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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.


  • Petru Rotaru, First Deputy Governor

    2nd Wednesday of the month: 14.00-16.00.


  • Tatiana Ivanicichina, Deputy Governor

    3rd Wednesday of the month: 14.00-16.00.


  • Constantin Șchendra, Deputy Governor

    4th Wednesday of the month: 14.00-16.00.


  • Mihnea Constantinescu, Deputy Governor

    5th Wednesday of the month: 14.00-16.00.

Please, note the requirements for receiving and examining petitions and requests for access to information of public interest addressed to the National Bank of Moldova!

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14.05.2026

Technical Box: Structural budget deficit



Technical Box: Structural budget deficit


The size of a country’s budget deficit is largely influenced by the economy’s position in the business cycle. For example, budget revenues resulting from an overheating economy will lead to a low budget deficit, but this could mask significant imbalances in the fiscal position. For these reasons, it is important to distinguish between the different sources of budget deficits. Generally speaking, the budget deficit is the result of discretionary fiscal policy decisions, but part of the deficit is determined by the stage of the economic cycle. Accordingly, the actual budget deficit consists of the structural deficit and the cyclical deficit.

 

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