Moldova - Tasa de Interés

The National Bank of Moldova left its base rate unchanged at 7.5 percent on October 30th 2019, saying inflationary pressures will continue until the end of the year. In September, the annual inflation rate rose to 6.3 percent from 5.5 percent in the previous month, in line with central bank estimates. Also, the Board expects modest economic growth until the end of the current year. The overnight credit rate and the overnight deposit rate were also kept at 10.5 percent and 4.5 percent respectively.

The National Bank of Moldova left its base rate unchanged at 7.5 percent on September 11th 2019, after inflation rate rose to 5.5 percent, the highest since January of 2018 and within the bank’s target of 5 ± 1 percent for the fourth consecutive month. Policymakers added that inflationary pressures will continue until the end of the year, while in 2020 inflation is expected to slow down. The overnight credit rate and the overnight deposit rate were also kept at 10.5 percent and 4.5 percent respectively.

The National Bank of Moldova raised its benchmark interest rate by 50bps to 7.5 percent on July 31st 2019. It was the second hike in borrowing costs this year, in an effort to reduce inflationary pressures and to stabilize the exchange rate of the national currency. The Bank noted, that the evolution of inflation in the recent months was influenced by the increase in international prices for food and regulated products. The overnight credit rate was also adjusted to 10.5 percent from 10 percent and the overnight deposit rate to 4.5 percent from 4.0 percent.

The National Bank of Moldova raised its benchmark interest rate by 50bps to 7 percent on June 19th 2019. It was the first hike in borrowing costs since September of 2015, mentioning upside risks to inflation caused by the increase in the wage bill and consumption credits. The central bank's decision aims to bring inflation closer to its 5 percent medium term target and is consistent with a positive fiscal impulse in the current and next year while expectations regarding the external environment have been taken into account. The overnight credit rate was also adjusted to 10 percent from 9.5 percent and the overnight deposit rate to 4.0 percent from 3.5 percent.

The National Bank of Moldova left its base rate unchanged at 6.5 percent on May 7th 2019, keeping borrowing costs at its lowest level since December 2014, while the overnight credit rate and the overnight deposit rate were also kept at 9.5 percent and 3.5 percent respectively. The central bank's decision aims to bring inflation closer to its 5 percent medium term target. The annual inflation rate increased to 2.8 percent in March from 2.4 percent in the previous month.

The National Bank of Moldova left its base rate unchanged at 6.5 percent on March 14th 2019, keeping borrowing costs at its lowest level since December 2014. Annual inflation rate rose to a five-month high of 2.4 percent in February from 2.2 percent in January, as expected by the central bank. For the next two quarters inflation is projected to be lower due to favourable meteorological conditions which led to moderated food prices; in the last quarter of the year, policymakers expect inflation to pick up again and to be maintained through 2020 on the back of higher prices of oil and food prices in international markets. The overnight credit rate and the overnight deposit rate were also kept at 9.5 percent and 3.5 percent respectively.