Moldova cuts rates steeply while Romania holds

IMF says Moldovan central bank has largely neutralised second-round effects

National Bank of Moldova
National Bank of Moldova

Two central banks in eastern Europe announced contrasting monetary policy decisions, with Moldova sharply cutting rates, while Romania continued to hold.

Moldova: The National Bank of Moldova (NBM) resumed unwinding its 2021–22 cycle of rate increases on November 7. It made a 125 basis point cut, bringing the policy rate to 4.75%. The NBM also reduced its reserve requirements for lenders in both Moldovan and foreign currencies.

Between July 2021 and August 2022, it raised its policy rate by

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