CHISINAU (Moldova), December 3 (SeeNews) - Moldova's central bank decided to raise its policy rate to 6.5% from 5.5%, in order to to create the monetary conditions necessary to temper the rise in consumer prices, it said on Friday.
Interest rates on overnight loans and deposits will increase by 1.0 percentage point - to 8.50% and 4.50% per annum, respectively, the central bank BNM said in a press release.
The level of required reserves remains unchanged.
The decision comes in support of consumer preference for savings from immediate consumption that has emerged amidst the economic activity seen during the current year, the central bank said.
Moldova's consumer prices increased by 8.81 year-on-year in October, compared to a 6.68% rise in the previous month, the latest data from the National Bureau of Statistics showed.
(1 euro = 20.1167 Moldovan lei)