• Calling days and hours of the governing body of the National Bank of Moldova for citizens.


  • Octavian Armașu, Governor of the National Bank of Moldova

    1st Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 606;


  • Vladimir Munteanu, First Deputy Governor of the National Bank of Moldova

    2nd Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 606;


  • Cristina Harea, Deputy Governor of the National Bank of Moldova

    3rd Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 607;

  • Ion Sturzu, Deputy Governor of the National Bank of Moldova

    4th Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 607.

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Developments in monetary indicators in October 2018



In October 2018, the monetary base1 increased by MDL 8.2 million (0.02 percent) compared to the previous month, totalling MDL 40,731.5 million. This increase of the monetary base was determined by the increase of one of its counterparties - net foreign assets, which increased by MDL 720.0 million (1.6 percent), whereas net domestic assets decreased by MDL 711.8 million (15.7 percent).

Money supply M22 decreased by MDL 356.0 million or by 0.6 percent compared to September 2018 and recorded MDL 55,796.7 million, increasing by 11.8 percent compared to the same period of the previous year.

Money supply M33 increased by MDL 272.3 million (by 0.3 percent), recording values 7.8 percent higher, year-on-year.

The analysis of Money supply components (M3) shows that its increase over October 2018 was driven by the growth of total deposit balance by MDL 449.5 million, while the monetary aggregate Money in circulation (M0)4 decreased by MDL 177.2 million (Chart 1).

Chart 1. Monetary aggregate M3

It should be mentioned that monetary aggregates Money in circulation (M0) and Money supply (M1)5 have increased compared to October 2017 by 7.5 and 12.5 percent, respectively.

The national currency deposits balance decreased by MDL 178.9 million, reaching MDL 36,154.9 million, accounting for a share of 59.5 percent of the total deposit balance, whereas the foreign currency deposit balance (recalculated in MDL) increased by MDL 628.4 million, to MDL 24,633.1 million, accounting for a share of 40.5 percent (Chart 2).

Chart 2. Dynamics of deposits6, %Depozitele sunt structurate  pe sectoare instituționale, în conformitate cu Instrucțiunea cu privire la modul de completare de către băncile licențiate a Raportului privind statistica monetară (Monitorul Oficial al Republicii Moldova nr. 206-215 din 2 decembrie 2011).

The increase of Money supply M3 over the reporting period was determined, in terms of its counterparties, by the increase in net foreign assets7 of the banking system by MDL 255.4 million (0.4 percent) as well as in net domestic assets8 by MDL 16.9 million (0.2 percent).

In October 2018, the balance of claims on economy9 increased by MDL 267.8 million (0.7 percent) as a result of the increase of national currency claims on economy by MDL 143.4 million (0.7 percent) as well as of foreign currency claims on economy (recalculated in MDL) - by MDL 124.4 million (0.7 percent) (Chart 3).

Chart 3. Evolution of claims on economy

It should be mentioned that foreign currency claims on economy, expressed in USD, have decreased over the reference period by USD 8.3 million (0.8 percent).

The evolution of the balance of national currency claims on economy was determined by the increase in balance of claims on all its components: the balance of claims on non-financial companies’ sector which majority ownership is public - by MDL 230.4 million (22.9 percent) and other resident sectors (including individuals) - by MDL 172.9 million (1.7 percent). At the same time, the balance of claims on non-financial companies’ sector which majority ownership is private and the non-banking financial sector decreased by MDL 248.8 million (2.4 percent) and MDL 11.1 million (1.6 percent), respectively.

The increase in the balance of foreign currency claims on economy (expressed in MDL) was determined by the increase in the balance of claims on non-financial companies’ sector which majority ownership is public by MDL 771.0 million (3.7 times), the non-banking financial sector and other resident sectors (including individuals) by MDL 42.5 million (5.6 percent) and MDL 3.7 million (1.0 percent), respectively. At the same time, the balance of claims on non-financial companies’ sector which majority ownership is private decreased by MDL 692.8 million (4.5 percent).

 


* modification as compared to the similar period of the precedent year.

1. Broad monetary base includes money in circulation (outside banking system), banks’ reserves (banks’ MDL reserves, held in correspondent accounts at the National Bank of Moldova, and banks’ till cash), sight deposits of other organizations placed at the National Bank of Moldova , banks’ overnight deposits, and the required reserves in foreign currency.

2. Money supply M2 includes monetary aggregate (M0), national currency resident deposits, and money market instruments.

3. Money supply M3 includes money supply M2 and foreign currency resident deposits, recalculated in Moldovan lei.

4. Money in circulation M0 represents circulating cash issued by the National Bank of Moldova, except for till cash of banks and of the National Bank of Moldova.

5. Money supply M1 includes money in circulation and national currency resident sight deposits.

6. Deposits are structured by institutional sectors, in accordance with the Guidelines on Preparing Monetary Statistic Reports by Licensed Banks (Official Monitor of the Republic of Moldova No. 206-215, dated 2 December 2011).

7. Is calculated by subtracting foreign liabilities from foreign assets.
Foreign assets include: non-resident deposits; non-resident loans; debt securities held (issued by non-residents); shares and other equity held by non-residents; monetary gold.
Foreign liabilities include resources attracted from non-residents: bonds issued by monetary authorities and banks to non-residents; deposits, debt securities, IMF credits and loans, SDR bonds, and other bonds.

8. Is calculated by subtracting domestic liabilities from domestic assets.
Domestic assets include: resident loans; debt securities held (issued by residents); shares and other equity investments held by residents.
Domestic liabilities (excluding components of money supply M (3)) include the resources attracted from residents: deposits, debt securities with over 2 years’ maturity issued on domestic market; capital and reserves.

9. According to the IMF methodology, the non-resident loans, interbank loans, and loans extended to the Government of the Republic of Moldova should be excluded of total claims on economy (including interest calculated on loans extended by liquidating banks).

 

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