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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.
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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.
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In June 2022, new loans extended1 by banks totaled MDL 4,346.1 million2, increasing by 9.0% compared to June 2021.
The structure of loans granted (Chart 1) in the reporting month evolved as follows:
• 62.4% represents loans extended in domestic currency, which totaled MDL 2,713.1 million (+8.5% compared to the previous month and -7.3% compared to June 2021);
• 35.7% represents loans extended in foreign currency, which, recalculated in MDL, totaled MDL 1,551.8 million (+5.3% compared to the previous month and +57.3% compared to June 2021).
• 1.9% represents foreign-currency-linked3 loans which amounted to MDL 81.2 million (-44.0% compared to the previous month and +11.7% compared to June 2021).
Chart 1
Dynamics of new loans extended, million MDL (upper chart) and the annual growth rate of new loans extended by banks, % (lower chart)2
Source: NBM report on average rates and volumes of new loans and new deposits attracted for June 2022
In terms of maturity (Chart 2), loans with maturity ranging from 2 to 5 years recorded the highest demand, with a share of 54.7%. The share of businesses’ loans with this term constituted 39.7% in the total amount of extended loans.
Chart 2
New loans extended by maturity and their structure, %2
Source: NBM report on average rates and volumes of new loans and new deposits attracted for June 2022
Domestic currency loans (Chart 3) were mainly represented by loans extended to non-financial commercial companies (53.2%) and to individuals (37.4%). Within loans to non-financial commercial companies, loans to trade dominated (47.9%).
Chart 3
Domestic currency loans by sectors, %2
Source: NBM report on average rates and volumes of new loans and new deposits attracted for June 2022
Foreign currency loans were mainly requested by non-financial commercial companies (95.5%), and the largest share (46.8%) belongs to trade.
The average nominal interest rate on new loans extended in domestic currency constituted 11.34%, on loans in foreign currency - 4.04%, and on foreign-currency-linked loans - 4.55%.
Compared to the previous month, the average rate evolved as follows (Chart 4):
• on domestic currency loans it increased by 0.79 percentage points (p.p.). Businesses received their loans at an average rate of 10.42%, individuals performing an activity4 – at a rate of 13.82%, while individuals – at a rate of 12.52%;
• on foreign currency loans, it increased by 0.08 p.p. Businesses received their loans at an average rate of 4.03%, individuals performing an activity – at a rate of 4.75%, and individuals – at a rate of 6.17%;
• on foreign-currency-linked loans, it increased by 0.71 p.p. Businesses received their loans at an average rate of 4.13%, individuals performing an activity – at a rate of 5.50%, and individuals – at a rate of 4.80%.
Compared to the similar period of the previous year, the weighted average nominal interest rate on domestic currency loans increased by 4.55 p.p., on those in foreign currency it decreased by 0.06 p.p., and on foreign-currency-linked loans it increased by 0.61 p.p.
Chart 4
Weighted average nominal interest rates on new loans, %
Source: NBM report on average rates and volumes of new loans and new deposits attracted for June 2022
The volume of domestic currency loans extended to individuals increased in June 2022, by 7.6%, as compared to the previous month, and totaled MDL 1,014.2 million (Chart 5). The average rate on these loans increased by 1.68 p.p.
Chart 5
Domestic currency loans extended to individuals2
Source: NBM report on average rates and volumes of new loans and new deposits attracted for June 2022
From the perspective of the purpose of loans extended to individuals, consumer loans held the largest share (66.9%), and were extended at an average rate of 13.70% (+2.01 p.p. compared to the previous month and +8.87 p.p. compared to June 2021).
The average rate on mortgage loans extended in domestic currency increased by 1.38 p.p. compared to the previous month and by 3.54 p.p. compared to June 2021 and totaled 9.93%.
It should be noted, that 86.3% of total mortgage loans were extended in domestic currency. Consumer loans also were mainly extended in domestic currency (99.5% of total consumer loans).
Chart 6
Average rates on extended loans, by maturity, %
Source: NBM report on average rates and volumes of new loans and new deposits attracted for June 2022
The highest average rate on domestic currency loans was registered on loans with maturity from 1 to 3 months and amounted to 12.47%.
Loans in foreign currency with terms of 2 to 5 years (which had the highest volume in the reporting month) were extended at an average rate of 4.11% (businesses loans – 4.11%, individuals performing an activity loans – 4.92%, while individuals’ loans – 6.42% (Chart 6)).
