The National Bank of Moldova has kept the basic refinancing rate at the same level of 2.65% per annum.
The corresponding decision was adopted by the Executive Committee of the NBM at the meeting on monetary policy in the evening of June 8. According to the National Bank, in particular, it kept the base rate applied to the main operations of short-term monetary policy at 2.65% per annum, and also left unchanged interest rates on overnight loans and deposits at 5.15% and 0.15%, respectively. In addition, the National Bank did not change the rate of required reserves from funds attracted in MDL and in non-convertible currency, as well as the rate of required reserves from funds attracted in freely convertible currency, leaving them at the same level, 26% and 30%, respectively, of the calculated base. As emphasized by the National Bank, the decision is intended to support the previously approved stimulating monetary conditions, favorable to the development of domestic demand, the process of lending and economic activity in general. The NBM notes that, at the same time, the economic recovery is still fragile amid uncertainties associated with the subsequent development of the pandemic and supply shocks dictated by the external environment. The latter is partially mitigated by moderate domestic demand in the context of a weak fiscal impulse for the next period. The National Bank said that it will continue to closely monitor the development of the consumer price index, the internal and external macroeconomic situation and, at the right time, will take the necessary measures to create monetary conditions to achieve its fundamental goal. The next meeting of the NBM Executive Committee on the promotion of monetary policy will take place on July 30. It should be noted that the last time the National Bank changed the base rate applied to the main short-term operations of monetary policy on November 6, 2020, when it was reduced by 0.1 percentage points - from 2.75% to 2.65% and then reached a new record low. At the same time, the National Bank also lowered by 0.1 percentage points interest rates on overnight loans and deposits: on loans - from 5.25% to 5.15%, and on deposits - from 0.25% to 0.15%. // 09.06.2021 - InfoMarket
