The analysis of the passive components of money supply (M3) denotes the fact that this decrease was driven by the downward trend of its components as a result of the decrease of money in circulation by MDL 649.8 million and the total balance of deposits by MDL 117.5 million compared to the previous month, in particular, the balance of term deposits in MDL by MDL 290.7 million (Table no.1).
Table no.1. Passive components of money supply (M3)
|
INDICATORS
|
Dec.13
|
Ian.14
|
Ian.14
|
Ian.14
|
|
mil. lei
|
mil. lei
|
Dec.13
|
Ian.13
|
|
%
|
%
|
|
Money in circulation (M0)
|
17550.46
|
16900.71
|
-3.7
|
32.3
|
|
Sight deposits in MDL
|
9569.32
|
9278.67
|
-3.0
|
25.3
|
|
MONEY SUPPLY (M1)Money supply M1 includes money in circulation (M0) and sight deposits in MDL of residents.
|
27119.78
|
26179.38
|
-3.5
|
29.7
|
|
Term deposits in MDL
|
17997.36
|
18170.45
|
1.0
|
21.6
|
|
Money market instruments
|
0.00
|
0.00
|
|
|
|
MONEY SUPPLY (M2)
|
45117.14
|
44349.84
|
-1.7
|
26.3
|
|
Deposits in foreign currency
|
17514.35
|
17950.16
|
2.5
|
19.8
|
|
MONEY SUPPLY (M3)
|
62631.49
|
62299.99
|
-0.5
|
24.3
|
The balance of deposits in national currency was MDL 27449.1 million, which share equaled to 60.5 percent of total balance of deposits and the balance of deposits in foreign currency (recalculated in MDL) decreased up to MDL 17950.2 million, which share amounted to 39.5 percent (Table no.2). At the same time, deposits in foreign currency, expressed in USD, have decreased by USD 0.8 million in January 2014, which is due to the depreciation of the national currency.
Table no.2. Deposits structureDeposits 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
|
Dec.13
|
Jan.14
|
Jan.14
|
Jan.14
|
|
MDL, million
|
MDL, million
|
Dec.13
|
Jan.13
|
|
%
|
%
|
|
Deposits balance (Total)
|
45081.03
|
45399.28
|
0.7
|
21.6
|
|
Including:
|
|
|
|
|
|
Deposits balance (in MDL)
|
27566.67
|
27449.13
|
-0.4
|
22.8
|
|
The share in deposits balance (total), %
|
61.15
|
60.46
|
-1.1
|
1.0
|
|
Non-banking financial sector
|
884.28
|
851.77
|
-3.7
|
17.4
|
|
Non-financial companies sector, which majority ownership is public
|
1052.55
|
1017.56
|
-3.3
|
12.3
|
|
Non-financial companies sector, which majority ownership is private
|
6442.40
|
6225.71
|
-3.4
|
18.4
|
|
Other resident sectors (individuals, etc.)
|
19187.44
|
19354.09
|
0.9
|
25.2
|
|
Deposits balance in foreign currency
(expressed in MDL)
|
17514.35
|
17950.16
|
2.5
|
19.8
|
|
The share in Deposits balance (total), %
|
38.85
|
39.54
|
1.8
|
-1.5
|
|
Non-banking financial sector
|
466.93
|
474.52
|
1.6
|
3.4
|
|
Non-financial companies sector, which majority ownership is public
|
492.29
|
487.32
|
-1.0
|
-8.1
|
|
Non-financial companies sector, which majority ownership is private
|
3186.91
|
3137.47
|
-1.6
|
30.9
|
|
Other resident sectors (individuals, etc.)
|
13368.22
|
13850.85
|
3.6
|
19.5
|
The decrease of money supply M3 in the reporting period was determined by the decrease in net domestic assets of the banking system by MDL 1030.3 million (3.4 percent). At the same time, net foreign assets of the banking system increased by MDL 698.8 million (2.2 percent). Domestic credit of the banking system increased by MDL 270.2 million, up to the level of MDL 44380.8 million, due to the increase of the balance of credits granted economy by MDL 363.7 million. At the same time, the balance of credits granted to the Government decreased by MDL 93.5 million.
The 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). increased by 0.9 percent in January 2014, at the expense of the increase of credits granted to the economy in national currency by MDL 11.2 million or by 0.04 percent and those granted in foreign currency (expressed in MDL) by MDL 352.5 million or by 2.0 percent (Table no.3). at the same time, credits granted to economy in foreign currency, expressed in USD, decreased by USD 6.7 million, which points out that its increase, expressed in MDL, was caused by the depreciation of the national currency during the reporting period.
Table no.3. Structure of credits granted to economy
|
INDICATORS
|
Dec.13
|
Jan.13
|
Jan.14
|
Jan.14
|
|
MDL, million
|
MDL, million
|
Dec.13
|
Jan.13
|
|
%
|
%
|
|
CREDITS GRANTED TO ECONOMY
|
42632.72
|
42996.42
|
0.9
|
19.6
|
|
Including:
|
|
|
|
|
|
CREDITS GRANTED TO ECONOMY (in MDL)
|
25289.24
|
25300.42
|
0.04
|
23.8
|
|
The share of Credits granted to economy, %
|
59.32%
|
58.84%
|
-0.8
|
3.6
|
|
Non-banking financial sector
|
407.83
|
446.08
|
9.4
|
17.2
|
|
Non-financial companies sector, which majority ownership is public
|
787.34
|
806.04
|
2.4
|
5.3
|
|
Non-financial companies sector, which majority ownership is private
|
18063.10
|
17990.43
|
-0.4
|
27.6
|
|
Other resident sectors (individuals, etc.)
|
6030.98
|
6057.87
|
0.5
|
17.0
|
|
including: Consumer loans
|
2750.52
|
2673.44
|
-2.8
|
17.6
|
|
Real estate loans
|
1726.66
|
1743.35
|
1.0
|
25.0
|
|
CREDITS GRANTED TO ECONOMY IN FOREIGN CURRENCY (equivalent in MDL):
|
17343.47
|
17696.01
|
2.0
|
14.0
|
|
The share of Credits granted to economy, %
|
40.68%
|
41.16%
|
1.2
|
-4.7
|
|
Non-banking financial sector
|
713.21
|
771.77
|
8.2
|
37.7
|
|
Non-financial companies sector, which majority ownership is public
|
859.08
|
930.48
|
8.3
|
15.2
|
|
Non-financial companies sector, which majority ownership is private
|
15457.09
|
15670.92
|
1.4
|
12.9
|
|
Other resident sectors (individuals, etc.)
|
314.10
|
322.85
|
2.8
|
16.1
|
|
including: Consumer loans
|
13.01
|
14.24
|
9.5
|
425.5
|
|
Real estate loans
|
93.53
|
93.98
|
0.5
|
5.1
|
