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Base rate on monetary policy operations maintained

The base rate on the main monetary policy operations remained unchanged, as the Executive Board of the National Bank of Moldova (NBM) decided on September 19, IPN reports.

This way, the base rate on the main short-term monetary policy operations was kept at the level of 6% annually. The interest rates on overnight loans and deposits remained at the level of 8% and, respectively, 4% a year.

The mandatory reserves attracted in Moldovan lei and in non-convertible currency were kept at 34% of the calculation basis, while the mandatory reserves attracted in freely convertible currency at 45% of the calculation basis.

The NBM said the decision was taken in a move to continue the relaxation of the monetary policy, to anchor the inflationary expectations and to ensure the monetary conditions needed to bring back and maintain the inflation close to the inflation target of 5% in the medium term. It is aimed at stimulating the aggregate demand, including by encouraging consumption and balancing the national economy.

The Bank noted that in the next monetary policy meeting of November 7, the opportunity of diminishing the base rate will be considered. “The magnitude of this will depend on the new information about the global economy and the reports from the internal environment, regarding the volume of state financial assistance for the cold period of this and next years, the evolution of natural gas, electricity and heat charges, of the interest rates and the provided loans. The decisions concerning the rectification of the 2023 state budget and the projections for 2024 will also have a significant impact on the monetary policy conduct,” said the central bank.

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