NBM base rate
The National Bank of Moldova's policy rate and standing facilities — from 2001 to today.
Base rate
7.50%
In force since 6 Aug 2026
+0.50 p.p.
from 7.00% before
- Overnight lending
- 9.50%
- Repo rate
- 7.75%
- Base rate
- 7.50%
- Overnight deposits
- 5.50%
Ceiling of the corridor
Main short-term operations
The monetary policy rate
Floor of the corridor
The standing facilities form a corridor of ±2.00 percentage points around the base rate: banks place surplus liquidity at the deposit rate and borrow at the lending rate.
Rate history
- Base rate
- Repo rate
- Facility corridor
Every decision
| In force from | Base rate | Change |
|---|---|---|
| 6 Aug 2026 | 7.50% | +0.50 |
| 18 Jun 2026 | 7.00% | +0.50 |
| 7 May 2026 | 6.50% | +1.50 |
| 11 Dec 2025 | 5.00% | −1.00 |
| 18 Sept 2025 | 6.00% | −0.25 |
| 7 Aug 2025 | 6.25% | −0.25 |
| 5 Feb 2025 | 6.50% | +0.90 |
| 10 Jan 2025 | 5.60% | +2.00 |
| 7 May 2024 | 3.60% | −0.15 |
| 21 Mar 2024 | 3.75% | −0.50 |
| 6 Feb 2024 | 4.25% | −0.50 |
| 7 Nov 2023 | 4.75% | −1.25 |
| 20 Jun 2023 | 6.00% | −4.00 |
| 11 May 2023 | 10.00% | −4.00 |
| 20 Mar 2023 | 14.00% | −3.00 |
| 7 Feb 2023 | 17.00% | −3.00 |
| 5 Dec 2022 | 20.00% | −1.50 |
| 4 Aug 2022 | 21.50% | +3.00 |
| 3 Jun 2022 | 18.50% | +3.00 |
| 5 May 2022 | 15.50% | +3.00 |
| 16 Mar 2022 | 12.50% | +2.00 |
| 15 Feb 2022 | 10.50% | +2.00 |
| 13 Jan 2022 | 8.50% | +2.00 |
| 3 Dec 2021 | 6.50% | +1.00 |
| 5 Oct 2021 | 5.50% | +0.85 |
| 6 Sept 2021 | 4.65% | +1.00 |
| 30 Jul 2021 | 3.65% | +1.00 |
| 6 Nov 2020 | 2.65% | −0.10 |
| 9 Sept 2020 | 2.75% | −0.25 |
| 6 Aug 2020 | 3.00% | −0.25 |
| 20 Mar 2020 | 3.25% | −1.25 |
| 4 Mar 2020 | 4.50% | −1.00 |
| 11 Dec 2019 | 5.50% | −2.00 |
| 31 Jul 2019 | 7.50% | +0.50 |
| 19 Jun 2019 | 7.00% | +0.50 |
| 5 Dec 2017 | 6.50% | −0.50 |
| 25 Oct 2017 | 7.00% | −0.50 |
| 28 Aug 2017 | 7.50% | −0.50 |
| 28 Jun 2017 | 8.00% | −1.00 |
| 27 Oct 2016 | 9.00% | −0.50 |
| 29 Sept 2016 | 9.50% | −0.50 |
| 4 Jul 2016 | 10.00% | −3.00 |
| 26 May 2016 | 13.00% | −2.00 |
| 28 Apr 2016 | 15.00% | −2.00 |
| 31 Mar 2016 | 17.00% | −2.00 |
| 25 Feb 2016 | 19.00% | −0.50 |
| 2 Sept 2015 | 19.50% | +2.00 |
| 30 Jul 2015 | 17.50% | +2.00 |
| 25 Jun 2015 | 15.50% | +1.00 |
| 28 May 2015 | 14.50% | +1.00 |
| 18 Feb 2015 | 13.50% | +5.00 |
| 29 Jan 2015 | 8.50% | +2.00 |
| 30 Dec 2014 | 6.50% | +2.00 |
| 12 Dec 2014 | 4.50% | +1.00 |
| 29 Apr 2013 | 3.50% | −1.00 |
| 2 Mar 2012 | 4.50% | −2.00 |
| 3 Feb 2012 | 6.50% | −2.00 |
| 6 Jan 2012 | 8.50% | −1.00 |
| 2 Dec 2011 | 9.50% | −0.50 |
| 6 Sept 2011 | 10.00% | +1.00 |
| 5 Aug 2011 | 9.00% | +1.00 |
| 7 Jan 2011 | 8.00% | +1.00 |
| 30 Mar 2010 | 7.00% | +1.00 |
| 2 Feb 2010 | 6.00% | +1.00 |
| 8 Sept 2009 | 5.00% | −2.00 |
| 14 Aug 2009 | 7.00% | −1.00 |
| 24 Jul 2009 | 8.00% | −1.00 |
| 23 Jun 2009 | 9.00% | −1.00 |
| 19 May 2009 | 10.00% | −1.00 |
| 10 Feb 2009 | 11.00% | −1.50 |
| 20 Jan 2009 | 12.50% | −1.50 |
| 23 Dec 2008 | 14.00% | −1.50 |
| 2 Dec 2008 | 15.50% | −1.50 |
| 30 Sept 2008 | 17.00% | −1.50 |
| 30 May 2008 | 18.50% | +1.50 |
| 18 Mar 2008 | 17.00% | +1.00 |
| 26 Sept 2007 | 16.00% | +2.50 |
| 20 Apr 2007 | 13.50% | −1.00 |
| 8 Dec 2006 | 14.50% | +0.50 |
| 24 Nov 2006 | 14.00% | +1.00 |
| 6 Oct 2006 | 13.00% | +0.50 |
| 2 Sept 2005 | 12.50% | −0.50 |
| 18 Feb 2005 | 13.00% | −1.50 |
| 1 Oct 2004 | 14.50% | +0.50 |
| 12 Dec 2003 | 14.00% | +1.00 |
| 7 Nov 2003 | 13.00% | +1.00 |
| 19 Sept 2003 | 12.00% | +1.00 |
| 1 Aug 2003 | 11.00% | +0.50 |
| 28 Mar 2003 | 10.50% | +1.00 |
| 31 Oct 2002 | 9.50% | −0.50 |
| 27 Sept 2002 | 10.00% | −1.00 |
| 1 Aug 2002 | 11.00% | −1.00 |
| 2 May 2002 | 12.00% | −1.00 |
| 4 Jan 2002 | 13.00% | −0.50 |
| 29 Nov 2001 | 13.50% | −1.00 |
| 26 Oct 2001 | 14.50% | −1.50 |
| 2 Oct 2001 | 16.00% | −1.00 |
| 6 Sept 2001 | 17.00% | −1.00 |
| 3 Aug 2001 | 18.00% | −1.00 |
| 5 Jul 2001 | 19.00% | −1.00 |
| 29 Mar 2001 | 20.00% | −0.50 |
| 1 Mar 2001 | 20.50% | −0.50 |
| 1 Feb 2001 | 21.00% | — |
103 changes to the base rate, out of 234 published meetings.
What the base rate is
The base rate is the main instrument through which the National Bank of Moldova conducts monetary policy. It applies to the main short-term operations and feeds through to the interest commercial banks charge on loans and pay on deposits. The NBM's executive committee reviews it regularly, guided by inflation.
Two standing facilities operate around the base rate. The overnight deposit rate is what banks earn parking liquidity at the NBM overnight — the floor. The overnight lending rate is what they pay to borrow from it — the ceiling. Together they form the corridor within which interbank rates move.