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20.09.2022

Evolution of monetary indicators in August 2022



In August 2022, the monetary base1 increased by MDL 2,986.8 million (4.5%) compared to the previous month and constituted MDL 68,679.8 million, being by 19.5% higher than in the similar period of the previous year.

Money supply M02 (currency in circulation) increased by MDL 30.0 million or by 0.1% compared to July 2022 and constituted MDL 31,053.5 million, being by 5.1% lower than in the similar period of the previous year (Chart 1).

Chart 1. 
Evolution of money supply in August 2022 compared to the previous month, billion MDL3  

 

Money supply M14 increased by MDL 56.3  million or by 0.1% compared to July 2022 and constituted MDL 58,107.6 million, being by 3.0% lower than in the similar period of the previous year.

Money supply M25 increased by MDL 1,202.1 million or by 1.5% compared to July 2022 and constituted MDL 81,176.0 million, by 0.5% lower than in the similar period of the previous year.

Money supply M36 increased by MDL 643.5 million (0.6%) compared to July 2022 and constituted MDL 115,440.2 million, being by 0.6% lower than in the similar period of the previous year.

 

Chart 2.  
Dynamics of bank deposits7, %

* change from the similar period of the previous year

The balance of deposits in domestic currency increased by MDL 1,172.1 million compared to the previous month and constituted MDL 50,122.6 million, representing a share of 59.4% of the total balance of deposits. At the same time, the balance of deposits in foreign currency (recalculated in MDL) decreased by MDL 558.6 million to MDL 34,264.1 million, having a share of 40.6% (Chart 2).

Balance of claims on the economy8 (Chart 3) constituted  MDL 62,900.4 million, increasing by MDL 221.7 million (0.4%) in the reporting month, due to the increase in foreign currency (expressed in MDL) by MDL 522.3 million (2.7%),while the claims on economy in domestic currency decreased by MDL 300.6 million (0.7%).

It should be noted that the balance of claims on the economy in foreign currency, expressed in USD9, constituted in August USD 1,035.4 million, higher by USD 25.5 million (2.5%) compared to July 2022.

The increase in the balance of claims on the economy in foreign currency (expressed in MDL) was determined by the increase in the balance of claims on non-financial commercial companies, which majority ownership is private, by MDL 370.7 million (2.1%), the balance of claims on the non-banking financial sector – by MDL 121.8 million (10.9%) and the balance of claims on other resident sectors (including individuals) by MDL 53.6 million (8.1%). At the same time, the balance of claims on non-financial commercial companies, which majority ownership is public decreased by MDL 23.7 million (88.7%).

Chart 3.
Dynamics of claims on economy,%

 

change from the similar period of the previous year

The decrease in the balance of claims on the economy in domestic currency was determined by the decrease in the balance of claims on non-financial commercial companies, which majority ownership is private, by MDL 210.6 million (1.3%), the balance of claims on other resident sectors (including individuals) by MDL 84.2 million (0.3%), the balance of claims on non-financial commercial companies, which majority ownership is public, by MDL 4.2 million (0.8%) and the balance of claims on the non-banking financial sector by MDL 1.6 million (0.1%).

                                                                       

1. Broad monetary base includes money put into circulation by the National Bank of Moldova (except  cash in the vault of the National Bank of Moldova), bank reserves in lei (held in corresponding accounts at the National Bank of Moldova), required foreign currency reserves, “overnight” deposits of banks and sight deposits of other organizations at the National Bank of Moldova.

2. Currency in circulation M0 represents circulating cash issued by the National Bank of Moldova, except for cash in banks and NBM vault.

3. Aggregate data may not correspond exactly to the sum of the components due to mathematical rounding

4. Money supply M1 includes currency in circulation (M0) and residents’ domestic currency sight deposits.

5. Money supply M2 includes money aggregate (M1), term deposits in Moldovan lei of residents and money market instruments.

6. Money supply M3 includes M2 money supply and residents’ foreign currency deposits denominated in Moldovan lei.

7. Deposits are structured by institutional sectors under the Instruction on completion by  licensed banks of the Report on monetary statistics (Official Monitor of the Republic of Moldova No 206-215 of 2 January 2011). Other resident sectors include sectors of the households (individuals, individuals performing an activity) and non-profit institutions serving households.

8. According to the IMF methodology, loans to non-residents, interbank loans, and loans to the Government of the Republic of Moldova are excluded from the total claims on the economy (including data from banks under liquidation).

9. Recalculated using the official exchange rate of NBM at the end of the period.

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