The National Bank of Moldova raised the base refinancing rate by 1 percentage point - from 5.5% to 6.5% per annum.
The corresponding decision was made by the Executive Committee of the NBM at the meeting on monetary policy on December 3, taking into account inflationary expectations. In addition, it was decided to increase interest rates on overnight loans and deposits by 1 percentage point - from 7.5% to 8.5%, and from 3.5% to 4.5%, respectively. Herewith, the National Bank did not change the rate of required reserves from funds attracted in Moldovan lei 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% of the calculated bases, respectively. As noted in the NBM, the decision to increase the base rate applied to the main short-term operations of monetary policy by 1 percentage point - from 5.5% to 6.5% per annum - is aimed at creating monetary conditions necessary to curb the growth rate of consumer prices. The decision is intended to support consumers' preference for savings from immediate consumption, which has arisen against the backdrop of economic activity in the current year. The National Bank of Moldova announced that it will continue to closely monitor the development of the domestic and international environment and is ready to take the necessary measures to achieve the main goal - to ensure price stability. It should be noted that the last time the NBM changed the base refinancing rate was on October 5, when it increased it by 0.85 percentage points - from 4.65% to 5.5% per annum. At the same time, the interest rate on overnight loans was increased by 0.35 percentage points - from 7.15% to 7.5%, and on overnight deposits - increased by 1.35 percentage points - from 2.15% to 3.5%. // 03.12.2021 — InfoMarket.
