Moldova c. bank hikes key rate
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The National Bank of Moldova raised its benchmark interest rate by 100 basis points to 4.65% on Friday, the second consecutive hike in borrowing costs since July 2019, according to a report by Trading Economics.
Also, the overnight credit rate and the overnight deposit rate were raised by 1 percentage point, to 7.15% and 2.15%, respectively. Meantime, the level of reserve requirements for banks holding reserves in U.S. dollars and Moldovan lei remained unchanged.
Policymakers said the decision aims to alleviate inflationary pressures from both aggregate supply and demand, as well as the risks and uncertainties caused by the evolution of the pandemic situation. Moldova's annual inflation rate rose for the sixth straight month to 3.5% in July, its highest level since August last year.
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