Economic

Moldova Lowers Interest Rate to Boost Economy

The National Bank of Moldova (BNM) has lowered its key interest rate applied to main short-term monetary policy operations by half a percentage point to 3.75%.

BNM Governor, Anca Dragu, made the announcement during a briefing.

This measure could lead to lower borrowing costs. As a result, financial institutions may offer loans at reduced rates, providing consumers with an opportunity to refinance existing debt at more advantageous terms.

In addition to lowering the base rate, interest rates on overnight loans and deposits were also reduced by half a percentage point. These will now stand at 5.75% and 1.75% respectively.

“This decision reflects our commitment to respond dynamically to current economic developments. We have lowered the base rate to support demand and stimulate consumption. This translates to lower borrowing costs, presenting consumers with an excellent opportunity to refinance existing debt at improved rates and incentivizing businesses to invest in expansion and innovation,” stated Anca Dragu.

Furthermore, the head of the BNM noted that in February, inflation remained within the target range for the fifth consecutive month, registering at 4.3%. This represents a 0.3 percentage point decrease compared to January. The previous adjustment to the base rate occurred in early February 2024, when it was similarly reduced by half a percentage point.

Translation by Iurie Tataru

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