Obiectivul, strategia și instrumentele politicii monetare a Republicii Moldova

Abstract

Monetary policy represents the actions by which central banks influence interest rates, exchange rates and other economic-monetary indicators to achieve the general objectives of economic policy (price stability, stimulation of economic activity, etc.). There is a wide variety in the choice of instruments, operating procedures and strategies of monetary policy by central banks. Like other countries, the Republic of Moldova's general objective is to ensure and maintain price stability, and to achieve this objective, the NBM has implemented the regime of direct inflation targeting. Ensuring price stability and maintaining the inflation rate at a low level is the most important objective of the National Bank of Moldova, because it contributes to the creation of a relatively stable economic framework that allows economic development and ensuring a sustained level of economic growth. To define the phenomenon of general increase in prices in a certain period, the term inflation is used, and the quantitative measurement of the economic phenomenon determines the inflation rate. The opposite situation where prices experience reductions is defined by deflation. In order to achieve the established objective, an important role is played by the monetary policy instruments used by the NBM, the main instrument - open market operations, auxiliary instruments - permanent facilities, mandatory reserves. Finally, the achievement of the fundamental objective of the NBM contributes to the development of the economy under the conditions of the most active employment of the labor force. DOI: https://doi.org/10.53486/sstc.v4.03. CZU: 338.246.2:336.74(478). JEL: E52, E31, E58, E30.