In 2014/2015 the Moldovan banking sector experienced a deep shock following the banking fraud and money laundering scandal. The government was forced to recapitalize the three major banks with approximately USD 1 bn and enact comprehensive reforms. Today – five years later – the Moldovan banking sector appears to be stronger and confidence of consumers, international financial institutions and foreign correspondent banks has returned. This is visible in Western and Eastern European investors’ increased shareholdings in the four leading banks. In addition, and in contrast to 2014/2015, the Moldovan banking sector has made significant progress in respect to indicators such as capital adequacy, earnings performance, liquidity, non-performing loans and credit growth. As such, the banking sector appears in relatively good shape in light of the expected COVID-19 impact.