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


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    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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Monetary indicators in February 2014



In February 2014, the monetary baseThe monetary base includes money in circulation (outside banking system), banking reserves (banks' reserves in MDL on correspondent accounts maintained at the National Bank of Moldova and cash in banks), deposits at sight of other organizations with the National Bank of Moldova, “overnight” deposits of banks and required reserves in foreign currency. was MDL 24766.2 million, decreasing by MDL 495.9 million (2.0 percent) compared to January 2014. The decrease of the monetary base was determined by the decrease in the net foreign assets and net domestic assets of the National Bank of Moldova by MDL 334.1 million (1.1 percent) and by MDL 161.8 (2.5 percent), respectively. Money in circulation M0Money in circulation M0 represents cash in circulation put by the National Bank of Moldova, except for cash in banks and NBM vault. decreased from MDL 16900.7 million in January 2013 to MDL 16715.9 million in February 2014. Money supply M2Money supply M2 includes money in circulation (M0), deposits in MDL and money market instruments. was MDL 44360.4 million, increasing during the reporting period by MDL 10.6 million or by 0.04 percent as compared to January 2014. Money supply M3Money supply M3 includes broad money M2 and deposits in foreign currency of residents expressed in MDL. increased by MDL 255.9 million or by 0.4 percent in February 2014.

The analysis of the passive components of money supply (M3) denotes the fact that this increase was driven by the increase in the total deposits balance by MDL 440.7 million compared to the previous month, while the balance of money in circulation (M0) decreased by MDL 184.8 million in February 2014 (Table no.1).

Table no.1. Passive components of money supply (M3)

INDICATORS

Jan.14

Feb.14

Feb.14

Feb.14

MDL, million

MDL, million

Jan.14

Feb.13

%

%

     Money in circulation (MO)

16900.71

16715.92

-1.1

29.6

     Sight deposits in MDL

9278.67

9563.55

3.1

31.4

MONEY SUPPLY  (M1)

26179.38

26279.48

0.4

30.2

     Term deposits in MDL

18170.45

18080.95

-0.5

20.5

      Money market instruments

0.00

0.00

 

 

MONEY SUPPLY  (M2)

44349.84

44360.43

0.0

26.1

     Deposits in foreign currency

17950.16

18195.49

1.4

24.5

MONEY SUPPLY  (M3)

62299.99

62555.92

0.4

25.6

The balance of deposits in national currency was MDL 27644.5 million, which share equaled to 60.3 percent of total balance of deposits and the balance of deposits in foreign currency (recalculated in MDL) increased up to MDL 18195.5 million, which share amounted to 39.7 percent (Table no.2). At the same time, deposits in foreign currency, expressed in USD, have decreased by USD 9.6 million in February 2014, which is due to the depreciation of the national currency. 

Table no.2.Deposits structureDeposits structure is classified by institutional sectors, according to the Instruction on  filling  out  by  the  licensed  banks  of  the  Report  on  monetary statistics (Official Monitor of the Republic of Moldova no.206-215 of December 2, 2011).

INDICATORS

Jan.14

Feb.14

Feb.14

Feb.14

MDL, million

MDL, million

Jan.14

Feb.13

%

%

Deposits balance (Total) 

45399.28

45840.00

1.0

24.2

Including:

 

 

 

 

 Deposits balance (in MDL)

27449.13

27644.506

0.7

24.0

       The share in deposits balance (Total),  %

60.46

60.31

-0.3

-0.1

     Non-banking financial sector

851.77

847.11

-0.5

23.4

     Non-financial companies sector, which majority ownership is public      

1017.56

1257.62

23.6

34.2

     Non-financial companies sector, which majority ownership is private       

6225.71

6263.21

0.6

20.2

     Other residential sectors (individuals, etc.)

19354.09

19276.57

-0.4

24.8

 Deposits balance in foreign currency

 (expressed in MDL)

17950.16

18195.492

1.4

24.5

       The share in deposits balance (Total) %

39.54

39.69

0.4

0.2

      Non-banking financial sector

474.52

470.85

-0.8

-3.3

      Non-financial companies sector, which majority ownership is public      

487.32

380.97

-21.8

-19.4

      Non-financial companies sector, which majority ownership is private       

3137.47

3017.13

-3.8

27.6

      Other residential sectors (individuals, etc.)

13850.85

14326.55

3.4

26.8

The increase of money supply M3 in the reporting period was determined by the increase in net foreign assets of the banking system by MDL 234.8 million (0.7 percent), and by the increase in net domestic assets of the banking system by MDL 21.2 million (0.1 percent). Domestic credit of the banking system increased by MDL 675.4 million, up to the level of MDL 45056.1 million, due to the increase of its both components: balance of credits granted to the Government by MDL 255.3 million and the balance of credits granted economy by MDL 420.1 million.

The balance of credits in economyAccording to the IMF methodology, the interbank credits and the credits granted to the Government are excluded from the total credits in the economy (including the interest calculated for credits and for credits of banks - in liquidation process). increased by 1.0 percent in February 2014, at the expense of the increase of credits granted to the economy in national currency by MDL 404.0 million or by 1.6 percent and those granted in foreign currency (expressed in MDL) by MDL 16.1 million or by 0.1 percent (Table no.3). At the same time, credits granted to economy in foreign currency, expressed in USD, decreased by USD 26.0 million, which points out that its increase, expressed in MDL, was caused by the depreciation of the national currency during the reporting period.

Table no.3. Structure of credits granted to economy

INDICATORS

Jan.14

Feb.14

Feb.14

Feb.14

MDL, million

MDL, million

Jan.14

Feb.13

%

%

CREDITS GRANTED TO ECONOMY (sum of lines 1and 2)

42996.42

43416.52

1.0

20.3

Including:

 

 

 

 

 

CREDITS GRANTED TO ECONOMY (in MDL):

 

25300.42

25704.38

1.6

25.1

The share of Credits granted to economy, %

58.84%

59.20%

0.6

4.0

         Non-banking financial sector

446.08

469.97

5.4

27.3

      Non-financial companies sector, which majority ownership is public     

806.04

791.70

-1.8

2.5

         Non-financial companies sector, which majority ownership is private     

17990.43

18076.67

0.5

27.6

         Other resident sectors (individuals, etc.)

6057.87

6366.037

5.1

21.8

         including:   Consumer loans

2673.44

2699.443

1.0

18.6

                            Real estate loans 

1743.35

1792.130

2.8

26.6

   CREDITS GRANTED TO ECONOMY  IN FOREIGN      CURRENCY (equivalent in MDL):

17696.01

17712.14

0.1

14.0

The share of Credits granted to economy, %

41.16%

40.80%

-0.9

-5.3

         Non-banking financial sector

771.77

804.47

4.2

46.8

      Non-financial companies sector, which majority ownership is public     

930.48

943.42

1.4

27.8

         Non-financial companies sector, which majority ownership is private     

15670.92

15629.83

-0.3

11.9

         Other resident sectors (individuals, etc.)

322.85

334.42

3.6

20.3

         including:   Consumer loans

14.24

13.84

-2.8

296.0

                            Real estate loans 

93.98

96.84

3.0

8.5

Positive evolution of the balance of credits granted to economy in national currency was determined by the increase in the balance of credits granted to other resident sectors (including individuals) by MDL 308.2 million (5.1 percent), private sector by MDL 86.2 million (0.5 percent), and the balance of credits granted to non-banking financial sector by MDL 23.9 million (5.4 percent). At the same time, the balance of credits granted to public sector decreased by MDL 14.3 million (1.8 percent).

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