Morning review by InfoMarket Economic News Agency based on the previous business day: key news, important economic indicators and upcoming events. Available by subscription: plus@infomarket.md // +373 79 119 100 // Every day at 7 a.m. — in your inbox.

Macroeconomics

• The NBM raised the base rate by 1.5 percentage points at once — from 7.5% to 9% per annum; this is the highest level in more than 3 years. Annual inflation accelerated to 6.96% in August, exceeding the upper limit of the NBM target range of 6.5%.

• Moldova's GDP grew by 0.6% year-on-year in the first half of 2026 and by 0.9% in the second quarter. Retail trade increased by an average of 15.7% in January–July, wholesale trade by 9.4%, while the total payroll grew by 12% in nominal terms in the second quarter.

• Parliament approved amendments to the 2026 state budget in the second reading: revenues increase to 80.27 billion lei, expenditures to 103.35 billion lei, and the deficit to 23.07 billion lei, or 5.95% of GDP. A total of 560 million lei is earmarked for one-time payments to public-sector employees, the National Fund for Regional and Local Development increases by 1 billion lei, and the Road Fund by 300 million lei.

External Economy and Trade

• In January–July, Moldova's exports grew by 11.7% year-on-year and imports by 7.1%. Positive external demand accompanied GDP growth in the second quarter, which amounted to 0.9%.

Energy and Resources

• Operators storing petroleum products as part of emergency reserves will be subject to a separate NARE authorization valid for 5 years. By June 30, 2034, Moldova must gradually build reserves sufficient for 61 days of domestic consumption or at least 90 days of net imports, whichever is higher.

• New regulated gas tariffs have applied since September 1, and Energocom will issue the first bills based on them in October. For August, the company billed consumers for about 9.33 million cubic meters of gas through more than 681,700 invoices.

Government Regulation

• The state-owned enterprise Moldovan Railways is planned to be reorganized by December 31 into the state-owned joint-stock company CFM-Infra, separating infrastructure management from transport operations. Private operators will receive non-discriminatory access to railway infrastructure for a fee.

• Applicants from Moldova will be able to obtain a European patent with protection in 40 countries through a single application filed via AGEPI, while European patents will also be valid in Moldova. At the same time, AGEPI's deadline for reviewing objections will be reduced from 6 to 3 months.

• Starting March 1, 2027, new prepaid SIM cards may be activated only after user identification. Cards activated from September 1, 2026 must be identified by June 1, 2027, and all others by August 31, 2027; nearly 1.6 million prepaid SIM cards are active on the market.

International Relations

• The EBRD intends to sign an agreement on the development of Moldova's irrigation infrastructure by the end of the year. The bank's current portfolio in the country exceeds €1.3 billion and includes 74 active projects; since 1992, the EBRD has invested more than €3.1 billion in Moldova.

Investment and Projects

• The EBRD will provide Moldova with €344 million for the VI Road Rehabilitation Project: financing will cover about 134 km of the R7 Rîșcani–Soroca and M3 Chișinău–Comrat roads. Additional financing includes EU grants of up to €11.4 million and €7.7 million, as well as up to €34.2 million in concessional financing under the Growth Plan for Moldova.

• The government will establish Moldova Project to prepare and implement major infrastructure projects in healthcare, irrigation, transport, logistics and energy. The structure is expected to be submitted to the government in the coming weeks; Public Services Agency Director Mircea Eșanu has been proposed to head it.

• Expansion of the Chișinău Airport terminal could begin in October after disputes over the tender are resolved: the terminal area will increase by about 5,000 square meters, the number of passenger exits from 7 to 13, and the work is expected to take 12 months.

Banks and Finance

• The volume of new loans issued in lei fell by 2.5% in August compared with July. The average rate on new loans was 9.19%, while the average rate on new deposits was 5.65%.

• During the first 11 months of SEPA operation in Moldova, about 1.1 million transfers totaling approximately €7.6 billion were processed; estimated savings for citizens and companies on fees amounted to about €14.7 million. In August, 87% of cross-border euro transfers were processed through SEPA.

Industry

• Moldova's construction materials market reached 18.58 billion lei excluding VAT in 2025, up 13.2% from 2024, although a significant part of the growth was nominal. The share of products made by right-bank manufacturers fell from 44.8% in 2018 to 39.9% in 2025 amid faster import growth.

• Labor costs in construction materials manufacturing have more than doubled in euro terms since 2018, while higher energy prices have weakened the competitiveness of local producers. The Investment Agency estimates long-term demand for construction materials at about €1 billion per year.

Social Economy

• The 2026 state social insurance budget was increased by 1.37 billion lei on both the revenue and expenditure sides, to 52.83 billion lei; 550 million lei is earmarked for energy compensation.

• The 2026 mandatory health insurance funds were increased by 167.45 million lei on both the revenue and expenditure sides; 157 million lei in additional funding will go to inpatient medical services, including treatment of acute conditions, cardiac surgery and cataract surgery.

• Women held 44.8% of leadership positions in Moldova, but their average gross salary in 2024 was 16.6% lower than men's: 12,787.8 lei versus 15,335.8 lei.

Day in Figures

9% — NBM base rate.

6.96% — annual inflation in August.

23.07 billion lei — 2026 state budget deficit.

€344 million — EBRD loan for road rehabilitation.

134 km — R7 and M3 road sections under the EBRD project.

18.58 billion lei — construction materials market in 2025.

€7.6 billion — SEPA transfers during the first 11 months.

€14.7 million — savings for citizens and companies on SEPA fees.

AGENDA

• TechVillage Moldova 2026 will take place on September 18.

• On September 18 at 10:00, AGEPI will hold an online session, "Enhancing the Value of Cultural Heritage through Intellectual Property Rights."

• On September 18 at 09:30, a practical seminar for agricultural entrepreneurs and producers will be held in Hăsnășenii Mari, Drochia District, on preparing vegetable products for the market: storage, packaging, logistics, sales channels and processing.