The base rate on the monetary policy operations remained unchanged. The Executive Board of the National Bank of Moldova (NBM) decided to keep the value of the main monetary policy instruments, IPN reports.
This way, the base rate on the main short-term monetary policy operations was kept at the level of 3.25%. The interest rates on overnight loans and deposits remained at the level of 6.25% and, respectively, 0.25% a year.
The mandatory reserves attracted in Moldovan lei and in non-convertible currency were kept at 34% of the calculation basis, while the mandatory reserves attracted in freely convertible currency at 21% of the calculation basis.
The NBM said the decision was taken in order to achieve the central bank’s main objective in the conditions of economic uncertainty generated by the COVID 19 pandemic. The current situation reveals an increased level of uncertainty as to the size of the crisis generated by COVID-19, the subsequent economic recovery and the evolution of prices of raw material and energy resources at global level. At the same time, the weather conditions could lead to a modest harvest in 2020.
The Bank noted it will continue to monitor the macro-economic situation determined by the implications of the pandemic. It also reiterated that at the opportune moment, without prejudicing its fundamental objective – to ensure the stability of prices – it will come up with the measures needed to maintain a sufficient level of liquidity at licensed banks, in support of a viable and stable banking system.
