Central bank raises interest rates on overnight loans and deposits

The National Bank of Moldova increased the interest rates on overnight loans and deposits by one percentage point, to 10% and 4% a year respectively, Info-Prim Neo reports, quoting a communique from the bank. At the March 25 meeting, the central bank's Administration Board decided to raise the base rate on the loans granted for more than five years also by one percentage point, to 7% a year, and the base rate on the main short-term monetary policy operations from 6% to 7% a year. The Board also decided to maintain the norm of mandatory reserves composed of financial resources attracted in Moldovan lei and nonconvertible currency and the norm of mandatory reserves consisting of financial resources attracted in freely convertible currency at the level of 8% of the calculation base.