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Schedule of reception of citizens by the Executive Board of the National Bank of Moldova.
The registration of applicants for an audience is carried out based on a written request on the subject addressed.
Anca Dragu, Governor
1st Wednesday of the month: 14.00-16.00;
Telephone: +373 22 822 606.
Vladimir Munteanu, First Deputy Governor
2nd Wednesday of the month: 14.00-16.00;
Telephone: +373 22 822 606.
Tatiana Ivanicichina, Deputy Governor
3rd Wednesday of the month: 14.00-16.00;
Telephone: +373 22 822 607.
Constantin Șchendra, Deputy Governor
4th Wednesday of the month: 14.00-16.00;
Telephone: +373 22 822 607.
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National Bank and the members of its decision-making bodies shall be independent in exercising the tasks conferred upon them by law, and shall neither seek nor take instructions from public authorities or from any other authority.
In order to ensure and maintain price stability over the medium term, the National Bank’s aim will be to keep inflation (measured by Consumer Price Index) at the level of 5.0 percent annually with a possible deviation of ± 1.5 percentage points, considered to be optimal for growth and development of Moldova's economy over the medium-term.
National Bank shall have the exclusive right to issue on the territory of the Republic of Moldova banknotes and coins as legal tender, as well as commemorative and jubilee banknotes and coins as legal tender and for numismatic purposes.
National Bank is exclusively responsible for the licencing, supervision and regulation of financial institutions activity.
National Bank of Moldova acts as banker and fiscal agent of the State and shall receive from state bodies economic and financial information and documents, which are necessary for carrying out its tasks.
National Bank of Moldova supervises the payment system of the Republic of Moldova and promotes a stable and efficient functioning of the automated inter-bank payment system
National Bank of Moldova is an autonomous public legal entity and is responsible to the Parliament.
National Bank shall inform the public on the monetary policy strategy on the results of the macroeconomic analysis, the evolution of the financial market and on statistics, including with regard to monetary supply, crediting, balance of payments and the state of the foreign exchange market.
National Bank of Moldova is responsable for the compilation of the balance of payments, international investment position and the statistics of the external debt of the Republic of Moldova.
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Inflation Report no.2, May 2013
The potential gross domestic product (GDP) is defined as the level of output that does not generate inflationary pressures. When actual GDP is above potential GDP, aggregate demand is generating inflationary pressures and the aggregate prices will therefore grow.
Representing the extent of excess demand in the economy, the potential GDP is relevant for deciding upon the monetary policy stance. Over the forecast horizon, the monetary policy anchors the inflation towards the target set through aggregate demand management.
The specific features of the potential GDP concept differ depending on the time horizon considered. In the long run, the potential GDP is conditioned largely by the structural characteristics of the economy. Potential GDP growth rate is mainly determined by fundamental factors such as the productivity capacity, the technological level, the organization of the economy, demographic and educational factors that affect the workforce, etc.
Changes in these factors occur usually over relatively long periods, and the effects are significant and lasting. Potential GDP growth rate corresponds to long-run equilibrium values and only the impact of significant or structural changes or shocks can have an essential impact. Among the factors that could have a negative impact on potential GDP changes include: sudden population aging, reduction in the capital stock due to business failures, low volume of domestic and foreign investment, the deterrent effect on employment, and the impact of negative shocks on productivity.
In the medium-term, potential GDP growth may deviate from its long run equilibrium level, towards which it tends to return after the effects of some temporary factors have faded. Among the factors affecting the medium term potential GDP growth are: FDI inflows, temporary labor force migration, changes in agriculture potential and the impact of weather conditions.
Potential GDP is not a directly observable indicator. Therefore, its determination is a difficult task, especially in the case of emerging economies in the process of a structural transformation such as Moldovan economy. The potential GDP is deducted indirectly, based on information provided by the development of observable macroeconomic variables, such as actual GDP, inflation, interest rates, exchange rates, unemployment rates, etc. Therefore, any estimate of potential GDP is accompanied by some uncertainty.
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