Moldova (bbabo.net), - The analysis and assessment of the latest macroeconomic information, the recent rise in inflation, prompted the Executive Committee of the National Bank of Moldova to convene an extraordinary meeting. It unanimously decided to raise the base rate applied to the main short-term monetary policy operations, by 2.0 percentage points to 8.5% per annum. At the same time, interest rates on loans and overnight deposits will increase by 2.0 percentage points. - up to 8.5% and 4.5% respectively, realitatea.md reports
The norm of required reserves of banks on attracted funds in Moldovan lei and in non-convertible currency increases, starting from the period of application of mandatory reserve requirements in Moldovan lei (February 16 - March 15, 2022), by 2.0 percentage points and is set at 28.0 % of the calculated base. The required reserve ratio from funds raised in freely convertible currency remains unchanged.
The change in monetary policy is aimed at containing inflationary pressures in order to reduce the impact of crises on the economy, as well as for a faster return to equilibrium.
At the same time, new loans issued in the national currency maintained a growth trend in December 2021 close to historical highs - their volume increased by 46.7% year on year.
Thus, the increase in the base rate, combined with an increase in the reserve requirement, is aimed at reducing the growth in consumer credit, which currently has a strong pro-inflationary effect, as well as affecting the trade balance and exchange rates.
The National Bank of Moldova will continue to closely monitor developments in the domestic and international environment and is ready to take the necessary measures to achieve the main goal of ensuring price stability.
bbabo.Net