Welcome to the official website of the National Bank of Moldova!
×
Do you have good eyesight and want to turn this tool off?
Welcome to the official website of the National Bank of Moldova!
You can choose one of the most popular reports from the list:
Statistics on RDT is produced following the IMF requirements provided in International Reserves and Foreign Currency Liquidity: Guidelines for a Data Template (IMF, 2013), as well as in the 6th edition of the Balance of Payments and International Investment Position Manual (IMF, 2009) (BPM6). The framework of the Data Template is built on two related concepts: (1) International reserves (reserve assets) and (2) Foreign currency liquidity.
According to BPM6 “Reserves assets are those external assets that are readily available to and controlled by monetary authorities for meeting balance of payments financing needs, for intervention in exchange markets to affect the currency exchange rate, and for other related purposes.” (para. 6.64).
Foreign currency liquidity is a broader concept than that of international reserves. In the RDT, foreign currency liquidity has two dimensions:
The RDT covers the NBM as monetary authority that holds and manages the international reserves, and the central government that accounts for most of the official foreign currency liabilities.
The RDT only includes instruments settled in foreign currency (sections I through III). Instruments denominated in foreign currency or indexed to foreign currency but settled in domestic currency or other means are reported as memorandum items (section IV). Foreign assets in nonconvertible currencies, as well as other assets that do not meet reserve assets concepts, are not included in the RDT.
The international reserves are revalued daily, data are converted to US dollars at the NBM’s official exchange rate. Securities position is revalued monthly at the market price of the instruments concerned on the last day of the reference month. Accrued interest on deposits is recorded daily, and accrued interest on securities in foreign currency is recorded monthly.
The main primary information used for producing the RDT includes the following:
The data source for items (i) through (v) is the NBM, for items (vi)–(vii) – the Ministry of Finance.
Section I. Official reserve assets and other foreign currency assets presents the stock of foreign currency resources of the NBM and the government. Part I.A is provided to report the information on reserve assets and part I.B – on other foreign currency assets.
Part 1.A. “Official reserve assets” includes 5 components:
Section II. Predetermined short-term net drains of foreign currency assets is used to report the authorities’ (NBM and Ministry of Finance) predetermined short-term (in the following 12 months) net drains of foreign currency assets. This item reflects data related to liabilities:
“Predetermined drains” are the known or scheduled contractual obligations in foreign currency. Contractual obligations can arise from on-balance-sheet and off-balance-sheet activities. On-balance-sheet activities include predetermined payments of principal and interest associated with loans and securities. Off-balance-sheet activities that give rise to predetermined flows of foreign currency include commitments in forwards and futures-type contracts, as well as in swaps.
Section II reflects net drains of foreign currency on the following financial instruments:
Section III. Contingent short-term net drains on foreign currency assets includes short-term (for the following 12 months) conditional drains on foreign currency resources that may be made by the country’s authorities (NBM and Ministry of Finance).
This Section covers two types of contingent flows:
Section III differs from Section II, as foreign currency flows to be reflected in Section III are conditioned by exogenous events.
Section III comprises the authorities’ contingent liabilities in foreign currency, including collateral guarantees (1(a)). Only contractual obligations of the authorities are included here, i.e. this Section reflects scheduled payments (on principal and interest) associated with the servicing of loans and securities contracted or issued under government guarantee, when the guarantee has not been activated. Other legal or implicit contingent liabilities of the authorities are reported under the item 1(b). Contingent liabilities are to be disclosed when they are recognized, that is when the legal obligations take force. An example of other contingent liabilities are commercial banks’ required reserves in foreign exchange held with the NBM. The whole amount of these reserves is reflected as having a maturity of one month or less.
Section IV. Memo items provides supplementary information covering:
Subsection IV.2. Currency composition of reserves (by groups of currencies). Two major groups of currencies are specified: currencies in the SDR basket (total and by type of currency) and currencies outside of the SDR basket.
Currently, the SDR basket comprises the following currencies: US dollar, euro, Chinese yuan, Japanese yen, and pound sterling. Conventionally, based on the IMF’s recommendation, in the RDT monetary gold and assets in SDR (such as participations in SDR and the reserve position in the IMF) are included in the total amount of currencies in the SDR basket.