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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 March 2015



In March 2015, 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. decreased by MDL 1251.3 million (4.8 percent) compared to February 2015 and accounted for MDL 24622.1 million. The decrease of the monetary base was determined by the decrease of net foreign assets by MDL 1272.2 million (4.8 percent). At the same time, net domestic assets increased by MDL 20.9 million (2.4 percent). Money supply M2 Money supply M2 includes monetary aggregate (M0), deposits in MDL and money market instruments. decreased by MDL 244.2 million during the reporting period, or by 0.6 percent compared to February 2015 and accounted for MDL 38927.0 million. At the same time, Money supply M3Money supply M3 includes broad money M2 and deposits in foreign currency of residents expressed in MDL. decreased by 1973.6 MDL million (3.0 percent) in March 2015.
The analysis of the passive components of money supply (M3) denotes the fact that this decrease in March 2015 was driven by the decrease of the balance of deposits by MDL 1583.1 million and the balance of Money in circulation M0 Money in circulation M0 represents cash in circulation put by the National Bank of Moldova, except for cash in banks and NBM vault  by MDL 390.6 million in March 2015 (Table no.1).            

Table no.1 Passive components of money supply  

 

INDICATORS

Feb.15

Mar.15

Mar.15

Mar.15

million MDL

million MDL

Feb.15

Mar.14

%

%

1

     Money in circulation (MO)

15810.9

15420.3

-2.5

-7.4

2

     Sight deposits in MDL

8014.1

8110.0

1.2

-17.8

3

Money supply M1Money supply M1 includes  money in circulation  and sight deposits in MDL of residents.

23824.9

23530.3

-1.2

-11.3

4

    Term deposits in MDL

15346.3

15396.7

0.3

-13.9

5

     Money market instruments

0.0

0.0

 

 

6

MONEY SUPPLY (M2)

39171.2

38927.0

-0.6

-12.3

7

     Deposits in foreign currency

27415.4

25685.9

-6.3

43.3

8

MONEY SUPPLY (M3)

66586.6

64613.0

-3.0

3.7

The balance of deposits in national currency was MDL 23506.8 million, which share equalled to 47.8 percent of total deposits, increasing by MDL 146.4 million, while the deposits in foreign currency (recalculated in MDL) decreased by MDL 1729.5 million, up to the level of MDL 25685.9 million (with a share of 52.2 percent) (Table no.2).

Table no.2 Deposits structure Deposits 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

Feb.15

Mar.15

Mar.15

Mar.15

million MDL

million MDL

Feb.15

Mar.14

%

%

I

Deposits balance (Total)  

50775.8

49192.7

-3.1

7.7

 

Including:

 

 

 

 

1.0

Deposits balance (in MDL): 

23360.4

23506.8

0.6

-15.3

 

       Share in deposits balance  (Total) %

46.0

47.8

 

 

1.1

       Non-banking financial sector

479.6

443.4

-7.6

-44.6

1.2

       Non-financial companies sector, which majority ownership is public           

1133.7

1108.2

-2.2

-21.4

1.3

  Non-financial companies sector, which majority ownership is private

5075.9

5343.8

5.3

-15.9

1.4

       Other residential sectors (individuals, etc.)

16671.2

16611.4

-0.4

-13.4

2.0

Balance of deposits in foreign currency (recalculated in MDL):

27415.4

25685.9

-6.3

43.3

 

       Share in deposits balance  (Total) %

54.0

52.2

 

 

2.1

       Non-banking financial sector

1163.4

1174.9

1.0

150.1

2.2

       Non-financial companies sector, which majority ownership is public    

448.8

404.2

-9.9

-8.6

2.3

  Non-financial companies sector, which majority ownership is private

5868.4

5307.8

-9.6

85.1

2.4

      Other residential sectors (individuals, etc.)

19934.9

18799.0

-5.7

33.0

The decrease of money supply M3 during the reporting period was determined by the decrease in net domestic assets of the banking system by MDL 3148.7 million (17.2 percent), while the net foreign assets of the banking system increased by MDL 1175.1  million (2.4 percent). Domestic credit of the banking system decreased by MDL 2046.5 million, up to MDL 42629.9 million, due to the decrease in the balance of credits granted to the Government and the balance of credits granted to economy by MDL 1142.8 million and by MDL 903.7 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).
decreased by 2.1 percent in March 2015 at the expense of the decrease of credits granted to economy in national currency by MDL 173.6 million (0.7 percent) and the credits in foreign currency (expressed in MDL) by MDL 730.1 million (4.1 percent) (Table no.3). At the same time, the credits to economy in foreign currency, expressed in USD, have decreased by USD 18.9 million during the reporting period.

Table no.3 Structure of credits granted to economy 

 

INDICATORS

Feb.15

Mar.15

Mar.15

Mar.15

million MDL

million MDL

Feb.15

Mar.14

%

%

I

CREDITS GRANTED TO ECONOMY 

43749.0

42845.3

-2.1

-2.73

 

Including:

 

 

 

 

1

CREDITS GRANTED TO ECONOMY (in MDL):

25957.0

25783.4

-0.7

-2.3

 

       Share of Credits granted to economy, %

59.3

60.2

 

 

1.1

      Non-banking financial sector

649.3

660.5

1.7

32.4

1.2

Non-financial companies sector, which majority ownership is public    

849.8

892.9

5.1

18.3

1.3

Non-financial companies sector, which majority ownership is private

17146.8

16893.7

-1.5

-9.2

1.4

       Other residential sectors (individuals, etc.)

7311.0

7336.3

0.3

12.6

 

      Including:   Consumer loans

3395.0

3427.7

1.0

20.8

 

                       Real estate loans 

2283.7

2281.5

-0.1

25.2

2

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

17792.0

17061.8

-4.1

-3.4

 

       Share of Credits granted to economy, %

40.7

39.8

 

 

2.1

      Non-banking financial sector

795.1

749.1

-5.8

-6.7

2.2

Non-financial companies sector, which majority ownership is public    

870.5

869.0

-0.2

2.0

2.3

Non-financial companies sector, which majority ownership is private

15843.6

15160.9

-4.3

-3.4

2.4

       Other residential sectors (individuals, etc.)

282.9

282.8

-0.03

-12.6

 

      Including:   Consumer loans

20.1

18.5

-8.0

39.6

 

                       Real estate loans 

100.1

98.4

-1.72

3.5

Negative evolution of the balance of credits granted to economy in national currency was determined by the decrease of credits granted to non-financial companies sector, which majority ownership is private by MDL 253.2 million (1.5 percent), while the balance of credits granted to non-financial companies sector, which majority ownership is public and the non-banking financial sector and other resident sectors (including individuals) increased by MDL 43.1 million (5.1 percent), by MDL 11.2 million (1.7 percent) and by MDL 25.3 million (0.4 percent).

At the same time, the decrease in the balance of credits granted to economy in foreign currency (expressed in MDL) was influenced by the decrease of its all components, such as: the balance of credits granted to non-financial companies sector, which majority ownership is private by MDL 682.6  million (4.3 percent), the balance of credits granted to non-banking financial sector by MDL 46.0 million (5.8 percent), and the balance of credits granted to non-financial companies sector, which majority ownership is public by MDL 1.4 million (0.2 percent), as well as the balance of credits granted to other resident sectors (including individuals) by MDL 0.1 million (0.03 percent).  

 

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