refer to operations whereby the National Bank buys or sells SS outright in the market. Such operations are executed only for structural purposes.
24. An outright transaction implies a full transfer of ownership from the seller to the buyer with no connected reverse transfer of ownership. The transactions are executed in accordance with the market conventions for the instrument used in the transaction.
25. The operational features of the transactions are as follows:
1) they can take the form of liquidity-providing (outright purchase) or liquidity-absorbing (outright sale) operations;
2) their frequency is not standardised;
3) they are executed through bilateral procedures and tenders.
26. Only SS available for sale, publicly issued and registered in account no.I of the participant in BES at the National Bank are used.
Granting of loans collateralised with eligible assets
27. National Bank may grant collateralised loans within main operations, structural operations and fine-tuning operation.
28. National Bank grants loans to banks in national currency under the terms regularly established by itself and collateralised with the eligible assets specified in Article 18 paragraph (1) of the Law no. 548-XIII of 21 July 1995 on the National Bank of Moldova (republished in the Official Monitor of the Republic of Moldova, 2015, no.297-300, Article 544), with further amendments and completions.
(Item 28 amended by the DEB of the NBM no.249 of 22.09.2016, in force on 25.10.2016)
29. National Bank shall proceed to granting the loan after the collateral is provided by the participant.
30. The value of eligible assets provided as collateral shall fully cover the loan granted, interest and other related payments.
31. National Bank determines the value of assets accepted as collateral both at the time the loans are granted and during their use in accordance with the Norms on the way of determining the value of assets accepted by the National Bank as guarantees while extending credits to banks, approved by the Decision of the Council of Administration of the National Bank of Moldova no.263 of 3 December 2009, in force as of 11 December 2009. The excerpt from the Norms on the way of determining the value of assets accepted by the National Bank as guarantees while extending credits to banks is published on the official website of the National Bank.
32. In case of loans collateralised with SS, the provisions of item 22 of this Regulation shall apply accordingly.
33. Loan collateralisation procedure is established in the regulations of the National Bank.
34. The interest rate applied to collateralised loans shall be the nominal interest rate based on the day-count convention "actual/365".
Issuance of NBM Certificates
35. NBM Certificates constitute debt securities, which represent obligation of the National Bank vis-à-vis the holder of the certificate and may be issued within the main operations, fine-tuning operations and structural operations to absorb liquidity.
36. National Bank issues certificates for a period of up to one year in national currency and in dematerialised form through standard and quick tenders.
37. Registration and confirmation of ownership over NBM Certificates shall be made by entering the appropriate records in BES accounts at the National Bank.
38. The nominal value of a certificate is MDL 1000. The difference between the sale price and the nominal value is the interest paid to the holder upon maturity. The interest rate applied shall be the nominal interest rate, based on the day-count convention “actual/365”.
39. National Bank assigns each issuance of certificates a state registration number (ISIN unique identification code), determined according to the Method of calculating the state registration number (ISIN code), (Annex no.2). The detailed conditions for each NBM Certificates issuance are set out in the Global Certificate of issuance of certificates of the National Bank of Moldova.
40. NBM Certificates are traded on the secondary market, which includes all selling operations, buying operations and other operations with NBM Certificates outstanding and unencumbered.
41. Secondary market operations with NBM Certificates shall be made by eligible participants and Deposit Guarantee Fund during the period of circulation, from the date of issuance of certificates and up to the trading deadline - two working days prior to maturity.
42. Deposit Guarantee Fund shall conclude with the National Bank an agreement to participate in operations of NBM Certificates issuance (Annex no.3).
43. Banks' activity in providing intermediary services for the Deposit Guarantee Fund participation in tenders for issuing NBM Certificates, includes the followings:
1) concluding a contract of providing services related to transactions with NBM Certificates;
2) receiving, verifying and transmitting he purchase orders of NBM Certificates through the unique trading platform within a tender bid;
3) notification of the execution or non-execution of purchase orders of the NBM Certificates.
44. National Bank shall be informed by the Deposit Guarantee Fund on the name of the bank with which it has concluded the services provision agreement in the process of issuing NBM Certificates.
45. The bank shall not request from the Deposit Guarantee Fund to reserve funds in order to execute the purchase orders of NBM Certificates. The Deposit Guarantee Fund shall ensure the availability of necessary funds in its current account with the National Bank, according to the agreement to participate in issuance operations of NBM Certificates.
46. NBM Certificates sale and redemption payments shall be made strictly between the National Bank and the Deposit Guarantee Fund in accordance with the agreement referred to in item 42 of this Regulation.
Collection of term deposit
47. Term deposits shall be collected in national currency only for fine-tuning purposes in order to absorb liquidity from the market.
48. Deposits attracted from eligible participants are on term (maximum maturity up to one year) and have a fixed rate of interest.
49. If the National Bank attracts deposits from eligible participants, the interest rate applied to the deposit shall be the nominal interest rate, based on the day-count convention “actual/365”. The interest shall be calculated from the date of registration of the amount in the deposit account of the eligible participant at the National Bank until its repayment date. The day on which the National Bank reimburses the deposit amount to the eligible participant shall be excluded from the calculation of the interest. The interest on deposits with the National Bank shall be paid simultaneously with the reimbursement of the deposit amount to the eligible participant.
