The National Bank of Moldova (NBM) has launched a new tool for developing financial markets: the yield curve
According to the NBM, this is a key financial analysis tool that contributes to the development of financial markets and brings them into line with international best practices. The yield curve is a graphical representation showing the relationship between interest rates and the maturity of financial instruments, and is a fundamental benchmark for market participants, financial institutions, investors, and government agencies. The yield curve provides a clear picture of the cost of financing in the short, medium, and long term and is important for analyzing financial markets and increasing transparency in the pricing of financial instruments. The yield curve is based on transactions with government securities carried out on the primary and secondary markets, T-bill quotes published on a single trading platform, as well as money market transactions on both the NBM and interbank markets, using a transparent and standardized methodology that ensures the relevance and comparability of data. As emphasized by National Bank Governor Anca Dragu, the introduction of the yield curve increases transparency and efficiency and demonstrates the National Bank's ability to implement modern standards in line with European norms and practices. “This is a clear signal to investors that our market is becoming more reliable and predictable, providing an opportunity to make informed financial decisions,” said the NBM Governor. According to her, in this way, the National Bank of Moldova seeks to: improve risk assessment mechanisms and financial instruments; increase market transparency and predictability; support the decision-making process of investors and other market participants; strengthen the basis for setting interest rates. The yield curve will be published weekly on the NBM's official website and updated in accordance with the approved methodology. The National Bank of Moldova reaffirms its strong commitment to the continuous development of the financial market and the promotion of a transparent, efficient, and trustworthy system that serves the interests of all participants, from citizens and companies to investors and financial institutions. The yield curve is a graphical representation of the relationship between maturities and yields of debt instruments denominated in the national currency. It illustrates the yields offered for different maturities. The yield curve is calculated based on government securities transactions carried out on the primary and secondary markets, quotes published for government securities on a single trading platform, transactions on the interbank money market, as well as transactions of the National Bank of Moldova on the money market. The yield curve is estimated based on the results of weekly transactions and is published every Wednesday before 2:00 p.m. The historical yield curve database includes weekly data starting from January 2025. The online tool allows you to compare yield curves for different dates and download historical data in Excel format. The National Bank of Moldova reserves the right to change the methodology for calculating the yield curve at its sole discretion. // 29.12.2025 — InfoMarket
