• 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

20.09.2018

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 August 2018 was 3.2 percent.

According to the latest round of forecast, the average annual inflation rate will reach a level of 3.2 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 taken following the deliberations of the Executive Board on macroeconomic developments and risk assessment of the medium-term inflation forecast deviation.

In July 2018, the annual inflation rate recorded 3.0%, decreasing by 0.2 pp. compared to the previous month. In accordance with the previous forecast, the inflation rate records, for the third consecutive month, a level situated below the lower limit of the inflation rate interval of ± 1.5 pp. from the 5.0% target.

Over the next three quarters, the annual inflation rate will follow a downward trajectory and fall below the lower limit of the inflation variability interval, eventually reaching a level of 1.9% in the 4Q 2018. Later, the trajectory will reverse, with inflation returning within its variability interval in the 2Q 2019 and recording 6.5% in the 3Q 2019.

The decision was taken based on the updated macroeconomic analysis as well as the assumptions made in the new medium-term inflation forecast round. Disinflationary conditions that are expected to persist through the end of this year have determined keeping the base rate at the current level.

In June 2018, the monetary base increased by MDL 234.3 million (0.6 percent) compared to the previous month, amounting to MDL 38,796.9 million.

In June 2018, new loans extended by banks totalled MDL 2,604.1 million, recording an increase of 12.2%, compared to June 2017.

In June 2018, the annual inflation rate constituted 3.2%, by 0.4 percentage points higher than in the previous month, and was placed for the second month, according to previously published forecasts, below the lower limit of the variation range of ± 1.5 percentage points from the 5.0% target.

In May 2018, weighted average loan interest rate on new loans extended in domestic currency  recorded 8.63 percent, having decreased by 1.63 percentage points compared to the same period of the previous year.

In May 2018, monetary base   decreased by MDL 118.2 million (0.3 percent) compared to the previous month, and accounted for MDL 38562.6 million.

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

In April 2018, monetary base decreased by MDL 359.2 million (0.9 percent) compared to the previous month and accounted for MDL 38680.8 million.

Weighted average interest rate on new loans extended in domestic currency in April 2018 was 9.0 percent, decreasing by 1.63 percentage points, whule average weighted interest rate on domestic currency term deposits was 4.46 percent, having decreased by 0.89 percentage points compared to the same period of the last year. 

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.

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