Macroeconomics

  • NBM raised the base rate from 7% to 7.5% per annum, the highest level in the past three years; overnight lending and deposit rates were increased to 9.5% and 5.5%, while reserve requirements remained unchanged at 18% for MDL/non-convertible funds and 26% for freely convertible currencies.

  • Annual inflation reached 6.51% in June and averaged 6.68% in Q2. The NBM raised its average inflation forecast to 7.2% for 2026 and 6.2% for 2027, expecting inflation to return to the target range from Q3 2027.

  • NBM sees conditions for faster economic growth in Q2: industrial output +9.4% in April-May, retail trade +19.6%, wholesale +11.4%, exports +13.3%, imports +12.8%, agriculture +9.2%.

Energy & Resources

  • Energocom warned that higher electricity purchase prices, especially during peak hours, will inevitably affect consumer tariffs. The August 6 power deficit was reduced to 39 MWh between 16:00–17:00; consumers were urged to reduce usage from 18:00–23:00.

  • Greece's Public Power Corporation, through PPC Renewables România, acquired for EUR 2.9 mln a Moldovan company developing a 192 MW wind farm in Cahul, potentially the country's largest.

  • The draft tax policy introduces from April 1, 2027 a 20% VAT on electricity consumption above 100 kWh/month and gas consumption above 150 m3/month; lower consumption keeps preferential VAT.

Foreign Economy & Trade

  • Moldovan exports to the UK fell 1.7% in Jan-May to EUR 11.7 mln, while imports rose 12.4% to EUR 35.8 mln; the trade deficit widened to EUR 24.1 mln.

State Regulation

  • The updated 2027 tax and customs policy draft was submitted for consultations with an estimated direct budget impact of MDL 5.1 bn. It raises the personal allowance, extends the zero tax on retained earnings until 2029 for larger companies, and increases dividend and capital gains taxes.

  • Bank profit tax would temporarily rise from 12% to 18% in 2027; HoReCa VAT would increase to 12%; parcels from foreign online platforms would be subject to VAT and a fixed MDL 12 fee.

  • Excise duties are proposed on sweetened drinks, energy drinks and fireworks; tobacco excises would rise by 20%. Digital content production for foreign gambling operators would be exempted from gambling legislation, enabling a EUR 30 mln investment and about 2,000 jobs.

International Relations

  • Estonia has financed 324 projects in Moldova worth over EUR 14 mln and plans to open its embassy in Chisinau in October. Moldova and Bulgaria agreed to expand trade, investment, energy cooperation and use of the Vertical Gas Corridor.

Investment & Projects

  • The National Electric Mobility Program to 2030 is valued at MDL 1.19 bn and aims for EVs and plug-in hybrids to reach 25% of the vehicle fleet and at least 500 public chargers. Only MDL 44.04 mln is currently funded.

  • Wizz Air will station a sixth Airbus A321neo in Chisinau from November, adding over 500,000 seats and raising 2026 capacity to 3.1 mln seats, while launching Alicante, Frankfurt-Hahn and London Gatwick routes.

Banking & Finance

  • New lending rose 13.1% y/y in Q2. The weighted average rate on new MDL loans remained at 9.06%, while new deposit rates increased to 5.44%.

Agriculture

  • Moldova's 2026 apple harvest is forecast at about 526,000 tons, nearly 18% above last year, while EU output is expected to fall by 15.6%, creating export opportunities.

  • European donors will provide up to EUR 50,000 for a pilot industrial hemp project. Moldova also proposed joint irrigation and agricultural machinery projects with Chinese companies.

Business & Companies

  • Kaufland Moldova increased sales by 12.6% to MDL 3.46 bn and returned to a net profit of MDL 53.3 mln; assets reached MDL 4.28 bn.

  • The Competition Council opened an in-depth review of Moldretail Group's planned acquisition of the Merci chain.

  • Leogrand Hotel increased sales by 11.4% to MDL 287 mln and net profit by 30%; renovation added 15 luxury rooms.

Social Economy

  • From August 6, Apa-Canal Chisinau increased the drinking water tariff by 8% to MDL 14.03/m3 and household sewerage by 17.7% to MDL 6.63/m3, while industrial water tariffs fell 37.4%.

Day in Figures

7.50% — NBM base rate

7.20% — average annual inflation forecast for 2026

MDL 5.10 bn — expected budget impact of the 2027 tax policy

EUR 2.90 mln — acquisition price of the developer of a 192 MW wind project

MDL 1.19 bn — cost of the electric mobility program through 2030

526.00 thousand tons — forecast apple harvest in 2026

MDL 3.46 bn — Kaufland Moldova turnover in the 2025 financial year

250 companies — participants in the Export Accelerator program

Announcements

• Aug. 7, 09:00 – Diaspora Forum at the Palace of the Republic.

• Aug. 7–9 – Open-Air Film Festival in Chisinau, screenings from 21:00 in Buiucani, Botanica and Ciocana.