Constitution of the
Republic of Moldova
Contacts

Title IV. National economy and public finance


Article 126. Economy

(1) The economy of the Republic of Moldova shall be a socially-orientated market economy based on the coexistence of freely competing private and public properties.

(2) The State must ensure:

a) regulation of economic activity and management of its public property under the law;

b) freedom of commerce and entrepreneurial activity, protection of loyal competition, crea­tion of a framework that would be favourable to the development of all factors of produc­tion;

c) protection of national interests within the economic, financial and currency activities;

d) fostering of scientific research;

e) rational exploitation of the soil and other natural resources, in accordance with the na­tional interests;

f) restoration and protection of the environ­ment, as well as maintenance of ecological balance;

g) increase the number of people employed, setting up of adequate conditions in order to improve the living standards;

h) inviolability of investments of private indi­viduals and legal entities, including those from abroad.

 

Article 127. Property

(1) The State shall protect the property.

(2) The State shall guarantee to everyone the right to possess property in any such form as requested by the incumbent, as long as these forms do not conflict with the interests of so­ciety.

(3) Public property shall belong to the State or to the territorial-administrative units.

(4) All the underground resources, airspace, waters and forests used to the benefit of the public at large, natural resources of the eco­nomic regions and continental shelf, lines of communication, as well as other assets stipu­lated by law, shall constitute the exclusive ob­jects of public property.


Article 128. Property of Foreign Citizens and Stateless Persons

(1) In the Republic of Moldova the property of foreign states, international organisations, foreign citizens and stateless persons shall be protected by the law.

(2) The procedure and the terms of exercis­ing the right to possess property by foreign natural and legal persons, as well as by state­less persons on the territory of the Republic of Moldova shall be regulated by the law.


Article 129. External Economic Activity

(1) The Parliament shall approve the main directions of the external economic activity, the principles guiding the use of foreign loans and credits.

(2) The Government shall ensure the protec­tion of national interests involved in external economic activity and promote either a free-trade policy or a protectionist one, taking into account the national interests.


Article 130. Financial and Crediting System

(1) The formation, administration, use and control of financial resources of the State, of the territorial-administrative units and of pub­lic institutions shall be regulated under the terms of law.

(2) The national currency of the Republic of Moldova is the Moldovan Leu.

(3) The National Bank of the Republic of Moldova is empowered with the exclusive right to issue currency. Any issuance is carried out pursuant to the decision of the Parliament.


Article 131. National Public Budget

(1) The national public budget enshrines the state budget, the state social insurance budget, as well as the budgets of districts, towns and villages.

(2) The Government shall work out an annual draft of the state budget, and the state social insurance budget, which shall be submitted separately to the Parliament for approval. In the event of establishment of an extra budgetary fund, it shall also be submitted to the Parliament for approval.

(3) If the state budget and the state social in­surance budget have not been legally approved with at least 3 days prior to the expiration of the current budgetary exercise, there the state and the state social insurance budgets of the previous year shall be applied further on, until the adoption of the new budgets.

(4) Any legislative initiative or amendment, which entails the increase or diminishing of the budgetary revenues or loans, as well as the increase or curtail of the budgetary expendi­tures shall be adopted following an approval of the Government.

(5) The district, town and village budgets shall be drafted, approved and carried out in accordance with the law.

(6) No budget expenditure may be approved without prior specification of the funding source.


Article 132. Fiscal System

(1) All taxes, duties, and other revenues of the state budget and of the state social insurance budget, as well as of the district, town and village budgets is established, under the law, by the competent representative bodies.

(2) Any other types of taxation are forbidden.


Article 133. Court of Audit

(1) The Court of Audit supervises over the procedure of formation, administration and use of the public financial resources.

(2) The Court of Audit consists of 7 mem­bers.

(3) The President of the Court of Audit is ap­pointed for a 5-year term of office by the Parlia­ment on a proposal submitted by the President of the Parliament. The members of the Court are also appointed by the Parliament upon the proposal of the President of the Parliament.

(4) The Court of Audit shall annually submit to the Parliament a report on the administra­tion and use of the public financial resources.

(5) Other powers ascribed to the Court of Audit, as well as the procedure of its organisa­tion and operation shall be established by or­ganic law.