OREANDA-NEWS. January 24, 2013. For this purpose NBM is going to amend the legal framework regulating calculation of an official rate of MDL against foreign currency. In line with the draft resolution by the Administrative Board of NBM “On Change and Addition to the Regulation of Calculation of the Official Rate of ML against Foreign Currency”, the Bloomberg information system becomes the key source of information about cross rates of foreign currency against USD for NBM to set an official rate of Moldovan lei against respective currencies, a press release of the National Bank of Moldova informs.

The Bloomberg system makes it possible to establish the rates by using more modern methods and reduce operational risks as the rates are established. Besides, to optimize preparation of the report on an amount of foreign currency bought or sold by banks for Moldovan lei, some amendments will be introduced in the document. In line with the amendments, information about sales and purchases of currency through banking cards will not be reflected in the report. The threshold of sums of sales and purchases which are not included in the report is to be raised from USD100 to USD 10 thousand.

That is why the provision was excluded from the Regulations stipulating reporting on the overall sum of transactions performed at a similar exchange rate. Leaving aside such transactions will not influence the calculation of the official rate. The form of the report on an amount of foreign currency sold and bought by banks fro Moldovan lei will be added with two columns to reflect information about a contractor of every sale and purchase.

This information will help to make a thorough analysis of transactions on the inner foreign exchange market. It also may be used to carry out prudential supervision over banks of Moldova. After adoption of the resolution, starting form March, 1, 2013 the procedure will be optimized for reporting to NBM on sales and purchases of foreign currency for Moldovan lei performed by banks. Besides, starting from this date the official exchange rate of Moldovan lei against foreign currency, USD excepted, will be calculated on the basis of information of the Bloomberg system.