• Calling days and hours of the governing body of the National Bank of Moldova for citizens.


  • Octavian Armașu, Governor of the National Bank of Moldova

    1st Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 606;


  • Vladimir Munteanu, First Deputy Governor of the National Bank of Moldova

    2nd Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 606;


  • Cristina Harea, Deputy Governor of the National Bank of Moldova

    3rd Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 607;

  • Ion Sturzu, Deputy Governor of the National Bank of Moldova

    4th Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 607.

Please, note the requirements for receiving and examining petitions to the National Bank of Moldova !

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Calendar of data dissemination

14.11.2019

Annual inflation

The annual rate of inflationAnnual inflation rate represents the increase of consumer prices during a month this year compared with the same month last year. It is calculated as a ratio (expressed in percentage terms) between the price index during a month this year and price index during the same month last year, calculated on the same basis, minus 100. Statistical surveys on consumer prices are carried out by the National Bureau of Statistics (NBS). NBM sets its inflation target at the level of 5.0 percent annually, calculated based on the consumer price index (inflation rate for the last twelve months – each month of this year compared with the same month of last year), with a possible deviation of ±1.5 percentage points. (Source: Medium-term monetary policy strategy of the NBM. in October 2019 was 6,8 percent.

According to the latest round of forecast, the average annual inflation rate will reach a level of 5.0 percent in 2019 and 5.9 percent in 2020.

NBM Interest rates

31.07.2019 - Today
  • Base rate7.50%
  • Overnight deposits4.50%
  • Overnight credits10.50%

The base rate is approved as the reference rate for the main short-term monetary policy operations. The deposit and lending facility is part of a symmetrical corridor of ± 3 p.p. to the base rate.

The NBM will continue to monitor and forecast the internal and external macroeconomic evolutions, risks and uncertainties associated with the evolution of inflation, in order to assure a medium term stability of prices.

In September 2019, the monetary base decreased by MDL 100,5 million (0.2%) compared to the previous month and constituted MDL  45,637.0 million, which constitutes 12.1% more than in September 2018.

In September 2019, new loans extended by banks totalled MDL 2,869.0 million, an increase of 8.5%, compared to September 2018.

In August 2019, new loans extended by banks totalled MDL 2,609.2 million, an increase of 7.5%, compared to August 2018.

In August 2019, the monetary base  increased by MDL 83.8 million (0.2%) compared to the previous month and constituted MDL 45,737.5 million, which constitutes 17.1% more than in August 2018.

The decision was adopted following the most recent evaluation of macroeconomic data.

In July 2019, new loans extended by banks totalled MDL 2,850.4 million, recording an increase of 14.9%, compared to July 2018.

In July 2019, the monetary base  increased by MDL 693.2 million (1.5%) compared to the previous month and constituted MDL 45,653.8 million, which constitutes 19.6% more than in July 2018.

In the second quarter of 2019, the annual rate of inflation continued its upward trajectory from the beginning of the current year, by increasing from 2.8% in March to 4.4% in June 2019.

The Executive Board of the National Bank of Moldova decided unanimously to increase by 0.5 percentage points the base rate applied to the main monetary policy operations, on a short term, which now constitutes up to 7.5% annually.

This schedule is indicative and include only periodicaly transactions conducted via auctions.

In June 2019, the monetary base increased by MDL 724.5 million (1.6%) compared to the previous month and constituted MDL 44,960.6 million, which constitutes 15.9% more than in June 2018.

In May 2019, the monetary base increased by MDL 139.3 million (0.3%) compared to the previous month and constituted MDL  44,236.1 million, which constitutes 14.7% more than in May 2018.

In May 2019, new loans extended by banks totalled MDL 2,714.8 million, recording an increase of 9.1%, compared to May 2018.

The decision is imposed by the inflationary pressures caused, in particular, by the increase in the payroll fund and consumer credits, as well as the positive fiscal impulse in the current and next year due to the expected release of external financing. 

In June 2019, new loans1 extended by banks totalled MDL 2,830.2 million, recording an increase of 8.7%, compared to June 2018.

During 2018, the NBM maintained the base rate at 6.5 percent. At the same time, the NBM increased the minimum required reserve ratio from financial means attracted in MDL from 40.0 percent to 42.5 percent.

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