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Monetary indicators in December 2015



In December 2015, monetary base The monetary base includes money in circulation (outside banking system), banking reserves (banks' reserves in MDL on correspondent accounts maintained at the National Bank of Moldova and cash in banks), deposits at sight of other organizations with the National Bank of Moldova, “overnight” deposits of banks and required reserves in foreign currency.increased by MDL 419.7 million (1.4 percent) compared to November 2015 and accounted for MDL 29689.1 million. The increase of the monetary base was determined by the increase of net domestic assets by MDL 691.9 million (59.1 percent). At the same time, net foreign assets decreased by MDL 272.2 million (1.0 percent).

Money supply M2 Money supply M2 includes money in circulation (M0), deposits of residents in MDL and money market instruments.increased by MDL 876.6 million during the reporting period or by 2.3 percent compared to November 2015 and accounted for MDL 39260.8 million.

At the same time Money supply M3 Money supply M3 includes money supply M2 and deposits of residents in foreign currency expressed in MDL.increased by MDL 602.9 million (1.0 percent) in December 2015.

The analysis of the passive components of Money supply (M3) denotes the fact that this increase was driven by the increase of the total balance of deposits by MDL 630.1 million in December 2015, while the balance of Money in circulation M0 Money in circulation M0 represents cash released in circulation by the National Bank of Moldova, except for cash in banks and NBM vault. decreased by MDL 27.2 million (Table no.1).

 

Table no.1. Passive components of money supply

 

INDICATORS

Nov.15

Dec.15

Dec.15

Dec.15

MDL, million

MDL, million

Nov.15

Dec.-14

%

%

1

     Money in circulation (M0)

15536.6

15509.4

-0.2

-11.4

2

     Sight deposits in MDL

7349.2

8052.4

9.6

-10.6

3

MONEY SUPPLY (M1)Money supply M1includes money in circulation and sight deposits of residentsin  MDL.

22885.8

23561.8

3.0

-11.1

4

     Term deposits in MDL

15498.5

15699.0

1.3

-6.0

5

     Money market instruments

0.0

0.0

 

 

6

MONEY SUPPLY (M2)

38384.2

39260.8

2.3

-9.2

7

     Deposits in foreign currency

25019.1

24745.5

-1.1

8.8

8

MONEY SUPPLY (M3)

63403.3

64006.2

1.0

-3.0

The balance of deposits in national currency increased by MDL 903.8 million and accounted for MDL 23751.4 million, representing a share of 49.0 percent of total deposits, while the balance of deposits in foreign currency (recalculated in MDL) decreased by MDL 273.7 million and accounted for MDL 24745.5 million, with a share of 51.0 percent (Table no.2).

 

 Table no.2. Structure of depositsDeposits structure is classified by institutional sectors, according to the Instruction on filling out by the licensed banks of the Report on monetary statistics (Official Monitor of the Republic of Moldova no.206-215 of December 2, 2011).

 

INDICATORS

Nov.15

Dec.15

Dec.15

Dec.15

MDL, million

MDL, million

Nov.15

Dec.14

%

%

I

Deposits balance (Total)

47866.8

48496.9

1.3

0.1

 

including:

 

 

 

 

1.0

Deposits balance (in MDL):

22847.6

23751.4

4.0

-7.6

 

       Share in deposits balance (Total) %

47.7

49.0

 

 

1.1

     Non-banking financial sector

443.8

410.6

-7.5

-30.6

1.2

     Non-financial companies sector, which majority ownership is public

1038.6

1002.3

-3.5

-26.9

1.3

     Non-financial companies sector, which majority ownership is private

4408.7

4828.4

9.5

-14.6

1.4

    Other residential sectors (individuals, etc.)

16956.5

17510.1

3.3

-3.2

2.0

Balance of deposits in foreign currency (recalculated in MDL):

25019.2

24745.5

-1.1

8.8

 

       Share in deposits balance (Total) %

52.3

51.0

 

 

2.1

     Non-banking financial sector

1092.1

1007.2

-7.8

3.9

2.2

     Non-financial companies sector, which majority ownership is public

502.2

364.0

-27.5

0.03

2.3

     Non-financial companies sector, which majority ownership is private

5137.6

5026.2

-2.2

18.3

2.4

    Other residential sectors (individuals, etc.)

