Wednesday, November 29, 2017

Moldova postpones board meeting due to ill health

       The central bank of Moldova has postponed today's scheduled meeting of its executive board as there is not a quorum due to the health of some of its members.
        The National Bank of Moldova (NBM) said in a statement on its website that the date of the next meeting would be determined later.
        The central bank's board comprises five members, including Governor Sergiu Cioclea.
        At its last meeting in October, the central bank lowered its basic interest rate by another 50 basis points to 7.0 percent, bringing this year's rate cuts to 200 basis points. Since embarking on an easing cycle in February last year, the key rate has been cut by 12.50 percentage points.
        Moldova's inflation rate rose to a 2017-high of 7.9 percent in October from 7.6 percent in September due to rising food prices, especially vegetables and fruits. An increase in tariffs on regulated services has also pushed up inflation.
          The NBM in October said it expected inflation to return to its target of 5.0 percent, plus/minus 1.5 percentage points, in the first quarter of 2018 and then remain within this target for the next two quarters as inflationary pressures ease from lower economic activity.
         Its Gross Domestic Product grew by an annual rate of 2.5 percent in the second quarter, down from 3.1 percent in the first quarter and 6.7 percent in the fourth quarter.
        Moldova's leu was trading at 20.26 to the euro today, up 3.1 percent this year.


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