Deposits market
In June 2022, the new term deposits totaled MDL 3,966.2 million2, increasing by 77.8% compared to June 2021 (Chart 7).
Chart 7
Dynamics of term deposits (upper chart) and change from the previous month (lower chart), million MDL2
Source: NBM report on average rates and volumes of new loans and new deposits attracted for June 2022
The volume of new term deposits constituted:
The share of deposits attracted in domestic currency constituted 75.2%, of those in foreign currency – 24.8%.
Individuals’ deposits (Chart 8) represented the largest share of total deposits - 68,72% (where 56.1% represents domestic currency deposits and 12.7% - foreign currency deposits).
Chart 8
New term deposits placed by maturity and their structure, %2
Source: NBM report on average rates and volumes of new loans and new deposits attracted for June 2022
In terms of maturity, the highest demand was recorded for deposits with terms from 6 to 12 months, which held 53.5% of total term deposits (42.9% - individuals’ deposits).
The average interest rate on domestic currency term deposits constituted 9.54%, and on those in foreign currency - 0.44%.
Chart 9
Weighted average rates on new term deposits, %
Source: NBM report on average rates and volumes of new loans and new deposits attracted for June 2022
Compared to the previous month, the average rate evolved as follows:
Compared to June 2021, the average interest rate on domestic currency deposits increased by 6.36 p.p., but that on foreign currency deposits decreased by 0.06 p.p. (Chart 9).
Chart 10
Average interest rates on new term deposits, by maturity, %
Source: NBM report on average rates and volumes of new loans and new deposits attracted for June 2022
Domestic currency deposits with maturity from 6 to 12 months, holding the highest share (58.3% of total deposits in domestic currency), were attracted at an average interest rate of 10.93% (businesses’ deposits were attracted at an average rate of 5.79%, deposits of individuals performing an activity - at a rate of 5.00%, while individuals' deposits – at a rate of 11.68% (Chart 10)).
In the case of foreign currency deposits, the largest share (39.2%) is held by those with terms from 6 to 12 months, which were placed at an average interest rate of 0.31% (businesses placed their deposits at a rate of 0.26%, individuals - at a rate of 0.37%).
The highest average rate on domestic currency deposits was recorded as follows:
The highest average rate on foreign currency deposits was recorded at both businesses’ deposits and individuals’ deposits with terms from 1 to 2 years (1.0%).
Interest rate margin on domestic currency transactions constituted 1.80 p.p., while on those in foreign currency amounted to 3.60 p.p.
Chart 11
Bank interest margin, p.p.
Source: NBM report on average rates and volumes of new loans and new deposits attracted for June 2022
The interest rate margin on operations in domestic currency decreased by 0.55 p.p. compared to the previous month and by 1.81 p.p. to June 2021 (Chart 11).
The interest margin on foreign currency transactions decreased by 0.06 p.p. compared to the previous month, while compared to June 2021 did not change.
1. Data presented according to Instruction on preparation and presentation of reports on interest rates applied by banks in the Republic of Moldova, approved by Decision of the Executive Board of the NBM No 331 of 1 December 2016, Official Monitor of the Republic of Moldova No 441-451 of 16 December 2016, as subsequently amended and supplemented.
2. Aggregate data may not correspond exactly to the sum of the components due to mathematical rounding.
3. Loans foreign-currency-linked, according to the Regulation on the open currency position of the bank, approved by Decision of the Council of Administration of the National Bank of Moldova No 126 of 28.11.1997, Official Monitor of the Republic of Moldova No 112-114/198 of 14.10.1999, with further modifications and completions, refer to the assets which balance, according to the conditions established in the relevant contracts concluded by the bank, shall be modified depending on the evolution of the exchange rate of Moldovan currency against the attached exchange rate.
4. Individuals performing an activity, in accordance with the Instruction on completion by licensed banks of the Report on monetary statistics, approved by the Decision of the Executive Board of the NBM No 255 of 17 November 2011, Official Monitor of the Republic of Moldova No 206-215 of 2 January 2011, as subsequently amended and supplemented, work in associations without legal personality and are producers of goods and/or services for market, and namely, individual enterprises, farms, entrepreneur license holders, notaries, lawyers, bailiffs, etc.
