National Bank of Moldova raises key interest rate to 9%

National Bank of Moldova interest rate hike monetary policy inflation Moldovan economy

The National Bank of Moldova (BNM) has increased its key interest rate by 1.5 percentage points, raising it from 7.5% to 9% per annum. This decision, made by the executive committee on September 17, 2026, aims to curb rising inflationary pressures and encourage saving over consumption.

In addition to the base rate, the BNM adjusted other monetary policy rates. The overnight lending rate was set at 11% per annum, the repo rate at 9.25%, and the overnight deposit rate at 7%. Mandatory reserve requirements remain unchanged at 18% for local currency and non-convertible currency, and 26% for freely convertible currency.

The rate hike follows an acceleration in inflation, which reached 6.96% in August, exceeding the central bank's target range. The BNM noted pressures from both external factors, such as rising costs for energy and raw materials, and internal factors, including increased disposable income driving consumption. The bank's long-term goal remains returning annual inflation to a 5% target with a ±1.5 percentage point tolerance. Inflation risk assessments have been revised upward for the fourth quarter of 2026 and the first half of 2027.

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Claims

What the coverage asserts, and how many sources carry each claim.

[● 5 SOURCES] The repo rate was set at 9.25% per annum. ziar.md · bnm.md
[● 5 SOURCES] The key interest rate increased by 1.5 percentage points from 7.5% to 9%. ziar.md · bnm.md
[● 5 SOURCES] The interest rate hike aims to reduce inflationary pressures and encourage saving over consumption. ziar.md · bnm.md
[● 5 SOURCES] Mandatory reserve requirements remain unchanged at 18% for local currency and 26% for freely convertible currency. ziar.md · bnm.md
[● 5 SOURCES] Annual inflation reached 6.96% in August. ziar.md · bnm.md
[● 5 SOURCES] The overnight deposit rate was set at 7% per annum. ziar.md · bnm.md
[● 2 SOURCES] The central bank revised inflation risk assessments upward for Q4 2026 and the first half of 2027. bnm.md
[● 5 SOURCES] The overnight lending rate was set at 11% per annum. ziar.md · bnm.md
[● 4 SOURCES] The National Bank of Moldova increased the key interest rate by 1.5 percentage points, from 7.5% to 9% per annum. ziar.md · bnm.md · politik.md
[● 3 SOURCES] The central bank aims to return annual inflation to a target of 5% with a ±1.5 percentage point tolerance. ziar.md · bnm.md
[○ 1 SOURCE] Inflation risk assessments were revised upward for Q4 2026 and the first half of 2027. bnm.md
[● 2 SOURCES] Mandatory reserve requirements remain unchanged at 18% for local currency and non-convertible currency. ziar.md · bnm.md