National Bank withdraws MDL 869.4 mln from circulation for monetary sterilization

The Moldovan National Bank (BNM) carried out in September operations for monetary sterilization in the amount of MDL 869.4 mln. Last month these sums amounted to MDL 667.4 mln. If in August the central bank used as instruments of sterilization both the certificate sales that it issues, and the deposits drawn from the banks, then in September it gave preference exclusively to the operations for selling certificates. BNM certificates sold in September have a term of circulation on average of 21 days and an average nominal interest rate of 10.69% annually. The National Bank performs operations for monetary sterilization in order not to allow an unexpected devaluation of the national currency, as well as to reduce the risks of inflation. The liquidity surplus on the internal market is generated by the new issuing of MDL, performed by BNM for buying foreign currency.