OREANDA-NEWS. September 03, 2012. The resolution was adopted by the Administrative Board of the National Bank on August, 30 on the basis of the appraisal given by the bank’s experts to the macro economic situation in the country and external economic environment, mid-terms trends and forecasts of macro-economic indicators as well as risk-weighted mid-term forecast of the inflation rate.

Besides, the Administrative Board maintained the Overnight loan rate at the level of 7.5% and the Overnight deposit rate at the level of 1.5%. The legal reserve requirement on funds attracted by banks in MDL and forex also stayed unchanged at 14% of the rated base. The resolution of NBM was adopted to provide proper monetary conditions aimed at keeping an inflation rate within target indicators in the context of stimulating the domestic demand in order to support lending, which will contribute to a higher potential of the economic growth.

The next sitting on the monetary policy of the Administrative Board is scheduled for September, 27. It should be reminded that since the end of November, 2011 NBM reduced the basis rate of refinancing 4 months in a row. It was reduced 0.5 p.p. from 10% to 9.5% p.a. at the end of November; 1p.p. from 9.5% to 8.5% at the end of December; 2 p.p. from 8.5% to 6.5% at the end of January and 2 p.p. from 6.5% to 4.5% at the end of February. Since February the basis rate of refinancing remained unchanged.