National Bank of Moldova reduces basic rate at principal monetary policy operations
16:13 | 05.12.2022 Category: Economic
Chisinau, 5 December /MOLDPRES/ - The executive committee of the National Bank of Moldova (BNM) today ruled to diminish the basic rate at the principal short-term monetary policy operations to the level of 20 per cent annually.
The decision is reasoned by the confirmation of the latest forecast, as well as of the disinflation tendency. ‘’The slowing down of the annual inflation proves once again that BNM’s actions carried out so far have been correct and opportune. The monetary market is to be supplied with liquidities worth about 3.2 billion lei, through the decrease of the norm of compulsory reserves from the means attracted in Moldovan lei and in non-convertible currency by 6 percentage points (by 3 percentage points in two phases). This will contribute to the increase in the crediting resources for the real and public sector and will encourage the investments,’’ BNM said.
In this way, the National Bank says that it comes to support the economic activity, configuring the creation of pre-conditions on the monetary, credit and currency markets, necessary for the revival of the domestic aggregate demand, which, within the limit of the transmission mechanism, will be propagated through more channels, including the crediting one.
The National Bank takes into account potential risks and uncertainties, especially in the context of the events associated with the military conflict in Ukraine, including with its implications on the world and local macro-economic situation. Also, there are uncertainties associated with the import prices for energy resources and food products.
„In these conditions, BNM will continue cautiously monitoring including the internal and external macro-economic situation and, at the opportune moment, will intervene with the entire arsenal of monetary policy instruments, in order to achieve the fundamental goal of ensuring and maintaining the prices’ stability,’’ the National Bank of Moldova added.
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