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  • 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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Monetary indicators in July 2014



In July 2014The monetary base The 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 27037.5 million, increasing by MDL 941.9 million (3.6 percent) compared to June 2014. The increase of the monetary base was determined by the increase in the net domestic assets by MDL 1739.4 million (27.8 percent). At the same time, net foreign assets decreased by MDL 797.6 million (2.5 percent). Money supply M2Money supply M2 includes monetary aggregate (M0), deposits in MDL of residents and money market instruments. was MDL 45364.3 million, increasing during the reporting period by MDL 296.8 million, or by 0.7 percent as compared to June 2014. At the same time, money supply M3Money supply M3 includes money supply M2 and deposits in foreign currency of residents expressed in MDL. increased by MDL 351.2 million (0.5 percent) in July 2014. The analysis of the passive components of money supply (M3) denotes the fact that this increase was driven by the increase in the monetary aggregate balance, 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. - by MDL 526.7 million, while the total deposits balance decreased by MDL 179.6 million in July 201(Table no.1).

The main factors leading to the increase in the balance of monetary aggregate (M0) during the analyzed period were the net purchases of foreign currency by individuals, the cash releases from the deposits accounts of individuals through banks and for the procurement of the agricultural products, which accounted for MDL 171.3 million, MDL 92.3 million and MDL 110.9 million, respectively.

Table no.1. Passive components of money supply

 

INDICATORS

June 14

July 14

July 14

July 14

MDL, million

MDL, million

June 14

July 13

%

%

1

     Money in circulation (MO)

17610.6

18137.3

3.0

22.0

2

     Sight deposits in MDL

9752.3

9633.5

-1.2

23.7

3

MONEY SUPPLY  (M1)

27362.9

27770.8

1.5

22.6

4

     Term deposits in MDL

17700.6

17585.4

-0.7

8.9

5

     Money market instruments

4.0

8.0

 

 

6

MONEY SUPPLY (M2)

45067.5

45364.3

0.7

16.9

7

     Deposits in foreign currency

19387.6

19442.0

0.3

27.4

8

MONEY SUPPLY (M3)

64455.1

64806.2

0.5

19.9

The balance of deposits in national currency was MDL 27218.9 million, decreasing by MDL 234.0 million, which share equaled to 58.3 percent of total balance of deposits and the balance of deposits in foreign currency (recalculated in MDL) increased by MDL 54.4 million up to the level of MDL 19442.0 million (with a share of 41.7 percent) (Table no.2).

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

June 14

July 14

July 14

July 14

MDL, million

MDL, million

June 14

July 13

%

%

I

Deposits balance (Total)

46840.50

46660.90

-0.38

22.6

 

Including:

 

 

 

 

1.0

Deposits balance (in MDL):

27452.91

27218.94

-0.852

13.7

 

       Share in deposits balance (Total) %

58.61

58.33

 

 

1.1

     Non-banking financial sector

785.61

744.92

-5.18

-11.4

1.2

     Non-financial companies sector, which majority ownership is public    

1649.28

1625.29

-1.45

57.8

1.3

   Non-financial companies sector, which majority ownership is private   

5717.47

5578.67

-2.43

7.5

1.4

    Other residential sectors (individuals, etc.)

19300.56

19270.07

-0.16

14.2

2.0

Deposits balance in foreign currency (in MDL):

19387.591

19441.955

0.280

27.4

 

       Share in deposits balance (Total) %

41.39

41.67

 

 

2.1

  Non-banking financial sector

451.88

482.38

6.75

-6.6

2.2

     Non-financial companies sector, which majority ownership is public    

445.15

416.85

-6.36

-16.4

2.3

     Non-financial companies sector, which majority ownership is private   

3346.52

3334.17

-0.37

41.2

2.4

    Other residential sectors (individuals, etc.)

15144.03

15208.54

0.4

27.9

The increase of money supply M3 in the reporting period was determined by the increase in net domestic assets of the banking system by MDL 874.8 million (2.9 percent). At the same time, net foreign assets decreased by MDL 523.7 million (1.5 percent). Domestic credit of the banking system increased by MDL 606.1 million, up to the level of MDL 47073.0 million, due to the increase in the balance of credits granted to economy and the balance of net credits granted to the Government by MDL 535.8 million and MDL 70.3 million, respectively.

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 1.2 percent in July 2014 at the expense of the increase of credits granted to the economy in national currency by MDL 448.3 million (1.6 percent), and those granted in foreign currency (expressed in MDL) by MDL 87.5 million (0.5 percent) (Table no.3).

Table no.3. Structure of credits granted to economy

 

INDICATORS

June 14

July 14

July 14

July 14

MDL, million

MDL, million

June 14

July 13

%

%

I

CREDITS GRANTED TO ECONOMY

45759.0

46294.8

1.2

18.5

 

Including:

 

 

 

 

1

CREDITS GRANTED TO ECONOMY (in MDL):

28079.8

28528.0

1.6

26.6

 

       Share of Credits granted to economy, %

61.4

61.6

 

 

1.1

        Non-banking financial sector

531.8

543.9

2.3

46.8

1.2

Non-financial companies sector, which majority ownership is public

725.0

709.6

-2.1

-9.9

1.3

Non-financial companies sector, which majority ownership is private  

19819.2

20076.3

1.3

27.9

1.4

        Other resident sectors (individuals, etc.)

7003.8

7198.2

2.8

26.8

 

         including:  Consumer loans

3047.1

3152.7

3.5

26.4

 

                           Real estate loans

1963.9

2025.0

3.1

31.7

2

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

17679.2

17766.7

0.5

7.3

 

      Share of Credits granted to economy, %

38.6

38.4

 

 

2.1

     Non-banking financial sector

833.8

793.6

-4.8

21.9

2.2

     Non-financial companies sector, which majority ownership is public  

802.9

767.7

-4.4

-10.4

2.3

     Non-financial companies sector, which majority ownership is private  

15763.3

15941.0

1.1

8.1

2.4

         Other resident sectors (individuals, etc.)

279.2

264.5

-5.3

-11.7

 

         including:  Consumer loans

15.4

16.0

3.6

81.1

 

                            Real estate loans

90.9

93.3

2.7

3.9

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 the non-financial companies sector, which majority ownership is private, by MDL 257.1 million (1.3 percent), balance of credits granted to other resident sectors (including individuals) by MDL 194.4 million (2.8 percent) and the balance of credits granted to non-banking financial sector by MDL 12.1 million (2.3 percent). At the same time, the balance of credits granted to the non-financial companies sector, which majority ownership is public, decreased by MDL 15.4 million (2.1 percent).

At the same time, the increase in the balance of credits granted to economy in foreign currency (expressed in MDL) was influenced by the increase in the balance of credits granted to the non-financial companies sector, which majority ownership is private, by MDL 177.6 million (1.1 percent), while the balance of credits grated to non-financial companies sector, which majority ownership is public, the balance of credits granted to non-banking financial sector and the balance of credits granted to other resident sectors (including individuals) decreased by MDL 35.2 million (4.4 percent), by MDL 40.2 million (4.8 percent) and by MDL 14.7 million (5.3 percent). 

 

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