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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.1, February 2014
The macroeconomic situation analysis involves the assessment of a set of statistical indicators reflecting the market fluctuations to the utmost extent. Thus, over time, in addition to socio-economic statistics presented by the national statistics agencies, there were developed adjacent statistics calculated by private companies, which have proven their relevance by capturing the economic phenomena effectively and relatively fast. This category includes the PMI indexes (Purchasing Managers' Indexes), the usefulness of their analysis to capture the evolution of external macroeconomic environment is undeniable.
PMI indexes have been developed in many countries by private companies to provide the stock exchange agents and decision makers in business and economic analysts with an accurate and timely set of supporting data for a better perception of economic conditions. PMI indexes are based on monthly surveys carried out in some selected companies, which offer an advance indication of what is really happening in the private sector economy by capturing variables, such as the result of economic activity, new orders, stock levels, employment and prices in the manufacturing, constructions, retail trade and services sectors. Data are collected by similar methods in most countries so that international comparisons can be made. The key features of PMI indexes are: they provide indicators based on results as opposed to opinion or confidence-based indicators; they are produced much faster than the official data series; they are published monthly; they cover almost all economic activities of the private sector in many countries (including in all major sectors of services); they are not revised after publication; they are produced using similar methodology in almost all countries, allowing international comparisons.
The set point for the PMI is 50. Thus, a PMI of more than 50 represents an expansion compared to the previous month. A reading under 50 represents a contraction, while a reading at 50 indicates no change. Among the most famous companies that calculate the PMI indexes are ISM (USA), Markit, HSBC, JP Morgan etc. In most cases, PMI indexes are calculated for the industrial sector (Manufacturing PMI), services sector (Services IMP) and composite (Composite PMI). In addition to PMI indexes calculated for each country, aggregated PMI indexes are also calculated, for example, for the emerging economies (HSBC Emerging Markets Index PMI) and globally (JP Morgan Global PMI) etc.
In macroeconomic analysis, PMI indexes for the industrial sector tend to be correlated with the indexes of industrial production. Most of the times, in macroeconomic analysis, the composite PMI indexes are used as a preliminary reflection of the GDP quarterly growth and the fact that they are published every month is an undeniable advantage for economic policy decisions, while the GDP is published quarterly and after a relatively long period of time as of the end of the reporting period (Chart no.1).
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