British Queen celebrates

Withdrawal from the leading credit organization of Moldova – Banca de Economii (BEM) of one billion dollars at one go was not possible otherwise it would have provoked crisis of the whole banking business of Moldova, the experts consider.

In opinion of Slava Rabinovich, CEO at Diamond Age Investment Advisors Limited (company is incorporated in London, works in Moscow and the CIS)

“It is definitely impossible to convert (to exchange) quickly the amount equivalent to 100 million dollars, 1 billion dollars/euros in such countries as Moldova. I believe, if doing it officially, it will take up to six months.

For Russian banking system it is possible but not for Moldova. I doubt this can be done in general.”

The expert is assured it is impossible to transfer such substantial amounts of money without being monitored by regulatory agencies. “All transactions in US dollars are done via American correspondent accounts in American banks, and euro transactions – via European. They can and must conduct financial monitoring to detect money laundering,” the investment analytic declared.

The government of Moldova started the process of sanitation of Banca de Economii in 2013 right after the bank was on the verge of bankruptcy. Debts of the credit organization according to different estimations ranged from 5 to 10 billion lei. However, in November of the same year the Central Bank of Moldova took over provisional administration of BEM, having suspended the bank new investors from the decision-making process.



On February 20, 2015, the parliamentary commission of the Republic of Moldova was formed to investigation the processes in BEM, as well as in Banca Sociala and Unibank. Conclusions of the commission mentioned that problems in Banca de Economii had started long before 2013. Based on results of the commission activity, Emma Tebyrtse, vice president of the National Bank, and Arthur German, chair of the National Financial Market Commission, were dismissed. Resignation of the National Bank president Dorin Dregutsanu, according to parliament members, is not in question, yet.