50. Term deposits are collected through bilateral procedures or quick tenders.
51. The frequency with which deposits are collected is irregular and their maturity is non-standardised.
52. Funds of eligible participants placed in deposit accounts at the National Bank are not required reserves.
53. Assignment of any rights relating to the deposits of eligible participants placed with the National Bank to a third party is not allowed, and the term of deposits with the National Bank may not be extended.
Foreign exchange swap transactions
54. Foreign exchange swap transactions are carried out within fine-tuning operations.
55. The conditions under which the National Bank performs foreign exchange swap transactions on the interbank foreign exchange market are set out in the Regulation on the performance of transactions on the interbank foreign exchange market of the Republic of Moldova, approved by the Decision of the Council of Administration of the National Bank of Moldova no. 8 of 24 January 2013 (Official Monitor of the Republic of Moldova, 2013, no.36-40, Article 234), as amended and supplemented.
Technical means used to conduct
56. Open market operations are carried out through the unique trading platform, unless this Regulation provides otherwise. The NBM Certificates issuing operations, repo/reverse repo transactions and outright transactions are carried out through BAS (Bloomberg Auction System), the granting operations of loans collateralised with eligible assets/collection of term deposits - through FXGO (Bloomberg Professional Service FX, Precious Metals&Money Market trading platform).
(Item 56 amended by the DEB of the NBM no.249 of 22.09.2016, in force on 25.10.2016)
57. Only National Bank and eligible participants have access to the unique trading platform through authorized representatives.
58. Eligible participants as users of the unique trading platform are required to:
1) respect the rules of use of the system;
2) designate at least two persons and register them in the system as users with the right to transact and present the list of such persons to the National Bank (Annex no. 4), as well as information on changes thereof in the shortest time;
3) ensure that designated persons are trained to use the platform and use it accordingly;
4) announce the National Bank in due time about the difficulties arising in the use of the unique trading platform.
59. In exceptional cases, taking into account the nature of the problems, when those occur and the number of bidders that have experienced difficulties in using the platform, the National Bank may apply one of the following alternatives:
1) option A - to extend the time for receipt of bids;
2) option B - to postpone the tender for the next day.
60. Option A shall apply where errors were detected in the processing of operations or one or more participants in the tender inform at least 15 minutes before the time limit for the receipt of bids about the impossibility of accessing the platform. National Bank may extend the time for receiving the bids at most until 4:00 pm local time.
61. Option B may be applied where the National Bank decided that the issues arisen in the use of the platform cannot be solved by applying Option A.
62. Application of alternative options may also include, where appropriate, the receipt of bids/SS lists on paper with the stamp and signature of the participant's manager and the parallel use of other means of communication - e-mail or fax.
(Item 62 supplemented by the DEB of the NBM no.249 of 22.09.2016, in force on 25.10.2016)
63. National Bank shall immediately inform by e-mail and telephone the users of the unique trading platform about triggering of alternative options and actions to be taken by them.
(Item 63 supplemented by the DEB of the NBM no.249 of 22.09.2016, in force on 25.10.2016)
(Item 64 repealed by the DEB of the NBM no.249 of 22.09.2016, in force on 25.10.2016)
65. If the participant has submitted the bids/lists of SS to tender on paper based document, it shall submit a written explanation to the National Bank, indicating the reason thereof.
(Item 65 amended by the DEB of the NBM no.249 of 22.09.2016, in force on 25.10.2016)
66. Open market operations of the National Bank of Moldova are carried out generally through tenders.
67. There are two types of tenders: standard tenders and quick tenders. The procedures for standard and quick tenders are identical except for the time between the tender announcement and the start of receiving bids and the number of participants.
68. In the case of a standard tender, National Bank announces the participants about the tender conditions on the working day preceding the day of the tender.
69. The main operations and structural operations are carried out through standard tenders. All eligible participants may participate in standard tenders.
70. Quick tenders are only used for fine-tuning operations and take place within a time span of 90 minutes from the tender announcement.
71. Tender procedure is executed in the following operational steps:
1) announcement of the tender;
2) submission of bids by the participants eligible to tender and, where appropriate, the list of eligible assets available;
3) tender allotment;
4) announcement of individual allotment results;
5) settlement of transactions.
72. In order to determine the amounts allotted in the tender, the National Bank may set up a tender committee.
73. The National Bank has the option of conducting either fixed rate (volume adjudication) or variable rate (interest adjudication) tenders.
In case of a fixed rate tender, the National Bank shall indicate in advance the interest and the bids of participants shall include only one option for the amount to be traded.
In case of a variable rate tender, the National Bank may indicate in advance the minimum / maximum accepted interest rate (price) and the tenders of participants shall contain, for each interest rate / price, the amount to be traded. Participants may submit bids unlimitedly. Only one bid shall be accepted in case of tenders organised to collect deposits and those organised to grant loans collateralised with eligible assets.
