The National Bank of Moldova (BNM) unanimously voted to maintain a 3.6% annual base rate on short-term monetary policy operations. 

This vote mirrors the decision made in August of 2023, when the board approved a decision of a 3.6% annual base rate then as well. 

The latest decision, announced on September 19, means there will be no changes made to interest rates on overnight loans, deposits, or repo operations, as well as the required reserve rules.

Interest rates on overnight loans will remain at 5.6% annually, while overnight deposits will continue at 1.6% annually. Repo operations will be set at 3.85% annually. Additionally, the required reserve ratio for funds attracted in Moldovan leu and non-convertible foreign currency will stay at 29% of the base rate.

The BNM confirmed the validity of the inflation forecast outlined in the August inflation report, indicating a stable outlook for inflation. The current assessment of real monetary conditions in the deposit, credit, and foreign exchange markets suggests a favorable environment for maintaining inflation within ±1.5 percentage points of the 5% target.