The country’s chief financial regulator has raised the key rate for the fourth time since the beginning of May. And by a full one and a half percent at once.
Previously, the NBM had consistently lowered the refinancing rate, but already on May 7, against the backdrop of economic volatility and military actions between the US and Iran, it made a sharp reversal and raised it by 1.5 points at once, from 5 to 6.5 percent.
Since then, it has been raised with unenviable regularity, roughly once every month and a half. On June 18 it stood at 7 percent, on August 6 — 7.5, and today the rate has reached 9 percent.
The overnight lending rate was increased from 9.5% to 11% per annum. The rate on REPO operations was set at 9.25% per annum (previously 7.75%), and the overnight deposit rate at 7% per annum (previously 5.5%).
The regulator again explains its decision by the intention to reduce inflationary pressure on the economy, mitigate the secondary effects of shocks on external markets, and the worsening of crisis phenomena in the global economy.
Meanwhile, these crisis phenomena continue to grow, and no end is in sight. One of them is the fuel shortage and rising energy prices. In Moldova, we can observe all of this in real time at our gas stations. Today ANRE announced another historic record — diesel tomorrow will cost 35.86 lei.
Of course, soon those who have loans will feel on their own skin the consequences of such care by the regulator for macroeconomic stability. Moreover, there is every reason to believe that this increase is not the last, and still this year we have considerable chances of seeing double-digit rates.
