The National Bank of Moldova works out and implements the monetary policy. The main objective of the NBM is to realize and maintain the stability of the national currency that ultimately provides the reduction of the inflation rate. Currency crises in emerging markets have thrown whole regions into economic and political turmoil. Major countries have accused each other of purposely manipulating their currencies, leading to acrimonious disputes that implicate broader economic ties. Nevertheless, the NBM reserves the right to intervene on the foreign exchange market to smooth out the excessive fluctuations of the official exchange rate, to build up the international foreign exchange reserves without negatively influencing the inflation target achievement. The NBM must promote an effective monetary policy framework to successfully implement the inflation targeting regime, even during crisis.