The Executive Board of the NBM adopted this decision at its meeting on August 6. It takes effect on the date of adoption. This is the third increase in the base refinancing rate this year. The NBM also raised overnight lending rates by 0.5 percentage points—from 9% to 9.5% per annum, on overnight deposits—from 5% to 5.5% per annum—and on repo operations—from 7.25% to 7.75% per annum. At the same time, the NBM maintained the reserve requirement ratio applicable to funds raised in Moldovan lei and non-convertible currencies at 18% of the calculation base, and the reserve requirement ratio applicable to funds raised in freely convertible currencies at 26% of the reserve base. The NBM notes that the upward trajectory of inflation this year, driven by factors related to consumer demand, against the backdrop of persistent supply shocks, necessitates the continuation of restrictive monetary policy measures to ensure monetary and credit stability, with the aim of achieving the NBM's primary objective in the medium term and returning and maintaining inflation within a fluctuation range of ±1.5 percentage points from the inflation target of 5.0%. As the NBM emphasizes, the current round of the medium-term inflation forecast largely confirms the assumptions and conclusions described in previous forecasting rounds. Thus, the annual inflation rate will follow an upward trend until the end of this year, and then follow a downward trend, returning to the fluctuation range in the third quarter of 2027 and remaining at that level until the end of the forecast period. Thus, in deciding to raise the base rate, the NBM is strengthening its anti-inflationary stance and, by gradually adjusting monetary policy instruments, is carefully monitoring the response of real and monetary sector indicators to policy decisions. At the same time, the NBM reiterates that it will continue to closely monitor developments in the domestic and international environment, risks and uncertainties related to inflation dynamics in the short and medium term, and, if necessary, will use the available tools to achieve its fundamental objective. The new Inflation Report, containing an analysis of the domestic and external economic situation as well as a medium-term inflation forecast, will be published on August 13. The next meeting of the NBM Executive Board on monetary policy will take place on September 17, in accordance with the approved schedule. It should be noted that the last time the NBM changed the base rate applied to key short-term monetary policy operations at its meeting on June 18, when the base rate applied to key short-term monetary policy operations was raised by 0.5 percentage points—from 6.5% to 7% per annum. At that time, it was the second increase in the base refinancing rate this year, following its first increase on May 7 by 1.5 percentage points—from 5% to 6.5% per annum. Prior to that, the rate had been adjusted on December 11, 2025, when the NBM 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 National Bank 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. // 06.08.2026 — InfoMarket.