The national public budget revenues in the second quarter of this year grew by 18.6% compared with the corresponding period last year. According to the National Bank of Moldova, the expenditure of the national public budget were by 13.1% higher than in the second quarter of last year, IPN quoted the central bank’s governor Octavian Armașu as saying in a news conference.

The governor said the interest rate on state securities kept the upward trend. Excessive liquidity totaled 4.6 billion lei, an increase of 0.1 billion lei on the previous quarter.

The average interest rates on loans in national currency grew by 0.64 percentage points, while on deposits – by 0.97 percentage points. The average interest rates on loans and deposits in national currency underwent minor changes.

Following the assessment of the balance of internal and external risks and the perspectives of short and medium-term inflation, the Executive Committee of the National Bank of Moldova decided to successively increase the base rate on the main monetary policy operations by 3.00 percentage points to 21.5% a year and the required reserves ratio from the financial means attracted in Moldovan lei and in non-convertible currency from 34% to 40%  of the calculation basis, while the required reserves ratio from the financial means attracted  in freely convertible currencies – from 39% to 45% of the calculation basis.

According to the governor, the decision is aimed at tempering the growth pace of consumer prices, attenuating the secondary effects of supply shocks, stimulating financial intermediation in national currency and saving to the detriment of consumption and at anchoring inflationist expectations.