The ease in monetary decision continues the stimulative monetary policy measures adopted since the end of last year.

This decision is adopted from the perspective of ensuring the continuity of stimulus measures in the context of the monetary policy relaxation cycle started at the end of the previous year amid well-founded premises associated with the creation of a disinflationary macroeconomic framework.

The Decision of the NBM to resume monetary policy relaxation measures is conditioned by confirming the accuracy of the latest forecast of the National Bank of Moldova and the related disinflationary trend.

Today's decision was adopted in the conditions of the transmission of the effects of the previous monetary policy measures and aims to slow down consumer prices.

Decizia Comitetului executiv vine în contextul propagării măsurilor restrictive de politică monetară adoptate anterior, efectele cărora vor continua să acționeze o perioadă mai îndelungată, date fiind decalajele în transmisia acestora.

Subsequent decisions of the Executive Board will depend on the dynamics and medium-term outlook for inflation, while monitoring and assessing risks from the internal and external environment.

The NBM is carefully monitoring the inflationary process, including the associated factors, risks, and uncertainties, and will adjust its monetary policy instruments in a timely manner to achieve the fundamental objective of ensuring and maintaining price stability.

The decision seeks to mitigate persistent inflationary pressures on the inflation process, creating preconditions for bringing inflation back within the range of the medium-term target range, including by anchoring inflation expectations and mitigating the side effects of increasing regulated tariffs.

The analysis and evaluation of recent macroeconomic information related to the external and internal environment, especially the recent acceleration of inflation, have led to an extraordinary meeting of the Executive Board of the National Bank of Moldova.

The decision aims to create the monetary conditions necessary to temper the growth rates of consumer prices. 

The Executive Board of the National Bank of Moldova voted in the monetary policy meeting of October 29, 2021 to maintain the base rate applied to the main short-term monetary policy operations at the current level of 5.5 percentage points.

The National Bank of Moldova will continue to closely monitor the developments in the domestic and international environment and is ready to come up with the necessary measures to meet the fundamental objective of ensuring price stability.

The decision of the National Bank of Moldova aims to mitigate inflationary pressures generated by accelerating domestic aggregate demand fuelled by consumption growth and to temperate the second-round effects of the supply shock amid higher international prices and imported inflation.

The Executive Board of the National Bank of Moldova decided unanimously to increase the base rate applied to the main short-term monetary policy operations by 1.0 percentage points to 3.65 percent annually. 

The National Bank of Moldova will continue to carefully monitor the evolution of the consumer price index, the internal and external macroeconomic situation, and in due course, will come with the necessary measures to create monetary conditions in order to achieve its fundamental objective.

Today's monetary policy decision, along with other previous measures, is aimed at mitigating and counteracting the negative effects of the pandemic on the national economy and strengthens the NBM's position in supporting the economic recovery.

This decision was based on the analysis and evaluation of information associated with excessive liquidity in the banking system.