The Executive Board of the National Bank of Moldova (NBM) kept the base rate on main short-term operations unchanged at 5.00 % per annum on 19 March 2026, arguing that annual inflation of 5.06 % in February sits inside the ±1.5 pp band around the 5 % target while heightened geopolitical tensions in the Middle East are lifting global energy prices and pose upside risks to the outlook. After cutting the base rate by 100 bp in December 2025, the NBM has left it steady at 5 % through the February and March 2026 meetings. Overnight lending and deposit rates were maintained at 7.00 % and 3.00 % respectively, the repo rate at 5.25 %, and required-reserve ratios at 18 % for MDL liabilities and 26 % for foreign-currency liabilities. Domestically, GDP grew 3.6 % y/y in Q4 2025 and 2.4 % for 2025 as a whole, while lower market interest rates in February helped push new MDL lending up by 27.4 % month-on-month. Externally, the closure of the Strait of Hormuz has driven up oil and European gas prices, and the Bank warns that prolonged supply disruptions would raise imported inflation and weigh on activity. The NBM reiterates that, should international prices for energy, food or raw materials remain elevated, it stands ready to tighten policy to counter second-round effects and preserve price stability.
National Bank of Moldova 2026-03-19
NBM keeps base rate unchanged at 5.00%
National Bank of Moldova on 19 Mar 2026 left the base rate at 5.00 %, overnight lending/deposit rates at 7.00 %/3.00 %, the repo at 5.25 % and reserve ratios at 18 % (MDL) and 26 % (FX), noting February inflation at 5.06 % is within its 5 % ± 1.5 pp target band. The Board warned that Strait of Hormuz–driven energy price rises pose upside risks and said it is ready to tighten if sustained cost pressures trigger second-round effects.