• 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

25.06.2018

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 May 2018 was 2.8 percent.

According to the latest round of forecast, the average annual inflation rate will reach a level of 3.3 percent in 2018 and 4.9 percent in 2019.

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 made on the basis of most recent updated macroeconomic analyses and of adjustment of the medium-term inflation forecast.

In May 2018, the annual inflation rate recorded 2.8%, a level by 0.9 pp. lower than in the previous month, thus falling, as forecasted, below the lower limit of the variation range of ± 1.5 pp. from the 5.0% target.

The annual inflation rate will gradually decrease within the set variation interval, but will return to the target level in the second half of 2019. 

The decision was made on the basis of the updated macroeconomic analysis and of assumptions related to the new medium-term inflation forecasting round.

In March 2018, weighted average loan interest rate on new loans extended in domestic currency recorded 9.35 percent, having decreased by 1.68 percent compared to the same period of the previous year.

In March 2018, the monetary baseincreased by MDL 1,854.2 million (5.0 percent) compared to the previous month, and amounted to MDL 39,039.9 million. The increase of the monetary base was determined by the growth of one of its counterparts, namely, net domestic assets, which increased by MDL 1,887.4 million (40.1 percent), whereas net foreign assets decreased by MDL 33.2 million (0.1 percent).

In February 2018, monetary basedecreased by MDL 917.0 million (2.4 percent) compared to the previous month and accounted for MDL 37185.7 million. The decrease of the monetary base was determined by the decrease of one of its counterparts: net foreign assets by MDL 947.3 million (2.2 percent), while net domestic assets increased by - MDL 30.3 million (0.6 percent).

In February 2018, weighted average loan interest rate on new loans extended in domestic currency recorded 9.47 percent, having decreased by 2.27 percentage points compared to the same period of the previous year.

According to the new monetary policy framework, the Executive Board has assessed, at today's meeting, the validity of the forecast approved at the end of January, as well the risks of forecast that derives from the domestic and external macroeconomic indicators recorded over the last 6 weeks.

In January 2018, monetary base increased by MDL 1,105.8 million (3.0 percent) compared to the previous month, and amounted to MDL 38,102.7 million. The increase of the monetary base was determined by the growth of its counterparts: net foreign assets which increased by MDL 682.3 million (1.6 percent) and net domestic assets which increased by MDL 423.5 million (8.2 percent).

In January 2018, weighted average interest rate on new loans extended in domestic currency recorded 9.80 percent, having decreased by 1.75 percentage points compared to the same period of the previous year. Average weighted interest rate on domestic currency term deposits was 5.17 percent, having decreased by 1.63 percentage points compared to January 2017.

In January 2018, the annual inflation rate constituted 6.5 percent, being by 0.8 percentage points lower than in the previous month and reaching the upper limit of the variation range of ± 1.5 percentage points from the 5.0 percent target.

In February 2018, the Executive Board of the National Bank of Moldova (NBM) decided to suspend the calculation of the long-term base rate.

In 2018, the annual inflation rate will gradually decrease within the set variation interval, but will return to the target level in the second half of 2019.

The decision was adopted on the basis of the macroeconomic analysis and the assumptions made in the new medium-term inflation forecasting round.

In December 2017, the monetary base decreased by MDL 417.9 million (1.1 percent) compared to the previous month, and totaled MDL 36,997.0 million.

In December 2017, weighted average interest rate on new loans extended in domestic currency recorded 9.58 percent, having decreased by 2.16 percentage points compared to the same period of the previous year.

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