National Bank of Moldova rules to diminish compulsory reserves rate to 34 per cent

Chisinau, 3 April /MOLDPRES/ - The executive committee of the National Bank of Moldova (BNM), at a today’s extraordinary meeting, adopted, by unanimous vote, the amendment of the point 3 of the Decision from 20 March 2020on the level of BNM’s interest rates and the compulsory reserves norm. Thus, the compulsory reserves norm in Moldovan lei and in inconvertible currency for their enforcement period 16 April 15 May 2020 is established at 34 per cent of the calculation basis.  

The extraordinary meeting of the BNM executive committee is triggered by the need to apply new measures of monetary policy able to partially attenuate the impact of the effects generated by the COVID-19 pandemic on the national economy, National Bank sources said.  

The decision regards the increase in liquidities available for the licenced banks, in order to prevent the liquidity risk and consolidate the ability of Moldova’s banking sector. As a result of this decision, the liquidities available in the banking sector will increase by 3 billion lei.

At the same time, the diminution of the compulsory reserves norm represents a continuity of the monetary policy measures of balancing the compulsory reserves norms, in the context of enhancing the efficiency of transmitting monetary incentives to the real sector.  

The National Bank will further monitor the situation and, if necessary, it will come up with measures to maintain a sufficient level of liquidity in the banking system.