News about Monetary policy
How far does our banking autonomy extend? This and other questions were answered by the Governor of the National Bank of Moldova (NBM) during the Conference of Heads of Central Banks of Francophone Countries, which is taking place in Phnom Penh, the capital of Cambodia. The conference is dedicated to the theme: “Autonomy of the central bank in the conditions of state and public expectations”. The Moldovan governor’s position is understood by the head of the European Central Bank, Christine Lagarde, which was confirmed by both sides in the Memorandum of Understanding and Cooperation between the ECB and the NBM, as well as in a personal meeting.
The silver market remains under intense pressure after January’s record rally, with major banks warning: the upside potential is all but exhausted.
European Central Bank President Christine Lagarde said the independence of the U.S. Federal Reserve remains in jeopardy and requires support from voters and lawmakers.
The authorities are planning to expand the list of criminal acts connected with counterfeiting and to considerably toughen penalties. In this way, the legislation is to be adapted to modern technology and new challenges in the area of security.
International rating agency Fitch Ratings forecasts Moldova’s GDP growth in 2026-2027 at an average of 3%, given improving external reserve buffers and the authorities’ macroeconomic policies, which mitigate the risks of energy shocks, the agency said in a commentary published on Tuesday after Chisinau agreed a non-financial cooperation program with the IMF.
China is cutting the interest rate on consumer loans to a record low to stimulate the economy. The reduction in borrowing costs comes amid signs that the Chinese economy is slowing after a strong first quarter. Growth slowed across the board in April and the People’s Bank of China (MLF) went for a further cut in May. In May, some banks borrowed under the People’s Bank’s annual medium-term lending facility at a rate of just 1.45%, down 0.05 percentage points from April.
Official inflation in Moldova in annualized terms in April 2026 amounted to 6.8%. In the previous month it was 5.8%. So the April growth was the most significant since December 2025.
The dollar fell on Monday as rising hopes led to lower yields and increased risk appetite. The weakening dollar and rising risk appetite was driven by recent news of progress in the US-Iran peace agreement, lower geopolitical tensions and falling oil prices, which reduced expectations of prolonged inflation.
Despite the statements of some experts that money transfers from abroad to Moldova are decreasing, the statistics show the opposite.
Public debt service costs in developed countries are growing rapidly, reaching record global levels. This process is caused by the need for emergency anti-crisis borrowing and a long period of high interest rates set by central banks to fight inflation. Between 2020 and 2025, the ratio of public debt to GDP in developed countries increased by 25-30% on average.
The European Central Bank (ECB) warned of the risks of issuing euro-stablecoins – they can reduce bank lending and complicate control over interest rates. About it writes Reuters with reference to sources.
Turkey’s state-owned banks were forced to make large-scale currency interventions following a court ruling against a Turkish opposition leader, and the stock market collapsed 6.1 percent in a short time.
Prosecutor General Alexandru Makidon publicly commented on the scandal surrounding the 75 thousand euros he discovered in the basement of his parents’ house after their death. He stated that he understood the public distrust amid numerous cases of corruption and unjustified enrichment in the justice system.
In April 2026, the net demand of economic agents (legal entities) for foreign currency in Moldova was covered by the net supply from individuals by 80.5%. This indicator shows a decrease compared to March, when the level of coverage amounted to 92.0%. The main indicators and tendencies of the foreign exchange market, according to the official reports of the National Bank of Moldova (NBM), were formed under the influence of business activity recovery and servicing of external liabilities.
On Friday, investment bank JPMorgan warned that Turkey’s central bank is likely to raise its key interest rate to 40%. The increase could come before the next scheduled meeting in June, given the current market volatility caused by political factors.
Chisinau will not receive money, but the rigidity of criteria for evaluating economic policy will remain at the level of standard IMF loan agreements. Any violation of the reform schedule will instantly deprive Moldova of the status of a “reliable borrower” before other donors.
Finance Minister Andrian Havrilice today made a statement on the outcome of the negotiations on the agreement with the IMF. He specified, without giving details, that the sides agreed on the objectives of reducing the budget deficit and on the measures needed for a sustainable economic growth.
Moldova and the International Monetary Fund (IMF) have reached an agreement on a new cooperation program for the next three years. This was announced by Prime Minister Alexandru Munteanu after the IMF mission in Chisinau.
In April, in annualized terms, producer prices of industrial products increased by 1.1%, according to official statistics, and by 0.4% for the month. This means that the pressure on inflation is mainly exerted by external factors and the service sector, rather than local production.
The Russian ruble has become the leader in strengthening against the dollar among world currencies in the current quarter.
