OREANDA-NEWS. August 29, 2011. This decision was taken by the NBM’s Administrative Board given the assessment of the macroeconomic situation in the country, tendencies and forecasts of macroeconomic indicators for the medium-term outlook, including the medium-term inflation forecast given possible risks. The NBM Administrative Board also rose the overnight credit rates by 1 percentage points – to 13% from 12%, and overnight deposit rates – to 7% from 6%.

The norm of mandatory reserves on resources attracted by banks in MDL and currency remained unchanged – 14%. The NBM reports that the decision to increase the interest rate of the monetary policy to 10% p.a. is called on to moderate the inflationary expectations in the context of creation of optimal conditions for the banking-financial sector’s stability and to increase population’s savings following the rise in the deposit rates.

The National Bank said it would continue the permanent monitoring of the macroeconomic indicators and the situation on the monetary-, foreign exchange- and credit markets and will be promptly reacting at all internal and external challenges.

The next meeting of the NBM Administrative Board on the monetary policy will take place on September 29. The refinancing rate was increased for the last time to 9% from 8% late July 2011, before that – to 8% from 7% - late December 2010.