The National Bank of Moldova kept the base rate applied to main short-term monetary policy operations unchanged at 5% per annum, but lowered the reserve requirements for banks in lei (MDL) and foreign currency by 2 p.p. and 3 p.p., respectively
This decision was taken by the Executive Board of the National Bank of Moldova (NBM) at its meeting on February 5. The NBM left the rates on overnight loans unchanged at 7% per annum, on overnight deposits at 3%, and on repo operations at 5.25% per annum. At the same time, the NBM lowered the reserve requirement ratio applied to funds attracted in Moldovan lei and non-convertible currency starting from the period of application from February 16 to March 15, from 20% to 18% of the calculation base, and the reserve requirement ratio applied to funds attracted in freely convertible currency starting from the period of application of reserve requirements in freely convertible currency from February 16 to March 15, was reduced from 29% to 26% of the calculation base. As noted in the NBM statement, the decision to maintain the base rate applied to main short-term monetary policy operations at the previous level was taken by the National Bank in the context of the continued impact of previous monetary policy decisions, taking into account the lags associated with their transmission, and is aimed at keeping inflation in the medium term within a range of ±1.5 percentage points from the target level of 5.0%, which is considered optimal for the growth and sustainable development of Moldova's economy. The National Bank of Moldova stated that, by deciding to simultaneously reduce the reserve requirements in Moldovan lei and in freely convertible currency, it seeks to meet the liquidity needs of the banking system, contributing to an increase in credit resources for the real and public sectors, thereby strengthening its position in supporting aggregate demand, including by stimulating consumption and investment, balancing the national economy and the current account. At the same time, the effects of this measure to reduce the cost of liabilities attracted by the banking sector will spread over time, contributing to a reduction in interest rates in the money, deposit, and credit markets. The NBM notes that the current round of medium-term inflation forecasts is generally in line with previous forecasts. Thus, annual inflation will return to the target range in the first quarter of this year and remain close to the target until the end of the forecast period. The next meeting of the NBM Executive Board on monetary policy will take place on March 19, according to the approved calendar. It should be noted that at the previous meeting on December 11, 2025, the National Bank of Moldova lowered the base rate applied to main short-term monetary policy operations by 1 percentage point, from 6% to 5% per annum. It also reduced the rates on overnight loans by 1 percentage point, from 8% to 7% per annum, on overnight deposits from 4% to 3%, and on repo operations from 6.25% to 5.25% per annum. The NBM last changed the reserve requirements in lei and freely convertible currency on November 6, 2025, lowering them by 2 percentage points. In particular, the reserve requirement ratio applied to funds attracted in Moldovan lei and non-convertible currency in the period from November 16 to December 15 was reduced by 2 percentage points - from 22% to 20% of the calculation base, and the reserve requirement ratio applied to funds attracted in freely convertible currency in the period from November 16 to December 15 was also reduced by 2 percentage points - from 31% to 29% of the calculation base. It should be noted that in 2025, the NBM changed the base rate applied to the main short-term monetary policy operations four times. On January 10, the National Bank increased it by 2 percentage points at once, from 3.6% to 5.6% per annum, and on February 5, it raised it by another 0.9 percentage points, from 5.6% to 6.5% per annum. On August 7, the NBM reduced it by 0.25 percentage points, from 6.5% to 6.25% per annum, and on September 18, it lowered it by another 0.25 percentage points, from 6.25% to 6% per annum. At its last meeting on December 11, 2025, the National Bank of Moldova lowered the base rate applied to main short-term monetary policy operations by 1 percentage point, from 6% to 5% per annum. // 05.02.2026 — InfoMarket
