In January 2024 the monetary base decreased by MDL 717.8 million (-0.9%) compared to the December 2023 and amounted to MDL 81,653.1 million, being 11.1% higher than in the similar period of the previous year.

In December 2023, inflation was within the target range for the third consecutive month. Thus, today's decision by the NBM contributes to strengthening this performance, further stimulating the currently disinflationary aggregate demand, including by encouraging consumption, balancing the national economy and anchoring inflation expectations.

Decizia BNM urmărește menținerea condițiilor monetare pentru stimularea în continuare a cererii agregate, inclusiv prin încurajarea consumului, echilibrarea economiei naționale și ancorarea așteptărilor inflaționiste.

The restrictive monetary policy stance configured in a timely manner during 2022 conditioned the recording of a downward trend in the annual inflation rate starting with the end of the previous year, continuing in the first nine months of the current year.

The NBM aims to stimulate credit and support domestic aggregate demand by encouraging both consumption and investment, balancing the national economy and anchoring inflation expectations with a view to keeping inflation within the target range over the medium term.

This decision is adopted in view of the continuing propagation of the monetary policy easing measures of the last period and aims to anchor inflation expectations and ensure the necessary monetary conditions to bring inflation back to and maintain it close to the 5.0 percent medium-term inflation target.

The current inflation forecast, compared to that in the previous inflation report, has been marginally revised downwards over the comparable period.

This decision is taken in the context of the continued propagation of the stimulus effects, which are influenced by the decisions of the NBM in the previous period.

In June 2023, the monetary base increased by MDL 3,241.3 million (+4.4%) compared to the previous month and amounted to MDL 77,412.2 million, being 25.0% higher than in the similar period of the previous year.

In June 2023, new term deposits attracted accounted for MDL 3,389.3 million, increasing by 8.7% as compared to Mai 2023.

In May 2023, new term deposits attracted accounted for MDL 3,118.1 million, increasing by 19.3% as compared to April 2023.

In May 2023, the monetary base decreased by MDL 1,952.0 million (-2.6%) compared to the previous month and amounted to MDL 74,170.9 million, being 24.1% higher than in the similar period of the previous year.

This decision continues the series of stimulus measures adopted by the NBM in the last period and aims to create the monetary conditions necessary to bring inflation back within the range of ± 1.5 percentage points of the inflation target of 5.0 percent and to maintain it within this range over the medium term.

In May 2023, new loans extended totalled MDL 4,085.6 million, increasing by 10.7% compared to April 2023.