The restrictive monetary policy will not last long, the National Bank said. The forecasts are comforting – inflation will continue to decline until the end of the year, having entered the established range. But tight monetary policy will still act to reduce inflationary expectations, keeping aggregate demand below the potential level, the regulator argues, promising to loosen the reins soon.
“There is a reasonable probability that the NBM will end the current restrictive monetary policy cycle in the near future,” the official statement said.
Since the beginning of 2025, the NBM’s policy, due to keeping the prime rate unchanged, has led to a gradual increase in the weighted average interest rates on new loans and deposits in lei. According to weekly statistics, the average interest rates recorded a more pronounced increase for new lei loans in the first week of June 2025. The weighted average interest rate rose to 9.17% per annum in the reporting week.
In the segment of time deposits in Moldovan lei, the weighted average interest rate decreased to 4.14% per annum. During May 2025, the positive dynamics of the volumes of loans and deposits in MDL was maintained. At the same time, in the first week of June 2025, a decrease in the volumes of loans and deposits was recorded compared to the first week of May.
