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Moldova hikes key rate

Banking

Image by aquatarkus / Shutterstock.com

The National Bank of Moldova raised its benchmark interest rate by 85 basis points to 5.5% on Tuesday, citing inflationary pressures and the risks and uncertainty from the coronavirus pandemic.

It was the third consecutive increase in the rate in order to keep inflation from exceeding its target of 5%.

Also, the overnight credit rate rose by 35 bps to 7.5% and the overnight deposit rate increased by 135 bps to 3.5%.

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