Accessibility options

  • 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.


  • Petru Rotaru, First Deputy Governor

    2nd Wednesday of the month: 14.00-16.00.


  • Tatiana Ivanicichina, Deputy Governor

    3rd Wednesday of the month: 14.00-16.00.


  • Constantin Șchendra, Deputy Governor

    4th Wednesday of the month: 14.00-16.00.


  • Mihnea Constantinescu, Deputy Governor

    5th Wednesday of the month: 14.00-16.00.

Please, note the requirements for receiving and examining petitions and requests for access to information of public interest addressed to the National Bank of Moldova!

Details

 

Main navigation BNM

Expand Hide
02.11.2014

Monetary policy target

 

The NBM sets the inflation target calculated on the basis of the consumer price index at 5.0 percent annually with a possible deviation of ± 1.5 percentage points.

The inflation target of 5.0 percent reflects the long-term convergence of the economy of the Republic of Moldova in relations with its main trading partners, continuous productivity growth in all sectors of the economy and structural transformations in the national economy.

The need to specify the inflation target deviation of ± 1.5 percentage points is determined by:

  • delayed effects of monetary policy decisions on the inflation rate due to the inertia of the national economy;
  • statistical deviations in the measurement process of inflation which induce the need for a sufficient margin for non-essential changes in relative prices that occur constantly in every economy;
  • the volatility of the consumer price index basket;
  • the need to maintain some flexibility of monetary policy in response to short-term shocks;
  • current economic forecasts containing general uncertainties.

In the long term, the macroeconomic and monetary conditions are expected to be conducive to a decrease in the sustainable level of price growth, so that the NBM will gradually reduce the inflation target in order to better anchor inflation expectations.

 

Subscribe to Newsletter
CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.