BNM maintains base rate on main monetary policy operations at 3.6%

Chisinau, Sep 19 /MOLDPRES/- The base rate applied to the main short-term monetary policy operations is kept at 3.6% annually. The decision was taken today by the Executive Board of the National Bank of Moldova (BNM) by unanimous vote. At the same time, the interest rates on overnight loans and deposits, repo operations, as well as the required reserve rules were maintained.

Thus, interest rates on overnight loans were maintained at 5.6 percent annually, on overnight deposits - 1.6 percent annually, and on repo operations - 3.85 percent annually. At the same time, the BNM also decided to maintain the required reserve ratio of funds attracted in MDL and non-convertible foreign currency at the current level of 29 percent of the base. 

"At the same time, the validity of the inflation forecast set out in the August inflation report is confirmed," the press release issued by the BNM reads.

According to the BNM, the current assessment of the real monetary conditions on the deposit, credit and foreign exchange markets indicates a favorable situation for maintaining inflation within the range of ±1.5 percentage points of variation from the 5% target.

The previous monetary policy decision was approved last August, when the base rate was kept at 3.6%.