The National Bank of Moldova has raised the base rate applied to the main short-term monetary policy operations by 1.5 percentage points—from 5% to 6.5% per annum
The Executive Board of the National Bank of Moldova (NBM) adopted this decision at its meeting on May 7. It takes effect on the date of adoption. This is the first increase in the base refinancing rate this year. The NBM also raised overnight lending rates by 1.5 percentage points—from 7% to 8.5% per annum, overnight deposit rates—from 3% to 4.5% per annum, and repo operation rates—from 5.25% to 6.75% per annum. At the same time, the NBM maintained the reserve requirement ratio applicable to funds raised in Moldovan lei and non-convertible currency at 18% of the calculation base, and the reserve requirement ratio applicable to funds raised in freely convertible currency at 26% of the calculation base. The NBM emphasizes that it adopted this decision due to the need to adjust monetary policy in order to ease pressure on inflation in the context of the intensifying consequences of the conflict in the Middle East, reflected in rising international prices for energy, food, and raw materials, and their impact on forecasts for regional economic activity, as well as on the monetary and fiscal policies pursued by leading economies. Under these conditions, the current short- and medium-term inflation forecast underscores the confidence that the annual inflation rate in the coming months of 2026 will exceed the upper limit of the ±1.5 percentage point deviation band from the 5% annual inflation target. As noted by the NBM, the upward trend in inflation this year, in the context of the inflationary nature of the balance of risks associated with the current forecast period, points to the need to adopt monetary policy measures other than restrictive ones, to ensure that monetary policy achieves the NBM’s primary objective in the medium term. Thus, the NBM’s decision to raise the base rate is aimed at combating inflationary pressures, the secondary effects of supply shocks, and stabilizing inflation expectations in order to bring the annual consumer price level back within the acceptable inflation range. The NBM stated that it will continue to closely monitor the domestic and external macroeconomic situation, as well as the risks and uncertainties associated with inflation developments in the short and medium term, and is prepared, if necessary, to use the instruments at its disposal to achieve its fundamental objective of ensuring and maintaining price stability. The new Inflation Review for May 2026, containing an analysis of the domestic and external economic situation as well as a medium-term inflation forecast, will be published on May 14. The next meeting of the NBM Executive Board on monetary policy will take place on June 18, according to the approved schedule. It should be noted that the NBM last changed the base rate applied to main short-term monetary policy operations at its meeting on December 11, 2025, when it lowered it by 1 percentage point—from 6% to 5% per annum. At its last monetary policy meeting on March 19, 2026, the National Bank of Moldova kept the base rate applied to main short-term monetary policy operations at the previous level of 5% per annum, but lowered the reserve requirement ratios for banks in lei (MDL) and foreign currency by 2 percentage points and 3 percentage points, from 20% to 18% of the calculation base and from 29% to 26% of the calculation base, respectively. It should be noted that in 2025, the NBM changed the base rate applied to main short-term monetary policy operations five times. On January 10, the NBM raised 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 meeting on December 11, 2025, the NBMlowered the base rate applied to main short-term monetary policy operations by 1 percentage point—from 6% to 5% per annum. // 07.05.2026 – InfoMarket.
