News about Monetary policy

The official reserve assets of the National Bank of Moldova (NBM) at the end of May 2026 amounted to €5,188.27 million. Compared to April 2026, when the reserves amounted to €5,209.83 million, there was a decrease of €21.56 million. The decrease in official reserve assets in May was mainly due to domestic financial liabilities and seasonal servicing of external debt. According to the official data of the NBM, the key factors of the balance change were mainly payments on external debt in the amount of 30.07 million euros and net outflow on required foreign exchange reserves of licensed banks in the amount of 20.42 million euros.

The very rich make up only a tiny fraction of the world’s population, yet they are the ones who control a significant portion of the world’s wealth.

Currency strategists predict that the US dollar exchange rate will remain in a certain range in the near future and then weaken by the end of the year. Although analysts expected it to weaken, their confidence has waned in recent months and they now forecast a smaller decline or even a rise in the exchange rate. This is due to optimism about the imminent end of the conflict in the Middle East and its temporary impact on inflation.

The European Bank for Reconstruction and Development (EBRD) predicts a recession in Romania’s economy in 2026.

Over the past ten years, the National Bank of Moldova’s sanctions policy has gone through several phases: from targeted fines of tens and hundreds of thousands of lei in 2017–2020 to individual sanctions amounting to tens of millions of lei in 2022, and subsequently to a more systematic tightening of supervision in 2025–2026.

The possible conclusion of a peace treaty between the U.S. and Iran before the meeting of the European Central Bank (ECB), which will be held next week, does not deprive the regulator of the grounds for raising interest rates. This was stated by Pierre Wunsch, head of the Belgian central bank, in an interview with the Financial Times, making it clear that he is strongly in favor of a rate increase.

The fate of the world economy depends on the outcome of the conflict in the Middle East, which is already holding back its growth. In the future, it could trigger recessions and significantly higher inflation, said the Organization for Economic Cooperation and Development (OECD).

The Moldovan government is raising the cost of domestic borrowing. The Ministry of Finance announced the launch of a new subscription round for government securities (GS) for the period from June 2 to June 14, 2026 through the eVMS.md platform. The fixed interest rates for all subscription terms for government securities (GS) for individuals from the May subscription round remain increased from 7.45% to 7.85%, making investments for citizens more attractive and profitable compared to bank deposits.

The euro’s share of the global market rose slightly to around 20%, lagging far behind the dollar despite inconsistent US policy. Investors are refocusing on gold and smaller currencies, with gold’s share of total reserves exceeding the euro and government bonds. ECB President Lagarde is calling for reforms in the EU to make the euro more attractive and sustainable globally.

Gold prices declined on Monday, June 1, amid the escalation of the conflict between the United States and Iran. Investors preferred to focus not on geopolitical risks, but on the consequences of rising oil prices, which may push the U.S. Federal Reserve to maintain high interest rates.

Turkey’s economy slowed in the first quarter. The central bank tightened monetary policy to reduce risks associated with the conflict with Iran. The shock caused volatility in the energy market and complicated the Turkish central bank’s efforts to curb inflation. Turkey imports a significant amount of oil and natural gas, making its economy particularly sensitive to changes in global energy prices.

The European Union has started discussing possible ways to support Euroclear depository after the Russian court ruling on the recovery of losses related to the blocking of Russian assets.

The debate about whether the orthodox methodology of central banks’ containment of inflationary pressures should be followed in view of the “hard times” in the world is heating up with renewed vigor. Experts are questioning whether the role of money should be given so much importance and when it should be done. And what is more important here – canons or common sense.

A Federal Reserve (Fed) spokesman cautions against viewing the oil shock as temporary, believing that policy tightening is possible if inflationary pressures do not abate. This could include not only a change in interest rates, but also a review of the Fed’s use of the balance sheet.

British artist Iain Alexander (Iain Alexander) said that he discussed with Donald Trump the design of the proposed 250-dollar U.S. banknote. The idea of its issuance is already being considered in structures related to the administration.

The current US administration will not allow the introduction of a central bank digital currency (CBDC). This was stated by the Minister of Finance Scott Bessent.

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.