The National Bank of Moldova (NBM) left its base rate at 2.65 percent and the interest rate on overnight loans and deposits at 5.15 percent and 0.15 percent, respectively.
Last year the central bank cut its key rate five times and by a total of 285 basis points from March through November.
But at its regular meeting in early March this year the bank’s executive committee cut the reserve requirement on bank’s domestic currency and non-convertible deposits by 200 basis points to 30 percent to help boost inflation – which hit 0.2 percent in January – and relaunch economic activity by maintaining adequate liquidity, lower the cost of funds for banks and ensure lending activity continues to rise.
The easing was also aimed at mitigating the risks associated with a negative fiscal momentum during what the bank said was “intensifying political uncertainty.”
At an extraordinary committee meeting on April 5, the reserve requirement on leu deposits was then cut by another 200 basis points to 28 percent as liquidity, after initially rising, declined to 3.4 billion in early April leu from 7.1 billion in mid-March, mainly due to tax payments.
At its regular meeting today, the executive committee then lowered the reserve requirement for the third time since March 5 by another 200 basis points to 26.0 percent. The requirement for convertible currency deposits remains at 30 percent.
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