The IMF Executive Board confirmed the reliability of the National Bank of Moldova and the effectiveness of its monetary policy
In particular, the National Bank of Moldova (NBM) welcomed the conclusions of the Executive Board of the International Monetary Fund (IMF), formulated following consultations with Moldova under Article IV of the IMF Articles of Agreement and published late last week. They confirm the role of the NBM as a reliable institution pursuing prudent and effective policies in an uncertain economic and geopolitical context. According to this assessment, the NBM's prompt and adequate measures to respond to inflationary pressures caused by the 2025 energy shock contributed to stabilizing the macroeconomic environment and bringing inflation back within the central bank's target range of 5% ± 1.5 percentage points in 2026. This reflects the effectiveness of the monetary policy framework and the NBM's ability to respond decisively to external shocks. At the same time, the IMF highly appreciates the prudent approach to monetary policy, emphasizing the importance of maintaining a strategy driven by inflation and economic growth. This approach contributes to strengthening confidence in monetary policy and protecting macroeconomic stability in the medium term. The IMF confirms that the banking sector in Moldova remains resilient. Thus, the supervisory and macroprudential measures implemented by the NBM have contributed to maintaining financial stability. The IMF notes the careful monitoring of risks associated with credit growth and real estate market developments, as well as ongoing efforts to strengthen the regulatory framework. The IMF called for strengthening measures to ensure the independence and governance of the central bank, which are considered key factors in maintaining confidence in the NBM's policies. The IMF also noted that maintaining exchange rate flexibility and ensuring sufficient foreign exchange reserves are important for absorbing potential shocks. The IMF's conclusions reaffirm that the National Bank of Moldova plays a central role in ensuring price stability and the financial system, contributing to the strengthening of the national economy's resilience and supporting Moldova's European path. // 02.03.2026 – InfoMarket.
