The main objective of the National Bank of Moldova in applying its open market operations is to implement an efficient transmission of the interest rates of NBM monetary regulation, to grant assistance to financial institutions in liquidity management issues and to contribute to the banking sector stability. 

With a view to achieving the monetary policy goals, the National Bank has a broad range of instruments:

Open market operations:

• Sales of NBM Certificates (NBC), which constitute the NBM marketable debt instruments, traded to absorb liquidity from the money market. NBC may be issued with the maturity of up to 1 year; currently, NBM Certificates are issued with the circulation term of  7 days. Under the conditions of extra liquidity of the banking sector observed lately, the NBM Certificates are the main instrument applied by NBM in the given period of time.
• State securities Repo-selling and Repo-buying operations represent state securities selling operations with further redemption of the same state securities on a certain date or upon request at a certain price, fixed on the selling date. NBM may act as both the seller (Repo-selling operation) and the buyer (Repo-buying operation) of SS, depending on the situation in the money market.     
• Deposits accepted by NBM from banks through auctions or direct negotiations are used for the absorption of the structural excess liquidity.
• State securities sales and purchases – rarely applied.

Statistics of the NBM monetary policy operations for 2009-2010

ARCHIVES: 2008, 2007, 2006,  2005,  2004