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Monetary indicators in February 2017



In February 2017, 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.decreased by MDL 372.0 million (1.1 percent) compared to January 2017 and accounted for MDL 33152.0 million. The decrease of the monetary base was determined by the decrease of net domestic assets by MDL 1068.1 million (24.7 percent), while net foreign assets increased by MDL 696.1 million (1.8 percent).

Money supply M2 Money supply M2 includes money in circulation (M0), deposits of residents in MDL and money market instruments.increased by MDL 166.7 million during the reporting period or by 0.4 percent compared to January 2017 and accounted for MDL 46470.9 million.

Money supply M3 Money supply M3 includes money supply M2 and deposits of residents in foreign currency expressed in MDL.increased by MDL 83.9 million (0.1 percent) during the reporting period.

The analysis of the passive components of money supply (M3) indicates that this increase was driven by the increase of the total balance of deposits - by MDL 195.6 million, 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 111.7 million in February 2017 (Table no.1).

 

Table no.1. Passive components of money supply

 

INDICATORS

January 2017

February 2017

February 2017

February 2017

MDL, million

MDL, million

January 2017

February 2016

%

%

1

Money in circulation (M0)

16512.2

16400.5

-0.7

10.7

2

Sight deposits in MDL

10421.5

11286.5

8.3

42.0

3

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

26933.7

27687.0

2.8

21.6

4

Term deposits in MDL

19370.5

18783.9

-3.0

16.1

5

Money market instruments

0.0

0.0

 

 

6

MONEY SUPPLY (M2)

46304.2

46470.9

0.4

19.3

7

Deposits in foreign currency

24402.6

24319.8

-0.3

-2.3

8

MONEY SUPPLY (M3)

70706.8

70790.7

0.1

10.9

The balance of deposits in national currency increased by MDL 278.4 million and accounted for MDL 30070.4 million, representing a share of 55.3 percent of total deposits, while the balance of deposits in foreign currency (recalculated in MDL) decreased by MDL 82.8 million and accounted for MDL 24319.8 million (with a share of 44.7 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

January 2017

February 2017

February 2017

February 2017

MDL, million

MDL, million

January 2017

February 2016

%

%

I

Deposits balance (Total)

54194.6

54390.2

0.4

12.0

 

including:

 

 

 

 

1.0

Deposits balance (in MDL):

29792.0

30070.4

0.9

25.4

 

Share in deposits balance (Total) %

55.0

55.3

 

 

1.1

Non-banking financial sector

434.8

447.4

2.9

45.8

1.2

Non-financial companies sector, which majority ownership is public

1073.3

1071.0

-0.2

0.7

1.3

Non-financial companies sector, which majority ownership is private

7261.9

7286.3

0.3

57.6

1.4

Other residential sectors (individuals, etc.)

21022.0

21265.7

1.2

17.2

2.0

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

24402.6

24319.8

-0.3

-1.1

 

Share in deposits balance (Total) %

45.0

44.7

 

 

2.1

Non-banking financial sector

908.3

920.6

1.4

-16.6

2.2

Non-financial companies sector, which majority ownership is public

480.4

495.3

3.1

23.2

2.3

Non-financial companies sector, which majority ownership is private

5476.5

5366.1

-2.0

5.6

2.4

Other residential sectors (individuals, etc.)

17537.4

17537.8

0.01

-4.2

The increase of money supply M3 in the reporting period was determined by the increase in net foreign assets of the banking system by MDL 680.8 million (1.1 percent), while the net domestic assets decreased by MDL 596.9 million (6.9 percent).

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 MDL 226.4 million (0.6 percent) in February 2017 at the expense of the decrease of credits granted to economy in national currency by MDL 135.5 million (0.6 percent), and credits granted in foreign currency (expressed in MDL) by MDL 90.9 million (0.5 percent) (Table no.3).

It should be mentioned that the credits granted to economy in foreign currency, expressed in USD, have decreased by USD 2.8 million. during the reporting period.

 

Table no.3. Structure of credits granted to economy

 

INDICATORS

January 2017

February 2017

February 2017

February 2017

MDL, million

MDL, million

January 2017

February 2016

%

%

I

CREDITS GRANTED TO ECONOMY

39123.3

38896.9

-0.6

-7.2

 

including:

 

 

 

 

1

CREDITS GRANTED TO ECONOMY (in MDL):

21287.0

21151.5

-0.6

-9.1

 

Share of Credits granted to economy, %

54.4

54.4

 

 

1.1

Non-banking financial sector

717.5

710.1

-1.0

3.8

1.2

Non-financial companies sector, which majority ownership is public

990.3

953.5

-3.7

-5.5

1.3

Non-financial companies sector, which majority ownership is private

12295.9

12195.4

-0.8

-17.0

1.4

Other residential sectors (individuals, etc.)

7283.3

7292.5

0.1

5.9

 

including: Consumer loans

3823.0

3826.1

0.1

14.6

 

Real estate loans

2172.1

2180.4

0.4

-0.6

2

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

17836.3

17745.4

-0.5

-4.8

 

Share of Credits granted to economy, %

45.6

45.6

 

 

2.1

Non-banking financial sector

882.4

855.7

-3.0

0.0

2.2

Non-financial companies sector, which majority ownership is public

660.5

635.4

-3.8

-22.9

2.3

Non-financial companies sector, which majority ownership is private

15976.9

15939.9

-0.2

-4.2

2.4

Other residential sectors (individuals, etc.)

316.5

314.4

-0.7

-2.5

 

including: Consumer loans

8.9

8.4

-5.9

-32.7

 

Real estate loans

174.9

171.3

-2.1

3.6

 

The negative evolution of the balance of credits granted to economy in national currency was determined by the decrease in the following components: the balance of credits granted to non-financial companies sector, which majority ownership is public by MDL 36.8 million (3.7 percent), non-financial companies sector, which majority ownership is private by MDL 100.5 million (0.8 percent), non-banking financial sector by MDL 7.4 million (1.0 percent), respectively. At the same time, the balance of credits granted to other resident sectors (including individuals) increased by MDL 9.2 million (0.1 percent).

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 its components: balance of credits granted to non-financial companies sector, which majority ownership is public by MDL 25.1 million (3.8 percent), non-financial companies sector, which majority ownership is private by MDL 37.0 million (0.2 percent), non-banking financial sector and that of credits granted to other resident sectors (including individuals) by MDL 26.7 million (3.0 percent) and MDL 2.1 million (0.7 percent), respectively.

 

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