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 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 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.
Within the meeting of 4 September 2018, the Executive Board of the National Bank of Moldova adopted the following decision:
1. to maintain the base rate applied to main short-term monetary policy operations at the current level of 6.5 percent annually.
2. to maintain interest rates:
- on overnight loans at the current level of 9.5 percent annually;
- on overnight deposits at the current level of 3.5 percent annually.
3. to increase the required reserves ratio attracted in Moldovan lei and in non-convertible currency starting with the period of application of the required reserves in MDL: 16 September 2018 - 15 October 2018 by 2.5 percentage points and is established at 42.5 percent of the calculation base.
4. to maintain the required reserves ratio of attracted funds in freely convertible currency at the current level of 14.0 percent of the calculation base.
The decision was taken following the deliberations of the Executive Board on macroeconomic developments and risk assessment of the medium-term inflation forecast deviation.
The risks of forecast deviation may derive from food prices, which in July 2018 marked a higher dynamic than anticipated. At the same time, prices for regulated goods and services, the core inflation and fuel prices are in line with the anticipated values within the forecasting round published in August.
In order to sterilize excess liquidity, the Executive Board of the National Bank of Moldova decided to increase the required reserves ratio attracted in MDL and in non-convertible currency by 2.5 percentage points up to 42.5 percent of the calculation base for the period of application of the required reserves in MDL: 16 September – 15 October 2018. At the same time, the required reserves ratio of attracted funds in freely convertible currency is maintained at the current level of 14.0 percent of the calculation base.
The next meeting of the NBM’s Executive Board on monetary policy will take place on 30 October 2018, according to the published schedule.
