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  • 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.

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Calendar of data dissemination

20.03.2024

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 February 2024 was 4,31 percent.

According to the latest round of forecast, the average annual inflation rate will reach a level of 13.6 percent in 2023 and 4.5 percent in 2024.

NBM Interest rates

06.02.2024 - Today
  • Base rate4.25%
  • Overnight deposits2.25%
  • 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 ± 2 p.p. to the base rate.

In December 2023, inflation was within the target range for the third consecutive month. Thus, today's decision by the NBM contributes to strengthening this performance, further stimulating the currently disinflationary aggregate demand, including by encouraging consumption, balancing the national economy and anchoring inflation expectations.

Decizia BNM urmărește menținerea condițiilor monetare pentru stimularea în continuare a cererii agregate, inclusiv prin încurajarea consumului, echilibrarea economiei naționale și ancorarea așteptărilor inflaționiste.

The restrictive monetary policy stance configured in a timely manner during 2022 conditioned the recording of a downward trend in the annual inflation rate starting with the end of the previous year, continuing in the first nine months of the current year.

The NBM aims to stimulate credit and support domestic aggregate demand by encouraging both consumption and investment, balancing the national economy and anchoring inflation expectations with a view to keeping inflation within the target range over the medium term.

This decision is adopted in view of the continuing propagation of the monetary policy easing measures of the last period and aims to anchor inflation expectations and ensure the necessary monetary conditions to bring inflation back to and maintain it close to the 5.0 percent medium-term inflation target.

The current inflation forecast, compared to that in the previous inflation report, has been marginally revised downwards over the comparable period.

This decision is taken in the context of the continued propagation of the stimulus effects, which are influenced by the decisions of the NBM in the previous period.

In May 2023, new term deposits attracted accounted for MDL 3,118.1 million, increasing by 19.3% as compared to April 2023.

In May 2023, the monetary base decreased by MDL 1,952.0 million (-2.6%) compared to the previous month and amounted to MDL 74,170.9 million, being 24.1% higher than in the similar period of the previous year.

This decision continues the series of stimulus measures adopted by the NBM in the last period and aims to create the monetary conditions necessary to bring inflation back within the range of ± 1.5 percentage points of the inflation target of 5.0 percent and to maintain it within this range over the medium term.

In May 2023, new loans extended totalled MDL 4,085.6 million, increasing by 10.7% compared to April 2023.

The year 2022 was marked and overshadowed by the war in Ukraine, and on the economic front – by its consequences, which, superimposed with multiple external and internal shocks, made this year an extremely difficult one in economic and monetary terms.

In April 2023, new loans extended totalled MDL 3,689.6 million, decreasing by 23.8% compared to March 2023.

In April 2023, the monetary base increased by MDL 1,713.5 million (+2.3%) compared to the previous month and amounted to MDL 76,122.9 million, being 34.3% higher than in the similar period of the previous year.

The downward trend in the annual inflation rate from the end of the previous year continued in the first months of the current year.

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