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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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In December 2017, the annual inflation rate constituted 7.3%, being similar to that of the previous month. The dynamics was determined by the nature of the supply factors, by the effect of a low basic period in 2016 and by the adjustment of certain tariffs to the utility services.
The biggest contribution to the annual inflation rate (3.8 pp) was recorded for food products, similar to the previous month. The core inflation contribution (1.7 pp) to the annual inflation rate trajectory was by 0.2 pp lower than in November 2017. The impact of fuel prices was by 0.2 percentage points below the level of the previous month and constituted 0.3 percentage points, while for regulated services it remained at the level of the previous month (1.4 pp).
The monthly inflation rate registered a level of 0.5%, mainly being driven by the 0.9% rise in food prices. Prices for non-food goods and services registered a modest evolution, having increased by 0.4% and 0.1%, respectively.
In the reference month, the annual rate of core inflation recorded the value of 5.5%, being by 0.5 pp higher than in the previous month.
At the same time, the monthly core inflation rate in December constituted 0.5%. The most significant price increases were registered for subcomponents: "cigarettes", "daily household maintenance", "education and training", "furniture" and "apparel".
The increase in food prices by 0.9% compared to November 2017 was mainly due to the rise in prices for "eggs" (5.0%), "fresh vegetables" (4.7%), "potatoes" (2.0%), "fresh fruit" (1.2%), "milk and dairy products" (1.0%) and "fat" (0.5%). Excluding the seasonal factor, food prices rose by 0.4 percent. The rise in prices for meat, meat products and canned meat has resulted from the reduction in supply as a result of the ban imposed on meat imports from Ukraine.
The annual growth rate of food prices constituted 9.7%, being by 0.1 pp higher than in November 2017 and by 6.9 pp higher than in December 2016.
In December 2017, oil prices rose by 0.3% compared to the previous month. This development was mainly influenced by the rise in 'fuel' prices by 0.7%, generating a contribution of 0.4 pp. The fuel price dynamics was the result of prices increases for gasoline and diesel fuel in line with the oil prices trend on the international market. Prices for “bottled gas” dropped by 1.0%. At the same time, prices for "firewood", "coal" and "liquid fuel" remained at the level of the November 2017.
The annual growth rate of fuel prices in December 2017 constituted 5.1%, being lower by 2.3 pp compared to the previous month and by 3.5 pp higher than the price recorded in December 2016.
In the reference month, prices for regulated services and products recorded a minor decrease (-0.05%), being determined by a 0.2% decrease in drug prices and by 0.1% in air transport. Prices on international railways services increased by 0.6%.
The annual growth rate of regulated products and services constituted 6.1%, lower by 0.1 pp compared to the previous month and by 7.2 pp higher than in December 2016.
To note that the evolution of inflation in the fourth quarter of 2017 is in line with the quarterly forecast published in the Inflation Report of November 2017. Further, a deceleration of the level of inflation is expected throughout the year 2018.
The NBM will monitor the domestic and international economic developments, and will use the operational framework specific for the inflation targeting strategy in order to maintain the medium-term price stability
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