(Item 73 amended by the DEB of the NBM no.249 of 22.09.2016, in force on 25.10.2016)
74. The main operations shall be performed in accordance with a pre-agreed indicative schedule published on the official website of the National Bank. The schedule shall be published before the beginning of the year for which it is valid.
75. National Bank shall inform about the operation of the tender and conditions thereof by sending participants an announcement with the following elements, which list is not exhaustive:
1) date of the tender operation;
2) type of instrument to be used;
3) start date of the operation (settlement date);
4) maturity date of the operation/SS or NBM Certificates;
5) type of tender (fixed rate or variable rate tender);
6) method of allotment (multiple prices or single price);
7) intended operation volume (if applicable);
8) interest rate ( in the case of fixed rate tenders);
9) minimum / maximum accepted interest rate / price (if applicable);
10) minimum / maximum bid limit of the participant (if applicable);
11) nominal value of a NBM Certificate;
12) time limit for the receipt of SS list proposed by the participant (in the case of repo transactions);
13) ISIN code of the issue of SS and NBM Certificates (if applicable);
14) start time of receipt of bids;
15) time limit for the receipt of bids;
16) assets eligible as collateral and asset valuation haircut (in the case of granting of loans);
17) time limit for the tender results announcement.
(Item 75 amended by the DEB of the NBM no.249 of 22.09.2016, in force on 25.10.2016)
751. On the day of repo/reverse repo tender, before the start of the receipt of bids, National Bank shall make available to the participants, through the Bloomberg Professional Service (NBMC), the list of SS eligible for these transactions and their purchase/sale prices.
(Item 751 inserted by the DEB of the NBM no.249 of 22.09.2016, in force on 25.10.2016)
Submission of bids by eligible participants
76. Participants shall submit their bids on the day on which the tender is conducted, within the time limits specified in the announcement.
77. Participants are responsible for the submission of bids and are entitled to modify or withdraw the submitted bids during the term provided for the submission of bids announced within the tender.
No modification or withdrawal of submitted bids is allowed after the time limit provided for the receipt of bids, these being considered as firm commitments of participants.
78. The bids submitted after the time limit provided for in the tender announcement shall not be validated.
Bids containing amounts below the minimum or above the maximum amount announced by the National Bank or interest rates below the minimum or above the maximum rate announced will not be validated if these elements are specified in the tender announcement. In case of loan granting, the bids containing other eligible assets proposed as collateral than those indicated in the tender announcement will not be validated.
79. The aggregate amount of the interest rate/price options of an eligible participant may not exceed the amount announced by the National Bank. Otherwise, the bids will not be validated.
80. Bids submitted by participants for the respective operation shall include:
1) tendered volume;
2) interest rate/price.
In the NBM Certificates issuing operations, the bids submitted by the participants on behalf of the Deposit Guarantee Fund shall contain the number “2” in the respective box and, separated by a comma, the BES identification number assigned to the Deposit Guarantee Fund.
81. The bids submitted by the participants shall contain options for interest rates, expressed in percentage, with two digits after comma or prices, expressed as a percentage of the nominal value with two digits after comma for SS and four digits after comma for NBM Certificates.
82. Participants shall submit to the National Bank, until the time limit indicated in the tender announcement, a list of SS proposed for the repo transaction through BAS, which shall contain the following elements:
1) ISIN code of SS;
2) volume of SS at the nominal value;
3) repo rate;
4) sale and repurchase price of a SS;
5) volume of SS at the sale and repurchase price.
(Item 82 in the wording of the DEB of the NBM no.249 of 22.09.2016, in force on 25.10.2016)
83. Upon granting loans collateralised with eligible assets, participants shall submit, along with the bids, a confirmation to the National Bank containing the date of the tender, the list of eligible assets available as collateral, their features and value, and other elements as appropriate.
Tender allotment procedure
84. In the allotment of a fixed rate tender, if the aggregate amount of bids exceeds the amount to be allotted by the National Bank, the submitted bids will be satisfied pro rata, according to the ratio of the amount to be allotted to the aggregate amount of bids.
85. In the allotment of a variable rate tender, bids are listed in ascending or descending order of offered interest rates, until it reaches the level where supply meets demand or the level at which monetary policy objectives of the National Bank are achieved, as follows:
1) in the case of liquidity-provision (SS outright purchases, SS repo operations, and granting of loans collateralised with eligible assets): in descending order of interest rates / in ascending order of prices, starting with the highest interest rate / lowest price ;
2) in the case of liquidity-absorbing (SS outright sales, SS reverse repo operations, issuance of NBM Certificates, collection of deposit): ascending order of interest rates / in descending order of prices, starting with the lowest interest rate / highest price.
86. If the volume of bids submitted by the eligible participants exceeds the volume intended for the operation and if several bids have been submitted at the marginal interest rate / price accepted level (lowest/ highest), these bids shall be executed pro rata, according to the ratio of the remaining amount to be allotted and total bid amount at the marginal interest rate / price.
