Experts about cautious steps of NBM on monetary policy
The decision made yesterday by the National Bank of Moldova to mantain at the same level the interest rate of the monetary policy was done cautiously even if the macroeconomic parameters allow the decrease of the interest rate.
This opinion have the experts Roman Chirca, Sergiu Gaibu și Sveatoslav Mihalache who mention that the NBM will have to proceed to the easing of the monetary policy anyway.
"All the data show that the situation is moving towards the NBM's target, but there are risks of inflation below the level of 3.5. Unlocking the funding from external partners will have an impact on inflation factors but will not be a significant one maintaining the trend of reaching the bottom threshold of inflation. This aid will decrease gradually but not significantly the national currency. I think that NBM will betake the easing of the monetary policy by decreasing the interest rate in the near future", considers the PhD in Economics Sveatoslav Mihalache.
Sergiu Gaibu thinks that the macroeconomic parameters allow the decrease of the interest rate, but NBM by its decision taken yesterday reinsures itself.
"I think it is a decision with enhanced wariness because the macroeconomic parameters allow a decrease in the interest rate. But this decision taken by NBM comes before the fall and winter seasons and is prepared for money needs' growth. NBM probably intends to supplement currency reserves".
Roman Chirca considers that NBM does not feel the right conjuncture to decrease this rate in order to avoid a liquidity surplus.
"The NBM probably does not feel right conjuncture to decrease this rate in order to avoid a liquidity surplus. Yesterday's decision was taken not to spur inflation and to put pressure on the national currency. If macroeconomic parameters will continue at the same pace then the decrease of the interest rate is obvious", mentioned Roman Chirca.
We are reminding that yesterday the Executive Board of the National Bank of Moldova, decided to mantain the interest rate applied to the main monetary policy operations in the short term at the current 10.0 percent annually.