NBM raises base rate from 9% to 11%

11% — the new base rate of the National Bank of Moldova, raised from 9% at the meeting on 5 November 2026.

The National Bank of Moldova unanimously decided to tighten monetary policy. The main reason is inflation: in September the annual rate rose to 8.6%, above the 3.5–6.5% target range. The NBM expects inflation to keep rising until the end of the year and to start easing from the first quarter of 2027.

The average inflation forecast was raised to 7.3% for 2026 and 6.9% for 2027, driven by expected adjustments to regulated tariffs and higher fuel prices. The same decision set the overnight lending rate at 13% and the overnight deposit rate at 9%. Reserve requirements were left unchanged.

What it means for you

• New loans in lei may become more expensive: in Q3 the average rate on new lei loans was 9.17%.
• Term deposits in lei may become more attractive — compare bank offers.
• If you have a floating-rate loan, check your contract for how and when the rate is recalculated.
• For businesses: plan your 2027 budget around inflation of nearly 7%.

Source: Bani.md, 05.11.2026