87. For SS trading and NBM Certificates issuance, the amount allotted to each participant is rounded upwardly to the nearest value divisible by the nominal value of a SS or NBM Certificate.
88. The multiple rate / price allotment method is applied in the variable rate tenders, which means that bids are satisfied at the rate / price levels offered by the participants. For variable rate tenders, it may be applied the single rate auction procedure, according to which all bids of participants are satisfied at the marginal interest rate.
89. On the tender day, after receiving the bids of participants/the lists of SS and/or of other assets proposed by them for trading and/or for collateralisation of liquidity-providing operations, National Bank shall check the availability of assets, including the SS used in repo transactions with the National Bank, due on the settlement date of the new transaction and, where appropriate, shall block them in the volume determined by the National Bank.
If the participant at the repo transaction fails to ensure the availability of SS in own portfolio on the tender date, before the time limit indicated in the tender announcement, and/or the SS that are subject of repo transaction due on the date of this repo transaction, before 12:00 noon, National Bank shall completely cancel the transaction for which the available SS are not sufficient and apply sanctions provided for in the agreement on the participation in the NBM open market operations.
(Item 89 in the wording of the DEB of the NBM no.249 of 22.09.2016, in force on 25.10.2016)
90. After the tender is closed, on the same day and before the time limit for the tender results announcement, the results of each allotment in the tender shall be available to participants via the unique trading platform. Participants have also access to information about the total results of the tender which, depending on the type of operation, shall include:
1) date of tender;
2) type of operation;
3) total amount of bids submitted by participants;
4) number of bidders/bids submitted;
5) total amount announced and allotted;
6) marginal interest rate/price accepted and the percentage of allotment at the marginal interest rate/price (in the case of variable rate tenders);
7) minimum bid rate, maximum bid rate and weighted average allotment rate/ weighted average allotment price (in the case of multiple rate auctions);
8) start date of the operation (settlement date) and the maturity date of the operation.
(Item 90 amended by the DEB of the NBM no.249 of 22.09.2016, in force on 25.10.2016)
91. In case of a repo / reverse repo transaction, the information about the results of each allotment in the tender, indicating the SS accepted by the National Bank shall include:
1) ISIN code;
2) purchase (sale) price;
3) repurchase price;
4) repo rate;
5) the volume of transaction:
a) at the purchase-sale price;
b) at the repurchase price;
c) at the nominal value.
(Item 91 amended by the DEB of the NBM no.249 of 22.09.2016, in force on 25.10.2016)
92. Upon granting of loans collateralised with eligible assets / accepting deposits, after determining the tender results, the National bank shall send to participants, on the same day, a confirmation that includes the following elements:
1) name of participant;
2) date of transaction;
3) type of transaction;
4) amount of credit/deposit;
5) currency of credit/deposit;
6) date of settlement;
7) maturity of credit/deposit;
8) nominal interest rate;
9) interest payment date;
10) calculation convention.
Simultaneously, when granting loans collateralised with eligible assets, the National Bank shall send to participants a confirmation with regard to the assets eligible accepted as collateral (Annex no.5).
Settlement of open market operations
93. Settlement of open market operations is conducted on the settlement date, after providing the underlying assets related to the liquidity-providing operations or when the provision of underlying assets takes place under the principle of delivery versus payment.
94. Open market operations based on standard tenders are normally settled on the first working day following the tender date, and the operations based on quick tenders on the day of the tender. In some cases, for operational reasons, the National Bank may establish other settlement dates for standard tenders and quick tenders.
95. Participants are obliged to ensure on their current accounts with the National Bank availability of sufficient funds to conduct settlement of liquidity-absorbing operations, on the settlement date, according to the results of the tender, at the beginning of the stage “Payments and clearing” of the AIPS operational day.
96. If the date of settlement of the main liquidity-absorbing operations coincides with the due date of the operation performed previously, participants shall ensure on their current accounts with the National Bank the difference between the amount to be paid to the National Bank and the amount to be paid by the National Bank on the same operational day.
97. NBM Certificates buying operations of the Deposit Guarantee Fund shall be settled in the Fund's current account with the National Bank.
98. On the date of settlement of reverse repo transactions, NBM Certificates issuance, outright sale of SS, collection of deposits, the National Bank shall issue, on the basis of power of attorney granted by participants and, where appropriate, by the Deposit Guarantee Fund, payment orders on their behalf in order to debit their current accounts opened with the National Bank with the amounts related to the operation performed.
99. On settlement day, after charging the respective funds, the National Bank shall register in BES the ownership of NBM Certificates issued and SS traded outright or within repo / reverse repo transactions.
In case of granting of loans, National Bank shall open analytical accounts, inform the participants about the account number to which they must repay the loan and transfer the related interest.
