In 2025, there are multidirectional trends on the consumer credit market in Moldova, conditioned by the monetary policy measures of the National Bank of Moldova (NBM) and the general state of the economy.
While at the beginning of the year the population actively borrowed, since August the growth of consumer lending has been slowing down. The fall in demand manifested itself in the decrease of both the total volume of new loans granted in November (-2%) and loans granted to individuals.
In November 2025, individuals issued loans amounting to 2,187.8 million lei, which is 10% less than in the previous month. Moreover, most of them (59.2%) were granted for current expenses.
Despite the easing of the NBM’s monetary policy, commercial banks increased the interest rates on loans in some periods. For example, the average rate on consumer loans increased from 10.95% in July to 11.09% in August. In November, the average rate on consumer loans in lei amounted to 11.03%, and on mortgage loans – 8.14%.
The regulator’s policy is aimed at reducing the population’s overcrediting and reducing the share of bad loans, which affects the quality of the banks’ loan portfolio. This leads to a more thorough screening of borrowers and an increase in refusals to issue new loans. In addition, inflation expectations (forecast at 7.7% in 2025) and growing uncertainty make consumers more cautious about new debt obligations.
