The National Bank of Moldova (NMB) has decided to maintain the base rate at 6.5% per annum, applied to its main short-term monetary policy operations. The overnight loan rate remains at 8.5%, the repo rate stays at 6.75%, and the overnight deposit rate holds steady at 4.5% per annum, according to a decision announced today by the BNM Executive Committee, IPN reports.
The central bank explained that this decision aims to anchor inflation expectations and return inflation to the target range of 5% ±1.5 percentage points over the medium term.
“This decision comes amid a decline in inflation and the continued impact of previously adopted restrictive measures,” the NBM said in a press release. “We anticipate a downward trend in inflation through the end of the year, supported by weaker-than-potential demand and a more stable outlook.”
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According to the NBM, inflation will remain on a downward path in the coming months, driven by low domestic demand, muted inflation expectations, and continued disinflationary pressures. Under these circumstances, the central bank sees a reasonable chance of ending the current restrictive monetary policy cycle shortly.
As of May 2025, Moldova’s annual inflation rate stood at 7.9%, a slight increase from April, exceeding the upper limit of the inflation target range. This rise was primarily driven by higher food prices, partially offset by declines in fuel and regulated prices.
On the global front, the World Bank has revised its economic growth forecasts downward due to ongoing trade tensions and geopolitical uncertainty, adding complexity to monetary policymaking in the region.