The NBM reduced the base rate applied to the main short-term monetary policy operations by another 0.15 p.p. - from 3.75% to 3.6% per annum.
This decision was adopted by the Executive Committee of the NBM at a meeting on May 7. At the meeting of the Economic Press Club, the head of the National Bank, Anca Dragu, said that the NBM reduced interest rates on overnight loans and deposits also by 0.15 p.p., from 5.75% to 5.60% and from 1.75% to 1.60% per annum. Also, the NBM decided to reduce the norms of mandatory reserves for attracted funds in Moldovan lei (MDL) in the period from June 16 to July 15 - from 33% to 31%, in the period from July 16 to August 15 - from 31% to 29% of the calculation base. The norms of mandatory reserves to the attracted funds in non-convertible currency will be reduced in the period from June 16 to July 15, from 43% to 41%, in the period from July 16 to August 15 - from 41% to 39% of the calculation base. Anca Dragu said that the reduction of the base rate applied to the main short-term monetary policy operations is meant to support demand and stimulate consumption, to keep inflation within a variable interval of ±1.5 p.p. from the target of 5%. This is the optimal indicator for the growth and development of the Moldovan economy in the medium term. It should be mentioned that the last time the Executive Board of the NBM changed the base rate applied to the main short-term monetary policy operations at its meeting on March 21 this year, reducing it from 4.25% to 3.75% per annum. While answering a question from InfoMarket about whether a more significant rate cut, for example, by 0.25 p.p., was discussed, Anca Dragu said that this cut is intended to signal the market on the one hand and on the other hand - to keep inflation in the set corridor, in the comfort zone for the country's economy. // 07.05.2024 - InfoMarket.
