Finances

NBM KEEPS MONETARY POLICY INSTRUMENT RATES UNCHANGED

28 december, 2017

The National Bank of Moldova Administrative Board decided to preserve the main monetary policy instrument rates unchanged on Wednesday.

The base rate on short-term transactions was preserved at the early-December level – 6.5%, overnight deposits – 3.5%, overnight credits – 9.5%. The required reserve ratio from funds attracted in the national currency and in nonconvertible currencies was also left at 40%, while in convertible – at 14%.

The decision was based on the latest macroeconomic analyses, inflation forecasts, as well as the assessment of consequences of actions of the conducted monetary policy.

According to the NBM, the analyses mostly confirm the November forecasts of inflation, which will account for 6.5% in 2017 and will return in the target corridor of 5% ± 1.5% in 1Q2018.

The NBM pointed that the configuration of its monetary policy will be conducted given the inflation processes.

The next sitting of the NBM executive committee on monetary policy will take place on January 2018.

Infotag’s dossier: As of the beginning of 2017, the base rate on short-term transactions was 9%, overnight deposits – 6% and overnight credits – 12%. The required reserve ratio from funds attracted in the national currency and in nonconvertible currencies accounted for 35%, while in convertible – at 14%.

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