The National Bank of Moldova (BNM), at its November 5 meeting, increased the monetary policy rate (chart) by 2 percentage points (pp) to 11%, announcing that it had revised upwards its projected inflation trajectory following supply-side factors but also stronger demand fuelled by remittances and bank lending. BNM had increased the rate by 1.5pp to 9% in September, when the natural gas price had increased twice, by 41% and 29%. [...]