OREANDA-NEWS. May 06, 2010. According to the decision of the Governing Body of the Bank, the rates were also preserved on loans overnight- 10%, deposits overnight - 4%, long-term loans (over 5 years) – 7%. The norms of mandatory reserves from the funds in MDL and foreign currency, attracted by the banks, also remained the same-8%.

Such a decision was made by NBM’s Governing Body taking into account the macroeconomic situation in the country, trends and macroeconomic indicators, including medium-term inflation forecasts. It is planned that preservation of the base rate at the same level will maintain the current condition at the monetary market and will slow down the reduction of the interest rates on deposits and will contribute to the decline in the interest rates on loans.

At the same time, through the effective application of the monetary policy instruments, NBM will weaken the inflationary pressures and stabilize national economy. NBM has announced that it will continue constant monitoring of macroeconomic indicators and situation at the monetary, currency and credit markets and will promptly react to all internal and external challenges to achieve goals of the Monetary Policy Strategy for the medium term.

The next meeting of NBM Governing Body on the monetary policy is to be held on May 27. It can be reminded that during its previous meeting on March 25 the NBM Governing Body made a decision to increase the base refinancing rate as well as the rates on loans and deposits and long-term loans by 1%.