• Calling days and hours of the governing body of the National Bank of Moldova for citizens.


  • Octavian Armașu, Governor of the National Bank of Moldova

    1st Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 606;


  • Vladimir Munteanu, First Deputy Governor of the National Bank of Moldova

    2nd 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

30.07.2021

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 June 2021 was 3,16 percent.

According to the latest round of forecast, the average annual inflation rate will reach a level of 2.5 percent in 2021 and 4.4 percent in 2022.

NBM Interest rates

06.11.2020 - Today
  • Base rate2.65%
  • Overnight deposits0.15%
  • Overnight credits5.15%

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 National Bank of Moldova will continue to carefully monitor the evolution of the consumer price index, the internal and external macroeconomic situation, and in due course, will come with the necessary measures to create monetary conditions in order to achieve its fundamental objective.

In May 2021, the monetary base increased by MDL 218.9 million (0.4%) compared to the previous month and amounted to MDL 56,301.3 million, being 21.2 percent higher than in May 2020.

In April 2021, the monetary base increased by MDL 1,106.4 million (2.0%) compared to the previous month and amounted to MDL 56,082.4 million, being 22.7 percent higher than in April 2020.

In April 2021, new loans extended by banks totaled MDL 3,646.1 million, recording an increase of 56.4% compared to April 2020.

The document is a detailed analysis of macroeconomic developments in the internal and external environment and mainly concerns the inflationary process, economic activity and the conduct of monetary policy.

Today's monetary policy decision, along with other previous measures, is aimed at mitigating and counteracting the negative effects of the pandemic on the national economy and strengthens the NBM's position in supporting the economic recovery.

In March 2021, the monetary base decreased by MDL 1,067.7 million (1.9%) compared to the previous month and amounted MDL 54,976.0 million, being 14.8 percent higher than in March 2020.

In March 2021, new loans extended by banks totaled MDL 3,512.9 million, recording an increase by 33.8 percent compared to March 2020.

This decision was based on the analysis and evaluation of information associated with excessive liquidity in the banking system.

In February 2021, new loans extended  by banks totaled MDL 2,673.2 million, recording an increase by 12.5 percent compared to February 2020.

In February 2021, the monetary base decreased by MDL 93.6 million (0.2%) compared to the previous month and amounted MDL 56,043.6 million, being 19.5 percent higher than in February 2020.

The decision was taken at today's meeting of the Executive Committee of the National Bank of Moldova (NBM).

In January 2021, the monetary base increased by MDL 498.5 million (0.9%) compared to the previous month and amounted MDL 56,137.2 million, being 20.2 percent higher than in January 2020.

In January 2021, new loans extended by banks totaled MDL 2,113.6 million, recording a decrease of 5.5% compared to January 2020.

Annual inflation rate will decrease insignificantly in the current quarter, but, starting with the next quarter, will increase until the end of the forecast horizon, returning to the proximity of the inflation target.

The Executive Board of the National Bank of Moldova (NBM) decided unanimously in today's meeting to maintain at the same level the values of the main monetary policy instruments.

In December 2020, new loans extended by banks totalled MDL 3,325.5 million, recording an increase of 1.7% compared to December 2019.

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