Welcome to the official website of the National Bank of Moldova!
×
Do you have good eyesight and want to turn this tool off?
Do you have good eyesight and want to turn this tool off?
Schedule of reception of citizens by the Executive Board of the National Bank of Moldova.
The registration of applicants for an audience is carried out based on a written request on the subject addressed.
Anca Dragu, Governor
1st Wednesday of the month: 14.00-16.00;
Telephone: +373 22 822 606.
Vladimir Munteanu, First Deputy Governor
2nd Wednesday of the month: 14.00-16.00;
Telephone: +373 22 822 606.
Tatiana Ivanicichina, Deputy Governor
3rd Wednesday of the month: 14.00-16.00;
Telephone: +373 22 822 607.
Constantin Șchendra, Deputy Governor
4th Wednesday of the month: 14.00-16.00;
Telephone: +373 22 822 607.
Welcome to the official website of the National Bank of Moldova!
If you want to send a message (question or suggestion) on-line, go to section "Feedback" from the main menu at the top of the website.
You can choose one of the most popular reports from the list:
National Bank and the members of its decision-making bodies shall be independent in exercising the tasks conferred upon them by law, and shall neither seek nor take instructions from public authorities or from any other authority.
In order to ensure and maintain price stability over the medium term, the National Bank’s aim will be to keep inflation (measured by Consumer Price Index) at the level of 5.0 percent annually with a possible deviation of ± 1.5 percentage points, considered to be optimal for growth and development of Moldova's economy over the medium-term.
National Bank shall have the exclusive right to issue on the territory of the Republic of Moldova banknotes and coins as legal tender, as well as commemorative and jubilee banknotes and coins as legal tender and for numismatic purposes.
National Bank is exclusively responsible for the licencing, supervision and regulation of financial institutions activity.
National Bank of Moldova acts as banker and fiscal agent of the State and shall receive from state bodies economic and financial information and documents, which are necessary for carrying out its tasks.
National Bank of Moldova supervises the payment system of the Republic of Moldova and promotes a stable and efficient functioning of the automated inter-bank payment system
National Bank of Moldova is an autonomous public legal entity and is responsible to the Parliament.
National Bank shall inform the public on the monetary policy strategy on the results of the macroeconomic analysis, the evolution of the financial market and on statistics, including with regard to monetary supply, crediting, balance of payments and the state of the foreign exchange market.
National Bank of Moldova is responsable for the compilation of the balance of payments, international investment position and the statistics of the external debt of the Republic of Moldova.
The website www.bnm.md prioritizes data security and uses cookies to enhance the browsing experience and user comfort. Accepting the use of cookies increases the page's working speed and ensures the normal functioning of the information presentation modules. Refusing the use of cookies can slow down the site's loading and hinder smooth navigation between pages. More details in the Cookie Usage Policy.
Inflation Report no. 3, August 2013
The Consumer Price Index (CPI) is a measure that characterizes and provides an estimate of the evolution of prices of goods bought and tariffs for services used by the population for living needs in a given period (current period) compared to a previous period (reference period). Analyzing the structure of goods and services included in the CPI basket, a product category that is characterized by a specific behavior can be distinguished. Thus, these products are known in international practice as strongly seasonal commodities. Typically, the strongly seasonal commodities are not available for purchase in certain seasons of the year (early potatoes, cherries, strawberries, berries, melons and water melons, etc.). The existence of the strongly seasonal commodities generates a number of issues related to their observation. Thus, the international practice provides several ways of observing these products.
In 2013, the National Bureau of Statistics has decided to implement a new procedure, which is accepted internationally, for reflecting the prices of strongly seasonal commodities to the detriment of that applied until 2013. Key aspects of this procedure are:
1. Fixed weights during the year – according to this procedure the strongly seasonal commodities should be treated during the year the same manner as the other products.
2. Price imputation – according to this procedure, during the months when the analyzed product disappears from the market, as the price of observation shall be used the price recorded in the previous month. This process can be reflected in the following manner:
, where
- imputed price, and
- price in the previous month.
Here is an example created with artificial data that will elucidate the impact of changes in the reflection procedure of strongly seasonal commodities.
According to the previous procedure, once the seasonal product appeared on the market (in our case in May), the NBS considered it as a new product. Therefore, the monthly growth rate for that product was not calculated, assigning it a zero rate (Chart no.2), due to the lack of a basis for comparing the price of the previous month (Chart no.1). However, since 2013 (with the application of the new procedure), it has been used the price imputation for the strongly seasonal commodities for the months when these are not available for collection (Chart no.1). Thus, this procedure has contributed to the creation of a basis of comparison for the month of appearance of strongly seasonal commodities and, respectively, to the calculation of the monthly growth rate. Since the imputed price is much lower than the initial price, the monthly growth is significant (Chart no.2), which has also contributed to the acceleration of the inflation rate in May. Therefore, this growth is not an increase in inflationary pressures, but a statistical effect.
1 Grigore Vieru Avenue,
MD-2005, Chisinau, Republic of Moldova.
© 2023 National Bank of Moldova
Terms of use