The National Bank of Moldova raised its base rate to 9% per annum

The Executive Board of the National Bank of Moldova made this decision at its meeting on September 17. It takes effect on the date of adoption. This is the fourth increase in the base refinancing rate this year. The National Bank of Moldova also raised overnight lending rates by 1.5 percentage points—from 9.5% to 11% per annum, on overnight deposits—from 5.5% to 7% per annum—and on repo operations—from 7.75% to 9.25% per annum. At the same time, the BNM maintained the reserve requirement ratio applicable to funds raised in Moldovan lei and in non-convertible currency at 18 percent of the reserve base, and the reserve requirement ratio applicable to funds raised in freely convertible currencies at 26% of the reserve base. The National Bank notes that the BNM's decision to maintain a restrictive monetary policy was made against the backdrop of mounting inflationary pressures driven by both supply-side factors (due to unfavorable trends in global prices for energy, food, and raw materials) and demand-side factors (driven by trends in household disposable income). The current assessment of risks of deviation from the medium-term inflation forecast indicates a downward revision of the forecast for the third quarter of 2026 and an upward revision for the fourth quarter of 2026 and the first half of 2027 compared to the data published in the August 2026 Inflation Review. Accordingly, by raising the base rate, the National Bank of Moldova aims to reduce inflationary pressures, mitigate the secondary effects of supply shocks, encourage savings at the expense of consumption, and anchor inflation expectations in order to bring the annual inflation rate back within ±1.5 percentage points of the medium-term inflation target of 5.0%. The BNM stated that it continues to closely monitor domestic and external macroeconomic conditions, as well as the risks and uncertainties associated with short- and medium-term inflation dynamics. Future monetary policy decisions aimed at ensuring and maintaining price stability will depend on updated inflation forecasts. The next meeting of the BNM Executive Board on monetary policy will take place on November 5, according to the approved schedule. It should be noted that the National Bank last changed the base rate applied to key short-term monetary policy operations at its meeting on August 6 of this year, when it was raised by another 0.5 percentage points —from 7% to 7.5% per annum. It should be noted that in 2025, the BNM 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 BNM 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 National Bank of Moldova lowered the base rate applied to key short-term monetary policy operations by 1 percentage point—from 6% to 5% per annum. // 17.09.2026 — InfoMarket.