The National Bank of Moldova raised its base rate for main short-term monetary policy operations to 7.00% on 18 June 2026, saying it was continuing restrictive policy as inflationary pressures intensified from higher international energy, food and raw-material prices and from domestic demand supported by household income, with the move intended to slow consumer price growth and return inflation to the 5.0% target band of ±1.5 percentage points. The overnight lending and deposit rates were set at 9.00% and 5.00%, while required reserve ratios were left unchanged at 18.0% for MDL and non-convertible foreign-currency liabilities and 26.0% for freely convertible currency liabilities. Annual inflation rose to 6.76% in May 2026, above the upper bound of the target range and above the level projected in the May 2026 Inflation Report, while first-quarter 2026 GDP growth moderated to 0.4% year on year; the NBM also noted a 14.2% annual increase in new consumer loans in MDL in May. The central bank said its May forecast still pointed to inflation rising through the end of 2026 before declining from the first quarter of 2027. Externally, it cited persistent geopolitical and trade tensions, risks to major logistics routes including the Strait of Hormuz, subdued euro area growth, and high volatility in oil and European gas prices alongside a moderate rise in international food prices. The NBM said it would continue to monitor domestic and external conditions and stood ready to use its too
National Bank of Moldova2026-06-18
National Bank of Moldova raises base rate to 7.00%
The National Bank of Moldova raised its base rate for main short-term monetary policy operations to 7.00% on 18 June 2026, with the overnight lending and deposit rates set at 9.00% and 5.00%, as it maintained restrictive policy in response to stronger inflationary pressures and annual inflation of 6.76% in May, above its 5.0% target band of ±1.5 percentage points. Required reserve ratios were unchanged at 18.0% for MDL and non-convertible foreign-currency liabilities and 26.0% for freely convertible currency liabilities, and the central bank said it stood ready to use its tools as needed to maintain price stability.