The National Bank of Moldova maintained its base rate applied to key short-term monetary policy operations at 6% per annum, but reduced the required reserve ratios for lei and hard currency by 2 percentage points
The Executive Committee of the National Bank of Moldova made this decision at its meeting on November 6. The NBM maintained interest rates on overnight loans at 8% per annum, on overnight deposits at 4%, and on repo transactions at 6.25% per annum. At the same time, the required reserve ratio applied to funds attracted in Moldovan lei and hard currency for the period from November 16 to December 15 was reduced by 2 percentage points - from 22% to 20% of the calculation base, and the required reserve ratio applied to funds attracted in freely convertible currency was also reduced by 2 percentage points from 31% to 29% of the calculation base for the period from November 16 to December 15. According to the NBM, this decision was made in order to continue the expansion of the recently adopted monetary policy easing measures. Thus, the prudent adjustment of monetary policy is aimed at restoring and maintaining inflation in the medium term within a fluctuation range of ±1.5 percentage points from the target indicator of 5.0%, which is considered the optimal level for economic growth and development in Moldova. By simultaneously reducing the required reserve ratios in Moldovan lei and freely convertible foreign currency, the NBM aims to meet the liquidity needs of the banking system and reduce the cost of lending, stimulating consumption and investment. Herewith, this measure will be extended over time, contributing to lower interest rates in the money, deposit, and credit markets. According to the National Bank, the current round of the medium-term inflation forecast largely confirms the assumptions and conclusions set out in previous forecasting rounds. Thus, annual inflation will tend to decline until the middle of next year, after which it will exhibit relatively stable dynamics, remaining close to the inflation target until the end of the forecast period, primarily in the lower part of the target's fluctuation range. The November 2025 inflation review, containing an analysis of the domestic and external economic situation, as well as the medium-term inflation forecast, will be presented by the NBM Governor and published on November 13, 2025. The next meeting of the NBM Executive Committee on monetary policy facilitation will be held on December 11, 2025, in accordance with the approved calendar. It should be noted that the NBM last changed the base rate applied to key short-term monetary policy operations on September 18, reducing it by 0.25 percentage points from 62.5% to 6% per annum. Prior to this, on August 7, the NBM also reduced it by 0.25 percentage points from 6.5% to 6.25% per annum. Earlier this year, the NBM twice increased the base rate applied to key short-term monetary policy operations. On January 10, the National Bank increased it by 2 percentage points from 3.6% to 5.6% per annum, and on February 5, it increased it by another 0.9 percentage points to 6.5% per annum. In 2024, the base rate applied to key short-term monetary policy operations was changed three times. In particular, it was reduced from 4.75% to 4.25% from February 6, to 3.75% from March 21, and to 3.6% per annum from May 7, 2024. // 06.11.2025 — InfoMarket
