The current inflation forecast, compared with that in the previous inflation report has been revised upwards for the entire comparable period with the exception of the fourth quarter of 2027 and the first quarter of 2028, when it was revised downwards.

In August 2026, the monetary base amounted to MDL 86,337 million, which represents an increase by 2.0% compared to July 2026.

New loans granted in August 2026 amounted to MDL 7,241 million, of which 64.4% were contracted by businesses and individuals engaged in economic activities and 35.6% by individuals.

New deposits attracted in August 2026 amounted to MDL 27,085 million, with 68.5% being placed by the businesses and individuals engaged in economic activities and 31.5% by individuals.

In July 2026, the monetary base amounted to MDL 84,641 million, which represents a decrease by 1.1% compared to June 2026.

New loans granted in July 2026 amounted to MDL 7,395 million, of which 62.4% were contracted by businesses and individuals engaged in economic activities and 37.6% by individuals.

New deposits attracted in July 2026 amounted to MDL 30,678 million, with 71.6% being placed by the businesses and individuals engaged in economic activities and 28.4% by individuals.

The NBM reiterates that it will continue to closely monitor the developments in the domestic and international environment, the risks and uncertainties associated with the evolution of inflation in the short and medium term and will use, if necessary, the available instruments to achieve its fundamental objective.

In June 2026, the monetary base amounted to MDL 85,590 million, which represents an increase by 1.7% compared to May 2026.

New loans granted in June 2026 amounted to MDL 8,321 million, of which 65.2% were contracted by businesses and individuals engaged in economic activities and 34.8% by individuals.

New deposits attracted in June 2026 amounted to MDL 28,769 million, with 69.3% being placed by the businesses and individuals engaged in economic activities and 30.7% by individuals.

In May 2026, the monetary base amounted to MDL 84,172 million, which represents an increase by 0.5% compared to April 2026.

New loans granted in May 2026 amounted to MDL 7,333 million, of which 63.9% were contracted by businesses and individuals engaged in economic activities and 36.1% by individuals.

New deposits attracted in May 2026 amounted to MDL 26,216 million, with 69.0% being placed by the businesses and individuals engaged in economic activities and 31.0% by individuals

The NBM’s decision to continue its restrictive monetary policy measures was adopted in the context of intensifying inflationary pressures stemming both from the supply side, due to unfavourable trends in international prices for energy resources, food products, and raw materials, and from the domestic demand side, supported by favourable dynamics of household income.

At the beginning of 2026, the annual inflation rate will decline, then remain relatively stable until the end of the year. At the beginning of next year it will record a further slight decline, subsequently stabilizing at the same level during the last three consecutive quarters of the forecast period.