• 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.

Please, note the requirements for receiving and examining petitions to the National Bank of Moldova !

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Calendar of data dissemination

20.10.2017

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 September 2017 was 7.6 percent.

According to the latest round of forecast, the average annual inflation rate will reach a level of 6.5 percent in 2017 and 4.4 percent in 2018.

NBM Interest rates

28.08.2017 - Today
  • Base rate7.50%
  • Overnight deposits4.50%
  • Overnight credits10.50%

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 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.

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.

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.

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

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.

In June 2017, monetary base increased by MDL 1425.5 million (4.1 percent) compared to the previous month and accounted for MDL 35892.0 million.

Weighted average interest rate on new loans in national currency granted in June 2017 was 10.03 percent, decreasing by 4.12 percentage points compared to the same period last year.

In June 2017, annual inflation rate was 7.3 percent, by 0.1 percentage points lower than the previous month, and continued to be above the upper limit of the range of 5.0 percent ± 1.5 percentage points. 

This decision aims to create real monetary conditions able to decrease the inflation within the range of ± 1.5 percentage points from the 5.0 percent target on medium-term and to stimulate the aggregate demand.

In May 2017, monetary base increased by MDL 760.4 million (2.3 percent) compared to the previous month and accounted for MDL 34466.5 million.

Weighted average interest rate on new loans in national currency granted in May 2017 was 10.41 percent, decreasing by 4.82 percentage points compared to the same period last year.

This decision aims to reduce the inflation range of ± 1.5 percentage points from 5.0 percent inflation target on medium-term, overlapping with the support of saving and lending processes.

Weighted average interest rate on new loans in national currency granted in April 2017 was 10.63 percent, decreasing by 5.04 percentage points compared to the same period last year.

In April 2017, monetary base increased by MDL 101.3 million (0.3 percent) compared to the previous month and accounted for MDL 33706.2 million.

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