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Posted by: Carolina Străjescu
News / Economic
17 Aug. 2022 / 18:05
Expert: The tightening of the NBM's monetary policy created an unwanted effect
The increase in the base rate and the tightening of the monetary policy of the NBM determined the migration of individuals from banks to micro-financing companies. "The population was driven to the micro-financing companies, which this year reached an absolute record in lending to individuals", says the economic expert Veaceslav Ioniţă.
As a result, micro-financing companies are forced to go to banks to get loans, which they then offer to the population at a much higher interest rate.
As stated by Ioniţă, this migration also means the increase in the near future of the number of people who cannot return the loans taken on time or even at all.
TRM.MD recalls that, at the beginning of August, the National Bank increased by three percentage points the base rate applied to the main short-term monetary policy operations up to 21.50 percent annually. Interest rates on overnight loans and deposits were also increased: up to 23.5 percent and 19.5 percent annually, respectively.
At the same time, the rate of mandatory reserves from funds raised in freely convertible currency is increased. Therefore, starting with the application period August 16, 2022 - September 15, 2022, they were set at the level of 42.0 percent of the calculation base, and starting with the application period September 16, 2022 - October 15, 2022, at the level of 45 percent.
According to the NBM, these measures are intended to reduce consumption and, respectively, to reduce inflation.
As stated by Ioniţă, this migration also means the increase in the near future of the number of people who cannot return the loans taken on time or even at all.
TRM.MD recalls that, at the beginning of August, the National Bank increased by three percentage points the base rate applied to the main short-term monetary policy operations up to 21.50 percent annually. Interest rates on overnight loans and deposits were also increased: up to 23.5 percent and 19.5 percent annually, respectively.
At the same time, the rate of mandatory reserves from funds raised in freely convertible currency is increased. Therefore, starting with the application period August 16, 2022 - September 15, 2022, they were set at the level of 42.0 percent of the calculation base, and starting with the application period September 16, 2022 - October 15, 2022, at the level of 45 percent.
According to the NBM, these measures are intended to reduce consumption and, respectively, to reduce inflation.
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