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Sep 20, 2023 11:23 EEST
September 20 (SeeNews) - Moldova's central bank said that it decided to keep its monetary policy rate unchanged at 6% after five previous cuts delivered since August 2022 in an effort to bring inflation back within its target band of 3.5%-6.5%.
Interest rates on overnight loans and deposits were also left unchanged, at 8% and 4% per annum respectively, the central bank, BNM, said in a press release on Tuesday.
This decision is aimed at anchoring inflationary expectations and ensuring the necessary monetary conditions to bring back and maintain inflation in the vicinity of the inflation target of 5% in the medium term.
Moldova's annual inflation decreased by 1.1 pp in August to 9.7%, being 0.2 pp higher than the anticipated value. The deviation was mainly caused by fuel prices, as a result of the higher than expected increase in crude oil prices. However, the disinflationary demand, starting in mid-2022, and the appreciation of the Moldovan leu since the beginning of 2023 continue to mitigate these factors, the BNM said.
Uncertainties with regard to the inflation outlook revolve around the tense situation in the region, the statistical reflection of compensation for communal-housing services, and the demand and price volatility on the international market.
The BNM's executive board will hold its next monetary policy meeting on November 7, when it will examine the possibility of further lowering the base rate.
(1 euro = 19.1677 Moldovan lei)
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