Inflation falls to 10.8% in Moldova
Inflation is no longer a risk to investment and consumption, and the monetary conditions created by the National Bank of Moldova (BNM) will support the economic recovery and growth, announced the Governor of the National Bank of Moldova, Octavian Armașu. BNM has revised its annual inflation rate and believes that the target of 5% will be reached in October.
The monetary policy measures previously approved by the National Bank of Moldova create conditions for the further reduction of inflation, so that it will fall to 5% in October, explained Governor Octavian Armașu. In the coming period, BNM experts will closely monitor international developments, with a focus on the oil, natural gas, sugar, and grain markets, as well as other developments related to the war in Ukraine.
"As for interest rates, they are also on a downward trend. Our data show that already in July-August, interest rates for some products have fallen even below 10%. This supports both consumer lending and the financing of investment projects and the support of economic agents in order to revive the economy. We observe that at least the trend in lei loans is increasing, while the trend in foreign currency loans is decreasing, which is something we welcome in order to support intermediation in national currency," Octavian Armașu said.
From October 2022 to July this year, inflation in the Republic of Moldova has fallen by more than 23 percentage points, from 34.6 to 10.8 percent.
