Moldova Interest Rate

The National Bank of Moldova left its benchmark interest rate unchanged at 5% on February 5, 2026, following a 100 bps reduction in December. The decision takes into account the delayed effects of prior monetary policies and aims to maintain medium-term inflation within ±1.5 percentage points of the 5% target, deemed optimal for sustainable economic growth. Inflation eased to a one-year low of 6.8% in December 2025, down from 7% in November, and is expected to return to the target range in the first quarter, remaining close to target thereafter. At the same time, the central bank reduced reserve requirements in both Moldovan lei and freely convertible currency to meet the banking system’s liquidity needs. This measure is expected to increase lending capacity to the real and public sectors, supporting aggregate demand by encouraging consumption and investment, and helping balance the national economy and the current account.