The National Bank of Moldova (NBM) has kept the base rate applied to the main short-term monetary policy operations unchanged at 5% per annum
This decision was adopted by the Executive Board of the NBM at its meeting on March 19. It takes effect on the date of adoption. The NBM also left unchanged the rates on overnight loans at 7% per annum, on overnight deposits at 3%, and on repo operations at 5.25% per annum. The NBM also maintained the reserve requirement ratio applicable to funds attracted in Moldovan lei (MDL) and non-convertible currency at 18% of the calculation base, and the reserve requirement ratio applicable to funds attracted in freely convertible currency at 26% of the calculation base. The NBM stated that it made this monetary policy decision in the context of significant international turbulence caused by the war in the Middle East. International energy prices have reached high levels and may affect global economic activity, exerting a negative impact on global inflation. The decision was adopted taking into account previous monetary policy measures, including their transmission lags, and is aimed at ensuring and maintaining inflation in the medium term within a range of ±1.5 percentage points from the 5% target. The NBM noted that the partial update to the inflation forecast represents a deviation from the key assumptions and conclusions reflected in the forecast published in the February Inflation Report, primarily due to rising energy prices in the context of geopolitical tensions. The NBM stated that it will continue to monitor the domestic and external macroeconomic situation, as well as the risks and uncertainties associated with inflation developments in the short and medium term. Should the risk of persistently high international prices for energy, food, and raw materials be confirmed, appropriate restrictive monetary policy measures will be adopted to combat inflationary pressures and the secondary effects of supply shocks, with the aim of achieving the fundamental objective of ensuring and maintaining price stability. The next meeting of the NBM Executive Board on monetary policy will take place on May 7, in accordance with the approved calendar. It should be noted that the NBM last changed the base rate applied to the main short-term monetary policy operations at its meeting on December 11, 2025, when it lowered it by 1 percentage point—from 6% to 5% per annum. At the last monetary policy meeting on February 5, 2026, the NBM kept the base rate applied to main short-term monetary policy operations at the previous level of 5% per annum, but lowered the reserve requirement ratios for banks in lei (MDL) and foreign currency by 2 percentage points and 3 percentage points, from 20% to 18% of the calculation base and from 29% to 26% of the calculation base, respectively. It should be noted that in 2025, the NBM adjusted the base rate applied to the main short-term monetary policy operations five times. On January 10, the NBM 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 reduced 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 the main short-term monetary policy operations by 1 percentage point—from 6% to 5% per annum. // 19.03.2026 — InfoMarket.
