According to preliminary data, in Quarter III, 2025, the current account of the balance of payments recorded a deficit of US$ -867,12 million, the capital account recorded a net inflow amounting to US$ 19,73 million, and the financial account recorded a net inflow of US$ 947,18 million. As of 09/30/2025, the international investment position amounted to US$ -7 496,25 million, while the gross external debt totaled US$ 11 600,42 million.

The year 2024 was marked by a series of systemic challenges, generated both by persistent international economic uncertainties and by the structural vulnerabilities of the domestic economy.

The annual inflation rate will decline until the first half of next year, then rise slightly towards the end of the forecast period, except for the last quarter.

According to preliminary data, in Quarter II, 2025, the current account of the balance of payments recorded a deficit of - US$ -1 005,91 million, the capital account recorded a net inflow amounting to US$ 0,90 million, and the financial account recorded a net inflow of US$ 965,33 million. As of 06/30/2025, the international investment position amounted to US$ -7 250,82 million, while the gross external debt totaled US$ 11 408,70 million.

The annual inflation rate will trend downward during the current year and the first half of next year, and will then remain stable until the end of the forecast period.

The monetary policy promoted by the NBM in 2024 contributed decisively to maintaining economic stability and creating the conditions for long-term sustainable development. The favorable mix of monetary and economic policies supported economic stability, favoring private sector investment.

According to preliminary data, in Quarter I, 2025, the current account of the balance of payments recorded a deficit of - US$ -1 020,50 million, the capital account recorded a positive balance amounting to US$ 12,74 million, and the financial account recorded a net inflow of US$ 901,07 million. As of 03/31/2025, the international investment position amounted to US$ -6 037,33 million, while the gross external debt totaled US$ 10 517,15 million.

Starting in the second quarter of 2025, the annual inflation rate will reverse direction and follow a downward trend throughout the forecast period.

According to preliminary data, in Quarter IV, 2024, the current account of the balance of payments recorded a deficit of - US$ -884,27 million, the capital account recorded a positive balance amounting to US$ 28,27 million, and the financial account recorded a net inflow of US$ 988,97 million. As of 12/31/2024, the international investment position amounted to US$ -5 588,30 million, while the gross external debt totaled US$ 10 212,33 million.

The annual inflation rate will be on an upward trend in the first quarter of this year, after which it will decrease continuously until the third quarter of 2026 and increase slightly at the end of the forecast horizon (fourth quarter of 2026).

In 2023, the current account of the balance of payments of the Republic of Moldova recorded a deficit amounting to US$ 1 893,23 million, the capital account registered a surplus of US$ 81,85 million, and financial account recorded a net capital inflow amounting to US$ 1 651,43 million. The international investment position recorded US$ -5 960,70 million, while the gross external debt amounted to US$ 10 118,84 million.

According to preliminary data, in Quarter III, 2024, the current account of the balance of payments recorded a deficit of - US$ -886,91 million, the capital account recorded a positive balance amounting to US$ 18,76 million, and the financial account recorded a net inflow of US$ 810,43 million. As of 09/30/2024, the international investment position amounted to US$ -5 785,97 million, while the gross external debt totaled US$ 10 173,20 million.

The current inflation forecast has been revised downwards over the comparable period since the Inflation Report, August 2024.

According to preliminary data, in Quarter II, 2024, the current account of the balance of payments recorded a deficit of - US$ 697,87 million, the capital account recorded a positive balance amounting to US$ 15,69 million, and the financial account recorded a net inflow of US$ 530,24 million. As of 06/30/2024, the international investment position amounted to US$ -5 641,34 million, while the gross external debt totaled US$ 9 741,01 million.

The cumulative monetary policy stimulus, both the consecutive cuts in the base rate and the lowering of the reserve requirement ratio, will allow banks to lend to economic agents and households alike and to invest in MSEs.

The Republic of Moldova's economy, after the inflationary shock of 2022 and against the background of all the geopolitical and economic dangers caused by the war in Ukraine and the fragmentation of the world economy, began a slow recovery process, growing by 0.7 percent in 2023.

According to preliminary data, in Quarter I, 2024, the current account of the balance of payments recorded a deficit of US$ 449,61 million, the capital account recorded a positive balance amounting to US$ 11,47 million, and the financial account recorded a net inflow of US$ 493,11 million. As of 03/31/2024, the international investment position amounted to US$ -6 299,16 million, while the gross external debt totaled US$ 10 323,67 million.

The year 2023 was marked by the maintenance of a complicated geopolitical context and, on the economic front, by a steady process of disinflation and a slow return of the economy to an upward trend.

The current inflation forecast, relative to that in the Inflation Report, February 2024, has been revised insignificantly upward for the comparable period, except for the second quarter of 2024, where it is similar, and the third quarter of 2025, where it is lower.

According to preliminary data in Quarter IV, 2023, the current account of the balance of payments recorded a deficit of US$ 522,87 million, the capital account recorded a positive balance amounting to US$ 17,62 million, and the financial account recorded a net inflow of US$ 461,04 million. As of 12/31/2023, the international investment position amounted to US$ -6 566,59 million, while the gross external debt totaled US$ 10 465,65 million.