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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.
The Executive Board of the National Bank of Moldova (NBM) decided unanimously in today's meeting to maintain at the same level the values of the main monetary policy instruments. Thus, the base rate applied to the main short-term monetary policy operations is still 2.65 percent annually.
Interest rates on overnight loans and deposits also remain unchanged - 5.15 percent and 0.15 percent, respectively.
At the same time, the required reserves ratio from the means attracted in Moldovan lei and in non-convertible currency is maintained - 32.0% of the calculation base, as well as the required reserves ratio from the means attracted in freely convertible currency - 30.0% of the calculation base.
The decision is aimed at maintaining the monetary conditions, favourable for supporting domestic demand, the lending process and economic activity.
Thus, in the context of the monetary policy measures previously adopted, for the second consecutive quarter, there is a revival of lending - the volume of new loans granted in the national currency increased by 10.2 percent in annual terms.
Today's decision was taken against the background of the disinflationary risks manifested further, generated by several factors. These include insufficient fiscal momentum in the event of limited access to external financing. At the same time, it is anticipated that the sentiment of consumers and economic agents will improve, the agriculture will recover after a dry year and partial recovery of external demand.
The meeting also approved the Inflation Report No. 1, 2021, to be published on 5 February 2021, according to the approved schedule.
The NBM emphasizes the need for continuous monitoring of the macroeconomic situation and, in due course, without prejudice to its fundamental objective, will come up with the necessary measures to support a viable and stable banking system.
