Bank of Lithuania shares knowledge and experience in the EU Twinning project in Moldova

“I sincerely believe that the knowledge and experience we have shared in the implementation of this project have contributed to the progress of the National Bank of Moldova, which at the same time marks another step towards the country’s accession to the EU,” said Asta Kuniyoshi, Deputy Chair of the Board of the Bank of Lithuania, in her welcome speech at the closing event of the EU Twinning project in Chişinău today.

The project, which received €2 million in funding from the EU budget, was supported by a consortium of three EU central banks: the National Bank of Romania, the Bank of Lithuania and the Bank of the Netherlands. Experts from the Bank of Lithuania shared their experience in strengthening the macroprudential framework and improving supervision of the insurance sector. The project focused on improving the macroprudential risk monitoring framework, establishing new legal frameworks for the supervision of the insurance sector, strengthening the supervision of non-banking credit institutions, drafting the Bank’s internal rules on strengthening the financial market infrastructure and the supervision of payment services, and reviewing compliance with the Single Euro Payments Area (SEPA) requirements.

After the completion of the project, the Bank of Lithuania will continue its cooperation with the National Bank of Moldova, which is seeking to join the European System of Central Banks.

Technical cooperation is becoming increasingly important in the Bank of Lithuania’s activities: we are actively participating in EU-funded projects aimed at central banks and supervisory authorities in the Western Balkans, and we have also joined an EU-funded project targeting African countries. Last year, we successfully completed an EU Twinning project, in collaboration with the National Bank of Poland, for the National Bank of Ukraine, spanning over two years. In the context of the war, these projects are becoming even more meaningful in terms of assistance to Ukraine, underscored by Lithuania’s efforts in cooperation and dissemination of good European practices and values.