NBM maintains main monetary policy instruments at 3.6%

The base rate applied to the main short-term monetary policy operations remains at the level of 3.6% annually. The interest rates were also kept on overnight loans – 5.6%, repo operations – 3.85% and overnight deposits – 1.6% annually. A new monetary policy decision was unanimously adopted by the Executive Board of the National Bank of Moldova (NBM), IPN reports.

According to the central bank, the decision comes in the context of the propagation of the previously adopted monetary policy stimulus measures, which will take effect in the coming periods, due to the delays in their transmission.

The NBM’s decision aims to ensure an inflation rate within the variation interval of the inflation target by further stimulating aggregate demand, including by encouraging consumption, balancing the national economy and anchoring inflationary expectations.

“The recent macroeconomic information largely confirms the main assumptions and conclusions reflected in the NBM’s latest inflation report and outlines the validity of the latest forecast,” reads a press release.

The National Bank noted that it closely monitors the disinflation process, assessing the associated risks and uncertainties so that the subsequent measures are oriented towards bringing inflation back to the 5% target - a level considered optimal for the growth and development of the Moldovan economy in the medium term.

The next monetary policy meeting was planned to take place in August.

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