Moldova Cuts Benchmark Rate to 6%

The National Bank of Moldova cut its benchmark interest rate by 25 basis points to 6.0% on September 18, continuing its monetary easing stance. The move aims to anchor inflation expectations and guide annual inflation back toward the 5.0% ±1.5% target. Inflation in August stood at 7.3%, down from 7.9% in July. Economic activity showed early signs of recovery in Q2 2025, with industrial production up 3.2% and retail and wholesale trade rising 10.1% and 6.9%, respectively. However, overall growth remains negative as exports fell 7.7% while imports surged 23.1%. The external environment remains uncertain, with persistent trade and geopolitical risks and volatile commodity and food markets. The National Bank of Moldova is supporting aggregate demand, consumption, and investment to stabilize the economy and the current account. Future policy decisions will depend on evolving domestic and international macroeconomic conditions.