NBM keeps rates on main instruments unchanged
Taking into account the macroeconomic assessment of the situation and the inflation forecasts, the Administrative Council of the National Bank of Moldova (NBM) kept the rates on the basic instruments of the monetary-credit policy at the previous level.
As NBM management reported, the basis rate was kept at 7%, the rate of overnight credits - at 10% and deposits - at 4%. The reserve rate for commercial banks was left at 8%.
The next meeting of the NBM Administrative Council will take place on August 26.
According to the NBM, keeping unchanged the basis rate will preserve the current conditions on the market, including the retention of decreasing rate on deposits and stimulation of decreasing trend of interest rates on loans.
By rationally applying the instruments of the monetary policy, the central bank tends to guarantee the equilibrium between the inflation and economy recovery.
According to NBM calculations, the economic growth will exceed the forecasts by 1% in 2010 and by 0.3% in 2011, constituting 3.4% and 3.3% respectively.
Due to the decrease in inflationary pressure, the inflation rate will equal 8.2% at the end of the year, 2.5% less than forecasted in May. By the end of 2012, the inflation rate will decrease to 5%. At the same time, the basis inflation will constitute 6% and 3.5% respectively.
The NBM promises to present more complete information regarding inflation forecasts and other macroeconomic indicators in the next report on monetary policy on August 6.
Infotag
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