OREANDA-NEWS. March 05, 2011. The Moldovan Parliament approved the Strategy of development of the country’s non-banking financial market for 2011-2014 and the Plan of Actions for its implementation. The strategy was developed as it is necessary to ensure sustainable economic growth and further promotion of economic and social reforms in the country, according to the head of the National Commission for Financial Market Mihail Cibotaru.

The document’s objective is to transform the non-banking financial market of Moldova into an efficient mechanism of attraction of investments into the real sector of economy and to enhance the country’s investment attractiveness. The Strategy contains tasks of development of the non-banking financial market as a whole and of its components – securities market, insurance market, micro-financing sector, leasing activity, non-state pension funds, bureaus of credit history).

The strategy stipulates development of the modern system of regulation and supervision over the non-banking financial sector meeting international standards and EU directives. It is planned to intensify the securities market development, to optimize the stock exchange transactions system, to create an electronic transactions system using advanced IT, to foster new financial instruments, institutional development of the non-banking financial market, including, to create conditions for appearance and development of institutional investors, to consolidate the insurance market, to diversify the insurance products, to ensure sustainable development of the micro-financing sector.

According to the preliminary estimations, 34.45 million leis (USD2.9 million) are needed to implement the strategy.