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Monetary indicators in February 2016



In February 2016, 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 123.7 million (0.4 percent) compared to January 2016 and accounted for MDL 28836.6 million. The increase of the monetary base was determined by the increase of net domestic assets by MDL 1208.0 million (8.3 percent). At the same time, net foreign assets decreased by MDL 1084.3 million (3.8 percent).

Money supply M2 Money supply M2 includes money in circulation (M0), deposits of residents in MDL and money market instruments.increased by MDL 126.3 million during the reporting period or by 0.3 percent compared to January 2016 and accounted for MDL 38946.4 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.decreased by MDL 803.5 million (1.2 percent) in February 2016.

The analysis of the passive components of Money supply (M3) denotes the fact that this decrease was driven by the decrease of 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. - by MDL 245.1 million and the total balance of deposits by MDL 558.4 million in February 2015 (Table no.1).

 

Table no.1. Passive components of money supply

 

INDICATORS

Ian.16

Feb.16

Feb.16

Feb.16

mil. lei

mil. lei

Ian.16

Feb.15

%

%

1

     Money in circulation (MO)

15060.2

14815.1

-1.6

-6.3

2

     Sight deposits in MDL

7844.7

7950.1

1.3

-0.8

3

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

22904.9

22765.2

-0.6

-4.4

4

     Term deposits in MDL

15915.2

16181.2

1.7

5.4

5

     Money market instruments

0.0

0.0

 

 

6

MONEY SUPPLY (M2)

38820.1

38946.4

0.3

-0.6

7

     Deposits in foreign currency

25819.0

24889.2

-3.6

-9.2

8

MONEY SUPPLY (M3)

64639.1

63835.6

-1.2

-4.1

 

The balance of deposits in national currency increased by MDL 371.4 million and accounted for MDL 24131.3 million, representing a share of 49.2 percent of total deposits, while the balance of deposits in foreign currency (recalculated in MDL) decreased by MDL 929.8 million and accounted for MDL 24889.2 million (with a share of 50.8 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).

INDICATORI

Ian.16

Feb.16

Feb.16

Feb.16

mil. lei

mil. lei

Ian.16

Feb.15

%

%

Deposits balance (Total)

49578.9

49020.5

-1.1

-3.5

Including:

 

 

 

 

Deposits balance (in MDL):

23759.9

24131.3

1.6

3.3

       Share in deposits balance (Total) %

47.9

49.2

 

 

      Non-banking financial sector

378.8

306.9

-19.0

-36.0

     Non-financial companies sector, which majority ownership is public

1050.7

1043.7

-0.7

-7.9

     Non-financial companies sector, which majority ownership is private

4518.2

4642.9

2.86

-8.5

    Other residential sectors (individuals, etc.)

17812.2

18137.8

1.8

8.8

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

25819.0

24889.2

-3.6

-9.2

       Share in deposits balance (Total) %

52.1

50.8

 

 

     Non-banking financial sector

1114.0

1103.8

-0.9

-5.1

     Non-financial companies sector, which majority ownership is public

387.6

401.9

3.7

-10.4

     Non-financial companies sector, which majority ownership is private

5215.8

5082.7

-2.6

-13.4

    Other residential sectors (individuals, etc.)

19101.6

18300.8

-4.2

-8.2

 

The decrease of money supply M3 in the reporting period was determined by the decrease in net foreign assets of the banking system by MDL 1190.3 million (2.3 percent), while the net domestic assets of the banking system increased by MDL 386.8 million (2.9 percent).

Domestic credit of the banking system decreased by MDL 98.8 million, up to MDL 42485.0 million, due to the decrease in the balance of credits granted to economy by MDL 876.5 million, while the balance of credits granted to the Government increased by MDL 777.7 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 2.0 percent in February 2016 at the expense of the decrease of credits to economy in national currency by MDL 288.5 million (1.2 percent), and credits in foreign currency (expressed in MDL) by MDL 588.0 million (3.1 percent) (Table no.3). At the same time, the credits to economy in foreign currency, expressed in USD, have decreased by USD 3.7 million during the reporting period.

 

Table no.3. Structure of credits granted to economy

INDICATORS

Ian.16

Feb.16

Feb.16

Feb.16

MDL, million

MDL, million

Ian.16

Feb.15

%

%

CREDITS GRANTED TO ECONOMY

42794.4

41917.9

-2.0

-4.2

Including:

 

 

 

 

CREDITS GRANTED TO ECONOMY (in MDL):

23569.4

23280.9

-1.2

-10.3

       Share of Credits granted to economy, %

55.1

55.5

 

 

       Non-banking financial sector

715.5

684.3

-4.4

5.4

     Non-financial companies sector, which majority ownership is public

982.1

1009.0

2.7

18.7

     Non-financial companies sector, which majority ownership is private

14973.8

14701.7

-1.8

-14.3

         Other residential sectors (individuals, etc.)

6898.0

6885.9

-0.2

-5.8

         including: Consumer loans

3334.8

3337.8

0.1

-1.7

                            Real estate loans

2208.0

2194.4

-0.6

-3.9

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

19225.0

18637.0

-3.1

4.7

       Share of Credits granted to economy, %

44.9

44.5

 

 

     Non-banking financial sector

873.8

855.4

-2.1

7.6

     Non-financial companies sector, which majority ownership is public

862.8

823.7

-4.5

-5.4

     Non-financial companies sector, which majority ownership is private

17154.1

16635.3

-3.0

5.0

         Other residential sectors (individuals, etc.)

334.3

322.6

-3.5

14.1

         including: Consumer loans

13.5

12.4

-7.7

-38.4

                         Real estate loans

164.6

165.4

0.5

65.1

 

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 by MDL 272.1 million (1.8 percent), balance of credits to non-banking financial sector and other resident sectors (including individuals) by MDL 31.2 million (4.4 percent) and by MDL 12.1 million (0.2 percent) respectively, while the balance of credits granted to non-financial companies sector, which majority ownership is public increased by MDL 26.9 million (2.7 percent).

At the same time, the decrease in balance of credits granted to economy in foreign currency (expressed in MDL) was influenced by the decrease in all its components, namely: the balance of credits granted to non-financial companies sector, which majority ownership is public by MDL 39.1 million (4.5 percent), non-financial companies sector, which majority ownership is private by MDL 518.8 million (3.0 percent), non-banking financial sector and to other resident sectors (including individuals) - by MDL 18.4 million (2.1 percent) and by MDL 11.7 million (3.5 percent), respectively.

 

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