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National Bank and the members of its decision-making bodies shall be independent in exercising the tasks conferred upon them by law, and shall neither seek nor take instructions from public authorities or from any other authority.
In order to ensure and maintain price stability over the medium term, the National Bank’s aim will be to keep inflation (measured by Consumer Price Index) at the level of 5.0 percent annually with a possible deviation of ± 1.5 percentage points, considered to be optimal for growth and development of Moldova's economy over the medium-term.
National Bank shall have the exclusive right to issue on the territory of the Republic of Moldova banknotes and coins as legal tender, as well as commemorative and jubilee banknotes and coins as legal tender and for numismatic purposes.
National Bank is exclusively responsible for the licencing, supervision and regulation of financial institutions activity.
National Bank of Moldova acts as banker and fiscal agent of the State and shall receive from state bodies economic and financial information and documents, which are necessary for carrying out its tasks.
National Bank of Moldova supervises the payment system of the Republic of Moldova and promotes a stable and efficient functioning of the automated inter-bank payment system
National Bank of Moldova is an autonomous public legal entity and is responsible to the Parliament.
National Bank shall inform the public on the monetary policy strategy on the results of the macroeconomic analysis, the evolution of the financial market and on statistics, including with regard to monetary supply, crediting, balance of payments and the state of the foreign exchange market.
National Bank of Moldova is responsable for the compilation of the balance of payments, international investment position and the statistics of the external debt of the Republic of Moldova.
In October 2022, the currency in circulation (M0)1 amounted to MDL 32,038.9 million, increasing by MDL 327.4 million (1.0%) compared to December 2021 (Chart 1) due to exceeding of the volume of cumulative receipts over the volume of cumulative releases per banking system2 by MDL 327.6 million in the period of January – October 2022.
Chart 1.
Correlation of M0 indicator with volume of cash operations, million MDL
During January – October 2022, the volume of cash receipts increased by 13.8% compared to the similar period of the previous year and amounted to MDL 142,707.3 million. The increase in the volume of cash receipts was mainly determined by the increase by 9.2% of the receipts from the sale of consumer goods (regardless of the sales channel), which have the largest share (54.1%) in the volume of total receipts (Chart 2). At the same time, the volume of receipts from the sale of foreign currency to individuals increased by 91.9%, amounting to MDL 9,447.2 million (the equivalent of USD 502.0 million3).
This evolution was supported by most sources with a major share in cash receipts.
Chart 2.
Main sources of cash receipts in licensed banks vaults and their monthly dynamics
At the same time, in October 2022, the volume of cash receipts amounted to MDL 14,137.8 million (-7.5% compared to September 2022 and +3.2% compared to October 2021).
The volume of cash releases from licensed banks vaults in January-October 2022 increased by 12.2% compared to the similar period of the previous year and amounted to MDL 143,034.8 million (Chart 3).
Chart 3.
Main purposes of cash releases from licensed banks vaults and their monthly dynamics4
This increase was mainly determined by releases from ATM with a significant share of 22.0% of the total volume of cash releases, which increased in January-October 2022 by MDL 7,158.9 million (or +29.5%) as compared to the similar period of the previous year as well as the volume of releases from individuals’ accounts5, which amounted to MDL 34,389.6 million that represents 24.0% of the total volume of cash releases registering an increase of MDL 5,761.0 million (or +20.1%).
The purchase of currency from individuals constituted MDL 38,401.1 million (equivalent to USD6 2.040.4 million), having a share of 26.8% of the total volume of cash releases.
In October 2022, the volume of cash releases amounted to MDL 15,110.9 million, which is more than the volume of cash receipts by MDL 973.2 million. Compared to September 2022, cash releases decreased by MDL 180.0 million or by 1.2%.
Instruction on the compilation by banks of the Report on the volume of cash operations
1. Currency in circulation (M0) represents circulating cash issued by the National Bank of Moldova, except for cash in banks and NBM vault
2. Volume of cash operations includes transactions with commemorative coins.
3. Recalculated using the official average exchange rate calculated for that period.
4. Aggregate data may not correspond exactly to the sum of the components due to mathematical rounding.
5. Current, deposit and card accounts are included
6. Recalculated using the official average exchange rate.
