The tightening of monetary policy by the National Bank of Moldova had notable effects on the national economy, especially on the governmental activity. As a result of these measures, the Government had to borrow more expensively, while access to loans for the population was not significantly affected, economic expert Veaceslav Ioniță said, quoted by IPN.

"I think the critical phase of the crisis passed. We are returning to normality. This means acceleration of all lending processes," the expert of the Institute for Development and Social Initiatives "Viitorul" stated in his program.

According to him, the monetary policy had a significant impact on interest rates and savings. In February 2025, the basic interest rate increased by 80.6% compared to the end of last year, and bank deposits registered a substantial increase.

"The tightening of monetary policy and the increase in the price of deposits motivated Moldovans to make deposits, but it did not demotivate them to take consumer loans," Ioniță said. Mortgage loans have had a slower evolution, and a slight slowdown is expected in the coming months due to the constantly rising prices in the real estate market.

In January, the NBM increased the base rate applied to the main short-term monetary policy operations by 2 percentage points, from 3.60% to 5.60% annually. In February, a new increase of 0.9 percentage points was decided, up to 6.5% annually. By the last decision, of March, the base rate was kept at the level of 6.5% annually.