• 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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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 April 2020 was 5,25 percent.

According to the latest round of forecast, the average annual inflation rate will reach a level of 4.4 percent in 2020 and 4.0 percent in 2021.

NBM Interest rates

20.03.2020 - Today
  • Base rate3.25%
  • Overnight deposits0.25%
  • Overnight credits6.25%

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 maintain unchanged the values of the main monetary policy instruments.

The Executive Board of the National Bank of Moldova (NBM) approved unanimously, at today’s extraordinary meeting, the amendment to p.3 of the Decision of 20 March 2020 on the NBM interest rates level and required reserves ratio.

National Bank will continue to use all available instruments to meet the objectives of price stability and to strengthen the banking sector that is well-capitalized and resilient.

The Executive Board of the National Bank of Moldova (NBM) decided unanimously to decrease the base rate applied to the main short-term monetary policy operations by 1,0 percentage points, as from 5,5 percent to 4,5 percent annually. 

The Executive Board of the National Bank of Moldova (NBM) decided unanimously to maintain the base rate applied to the main short-term monetary policy operations at the level of 5.5% annually. In addition, the interest rates on overnight credits and deposits remain unchanged at the level of8.5% and 2.5% annually. 

The Executive Board of the National Bank of Moldova (NBM) decided unanimously to decrease by 2.0 percentage points the base rate applied to the main short-term monetary policy operations, up to 5.5 percent annually.

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.

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

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.

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. 

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%.

The decision was taken based on external environment projections and recent developments in the domestic economy.

The decision was taken based on the recent macroeconomic analysis and the assumptions made in the new medium-term inflation forecast round, being also taken into account the external environment forecasts and fiscal policy adjustments.

The decision was taken based on the recent analysis of the macroeconomic situation and the assumptions related to the new medium-term inflation forecast round.

The decision was taken following the deliberations of the Executive Board on macroeconomic developments and risk assessment of the medium-term inflation forecast deviation.

The decision was taken based on the updated macroeconomic analysis as well as the assumptions made in the new medium-term inflation forecast round. Disinflationary conditions that are expected to persist through the end of this year have determined keeping the base rate at the current level.

The decision was made on the basis of most recent updated macroeconomic analyses and of adjustment of the medium-term inflation forecast.

The decision was made on the basis of the updated macroeconomic analysis and of assumptions related to the new medium-term inflation forecasting round.

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