News about Monetary policy
“The Governor of the National Bank of the Republic of Moldova, Anca Dragu, told us about her career in national and European institutions, the concrete impact of Moldova’s accession to SEPA, the role of women in leadership positions and the European stakes for Moldova. She said that the professional path is built step by step, that public decisions must be taken with responsibility and that the Republic of Moldova “belongs” to the European Union.
During the annual session of the Committee of Ministers of the Council of Europe, held in Chisinau on May 15, the foreign ministers of 46 member states of the Council of Europe adopted the Additional Protocol to the Council of Europe Convention on Combating Money Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism (“Warsaw Convention”).
Bank holding Goldman Sachs forecast gold prices to rise to $5,400 per troy ounce by the end of 2026. The main driver is the increasing demand from central banks, which turned out to be much higher than previous estimates.
The United States has the largest external debt – $24.54 trillion. It exceeds the total external debt of the 10 countries that follow the US in the ranking of the world debtors. The least indebted country is Eritrea. Its external debt is $461 million.
The average salary in Europe in 2025 differs from country to country. When purchasing power is taken into account, the gap is narrowing. But the gap between the countries with the highest and lowest wages is still wide.
Moldovan banks will have to implement new international sustainability standards and strengthen risk management. These are the main changes and amendments contained in the draft amendments to the Regulation on the Fundamentals of Banks’ Activity Management.
On Friday, the Romanian leu weakened by 0.2% to 5.2035 per euro ahead of the central bank’s interest rate decision, which took place on the same day but later. This fall was due to investors’ concerns about the central bank’s further policy and the tense economic situation.
In January, year-end inflation in Ukraine was forecasted at 7.5 percent. However, already in the April forecast it reaches 9.4%. However, the projected long-term trend is moderately positive, then inflation at the end of next year will be 6.5%, and in 2028 – 5%.
Excess liquidity becomes an additional factor of inflation acceleration. When people and companies, as well as the banking system, have more money on hand than is necessary to service the current volume of goods and services, unsecured demand grows faster, which leads to higher prices.
The International Monetary Fund (IMF) will send its staff to Ukraine in the coming weeks to check on progress in the implementation of economic reforms under the new 4-year, $8.1 billion Extended Fund Facility (EFF) program.
The National Bank of Moldova (NBM) has revised upward its inflation forecast, which will rise from to 8.6% in the last quarter of 2026 against the backdrop of the situation in the Middle East. According to the central bank’s previous official forecast, inflation in Q4 should have amounted to 5.0%, while in the forecast a year earlier (in May 2025) – 4.0%.
On May 13, the Senate in the United States confirmed as head of the Federal Reserve System (Fed) Kevin Warsh, who was personally proposed for the position by President Donald Trump.
The rights and duties, including responsibilities of credit bureaus will be revised and expanded. Clear requirements for the bureau’s authorized capital have been defined. It should be at least 10 million lei, with at least 30% of it covered by own funds.
The level of guaranteed deposits in Moldova may be increased again in the nearest period within the framework of a plan to gradually adjust the system to European standards. This was announced by the director general of the Deposit Guarantee Fund in the banking system, Dionis Catanoi.
The National Bank is stepping up efforts to transition to “environmentally friendly” credit instruments, which should give borrowers significant advantages and enter the country’s “green transition” system in accordance with European requirements. The Central Bank is already holding training seminars with professional participants in the banking system to assess such business initiatives and create appropriate financial conditions for green loans.
Leading economic experts consistently argue that classic monetary methods of the National Bank are ineffective against the current inflation. It is not about money. And even – not in their quantity. It is about the economic sovereignty of the country.
Ceadir-Lunga Municipality is planning the third issue of municipal bonds for a total amount of 8 million lei. Following an open tender, the commercial bank maib was appointed financial intermediary for the placement of the issue. Today, the sides signed a contract on financial mediation.
President Maia Sandu held talks with a mission of the International Monetary Fund (IMF) on a new cooperation program under the Policy Coordination Instrument (PCI). The meeting took place on Sunday, May 10, during the visit of the IMF mission to Chisinau between May 7 and 20.
The National Bank of Moldova (NBM) reported a favorable economic growth forecast for the first quarter of 2026, noting positive dynamics in industry, agriculture and retail trade. However, along with this, the National Bank decided to tighten monetary policy to control inflation by raising the prime rate to 6.5% per annum.
According to the National Bank of Moldova (NBM), the official reserve assets at the end of April 2026 amounted to 5,209.83 million euros, decreasing by 56.71 million euros year-on-year. The main factors for the decrease were the depreciation of the dollar against the euro (40.69 million euros) and payments for servicing the external public debt (21.53 million euros).