18287.3

18348.0

0.3

6.9

The increase of money supply M3 in the reporting period was determined by the increase in net domestic assets of the banking system by MDL 651.8 million (4.5 percent), while the net foreign assets of the banking system decreased by MDL 48.9 million (0.1 percent).

Domestic credit of the banking system decreased by MDL 123.7 million, up to MDL 42416.7 million, due to the decrease in the balance of credits granted to economy by MDL 1029.5 million. At the same time, the balance of credits granted to the Government increased by MDL 905.8 million.

Balance of credits in economyAccording to the IMF methodology, the interbank credits and the credits granted to the Government are excluded from the total credits in the economy (including the interest calculated for credits and for credits of banks - in liquidation process). decreased by 2.4 percent in December 2015 at the expense of the decrease of both its components: credits to economy in national currency by MDL 555.2 million (2.3 percent), and credits in foreign currency (expressed in MDL) by MDL 474.3 million (2.5 percent) (Table no.3).

 

Table no.3. Structure of credits granted to economy

 

INDICATORS

Nov.15

Dec.15

Dec.15

Dec.15

MDL, million

MDL, million

Nov.15

Dec.14

%

%

I

CREDITS GRANTED TO ECONOMY

43622.8

42593.3

-2.4

3.2

 

including:

 

 

 

 

1

CREDITS GRANTED TO ECONOMY (in MDL):

24646.0

24090.8

-2.3

-4.3

 

       Share of Credits granted to economy, %

56.5

56.6

 

 

1.1

     Non-banking financial sector

644.5

695.8

8.0

10.1

1.2

     Non-financial companies sector, which majority ownership is public

911.2

965.9

6.0

17.6

1.3

     Non-financial companies sector, which majority ownership is private

15987.7

15433.7

-3.5

-6.2

1.4

         Other residential sectors (individuals, etc.)

7102.6

6995.4

-1.5

-3.7

 

         including: Consumer loans

3493.1

3383.8

-3.1

0.4

 

                          Real estate loans 

2241.8

2225.8

-0.7

-0.9

2

CREDITS GRANTED TO ECONOMY IN FOREIGN CURRENCY (recalculated in MDL):

18976.8

18502.5

-2.5

14.9

 

       Share of Credits granted to economy, %

43.5

43.4

 

 

2.1

     Non-banking financial sector

862.4

845.4

-2.0

10.9

2.2

     Non-financial companies sector, which majority ownership is public

855.9

841.3

-1.7

5.9

2.3

     Non-financial companies sector, which majority ownership is private

16915.1

16499.6

-2.5

15.4

2.4

         Other residential sectors (individuals, etc.)

343.4

316.2

-7.9

26.0

 

         including: Consumer loans

13.8

13.0

-5.5

-34.7

 

                          Real estate loans 

155.2

157.1

1.2

71.5

Negative evolution of the balance of credits granted to economy in national currency was determined by the decrease of credits granted to non-financial companies sector, which majority ownership is private and other resident sectors (including individuals) by MDL 554.0 million (3.5 percent) and MDL 107.2 million (1.5 percent), while the balance of credits to non-banking financial sector, which majority ownership is public increased by MDL 54.7 million (6.0 percent) and by MDL 51.3 million (8.0 percent) respectively.

At the same time, the decrease in the balance of credits granted to economy in foreign currency (expressed in MDL) was influenced by the decrease in all of its components: balance of credits granted to non-financial companies sector, which majority ownership is public by MDL 14.6 million (1.7 percent), non-financial companies sector, which majority ownership is private by MDL 415.5 million (2.5 percent), balance of credits granted to non-banking financial sector and other resident sectors (including individuals) - by MDL 17.0 million (2.0 percent) and by MDL 27.2 million (7.9 percent), respectively.

 

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