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    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.

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Calendar of data dissemination

07.09.2026

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 July 2026 was 6,34 percent.


NBM Interest rates

06.08.2026 - Today
  • Base rate7.50%
  • Overnight deposits5.50%
  • Repo rate7.75%
  • 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 ± 2 p.p. to the base rate.

The NBM reiterates that it will continue to closely monitor the developments in the domestic and international environment, the risks and uncertainties associated with the evolution of inflation in the short and medium term and will use, if necessary, the available instruments to achieve its fundamental objective.

In June 2026, the monetary base amounted to MDL 85,590 million, which represents an increase by 1.7% compared to May 2026.

New loans granted in June 2026 amounted to MDL 8,321 million, of which 65.2% were contracted by businesses and individuals engaged in economic activities and 34.8% by individuals.

New deposits attracted in June 2026 amounted to MDL 28,769 million, with 69.3% being placed by the businesses and individuals engaged in economic activities and 30.7% by individuals.

In May 2026, the monetary base amounted to MDL 84,172 million, which represents an increase by 0.5% compared to April 2026.

New loans granted in May 2026 amounted to MDL 7,333 million, of which 63.9% were contracted by businesses and individuals engaged in economic activities and 36.1% by individuals.

New deposits attracted in May 2026 amounted to MDL 26,216 million, with 69.0% being placed by the businesses and individuals engaged in economic activities and 31.0% by individuals

The NBM’s decision to continue its restrictive monetary policy measures was adopted in the context of intensifying inflationary pressures stemming both from the supply side, due to unfavourable trends in international prices for energy resources, food products, and raw materials, and from the domestic demand side, supported by favourable dynamics of household income.

At the beginning of 2026, the annual inflation rate will decline, then remain relatively stable until the end of the year. At the beginning of next year it will record a further slight decline, subsequently stabilizing at the same level during the last three consecutive quarters of the forecast period.

In April 2026, the monetary base amounted to MDL 83,752 million, which represents an increase by 0.4% compared to March 2026.

New loans granted in April 2026 amounted to MDL 7,299 million, of which 65.1% were contracted by businesses and individuals engaged in economic activities and 34.9% by individuals.

New deposits attracted in April 2026 amounted to MDL 25,792 million, with 68.1% being placed by the businesses and individuals engaged in economic activities and 31.9% by individuals.

The current inflation forecast, compared with that in the previous inflation report, has been revised upwards for the entire comparable period, with the exception of the fourth quarter of 2027, when it was revised downwards slightly.

The National Bank adopted this decision in response to the need to shape monetary policy to mitigate pressures on inflation amid the intensifying effects of the conflict in the Middle East.

In March 2026, the monetary base amounted to MDL 83,419 million, which represents an increase by 3.7% compared to February 2026.

New loans granted in March 2026 amounted to MDL 9,039 million, of which 70.8% were contracted by businesses and individuals engaged in economic activities and 29.2% by individuals.

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