Moldova: Communicating During a Financial Crisis
In 2014, Moldova experienced a banking crisis that resulted in a loss of $1 billion (12% of GDP) and undermined public confidence in the financial sector. During the crisis, the National Bank of Moldova (NBM) had difficulty communicating with the public to help explain the steps it was taking to resolve the crisis.
FSVC is helping the NBM to address this issue, as part of its Moldova program, funded by the U.S. Agency for International Development (USAID) and administered by the Volunteers for Economic Growth Alliance (VEGA). Specifically, FSVC is assisting the NBM in developing a communications roadmap for dealing with potential future crises.
In October, FSVC sent two volunteer experts to Chisinau to train the NBM communications staff in implementing an effective crisis communications strategy. The volunteer experts discussed developing a media protocol, drafting testimonials and messaging, spokespeople preparation, message testing, media approach and public rapid response. The volunteer experts presented a simulated crisis and provided immediate feedback on the staff's approach and response.
As a result, the NBM is better prepared to communicate to the public in the event of a future crisis. This responsiveness is critical to maintaining public confidence in the financial sector and preventing destabilizing public actions, such as bank runs.