FX.co ★ Moldova Holds Key Policy Rate at 5%

On February 5, 2026, the National Bank of Moldova opted to hold its key interest rate steady at 5%, following a 100 basis point decrease in December. This decision reflects the intention to allow previous monetary policies to take effect and to ensure that mid-term inflation remains within plus or minus 1.5 percentage points of the 5% target — a level considered conducive to sustainable economic growth. Inflation in December 2025 dropped to a twelve-month low of 6.8%, down slightly from 7% in November, and is projected to align with the target range in the first quarter, with continued proximity to the target thereafter. The central bank also lowered reserve requirements in both Moldovan lei and foreign currencies, aiming to satisfy the liquidity requirements of the banking sector. This strategic move is anticipated to enhance the lending capacity towards the real and public sectors, thereby bolstering aggregate demand through stimulated consumption and investment, while fostering equilibrium within the national economy and the current account.