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Economy

Moldova National Bank decreases base rate to 7%

On 25 October 2017, the National Bank of Moldova (NBM) adopted a decision to adjust the short-term monetary policy.

The base rate on short-term monetary policy operations was decreased from the 7,5% to 7%. The interest rates for overnight loans were decreased to 10%, while the rates for the deposits- to 4%.

The decision states that the required reserves ratio from financial means attracted in freely convertible currency would be maintained at the level of 14% of the base. Those attracted in MDL (Moldovan Leu) and non-convertible currency would be maintained at the level of 40%.

The National Bank expects that the annual inflation rate would rapidly decrease in the last quarter of 2017, but it would still be within the 1,5% interval from the 5% goal in the first quarter of 2018.

NBM argues that starting from the third quarter of 2018 the inflation rate would decrease under the inferior limit of the 1,5% interval.

Currently studying International Relations at the University of Pécs, Hungary. Study focus: Transnistrian conflict settlement, Moldovan statehood, Moldovan democracy. Inquiries at [email protected]

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Economy

“State secret”: Finance Ministry refuses to publish EU letter “appreciating Moldova’s progress” on €100 mln. pact

22 May 2018- Newsmaker.md was refused by the Finance Ministry to obtain a copy of the letter of the European Commission on the fulfillment of the first 10 priority actions, necessary for disbursement of the €100 million fund.

Signed by Finance Minister Octavian Armașu, the refusal letter explains to Newsmaker that the letter contains information that is subject to the “state secret” protection due to the national security risks of publishing it.

In March 2018, Armașu declared that the letter from the DG ECFIN (European Commission) appreciated the efforts of the Moldovan authorities on the fulfillment of the first 10 (28, in total) conditions from the agreement on the 100 million euros macro-financial assistance.

This “appreciating” letter was then requested by the Chișinău-based Center for Policy and Reforms (CPR Moldova), but the request was refused on the claim that NGOs cannot request information from the state institutions. Now, CPR Moldova is suing the Finance Ministry for violating the access to information laws, suggesting that an NGO is nothing but an association of individuals, which should freely access information of public interest. Moreover, CPR is asking the Ministry to present a copy of the report on the implementation of the first 10 conditions for the disbursement of the first tranche of those 100 million euros.


On 23 November 2017, the Republic of Moldova signed the agreement with the European Union regarding the macro-financial assistance of 100 million euros: 40 million of grants and 60 million as a loan. The so-called MFA was requested in August 2015 and in March 2016 by the Moldovan authorities. After long debates on the conditionality, the European Parliament, and the EU Council came to an agreement to offer Moldova the macro-financial assistance for 2 years and a half in three tranches, whose disbursement is conditioned by a certain list of criteria. According to the agreement, the European Commission will monitor the progress on key reforms together with the International Monetary Fund.

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Economy

Moldova Automotive Days, automotive components and suppliers forum, to take place on 29-30 May

Moldova Automotive Days, the automotive components and suppliers forum, will take place on 29-30 May, at the Tekwill center.

Moldova Automotive Days 2018 is the leading industry event aimed to gather all industry stakeholders, including government, business, multinationals, professionals and academia, to discuss trends and challenges facing the automotive components industry regionally and in the country, set the premises for sustainable entrepreneurship environment to foster sector development and attract investment.

According to the organizers, the Moldovan Government and the Moldovan Investment and Export Promotion Organization, the goal of the event is to develop an international annual platform for national and international stakeholders, public, private entities, international partners and diplomatic staff for promoting the potential of the Moldovan automotive components sector worldwide.

Registration is already open for participating at the Moldova Automotive Days. Check the agenda and list of speakers here.

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Economy

Moldova Government increases guaranteed minimum wage to 2610 Lei ($157)

25 April 2018- The Government of Moldova adopted a decision to increase the guaranteed minimum wage in the real economy by 230 lei (approx. 14 USD) up to 2610 lei (approx. 157 USD). The change is expected to enter into force from 1 May 2018.

Thus, the workers in the real sectors of the economy will not receive less than 15,44 Moldovan lei (0,93 USD) for an hour of labor, compared to the current 14,09 lei- 2380 lei monthly.

In 2017, the prices increased by 6,6%, while the productivity growth rate was 3%- a 9,6% salary increase is put up.

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