The National Bank of Moldova raised the base rate applied to key short-term monetary policy operations by another 0.5 percentage points—from 6.5% to 7% per annum
This decision was adopted by the Executive Board of the National Bank of Moldova (NBM) at its meeting on June 18. It takes effect on the date of adoption. This is the second increase in the base refinancing rate this year. The NBM also raised overnight lending rates by 0.5 percentage points—from 8.5% to 9% per annum—overnight deposit rates from 4.5% to 5% per annum, and repo operation rates from 6.75% to 7.25% per annum. At the same time, the NBM maintained the reserve requirement ratio applicable to funds raised in Moldovan lei (MDL) and non-convertible currencies at 18% of the reserve base, and the reserve requirement ratio applicable to funds raised in freely convertible currencies at 26% of the reserve base. The NBM notes that its decision to continue restrictive monetary policy measures was made in the context of mounting inflationary pressures—both from the supply side, amid unfavorable trends in international prices for energy, food, and raw materials, and from the domestic demand side, supported by favorable trends in household incomes. Thus, the NBM’s decision to raise the base rate is aimed at slowing the growth rate of consumer prices, mitigating the secondary effects of supply shocks, encouraging savings at the expense of consumption, and to anchor inflation expectations with the aim of bringing the annual inflation rate back within a range of ±1.5 percentage points from the medium-term inflation target of 5%. The NBM emphasizes that the latest macroeconomic data largely confirm the key assumptions and conclusions reflected in the forecast published in the May 2026 Inflation Report, which projects a trend toward rising inflation through the end of this year, followed by a decline, beginning in the first quarter of 2027. 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 to use, if necessary, the instruments at its disposal to achieve its primary objective of ensuring and maintaining price stability. The next meeting of the NBM Executive Board on monetary policy will take place on August 6, according to the approved schedule. It should be noted that the NBM last adjusted the base rate applied to key short-term monetary policy operations at its May 7 meeting, when the base rate was raised by 1.5 percentage points —from 5% to 6.5% per annum. This was the first increase in the base refinancing rate this year. Prior to that, the rate had been adjusted on December 11, 2025, when the National Bank lowered it by 1 percentage point—from 6% to 5% per annum. It should be noted that in 2025, the NBM adjusted the base rate applied to key 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 lowered 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 NBM lowered the base rate applied to key short-term monetary policy operations by 1 percentage point—from 6% to 5% per annum. In May 2026, the NBM raised it by 1.5 percentage points—from 5% to 6.5% per annum. // 18.06.2026 — InfoMarket.
