• Calling days and hours of the governing body of the National Bank of Moldova for citizens.

  • Sergiu Cioclea, Governor of the National Bank of Moldova

    1st Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 606;

  • Ion Sturzu, Deputy Governor of the National Bank of Moldova

    4th Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 607.

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Calendar of data dissemination

14.12.2017

Annual inflation

The annual rate of inflationAnnual inflation rate represents the increase of consumer prices during a month this year compared with the same month last year. It is calculated as a ratio (expressed in percentage terms) between the price index during a month this year and price index during the same month last year, calculated on the same basis, minus 100. Statistical surveys on consumer prices are carried out by the National Bureau of Statistics (NBS). NBM sets its inflation target at the level of 5.0 percent annually, calculated based on the consumer price index (inflation rate for the last twelve months – each month of this year compared with the same month of last year), with a possible deviation of ±1.5 percentage points. (Source: Medium-term monetary policy strategy of the NBM. in November 2017 was 7.3 percent.

According to the latest round of forecast, the average annual inflation rate will reach a level of 6.5 percent in 2017 and 4.0 percent in 2018.

NBM Interest rates

05.12.2017 - Today
  • Base rate6.50%
  • Overnight deposits3.50%
  • Overnight credits9.50%

The base rate is approved as the reference rate for the main short-term monetary policy operations. The deposit and lending facility is part of a symmetrical corridor of ± 3 p.p. to the base rate.

The decision was taken based on the recent macroeconomic analyses and the short and medium-term inflation forecast adjustment against the background of the latent transmission of monetary policy impulses to inflation.

In October 2017, weighted average interest rate on new loans extended in domestic currency recorded 10.00 percent, having decreased by 3.04 percentage points compared to the same period of the previous year.

In October 2017, the monetary base decreased by MDL 955.2 million (2.5 percent) compared to the previous month, and totaled MDL 37,103.0 million.

The annual inflation rate, starting with the fourth quarter of 2017, will decline rapidly and will return, beginning with the first quarter of 2018, within the interval for two consecutive quarters.

The NBM will further monitor and anticipate the domestic and external economic developments, so that by the inflation targeting strategy to ensure price stability in the medium term.

In September 2017, weighted average interest rate on new loans in national currency constituted 9.89 percent, decreasing by 3.70 percentage points compared to the same period of the previous year.

In September 2017, monetary base increased by MDL 1736.3 million (4.8 percent) compared to the previous month and accounted for MDL 38058.2 million.

Nils Oeyvind Maehle, a Senior Economist with the IMF Monetary and Capital Markets Department, payed a working visit to the National Bank of Moldova (NBM) on September 28-29, 2017.

The decision adopted by the Executive Board of the NBM aims to create real monetary conditions able to maintain the inflation within the range of ± 1.5 percentage points from the 5.0 percent target on medium-term.

Weighted average interest rate on new loans in national currency granted in August 2017 was 9.76 percent, decreasing by 3.95 percentage points compared to the same period last year. Average interest rate on term deposits attracted in national currency was 5.78 percent, decreasing by 2.46 percentage points compared to August 2016

In August 2017, monetary base increased by MDL 388.0 million (1.1 percent) compared to the previous month and accounted for MDL 36321.9 million.

The decision adopted by the Executive Board of the NBM aims to create real monetary conditions able to maintain the inflation within the range of ± 1.5 percentage points from the 5.0 percent target on medium-term.

Weighted average interest rate on new loans in national currency granted in July 2017 was 10.00 percent, decreasing by 4.01 percentage points compared to the same period last year

n July 2017, monetary base increased by MDL 41.9 million (0.1 percent) compared to the previous month and accounted for MDL 35933.9 million.

In July 2017, annual inflation rate was 7.3 percent, being similar to that of the previous month and in line with the NBM last forecast.

The annual inflation rate will also continue to record a higher level in the third quarter of 2017, after which it will fall rapidly to the lower limit of the target range.

The decision aims at creating real monetary conditions able to reduce the inflation within the range of ± 1.5 percentage points from the 5.0 percent target on medium-term.

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