{"id":443681,"date":"2017-03-29T21:03:50","date_gmt":"2017-03-29T21:03:50","guid":{"rendered":"http:\/\/www.moldova.org\/en\/?p=443681"},"modified":"2017-03-29T21:03:50","modified_gmt":"2017-03-29T21:03:50","slug":"moldova-national-bank-keeps-9-base-rate-increases-national-currency-reserves-ratio-37-47-inflation-rate-february-2017","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/moldova-national-bank-keeps-9-base-rate-increases-national-currency-reserves-ratio-37-47-inflation-rate-february-2017\/","title":{"rendered":"Moldova National Bank keeps 9% base rate, increases national currency reserves ratio to 37%, after a 4,7% inflation rate in February 2017"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

On March 29th, the National Bank of Moldova (NBM)\u00a0adopted a decision<\/a> to adjust the short-term monetary policy.<\/p>\n

Therefore, the base rate on short-term monetary policy operations was maintained at the 9% level. The interest rates for overnight loans were set to 12%, while the rates for the deposits were maintained at 6%.<\/p>\n

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 increased\u00a0by two percent to the level of 37%, but just between 8 April 2017- 7 May 2017.<\/p>\n

The decision shows that the annual inflation rate constituted 4,7% in February 2017, 1,7% less than in January. The core inflation rate constituted 4,3% in February, 0,4% less than in January.<\/p>\n

The National Bank drew attention on the 4,1% economic growth in 2016, favorable for exports and stock formation- seen in January 2017 with a 19,6% growth of exports and 28,7% growth of exports.<\/p>\n

The National Bank of Moldova aims to maintain the inflation rate within the range of 1,5% from the 5% target. It forecasts an increase of annual inflation rate until the third quarter of 2017, followed by a stabilization within the latter margin, making an aggregate annual inflation rate of\u00a04,9%.<\/p>\n

The external inflation risks reported by NBM are the increased international prices for food products, uncertainty of oil and natural gas prices. The internal risks are related to the persistence of excessive liquidity in the banking sector, together with the impact of the new fiscal taxes and the future harvest of 2017. At the same time, the\u00a0delay of tariff adjustment to regulated services and re-including the price of liquefied gas in the methodology of price formation for oil products would cause deflationary pressure.<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>On March 29th, the National Bank of Moldova (NBM)\u00a0adopted a decision to adjust the short-term monetary policy. Therefore, the base rate on short-term monetary policy operations was maintained at the 9% level. The interest rates for overnight loans were set to 12%, while the rates for the deposits were maintained at 6%. The decision states […]<\/p>\n","protected":false},"author":6,"featured_media":441786,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-443681","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

On March 29th, the National Bank of Moldova (NBM)\u00a0adopted a decision<\/a> to adjust the short-term monetary policy.<\/p>\n

Therefore, the base rate on short-term monetary policy operations was maintained at the 9% level. The interest rates for overnight loans were set to 12%, while the rates for the deposits were maintained at 6%.<\/p>\n

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 increased\u00a0by two percent to the level of 37%, but just between 8 April 2017- 7 May 2017.<\/p>\n

The decision shows that the annual inflation rate constituted 4,7% in February 2017, 1,7% less than in January. The core inflation rate constituted 4,3% in February, 0,4% less than in January.<\/p>\n

The National Bank drew attention on the 4,1% economic growth in 2016, favorable for exports and stock formation- seen in January 2017 with a 19,6% growth of exports and 28,7% growth of exports.<\/p>\n

The National Bank of Moldova aims to maintain the inflation rate within the range of 1,5% from the 5% target. It forecasts an increase of annual inflation rate until the third quarter of 2017, followed by a stabilization within the latter margin, making an aggregate annual inflation rate of\u00a04,9%.<\/p>\n

The external inflation risks reported by NBM are the increased international prices for food products, uncertainty of oil and natural gas prices. The internal risks are related to the persistence of excessive liquidity in the banking sector, together with the impact of the new fiscal taxes and the future harvest of 2017. At the same time, the\u00a0delay of tariff adjustment to regulated services and re-including the price of liquefied gas in the methodology of price formation for oil products would cause deflationary pressure.<\/p>\n

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