Calculation formulas used for open market operations
101. In variable rate tenders, the pro rata allotment and the amount allotted to the minimum accepted price / maximum accepted rate is determined as follows:
all%- percentage of pro rata allotment;
Va- total allotted volume;
Vs- aggregate volume of bids executed at a higher price/lower interest rate/higher interest rate than the marginal accepted price/marginal accepted interest rate;
Vm- aggregate volume of bids submitted at the marginal accepted price/marginal accepted interest rate;
Sm- amount allotted to the individual bid submitted at the marginal accepted price/marginal accepted interest rate;
Cm- value of the individual bid submitted at the marginal accepted price/marginal accepted interest rate.
102. Nominal interest rate of NBM Certificates shall be determined as follows:
r- nominal value of interest rate (%);
N- nominal value of NBM Certificates (MDL);
Pc- purchase price of NBM Certificates (MDL);
t- number of days to maturity.
103. Weighted average price/weighted average interest rate is calculated as follows:
Pmp- weighted average price/weighted average interest rate (MDL);
Pi- price/interest rate indicated in the bidi(MDL);
Vi- volume indicated in the bidi(MDL);
n- total number of allotted bids in the tender.
104. Interest on deposits attracted/loans granted is calculated as follows:
D – amount of interest on the deposit attracted/loan granted;
S – amount of the deposit attracted/loan granted;
Rd – interest rate in percent;
n - term of operation (days).
105. The interest rate on repos / reverse repos (repo rate) is the annual interest rate used to determine the repurchase price and is determined using the following formula:
R - interest rate (repo rate) (%);
Pr – repurchase price (MDL);
Pc - purchase (selling) price set by the National Bank, reduced by the valuation haircut established by the National Bank in case of repo operations (MDL);
t - term of operation (days).
106. Repurchase price of SS upon repo/reverse repo transaction maturity is calculated as follows:
Pr = Pc*(1+R*t/365/100)
Pr - repurchase price;
Pc - purchase (selling) price set and reduced by the valuation haircut established by the National Bank;
R - interest rate (repo);
107. Open market operations may be performed through bilateral procedures initiated by the National Bank within fine-tuning operations and structural operations, depending on the situation in the money market. In this procedure, the National Bank directly contacts one or more participants.
108. The frequency and maturity of operations performed through bilateral procedures are not standardized.
109. In order to conduct open market operations through bilateral procedures, the National Bank shall negotiate in advance by telephone with the participant, where appropriate, the transaction parameters:
1) type of transaction;
2) term of transaction;
3) purchase/selling price;
4) interest rate;
5) volume of transaction;
7) maturity date;
8) list of eligible assets accepted as collateral (in case of loan granting).
110. Open market operations performed through bilateral procedures shall be confirmed similar to those carried out through tenders and settled on the settlement date negotiated with the participant.
111. Upon granting loans through bilateral procedures, the National Bank shall conclude a pledge agreement with the participant.
Discharge from obligations linked to open market operations
112. NBM Certificates shall be redeemed on the maturity date, announced upon the issuance thereof.
113. On the maturity date of NBM Certificates, National Bank shall transfer to the current accounts of eligible participants / current account of the Deposit Guarantee Fund with the National Bank the nominal value of the certificates subject to redemption.
114. On the maturity date of reverse repo transaction (SS repurchased by the National Bank), the National Bank shall transfer to the current accounts of eligible participants with the National Bank the repurchase value (price) of SS. In the case of a repo transaction (SS repurchase by participants), upon its maturity, the National Bank shall issue payment orders on behalf of eligible participants in order to debit their current accounts with the National Bank with the repurchase value (price) of SS.
115. The payment of the loans collateralised with eligible assets and related interest shall be made by the eligible participant by transferring those amounts to the account of the National Bank, under the terms and conditions set upon loan granting.
116. On the maturity date of deposits, the National Bank shall transfer to the current accounts of eligible participants with the National Bank the deposit amounts and related interest.
117. If the maturity date of an open market operation is a non-working day, SS repurchase within repo / reverse repo transactions, NBM Certificates and the repayment of loans / deposits shall take place on the next working day, without paying any additional interest.
Procedures and sanctions to be applied in the event of
non-compliance with obligations by participants/Deposit Guarantee Fund
118. If an eligible participant / Deposit Guarantee Fund fails to fulfil its obligations in accordance with this Regulation and / or agreements to participate in open market operations of the National Bank, the National Bank may impose sanctions in the form of suspending their participation in open market operations, including unilateral termination of the agreement to participate in open market operations of the National Bank of Moldova. Where appropriate, the National Bank may impose pecuniary penalties as provided by agreements concluded with eligible participants / Deposit Guarantee Fund.
119. If the eligible participant has not fully honoured its obligations to the National Bank according to the terms provided, the National Bank shall proceed with the execution of collateral in accordance with Article 70 paragraph (2) of the Law no. 548-XIII of 21 July 1995 on the National Bank of Moldova.
120. National Bank has the right to retain SS purchased under repo transactions as owner in the absence or insufficiency of funds in the current account of the eligible participant for SS redemption.
121. If the SS in the possession of the National Bank mature, the amount obtained from SS redemption by the Ministry of Finance shall be used to settle the outstanding debt of the eligible participant.
