Moldova’s capital market in expansion: CNPF announces significant growth, new financial instruments in 2025

The National Commission for Financial Markets (CNPF) has presented its 2025 activity report in a parliament’s plenary meeting. The CNPF highlighted major transformations in the development of the capital market, consumers’ protection and the harmonization of national legislation with European Union standards.

The report was presented by the institution’s president, Dumitru Budianschi, who emphasized that 2025 had been marked by the consolidation of modern financial mechanisms and the expansion of investment instruments available on the local market.

One of the main milestones of the year was the adoption of the National Capital Market Development Strategy for the 2025–2030 period, a document aimed at enhancing the role of the capital market in financing the real economy, facilitating companies’ access to long-term resources and diversifying the financial instruments available to investors.

In the context, the Joint Stock Company “International Stock Exchange of Moldova” was registered, a project considered an important step for modernizing the financial infrastructure and attracting capital through issues of shares and bonds. At the same time, the authorities initiated the authorization of the first voluntary pension fund and opened the way for the development of crowdfunding and the regulation of the crypto-asset market, in line with European standards.

The data presented show a growing dynamic in the capital market. At the end of 2025, there were 1,887 joint stock companies with securities in circulation, of which approximately 650 were active. Although the number of share issues decreased, their value more than tripled, reaching 328.7 million lei.

At the same time, the issues of corporate and municipal bonds reached 1.117 billion lei, double the level of the previous year. Issuers included major financial institutions, as well as local authorities, such as the Sireti and Costesti mayoralties, which accessed the capital market for the first time.

On the secondary market, transactions amounting to 1.38 billion lei were recorded, and their number doubled compared to 2024, signaling more intense investors’ activity.

Another rapidly developing area is crowdfunding. The first two authorized platforms attracted more than 1,200 investors and financed 156 projects, mainly in the services and trade sectors.

The CNPF also reported progress in the field of voluntary pensions, where an application was submitted for the establishment of the first fund of this type in Moldova, following the authorization of the management company.

In the area of consumers’ protection, the institution recorded 914 complaints, most of them concerning bank loans and deposits. CNPF interventions led to the recovery and cancellation of significant amounts in the financial sector, including insurance compensations and refunds in the field of payment services.

In total, the institution handled more than 3,300 telephone inquiries, issued over 1,200 orders, and adopted 316 decisions during the 62 meetings of the Board of Directors.

CNPF revenues exceeded the planned level, reaching 45.8 million lei, while expenditures were lower than the approved budget, indicating efficient financial execution.

Following the presentation of the report, the parliament approved a string of recommendations aimed at accelerating reforms, operationalizing the new stock exchange, developing voluntary pension funds, strengthening consumers’ protection and continuing the alignment of legislation with the European Union’s financial acquis.