The increases in the prices of energy resources and food prices witnessed globally had a major impact on the prices in Moldova and the central bank has to take measures to cope with these so as to avoid much more painful long-term consequences, IPN reports, quoting a press release of the bank.
As the inflation shocks are more powerfully felt in countries with small and open economies, like the Republic of Moldova, and, respectively, the inflation is more persistent, restrictive monetary policy measures need to be taken further. The National Bank of Moldova reiterates that, alongside the other central banks, it decided to pursue a monetary policy aimed at ensuring financial stability.
“All the economies of the world have been affected by the two crises that overlapped each other – the pandemic and the war in Ukraine. The bank’s measures are designed to protect the economies and citizens’ incomes in the future, implicitly to support the economic recovery of our country,” runs the press release.
The bank will attentively monitor the inflation process, including the factors, risks and associated uncertainties, and will adjust the monetary policy instruments at the opportune moment so as to achieve the basic objective of ensuring and maintaining the stability of prices.