122. The execution of collateral in the form of SS under repo transactions and loan granting operations are carried out through auctions conducted under this Regulation, fully or partially, after the expiry of the term of that operation, by notifying the debtor bank.
123. All banks shall be accepted at the tenders organized for the sale of underlying assets, except banks with overdue credits and those that have not repurchased SS under repo transactions.
124. The proceeds from the sale of underlying assets of overdue loans/repo transactions shall be used to pay the outstanding debts.
125. The payment of outstanding debt of the bank is performed in the following sequence: payment of penalties, payment of interest-related debt and payment of debt on credit.
(Item 125 amended by the DEB of the NBM no.249 of 22.09.2016, in force on 25.10.2016)
126. National Bank may suspend the access of eligible participants to one or more tenders/ bilateral procedures for a period of 30 calendar days from the date on which the following violations were established:
1) failure to comply with contractual obligations in the open market operations of the National Bank of Moldova and standing facilities;
2) admission of a shortage of required reserves in MDL in Loro account at the National Bank in an amount over 5 percent of the established level or failure to comply with the required reserves ratio in Loro account in amounts up to 5 percent over two consecutive maintenance periods;
3) exceeding the deadline for completion of required reserves account in foreign currency or in national currency by three working days.
127. National Bank shall notify in writing the eligible participant about its suspension from open market operations, indicating the date on which the decision takes effect.
128. National Bank may not permit the Deposit Guarantee Fund to participate in one or more subsequent tenders, in case of failure to honour the payment obligations for the purchased NBM Certificates.
Annexes to the Regulation on open market operations of the National Bank of Moldova
actelor normative ale Băncii Naţionale a Moldovei care se abrogă
1. Regulamentul cu privire la facilitatea de lombard nr.4/08, aprobat de Consiliul de administrație al Băncii Naționale a Moldovei, proces-verbal nr.28 din 18 octombrie 1995 (Monitorul Oficial al Republicii Moldova, 1996, nr.5-6, art.1).
2. Regulamentul cu privire la desfășurarea licitațiilor de refinanțare nr.2/08, aprobat de Consiliul de administrație al Băncii Naționale a Moldovei, proces-verbal nr.34 din 22 noiembrie 1995 (Monitorul Oficial al Republicii Moldova, 1995, nr.71-72, art.32).
3. Suplimentul nr.28/08-01 la Regulamentul nr.2/08 din 22 noiembrie 1995 cu privire la desfășurarea licitațiilor de refinanțare, aprobat prin Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei, proces-verbal nr.39 din 29 august 1996.
4. Modificările nr.36/08-01 la Regulamentul nr.2/08 din 22 noiembrie 1995 cu privire la desfășurarea licitațiilor de refinanțare, aprobate de Consiliul de administrație al Băncii Naționale a Moldovei, proces-verbal nr.47 din 25 octombrie 1996 (Monitorul Oficial al Republicii Moldova, 1996, nr. 72-73, art.89).
5. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.57 din 26 august 1997 „Privind introducerea unor modificări în Regulamentul nr.2/08 cu privire la desfășurarea licitațiilor de refinanțare” (Monitorul Oficial al Republicii Moldova, 1997, nr.62, art.102).
6. Regulamentul cu privire la operațiunile de piață deschisă ale Băncii Naționale a Moldovei cu valori mobiliare de stat nr.57, aprobat de Consiliul de administrație al Băncii Naționale a Moldovei, proces-verbal nr.33 din 11 septembrie 1997 (Monitorul Oficial al Republicii Moldova, 1997, nr.62, art.103).
7. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.142 din 15 decembrie 1997 „Privind modificarea în Regulamentul nr.2/08 cu privire la desfășurarea licitațiilor de refinanțare” (Monitorul Oficial al Republicii Moldova, 1998, nr.1, art.6).
8. Punctul II din Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.115 din 30 aprilie 1998 „Privind modificarea actelor normative ce țin de reglementarea pieței hîrtiilor de valoare de stat dematerializate” (Monitorul Oficial al Republicii Moldova, 1998, nr.49, art.155).
9. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.170 din 26 iunie 1998 „Privind modificarea Regulamentului cu privire la folosirea facilității de lombard între Banca Națională a Moldovei și băncile comerciale” (Monitorul Oficial al Republicii Moldova, 1998, nr.87-89, art.178).
10. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.276 din 1 octombrie 1998 „Privind modificarea și completarea Regulamentului cu privire la folosirea facilității de lombard între Banca Națională a Moldovei și băncile comerciale și modificarea ratei de dobîndă la facilitatea de lombard”.
11. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.354 din 25 noiembrie 1998 „Referitor la modificarea Regulamentului cu privire la folosirea facilității de lombard între Banca Națională a Moldovei și băncile comerciale”.
12. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.351 din 25 noiembrie 1998 „Privind modificarea Regulamentului cu privire la operațiunile de piață deschisă ale Băncii Naționale a Moldovei nr.57 din 11 septembrie 1997” (Monitorul Oficial al Republicii Moldova, 2003, nr.204-207, art.272).
13. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.252 din 30 septembrie 1999 „Privind modificarea Regulamentului cu privire la Sistemul electronic de înscriere în conturi ale hîrtiilor de valoare de stat dematerializate nr.9/08 din 2 februarie 1996 și a Regulamentului cu privire la operațiunile de piață deschisă ale Băncii Naționale a Moldovei nr.57 din 11 septembrie 1997” (Monitorul Oficial al Republicii Moldova, 1999, nr.109-111, art.194).
14. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.39 din 24 februarie 2000 „Cu privire la modificarea și completarea Regulamentului cu privire la operațiunile de piață deschisă ale Băncii Naționale a Moldovei nr.57 din 11 septembrie 1997” (Monitorul Oficial al Republicii Moldova, 2000, nr.29-30, art.105).
15. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.56 din 3 martie 2000 „Privind modificarea și completarea Regulamentului cu privire la folosirea facilității de lombard” (Monitorul Oficial al Republicii Moldova, 2000, nr.29-30, art.107).
16. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.362 din 30 noiembrie 2000 „Privind modificarea Regulamentului cu privire la folosirea facilității de lombard între Banca națională a Moldovei și băncile comerciale” (Monitorul Oficial al Republicii Moldova, 2000, nr.152-153, art.412).
17. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.396 din 21 decembrie 2000 „Privind modificarea Regulamentului cu privire la operațiunile de piață deschisă ale Băncii Naționale a Moldovei nr.57 din 11 septembrie 1997” (Monitorul Oficial al Republicii Moldova, 2000, nr.163-165, art.447).
18. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.424 din 28 decembrie 2000 privind aprobarea Regulamentului privind modul de efectuare de către Banca Națională a Moldovei a operațiunilor de depozit în lei moldovenești cu băncile licențiate (Monitorul Oficial al Republicii Moldova, 2001, nr.16-18, art.65).
19. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.127 din 31 mai 2001 „Cu privire la modificarea hotărîrii Consiliului de administrație nr.424 din 28.12.2000 cu privire la aprobarea Regulamentului privind modul de efectuare de către Banca Națională a Moldovei a operațiunilor de depozit în lei moldovenești cu băncile autorizate” (Monitorul Oficial al Republicii Moldova, 2001, nr.59-61, art.186).
20. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.51 din 28 februarie 2002 „Cu privire la modificarea Regulamentului privind modul de efectuare de către Banca Națională a Moldovei a operațiunilor de depozit în lei moldovenești cu băncile autorizate (Monitorul Oficial al Republicii Moldova, 2002, nr.33-35, art.85).
21. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.223 din 17 septembrie 2003 „Cu privire la modificarea Regulamentului privind modul de efectuare de către Banca Națională a Moldovei a operațiunilor de depozit în lei moldovenești cu băncile autorizate (Monitorul Oficial al Republicii Moldova, 2003, nr.204-207, art.273).
22. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.236 din 2 octombrie 2003 „Privind modificarea și completarea Regulamentului cu privire la operațiunile de piață deschisă ale Băncii Naționale a Moldovei” (Monitorul Oficial al Republicii Moldova, 2003, nr.211-214, art.279).
23. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.27 din 5 februarie 2004 „Cu privire la modificarea Regulamentului privind modul de efectuare de către Banca Națională a Moldovei a operațiunilor de depozit în lei moldovenești cu băncile autorizate (Monitorul Oficial al Republicii Moldova, 2004, nr.26-29, art.69).
24. Punctele II și III din Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.79 din 8 aprilie 2004 „Privind completarea unor regulamente ale Băncii Naționale a Moldovei” (Monitorul Oficial al Republicii Moldova, 2004, nr.61-63 art.160).
25. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.160 din 1 iulie 2004 „Cu privire la modificarea Regulamentului privind modul de efectuare de către Banca Națională a Moldovei a operațiunilor de depozit în lei moldovenești cu băncile autorizate” (Monitorul Oficial al Republicii Moldova, 2004, nr.108-111, art.245).
26. Hotărîrea Consiliului de administraţie al Băncii Naţionale a Moldovei nr.200 din 12 august 2004 „Cu privire la aprobarea Regulamentului privind emiterea, circulaţia şi răscumpărarea Certificatelor Băncii Naţionale a Moldovei” (Monitorul Oficial al Republicii Moldova, 2004, nr.163-167, art.325).
27. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.242 din 29 septembrie 2004 „Privind completarea Regulamentului cu privire la operațiunile de piață deschisă ale Băncii Naționale a Moldovei” (Monitorul Oficial al Republicii Moldova, 2004, nr.182-185, art.367).
28. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.283 din 11 noiembrie 2004 „Cu privire la modificarea Regulamentului privind modul de efectuare de către Banca Națională a Moldovei a operațiunilor de depozit în lei moldovenești cu băncile autorizate (Monitorul Oficial al Republicii Moldova, 2004, nr.208-211, art.446).
29. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.303 din 2 decembrie 2004 „Cu privire la condițiile de emitere a Certificatelor Băncii Naționale a Moldovei” (Monitorul Oficial al Republicii Moldova, 2004, nr.226-232, art.489), cu modificările și completările ulterioare.
