The National Bank of Moldova (NBM) unanimously raised its base rate by 150 basis points to 9.00% in September 2026, maintaining a restrictive stance as supply shocks from international energy, food and raw-material prices combined with domestic demand supported by household disposable income, while the inflation outlook was revised down for the third quarter but up for the fourth quarter of 2026 and first half of 2027. After cutting the rate by 100 basis points to 5.00% in December 2025, the NBM held it through March 2026 and raised it by a cumulative 250 basis points from May through August. The central bank lifted the overnight lending and deposit rates to 11.00% and 7.00%, respectively, and the repo rate to 9.25%, while leaving reserve requirements unchanged. Annual inflation rose to 6.96% in August, above the upper limit of the ±1.5 percentage-point band around the 5.0% medium-term target, while gross domestic product grew 0.9% year on year in the second quarter and new lending in Moldovan leu fell 2.5% from July. Geopolitical uncertainty and volatile energy markets persisted, with Brent oil and Dutch TTF gas prices rising since early September amid renewed US-Iran hostilities and international food-price assumptions revised upward. Further decisions will depend on the updated inflation outlook.
2026-09-17National Bank of Moldova
National Bank of Moldova Raises Base Rate by 150 Basis Points to 9.00%
The National Bank of Moldova unanimously raised its base rate by 150 basis points to 9.00%, maintaining a restrictive stance amid supply shocks and resilient domestic demand. Annual inflation reached 6.96% in August, above the target band, with further decisions dependent on the updated inflation outlook.