Loans Set to Become More Expensive as National Bank Raises Base Rate to 11%

The National Bank of Moldova has raised its base rate by two percentage points, from 9% to 11% per annum. The decision could lead to further increases in commercial banks’ lending rates, making borrowing more expensive for households and businesses. The decision was unanimously approved by the NBM Executive Committee at its meeting on November 5, 2026. The regulator also raised the overnight lending rate from 11% to 13%, the rate on REPO operations from 9.25% to 11.25%, and the overnight deposit rate from 7% to 9%, realitatea.md reports. The NBM explained the increase by pointing to mounting inflationary pressure and growing risks to price stability. Annual inflation reached 8.6% in September, up 1.64 percentage points from August. The rate increases are intended to curb consumption, encourage savings and slow price growth. According to the central bank’s forecast, inflation will continue to rise until the end of 2026 before beginning to decline in the first quarter of 2027. It is not expected to return to the target range until the third quarter of next year. The NBM last raised its base rate in September, increasing it by 1.5 percentage points to 9% per annum.