In March 2024, new loans extended1 (Infographic 1) totalled MDL 5,144.3 million, increasing by 12.1% compared to February 2024. The largest share (74.9%) represents domestic currency loans, which totalled MDL 3,852.1 million, increasing by 9.6% as compared to the previous month.
Infographic 1. Development in new extended loans2
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In terms of maturity, loans with maturity ranging from 2 to 5 years recorded the highest demand, having a share of 59.6% in the total amount of extended loans. The share of these loans extended to businesses accounted for 41.1% in the total amount of extended loans.
The average nominal interest rate on new domestic currency loans as compared to the previous month decreased by 0.15 percentage points to the value of 9.48%, while the average interest rate on foreign currency loans increased by 0.02 percentage points to the value of 6.36%.
In March 2024, individuals contracted new loans in total amount of MDL 1,492.8 million, increasing by 7.5% as compared to the previous month, the largest share (67.7%) representing consumer loans (Infographic 2). The largest part of these loans (MDL 879.5 million) was extended in domestic currency with a maturity ranging from 2 to 5 years.
Infographic 2. New loans extended to individuals3
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A share of 31.6% of total loans extended to individuals represent to mortgage loans, which were mainly extended in domestic currency (99.7% of all mortgage loans).
The average interest rate on consumer loans extended in domestic currency decreased by 0.22 percentage points to the value of 11.09%, while the average interest rate on loans granted in domestic currency to acquire real estate decreased by 0.07 percentage points to the value of 7.74%.
Compared to the previous month (Infographic 3), in the reporting month, businesses requested more loans, both in domestic currency (+11.2%) and in foreign currency (+23.1%), while foreign-currency-linked loans4 were requested by 23.5% less.
Non-financial commercial companies contracted the largest share (64.5%) of new extended loans.
The average interest rate on domestic currency loans extended to businesses decreased by 0.17 percentage points, reaching 9.01%. At the same time, the average interest rate on foreign currency loans increased by 0.04 percentage points to the value of 6.36%.
Infographic 3. New loans extended to businesses
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infografic [4]:
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Developments in DEPOSITS markets in March 2024 [5]
Statistical data [6]
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. 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.
4. 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.