30. Hotărîrea Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.72 din 10 martie 2005 „Cu privire la modificarea Regulamentului privind modul de efectuare de către Banca Națională a Moldovei a operațiunilor de depozit în lei moldovenești cu băncile autorizate (Monitorul Oficial al Republicii Moldova, 2005, nr.42-45, art.149).
31. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.130 din 28 aprilie 2005 „Privind modificarea și completarea Regulamentului cu privire la operațiunile de piață deschisă ale Băncii Naționale a Moldovei” (Monitorul Oficial al Republicii Moldova, 2005, nr.67-68, art.249).
32. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.259 din 25 august 2005 „Cu privire la modificarea Regulamentului privind modul de efectuare de către Banca Națională a Moldovei a operațiunilor de depozit în lei moldovenești cu băncile autorizate (Monitorul Oficial al Republicii Moldova, 2005, nr.117-118, art.395).
33. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.85 din 6 aprilie 2006 „Privind modificarea unor acte normative ale Băncii Naționale a Moldovei” (Monitorul Oficial al Republicii Moldova, 2006, nr.59-62, art.230).
34. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.87 din 6 aprilie 2006 „Cu privire la modificarea Regulamentului privind modul de efectuare de către Banca Națională a Moldovei a operațiunilor de depozit în lei moldovenești cu băncile autorizate” (Monitorul Oficial al Republicii Moldova, 2006, nr.59-62, art.232).
35. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.160 din 22 iunie 2006 „Privind modificarea și completarea Regulamentului cu privire la operațiunile de piață deschisă ale Băncii Naționale a Moldovei” (Monitorul Oficial al Republicii Moldova, 2006, nr.98-101, art.366).
36. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.218 din 17 august 2006 „Privind modificarea Regulamentului cu privire la facilitatea de lombard” (Monitorul Oficial al Republicii Moldova, 2006, nr.134-137, art.472).
37. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.242 din 14 septembrie 2006 „Cu privire la modificarea Regulamentului privind modul de efectuare de către Banca Națională a Moldovei a operațiunilor de depozit în lei moldovenești cu băncile autorizate (Monitorul Oficial al Republicii Moldova, 2006, nr.150-152, art.515).
38. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.327 din 1 decembrie 2006 „Privind modificarea Regulamentului cu privire la folosirea facilității de lombard între Banca națională a Moldovei și băncile comerciale și Hotărîrii Consiliului de administrație al Băncii Naționale a Moldovei nr.218 din 17 august 2006” (Monitorul Oficial al Republicii Moldova, 2006, nr.186-188, art.668).
39. Hotărîrea Consiliului de administraţie al Băncii Naţionale a Moldovei nr.91 din 19 aprilie 2007 „Cu privire la modificarea Regulamentului privind emiterea, circulaţia şi răscumpărarea Certificatelor Băncii Naţionale a Moldovei” (Monitorul Oficial al Republicii Moldova, 2007, nr.57-59, art.239).
40. Hotărîrea Consiliului de administraţie al Băncii Naţionale a Moldovei nr.112 din 10 mai 2007 „Cu privire la modificarea și completarea unor acte normative ale Băncii Naţionale a Moldovei” (Monitorul Oficial al Republicii Moldova, 2007, nr.67-69, art.340).
41. Punctele II, III și V din Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.196 din 2 august 2007 „Cu privire la modificarea și completarea unor acte normative ale Băncii Naționale a Moldovei” (Monitorul Oficial al Republicii Moldova, 2007, nr.131-135, art.521).
42. Punctele I, II și III din Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.36 din 13 martie 2008 „Cu privire la modificarea și completarea unor acte normative ale Băncii Naționale a Moldovei” (Monitorul Oficial al Moldovei, 2008, nr.61-62, art.161).
43. Punctele 1, 2, 6 și 7 din Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.139 din 31 iulie 2008 „Cu privire la modificarea și completarea unor acte normative ale Băncii Naționale a Moldovei” (Montorul Oficial al Republicii Moldova, 2008, nr.171-173, art.496).
44. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.270 din 25 decembrie 2008 „Cu privire la modificarea și completarea Regulamentului privind emiterea, circulația și răscumpărarea Certificatelor Băncii Naționale a Moldovei” (Monitorul Oficial al Republicii Moldova, 2008, nr.10-11, art.48).
45. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.34 din 17 martie 2011 „Cu privire la modificarea și completarea Regulamentului privind emiterea, circulația și răscumpărarea Certificatelor Băncii Naționale a Moldovei” (Monitorul Oficial al Republicii Moldova, 2011, nr.69, art.374).
46. Hotărîrea Consiliului de administrație al Băncii Naționale a Moldovei nr.28 din 22 februarie 2013 „Cu privire la modificarea și completarea Regulamentului cu privire la operațiunile de piață deschisă ale Băncii Naționale a Moldovei cu valori mobiliare de stat” (Monitorul Oficial al Republicii Moldova, 2013, nr.42-47, art.249).
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