The National Bank of Moldova (NBM) sterilised in May an excess of liquid assets estimated at about 2.3 billion lei. In this respect, the Central Bank held an auction sale for NBM Certificates, this way offering a 2.6 billion lei volume with maturities ranging from 14 to 28 days. The banks demand represented only 87.6 % of the offer’s volume. The invested volume represented about 2.3 billion lei, surpassing the one recorded in April 2007 by 2.2 times. The average weighted interest rate on the issued NBM Certificates diminished from 13.69% in April 2007 to 13.32% per year in May 2007. The balance of the sterilisation operations on the last day of May 2007 was of about 1.5 billion lei, surpassing by 141.1 mln lei the balance registered by the previous month-end. In May 2007 the National Bank of Moldova offered to banks the following standing facilities: overnight deposits accepted in an amount of 1386.0 million lei and overnight credits extended in an amount of 30.0 million lei. During May 2007, the interest rates for the NBM monetary instruments stayed the same as previously established by the NBM Administration Board: the base rate applied on 2-month state securities REPO-buying operations, performed within NBM open market operations, represented 13.5% annually; the rate for the overnight credits – 17% annually; the rate for the overnight deposits accepted by the bank – 2% annually. The interest rate for the long-term loans (more than 5 years) remained at the same level of 10.5% annually.