The National Bank of Moldova increased the base rate on the major short-term monetary policy operations by 1%, from 8% to 9% a year, Info-Prim Neo reports, quoting the Bank’s Administration Board. The interest rates on overnight loans and deposits were also increased by 1%, from 11% to 12% annually and, respectively, from 5% to 6% a year. The norm of obligatory reserves composed of resources attracted in Moldova lei and foreign currency and freely remained at the level of 14% of the calculation base. In a communiqué, the central bank says the decision was determined by the macroeconomic situation in Moldova and abroad and the possible challenges forecast for the near future As to the inflation rate in the coming periods, the bank said it will be influenced both by internal risk factors like the regulated prices and their side effects and such external factors as the volatility of the world financial markets caused by the public finances crisis in Europe and the evolution of the world prices of food and oil products. The National Bank of Moldova said it will continue to firmly manage the surplus of liquidity through sterilization operations on the money market so as to ensure a disinflationist macroeconomic climate, and will maintain the stability of prices on a medium term by using the available monetary policy instruments. The bank forecast an annual interest rate of 8.4% in the fourth quarter and of 7.4% for next year.