• 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

11.09.2019

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 July 2019 was 5,4 percent.

According to the latest round of forecast, the average annual inflation rate will reach a level of 5.0 percent in 2019 and 6.7 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 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.

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.

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.

In April 2019, the monetary base increased by MDL 1,363.9 million (3.2%) compared to the previous month and constituted MDL 44,096.8 million, which constitutes 14.0% more than in April 2018..

In April 2019, new loans extended by banks totalled MDL 2,958.0 million, recording an increase of 30.4%, compared to April 2018. 

The annual rate of inflation shall increase by the end of the current year, and afterwards, diminish by the end of forecast horizon.

The decision aims to create monetary conditions capable to keep the inflation on medium term within the variation range of ±1.5 percentage points from the inflation target of 5.0%.

In March 2019, new loans  extended by banks totalled MDL 2,859.0 million, recording an increase of 29.0%, compared to March 2018. 

In March 2019, the monetary base increased by MDL 912.1 million (2.2 percent) as compared to the previous month and accounted for MDL 42,732.8 million, being by 9.5 percent higher than in March 2018.

In February 2019, new loans extended by banks totalled MDL 2,508.2 million, recording an increase of 44.2%, compared to February 2018.

In February 2019, the monetary base increased by MDL 1,097.8 million (2.7 percent) as compared to the previous month and accounted for MDL 41,820.7 million, being by 12.5 percent higher than in February 2018.

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