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    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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Monetary indicators in January 2014



In January 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 25262.1 million, decreasing by MDL 815.6 million (3.1 percent) compared to December 2013. The decrease of the monetary base was determined by the decrease in the net domestic assets of the National Bank of Moldova by MDL 1486.6 million. At the same time, the net foreign assets increased by MDL 671.0 million. 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 17550.5 million in December 2013 to MDL 16900.7 million in January 2014. Money supply M2Money supply M2 includes money in circulation (M0), deposits in MDL and money market instruments. was MDL 44349.8 million, decreasing during the reporting period by MDL 767.3 million or by 1.7 percent as compared to December 2013. Money supply M3Money supply M3 includes broad money M2 and deposits in foreign currency of residents expressed in MDL. decreased by MDL 331.5 million or by 0.5 percent in January 2014.

The analysis of the passive components of money supply (M3) denotes the fact that this decrease was driven by the downward trend of its components as a result of the decrease of money in circulation by MDL 649.8 million and the total balance of deposits by MDL 117.5 million compared to the previous month, in particular, the balance of term deposits in MDL by MDL 290.7 million (Table no.1).

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

INDICATORS

Dec.13

Ian.14

Ian.14

Ian.14

mil. lei

mil. lei

Dec.13

Ian.13

%

%

     Money in circulation (M0)

17550.46

16900.71

-3.7

32.3

     Sight deposits in MDL

9569.32

9278.67

-3.0

25.3

MONEY SUPPLY (M1)Money supply M1 includes money in circulation (M0) and sight deposits in MDL of residents.

27119.78

26179.38

-3.5

29.7

     Term deposits in MDL

17997.36

18170.45

1.0

21.6

     Money market instruments

0.00

0.00

 

 

MONEY SUPPLY  (M2)

45117.14

44349.84

-1.7

26.3

     Deposits in foreign currency

17514.35

17950.16

2.5

19.8

MONEY SUPPLY  (M3)

62631.49

62299.99

-0.5

24.3

The balance of deposits in national currency was MDL 27449.1 million, which share equaled to 60.5 percent of total balance of deposits and the balance of deposits in foreign currency (recalculated in MDL) decreased up to MDL 17950.2 million, which share amounted to 39.5 percent (Table no.2). At the same time, deposits in foreign currency, expressed in USD, have decreased by USD 0.8 million in January 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

Dec.13

Jan.14

Jan.14

Jan.14

MDL, million

MDL, million

Dec.13

Jan.13

%

%

Deposits balance (Total) 

45081.03

45399.28

0.7

21.6

Including:

 

 

 

 

 Deposits balance (in MDL)

27566.67

27449.13

-0.4

22.8

       The share in deposits balance (total),  %

61.15

60.46

-1.1

1.0    

     Non-banking financial sector

884.28

851.77

-3.7

17.4

     Non-financial companies sector, which majority ownership is public     

1052.55

1017.56

-3.3

12.3

     Non-financial companies sector, which majority ownership is private      

6442.40

6225.71

-3.4

18.4

      Other resident sectors (individuals, etc.)

19187.44

19354.09

0.9

25.2

 Deposits balance in foreign currency

   (expressed in MDL)

17514.35

17950.16

2.5

19.8

       The share in Deposits balance (total),  %

38.85

39.54

1.8

 -1.5   

      Non-banking financial sector

466.93

474.52

1.6

3.4

      Non-financial companies sector, which majority ownership is public     

492.29

487.32

-1.0

-8.1

      Non-financial companies sector, which majority ownership is private      

3186.91

3137.47

-1.6

30.9

      Other resident sectors (individuals, etc.)

13368.22

13850.85

3.6

19.5

The decrease of money supply M3 in the reporting period was determined by the decrease in net domestic assets of the banking system by MDL 1030.3 million (3.4 percent). At the same time, net foreign assets of the banking system increased by MDL 698.8 million (2.2 percent). Domestic credit of the banking system increased by MDL 270.2 million, up to the level of MDL 44380.8 million, due to the increase of the balance of credits granted economy by MDL 363.7 million. At the same time, the balance of credits granted to the Government decreased by MDL 93.5 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 0.9 percent in January 2014, at the expense of the increase of credits granted to the economy in national currency by MDL 11.2 million or by 0.04 percent and those granted in foreign currency (expressed in MDL) by MDL 352.5 million or by 2.0 percent (Table no.3). at the same time, credits granted to economy in foreign currency, expressed in USD, decreased by USD 6.7 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

Dec.13

Jan.13

Jan.14

Jan.14

MDL, million

MDL, million

Dec.13

Jan.13

%

%

CREDITS GRANTED TO ECONOMY 

42632.72

42996.42

0.9

19.6

Including:

 

 

 

 

CREDITS GRANTED TO ECONOMY  (in MDL)

25289.24

25300.42

0.04

23.8

The share of Credits granted to economy, %

59.32%

58.84%

-0.8

3.6

         Non-banking financial sector

407.83

446.08

9.4

17.2

      Non-financial companies sector, which majority ownership is public     

787.34

806.04

2.4

5.3

         Non-financial companies sector, which majority ownership is private     

18063.10

17990.43

-0.4

27.6

         Other resident sectors (individuals, etc.)

6030.98

6057.87

0.5

17.0

          including:   Consumer loans

2750.52

2673.44

-2.8

17.6

                             Real estate loans 

1726.66

1743.35

1.0

25.0

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

17343.47

17696.01

2.0

14.0

The share of Credits granted to economy, %

40.68%

41.16%

1.2

-4.7

         Non-banking financial sector

713.21

771.77

8.2

37.7

      Non-financial companies sector, which majority ownership is public     

859.08

930.48

8.3

15.2

          Non-financial companies sector, which majority ownership is private     

15457.09

15670.92

1.4

12.9

         Other resident sectors (individuals, etc.)

314.10

322.85

2.8

16.1

                    including:   Consumer loans

13.01

14.24

9.5

425.5

                                       Real estate loans 

93.53

93.98

0.5

5.1

 

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