IMF confirms reliability of National Bank of Moldova, effectiveness of its monetary policies

The National Bank of Moldova (BNM) has welcomed the conclusions of the Executive Board of the International Monetary Fund (IMF), formulated following the consultation under Article IV of the IMF’s Articles of Agreement with  Moldova, published in late last week. According to the BNM, these conclusions reaffirm the role of the central bank as a reliable institution, with prudent and effective policies, in an economic and geopolitical context marked by uncertainty.

According to this assessment, the prompt and appropriate response of the BNM to the inflationary pressures generated by the energy shock of 2025 contributed to stabilizing the macroeconomic environment and to bringing inflation back in 2026 within the target range set by the central bank, of 5% ± 1.5 percentage points.

At the same time, the IMF appreciates the prudent approach to monetary policy, highlighting the importance of maintaining a strategy that is conditional on developments in inflation and economic growth.

The IMF also confirms that the banking sector of Moldova remains sound. Thus, the supervisory and macroprudential measures implemented by the BNM have supported the maintenance of the financial stability. The IMF notes the close monitoring of risks associated with the growth of lending and developments in the real estate market, as well as the ongoing efforts to strengthen the regulatory and supervisory framework.

The IMF has encouraged the strengthening of aspects related to the independence and governance of the central bank, which are considered key factors in maintaining the credibility of the BNM’s policies. The IMF also mentioned that maintaining exchange rate flexibility and ensuring adequate foreign exchange reserves were important for absorbing potential shocks.