National Bank of Moldova adjusts instruments of monetary policy

Chisinau, 20 March /MOLDPRES/ - The executive committee of the National Bank of Moldova (BNM), at a today’s extraordinary meeting, unanimously voted a 1.25-percentage points diminution of the basic rate applied on the main monetary policy operations down to 3.25 per cent annually. Also, BNM decreased the interest rates on overnight loans and deposits to 6.25 per cent and, respectively, 0.25 per cent, annually.     

At the same time, BNM decreased by 2.5 percentage points the norm of obligatory reserves attracted in Moldovan lei and in non-convertible currency and increased by 1 percentage point the norm of obligatory reserves from means attracted in convertible currency, the BNM press service has reported.  

Thus, the central bank’s decision is meant to strengthen even more the level of liquidities in the banking sector and to back the business environment, amid the recent developments in the global and national economies.   

The National Bank will further monitor the situation, and, if needed, it will come up with stimulating measures, in order to maintain the sufficient level of liquidity in the banking system and ensure the efficient transmission of its monetary policy.

In this respect, the central bank will continue using all available instruments, in order to fulfill the goals as to establishing prices and consolidating the banking sector, which is well-capitalized and resilient.