Interest rates raised

IPN.md

3 June 2022
15:55

The interest rates on loans were increased and by such a move the National Bank of Moldova aims to discourage lending and excessive consumption. The interest rates on deposits were also increased so that the people are motivated to economize and not to spend. This way, the interest rate on overnight loans was set at 20.5%, while those on overnight deposits – at 16.5% a year, up 3 percentage points each, IPN reports.

In a news conference where he presented the monetary policy decision, NBM governor Octavian Armașu said that the Executives Board of the central bank decided that the base rate applied to major short-term monetary policy operations will be 18.5% yearly.

The required reserves ratio in Moldovan lei and non-convertible currency is also raised. The required reserves ratio in Moldovan lei for the application period of June 16-July 15 will be 32% of the calculation base, up from 30%, while for July 16 – August 15, 2022 will be 34%, up from 32%. The goal is to stimulate the rates on the market up.

In the case of the required reserves ratio in non-convertible currency, this was increased from 33% of the calculation base, to 36% and from 36% to 39% respectively.

“The risks and uncertainty related to the stability of consumer prices are high and the restrictive character of the monetary policy conduct was maintained therefore. In continuation, the monetary policy decisions are opportune from a number of perspectives. These are related to the tempering of the second-round effects of the shocks of prices coming from outside, balancing of the aggregate demand, stimulation of savings to the detriment of immediate consumption and attenuation of pressure on the depreciation of the national currency following the increase in the current account deficit and capital reflow,” stated Octavian Armașu.

According to him, the monetary policy decision pursued by the NBM creates monetary conditions that can alleviate the alert growth rates in consumer prices and secondary effects of the supply. The bank aims to anchor the inflation anticipations and to reduce inflation to the variation interval of ± 1.5 percentage points from the inflation target of 5% in the medium term.

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Interest rates raised

IPN.md

3 June 2022
15:55

In the case of the required reserves ratio in non-convertible currency, this was increased from 33% of the calculation base, to 36% and from 36% to 39% respectively.

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Tonight, the Republic of Moldova will face an electricity deficit, and authorities are urging the population to voluntarily reduce consumption between 09:00 PM and 11:00 PM. To maintain the stability of the power system, the operator Moldelectrica will resort to emergency energy mechanisms, reports IPN.

According to the authorities, the forecasted trade deficit is about 74 MWh in the 09:00 PM-10:00 P, interval and 56 MWh between 10:00 PM and 11:00 PM.

According to the authorities, the situation is determined by the increase in energy consumption due to the heatwave, while production is reduced at a regional level. The low flow of the Danube limits the activity of some power plants, which use water for cooling installations, and this affects the capacity to produce and import energy.

The authorities specify that, until the closure of the energy markets, steps were taken to cover consumption needs. In the absence of sufficient volumes, Moldelectrica will use emergency power to maintain the stable operation of the system.

The population is urged to reduce consumption in the indicated interval by turning off lights and unused appliances, postponing the use of high-consumption appliances such as washing machines, dryers, or electric ovens, as well as limiting the use of air conditioning units. Authorities recommend, if possible, avoiding the use of elevators during this period.

At the same time, citizens are advised to be prepared for potential temporary power outages, by charging mobile devices and ensuring alternative sources of lighting.

The measures to reduce consumption were previously approved by the National Crisis Management Commission and target public buildings, commercial spaces, businesses with energy-intensive production processes, water and sewage operators, public authorities, as well as administrators of blocks equipped with elevators.

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