National Bank of Moldova reduces base rate for main monetary policy operations

The base rate for main monetary policy operations has been reduced from 6.25 to 6 per cent. The decision today was taken by the Executive Committee of the National Bank of Moldova (BNM) and is part of a string of measures to ease monetary policy, aimed at supporting the national economy.

According to the BNM, the decision aims to keep medium-term inflation within the target range of 5 ± 1.5 percentage points, considered optimal for the country's economic growth.

“The reduction of the base rate will stimulate aggregate demand, encouraging consumption and investments. The effects will be gradually felt in lowering loan interest rates, thus facilitating access to financing for both companies and the population,” the central bank said.

Through the same decision, the overnight credit rates were set at 8 per cent annually, compared to 8.25 per cent; repo operations at 6.25 per cent annually, compared to 6.50 per cent; and overnight deposits at 4 per cent annually, compared to 4.25 per cent previously.

The measure comes in the context of recent macroeconomic information, which  confirms a downward trajectory of inflation, highlighted the BNM. Thus, in August 2025, the annual inflation rate continued to decline, from 7.9 to 7.3 per cent. Authorities estimate that inflation will return to the target variance corridor by next  December.

The BNM also maintained the mandatory reserve requirements for commercial banks at the current level: 22 per cent for funds attracted in Moldovan lei and non-convertible currency and 31 per cent for those in freely convertible currency. These measures complement the decision on monetary easing and contribute to the stability of the financial system.

The next meeting of the BNM Executive Committee on this topic is scheduled for November 6, 2025.