The resolution was adopted by the Administrative Board of the National Bank on May,28 on the basis of the appraisal given by the bank’s experts to the macro economic situation in the country and external economic environment, mid-terms trends and forecasts of macro-economic indicators as well as risk-weighted mid-term forecast of the inflation rate. Besides, the Administrative Board maintained the Overnight loan rate at the level of 7,5% and the Overnight deposit rate at the level of 1,5%. The legal reserve requirement on funds attracted by banks in MDL and forex stayed unchanged at 14% of the rated base.
The decision of NBM is aimed at providing adequate monetary conditions to support lending process, simulate domestic demand and adjust the internal economic situation to shady and volatile macro-economic conditions in order to prevent inflationary expectations. The next sitting on the monetary policy of the Administrative Board is scheduled on June, 28. It should be reminded that since the end of November, 2011 NBM reduced the basis rate of refinancing 4 months in a row. It was reduced 0,5 p.p. from 10% to 9,5% p.a. at the end of November; 1p.p. from 9,5% to 8,5% at the end of December; 2 p.p. from 8,5% to 6,5% at the end of January and 2 p.p. at the of February, When it decreased from 6,5% to 4,5 p.a. The basis rate stayed unchanged at the end of March, April and May.InfoMarket