The National Bank of Moldova kept the basic refinancing rate at the same level of 2.65% per annum, but reduced the required reserve ratio on borrowed funds in lei by 2 pp. - to 26% of the calculated base.
The corresponding decision was made by the Executive Committee of the NBM at the meeting on monetary policy on Friday. According to the National Bank, in particular, it kept the base rate applied to the main operations of short-term monetary policy at 2.65% per annum, and also left unchanged interest rates on overnight loans and deposits at 5.15% and 0.15%, respectively. At the same time, by the decision of the National Bank, the rate of required reserves from funds attracted in Moldovan lei and in non-convertible currency was reduced by 2 percentage points - from 28% to 26% of the calculation base (in the period May 16 - June 15, 2021), while the required reserves ratio from funds attracted in freely convertible currency remained at the same level - 30% of the calculation base. As emphasized in the Central Bank, today's decision on monetary policy, along with other previous measures, is aimed at mitigating and countering the negative consequences of the pandemic for the national economy and strengthens the position of the NBM in supporting economic recovery. Thus, the decision of the Central Bank supports the intensification of the process of lending and financial intermediation in the national currency, contributing to the efficient transfer of cash impulses in the real sector of the economy. The meeting also approved the Inflation Report No. 2 for May 2021, which will be published on May 7, 2021. According to the previously published calendar, the next meeting of the NBM Executive Committee on monetary policy will be held on June 4. It should be noted that the last time the National Bank changed the base rate applied to the main short-term operations of monetary policy was on November 6, 2020, when it was reduced by 0.1 percentage points - from 2.75% to 2.65% and then reached a new record low. Herewith, the National Bank also lowered by 0.1 percentage points the interest rates on overnight loans and deposits: on loans - from 5.25% to 5.15%, and on deposits - from 0.25% to 0.15%. At its last meeting on April 5 this year the National Bank of Moldova kept the basic refinancing rate at the same level of 2.65% per annum, but reduced the required reserve ratio on borrowed funds in lei by 2 pp. - to 28% of the calculated base.// 30.04.2021 — InfoMarket