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Schedule of reception of citizens by the Executive Board of the National Bank of Moldova.
The registration of applicants for an audience is carried out based on a written request on the subject addressed.
Anca Dragu, Governor
1st Wednesday of the month: 14.00-16.00;
Telephone: +373 22 822 606.
Vladimir Munteanu, First Deputy Governor
2nd Wednesday of the month: 14.00-16.00;
Telephone: +373 22 822 606.
Tatiana Ivanicichina, Deputy Governor
3rd Wednesday of the month: 14.00-16.00;
Telephone: +373 22 822 607.
Constantin Șchendra, Deputy Governor
4th Wednesday of the month: 14.00-16.00;
Telephone: +373 22 822 607.
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National Bank and the members of its decision-making bodies shall be independent in exercising the tasks conferred upon them by law, and shall neither seek nor take instructions from public authorities or from any other authority.
In order to ensure and maintain price stability over the medium term, the National Bank’s aim will be to keep inflation (measured by Consumer Price Index) at the level of 5.0 percent annually with a possible deviation of ± 1.5 percentage points, considered to be optimal for growth and development of Moldova's economy over the medium-term.
National Bank shall have the exclusive right to issue on the territory of the Republic of Moldova banknotes and coins as legal tender, as well as commemorative and jubilee banknotes and coins as legal tender and for numismatic purposes.
National Bank is exclusively responsible for the licencing, supervision and regulation of financial institutions activity.
National Bank of Moldova acts as banker and fiscal agent of the State and shall receive from state bodies economic and financial information and documents, which are necessary for carrying out its tasks.
National Bank of Moldova supervises the payment system of the Republic of Moldova and promotes a stable and efficient functioning of the automated inter-bank payment system
National Bank of Moldova is an autonomous public legal entity and is responsible to the Parliament.
National Bank shall inform the public on the monetary policy strategy on the results of the macroeconomic analysis, the evolution of the financial market and on statistics, including with regard to monetary supply, crediting, balance of payments and the state of the foreign exchange market.
National Bank of Moldova is responsable for the compilation of the balance of payments, international investment position and the statistics of the external debt of the Republic of Moldova.
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Inflation Report no.4, November 2012
The interest rate is one of the main monetary policy instruments through which the National Bank of Moldova influences the evolution of prices. The economic situation may be presented more objectively through the use of real indicators. In this context, it should be mentioned that the real interest rate is a very important indicator for the promotion of the monetary policy, which accurately describes the monetary policy promoted in a certain period. The monetary policy may be of three types: expansionary, neutral and restrictive.
The real interest rate is approximately the nominal interest rate minus the inflation rate. For example, if the nominal interest rate is of 5.0 percent and the inflation rate is of 4.0 percent, then the real interest rate is of 1.0 percent.
The relationship between real and nominal interest rates and the inflation rate is presented in the Fisher equation. Expressed as the linear approximation, it can be presented as follows:
i = r + πe
where,
i – nominal interest rate;
r – real interest rate;
πe– expected inflation rate.
Thus, the formula for calculating the real interest rate can be rewritten as follows:
r = i - πe
The nominal interest rate may have only positive values, but the real interest rate may have both positive and negative values. The real interest rate indicates a negative value when the inflation rate exceeds the nominal interest rate.
At the end of 2011 (Chart no.1), the average quarterly nominal rate of monetary policy was around 10.0 percent, while the real interest rate was close to 3.0 percent. According to the chart shown below, the monetary policy during the last quarter of 2011 was insignificantly restrictive, while in the first quarter of 2012 the monetary policy had expansionary features, following the decisions to decrease the monetary policy rate.
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