NBM Raises Its Key Interest Rate to 6.5% to Curb Inflation

The National Bank of Moldova (NBM) has decided to raise the base interest rate from 5% to 6.5% per annum amid mounting global inflationary pressures. The decision was taken unanimously by the bank’s Executive Committee. At the same time, the overnight lending rate has been set at 8.5%, and the overnight deposit rate at 4.5%. Reserve requirement ratios remain unchanged: 18% for funds in lei and 26% for freely convertible currency, reports bani.md. According to the NBM, the measure was taken against a backdrop of accelerating inflation caused by rising prices for energy, food and raw materials on the global market, as well as heightened tensions in the Middle East. Annual inflation in March 2026 reached 5.81%, exceeding previously forecast figures. Among external factors, the bank also notes disruptions in the Persian Gulf region, including the blockade of the Strait of Hormuz, which has led to rising oil and gas prices. Additional pressure is being exerted by the strengthening of the US dollar and the weakening of the euro. Despite external risks, Moldova’s economy started the year on a positive note: industry grew by 2.8%, agriculture by 8.6% and retail trade by 16.3%. However, the NBM warns that external risks remain high, including due to the war in Ukraine, instability in the Middle East and a possible slowdown in the European economy. The bank states its readiness to use all available instruments to maintain price stability.