---
title: "BNM cautious: Rate steady as inflation dips"
url: https://radiomoldova.md/p/26976/bnm-cautious-rate-steady-as-inflation-dips
published: 2023-12-15T10:05:00Z
language: en
section: "Economic"
source: radiomoldova.md
---

# BNM cautious: Rate steady as inflation dips

> The National Bank of Moldova (BNM) today adopted a measured approach, opting to keep the key policy rate unchanged at 4.75% per annum.

The National Bank of Moldova (BNM) today adopted a measured approach, opting to keep the key policy rate unchanged at 4.75% per annum.

![](https://storage.radiomoldova.md/images/e3d94a44-8620-40e1-b5b7-6a2ec6449784.jpg)

This decision reflects a nuanced balancing act between acknowledging recent positive developments in the inflation landscape and remaining vigilant against potential future risks.

*"New macroeconomic data corroborate the validity of our latest forecast,"* declared BNM Governor Octavian Armasu. *"While annual inflation has dipped below expectations to 5.5% in November, primarily driven by regulated food prices, a cautious stance remains essential."*

The BNM's resolve to anchor inflation within its target range of 5% with a tolerance band of ±1.5% is evident in its decision. Despite the encouraging downward trend, with inflation shedding over 29 percentage points since its October 2022 peak of 34.6%, the bank remains mindful of external uncertainties and their potential impact on domestic price pressures.

*"Future actions of the Executive Committee will be informed by updated inflation trajectories and evolving risk assessments,"* emphasised Armasu. *"We will continue to monitor both domestic and international economic conditions with meticulous attention, prepared to take decisive measures if necessary to ensure inflation remains firmly within the target range."*

Translation by **Iurie Tataru**