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International Monetary Fund. European Dept.

–7201 E-mail: publications@imf.org Web: http://0-www-imf-org.library.svsu.edu Price: $18.00 per printed copy International Monetary Fund Washington, D.C . © 2022 International Monetary Fund Title page REPUBLIC OF MOLDOVA SELECTED ISSUES November 30, 2021 Approved By European Department Prepared by Julia Otten, Amgad Hegazy, Fazurin Jamaludin (all EUR) and Peter Lindner (MCM) Contents CHALLENGES OF IT IMPLEMENTATION IN LLMICS: A CASE STUDY OF MOLDOVA3 A. Monetary Policy Frictions and Challenges B. Empirical Analysis of the Monetary

International Monetary Fund. European Dept.

non-bank credit organizations. The paper proposes some policy recommendations to enhancing the MTM, including with respect to strengthening implementation of the recently developed FXI strategy . A. Monetary Policy Frictions and Challenges 1. The National Bank of Moldova (NBM) formally adopted IT in 2013 after a three-year transition period . According to the NBM’s Monetary Policy Strategy, its first objective is to keep inflation at 5 percent with a variability range of ±1.5 percentage points, at a horizon of 18– 24 months. Its secondary objective is to