NBM Says It Is Facing Disinformation Campaign Amid Debate Over Staff Salaries

The National Bank of Moldova (NBM) has defended the high salaries of its management and the increase in personnel expenses, saying that competitive remuneration is necessary to retain qualified specialists due to the complexity of the regulator’s responsibilities. The explanation was published on the institution’s official platform following the spread of information in the public space that, according to the NBM, is aimed at “discrediting and undermining public confidence in the central bank” for political reasons, logos-press.md reports. The institution argued that such an approach toward an independent state body is unacceptable, as “NBM decisions affect the economy as a whole, the security of citizens’ savings, confidence in the financial system, and the international reputation of the Republic of Moldova”. “To attract and retain highly qualified specialists, the central bank competes on the labor market with commercial banks, financial companies, and international institutions. Therefore, under these conditions, a competitive remuneration system is necessary to preserve the expertise on which the quality of NBM decisions and the safe and stable functioning of the financial system depend,” the regulator stated. According to the bank, the current remuneration system, based on job evaluation, was introduced in 2018 with the support of experts from KORN FERRY-Hay Group, a global leader in human resources management. The institution said it had no reason to distrust such international experts. At the same time, the National Bank acknowledged public concerns amid the ongoing debate over remuneration levels in state institutions, assuring that it “manages its resources legally and responsibly”.