Central bank raises core rate by 1.0 percentage points

In view of inflationary expectations, the Executive Board of the National Bank of Moldova (NBM) decided to increase the core rate applied to the main short-term monetary policy operations by 1.0 percentage points to 6.50 percent annually. The decision aims to create the monetary conditions necessary to temper the growth rates of consumer prices, IPN reports, quoting a press release of the Bank.

At the same time, interest rates on overnight loans and deposits will increase by 1.0 percentage points - up to 8.50 and 4.50 percent annually, respectively. The level of required reserves remains unchanged.

The decision comes in support of consumer preferences for savings from immediate consumption that has emerged amid the economic activity seen during the current year.

The National Bank of Moldova will continue to closely monitor developments in the domestic and international environment and is prepared to take the necessary measures to achieve the fundamental objective of ensuring price stability.

In a recent event on financial education staged by the NBM, adviser to the Bank’s governor Natan Garștea spoke about the way in which the Bank influences the banking sector. He said that if the central bank increases the refinance rate, which is the base rate, the people can see that inflation is expected, the interest rates on deposits will rise and loans will be more expensive and they should act correspondingly.

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