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Schedule of reception of citizens by the Executive Board of the National Bank of Moldova.
The registration of applicants for an audience is carried out based on a written request on the subject addressed.
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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National Bank and the members of its decision-making bodies shall be independent in exercising the tasks conferred upon them by law, and shall neither seek nor take instructions from public authorities or from any other authority.
In order to ensure and maintain price stability over the medium term, the National Bank’s aim will be to keep inflation (measured by Consumer Price Index) at the level of 5.0 percent annually with a possible deviation of ± 1.5 percentage points, considered to be optimal for growth and development of Moldova's economy over the medium-term.
National Bank shall have the exclusive right to issue on the territory of the Republic of Moldova banknotes and coins as legal tender, as well as commemorative and jubilee banknotes and coins as legal tender and for numismatic purposes.
National Bank is exclusively responsible for the licencing, supervision and regulation of financial institutions activity.
National Bank of Moldova acts as banker and fiscal agent of the State and shall receive from state bodies economic and financial information and documents, which are necessary for carrying out its tasks.
National Bank of Moldova supervises the payment system of the Republic of Moldova and promotes a stable and efficient functioning of the automated inter-bank payment system
National Bank of Moldova is an autonomous public legal entity and is responsible to the Parliament.
National Bank shall inform the public on the monetary policy strategy on the results of the macroeconomic analysis, the evolution of the financial market and on statistics, including with regard to monetary supply, crediting, balance of payments and the state of the foreign exchange market.
National Bank of Moldova is responsable for the compilation of the balance of payments, international investment position and the statistics of the external debt of the Republic of Moldova.
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Inflation Report no.4, November 2012
Both in the international practice and in the Republic of Moldova, to allow a better understanding of the inflationary process, the CPI was disaggregated into four categories: regulated prices, fuel prices, core inflation and prices of food and drinks. The latter is one of the main categories, and this is confirmed by the Chart no.1 (the categories of goods included in the list of foodstuffs, alcoholic and soft drinks can be found on the official website of the National Bureau of Statistics in Annex no.1 to the Methodology for the calculation of the core inflation index).
The Chart no.2 shows that over the last two years the annual inflation left the variation range for a period of three quarters. At the same time, according to the information presented, it can be seen that this situation was generated by a pronounced influence of food prices during this period, due to the drought recorded in the summer of 2011. The impact of rising food prices on the overall inflation was also boosted by the large share of food in the CPI basket.
It should be noted that the monetary policy instruments cannot directly affect food prices because they are goods with an inelastic demand. Thus, as the share of these products will be larger, the ability of monetary policy to influence the overall inflation will decline.
The analysis of the table presenting the shares of foodstuff in total CPI for 2012 contributes to shaping the idea that the share of foodstuff in the CPI basket of the Republic of Moldova is impressive compared to other countries with similar regimes of monetary policy.
Country |
Share, % |
Great Britain |
11.2 |
CzechRepublic |
15.0 |
New Zealand |
18.8 |
Moldova |
35.9 |
Romania |
37.2 |
Considering the above, a special attention in the process of forecasting within the NBM is drawn to food prices forecast. Thus, for the most accurate forecasting, the NBM uses data from external sources such as Consensus Forecast, the FAO - Food and Agriculture Organization of the United Nations and other sources. At the same time, both the domestic and the Black Sea region weather conditions have a considerable influence on the evolution of food prices, which affect the regional prices.
Non-monetary factors such as unpredictable weather conditions over a long period, exacerbated by the uncertainty of natural disasters occurrence (droughts, floods, frosts, etc.), and other factors entail risks in the inflation targeting process of the National Bank of Moldova by a possible deviation of the actual inflation from the expected one.
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