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Monetary indicators in July 2016



In July 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 934.5 million (3.1 percent) compared to June 2016 and accounted for MDL 30900.8 million. The increase of the monetary base was determined by the increase of net foreign assets by MDL 1182.1 million (3.9 percent), while net domestic assets decreased by MDL 247.6 million (35.7 percent).

Money supply M2 Money supply M2 includes money in circulation (M0), deposits of residents in MDL and money market instruments.increased by MDL 1192.5 million during the reporting period or by 2.8 percent compared to June 2016 and accounted for MDL 43432.8 million.

Money supply M3 Money supply M3 includes money supply M2 and deposits of residents in foreign currency expressed in MDL.increased by MDL 777.2 million (1.2 percent) during the reporting period.

The analysis of the passive components of Money supply (M3) denotes the fact that this increase was driven by the increase 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 484.8 million and the total balance of deposits by MDL 292.4 million in July 2016 (Table no.1). 

 

Table no.1. Passive components of money supply

 

INDICATORS

June 2016

July 2016

July 2016

July 2016

MDL, million

MDL, million

June 2016

July 2015

%

%

1

Money in circulation (M0)

15653.1

16137.9

3.1

-1.4

2

Sight deposits in MDL

8751.9

9409.1

7.5

13.2

3

MONEY SUPPLY (M1)Money supply M1 includes1 money in circulation and sight deposits of residents in MDL.

24405.0

25547.0

4.7

3.5

4

Term deposits in MDL

17835.3

17885.8

0.3

17.4

5

Money market instruments

0.0

0.0

 

 

6

MONEY SUPPLY (M2)

42240.3

43432.8

2.8

8.8

7

Deposits in foreign currency

24115.7

23700.4

-1.7

-7.4

8

MONEY SUPPLY (M3)

66356.0

67133.2

1.2

2.5

The balance of deposits in national currency increased by MDL 707.7 million and accounted for MDL 27294.8 million, representing a share of 53.5 percent of total deposits, while the balance of deposits in foreign currency (recalculated in MDL) decreased by MDL 415.3 million and accounted for MDL 23700.4 million (with a share of 46.5 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

June 2016

July 2016

July 2016

July 2016

MDL, million

MDL, million

June 2016

July 2015

%

%

I

Deposits balance (Total)

50702.9

50995.3

0.6

3.8

 

including:

 

 

 

 

1.0

Deposits balance (in MDL):

26587.2

27294.8

2.7

15.9

 

Share in deposits balance (Total) %

52.4

53.5

 

 

1.1

Non-banking financial sector

336.7

358.8

6.6

9.7

1.2

Non-financial companies sector, which majority ownership is public

943.0

992.2

5.2

-7.0

1.3

Non-financial companies sector, which majority ownership is private

5141.5

5534.2

7.64

-4.1

1.4

Other residential sectors (individuals, etc.)

20166.0

20409.7

1.2

24.6

2.0

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

24115.7

23700.4

-1.7

-7.4

 

Share in deposits balance (Total) %

47.6

46.5

 

 

2.1

Non-banking financial sector

1058.4

1004.4

-5.1

-20.1

2.2

Non-financial companies sector, which majority ownership is public

500.2

448.7

-10.3

16.4

2.3

Non-financial companies sector, which majority ownership is private

4829.6

4679.8

-3.1

-15.1

2.4

Other residential sectors (individuals, etc.)

17727.5

17567.5

-0.9

-4.8

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 558.3 million (1.1 percent) and by the increase in net domestic assets by MDL 218.9 million (1.7 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 93.6 million (0.2 percent) in July 2016 at the expense of the decrease of credits to economy in national currency by MDL 212.1 million (0.9 percent), while credits in foreign currency (expressed in MDL) increased by MDL 118.5 million (0.1 percent) (Table no.3).

At the same time, the credits to economy in foreign currency, expressed in USD, have increased by USD 10.5 million during the reporting period.

 

Table no.3. Structure of credits granted to economy

 

INDICATORS

June 2016

July 2016

July 2016

July 2016

MDL, million

MDL, million

June 2016

July 2015

%

%

I

CREDITS GRANTED TO ECONOMY

41927.0

41833.4

-0.2

-3.9

 

including:

 

 

 

 

1

CREDITS GRANTED TO ECONOMY (in MDL):

23292.8

23080.7

-0.9

-9.1

 

Share of Credits granted to economy, %

55.6

55.2

 

 

1.1

Non-banking financial sector

764.6

734.6

-3.9

10.9

1.2

Non-financial companies sector, which majority ownership is public

1139.9

1102.0

-3.3

31.9

1.3

Non-financial companies sector, which majority ownership is private

14346.9

14137.9

-1.5

-14.3

1.4

Other residential sectors (individuals, etc.)

7041.4

7106.2

0.9

-3.9

 

including: Consumer loans

3549.8

3634.0

2.4

2.8

 

Real estate loans

2129.6

2134.1

0.2

-7.2

2

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

18634.2

18752.7

0.6

3.5

 

Share of Credits granted to economy, %

44.4

44.8

 

 

2.1

Non-banking financial sector

993.8

1019.2

2.6

22.2

2.2

Non-financial companies sector, which majority ownership is public

795.7

767.7

-3.5

-13.6

2.3

Non-financial companies sector, which majority ownership is private

16515.6

16617.3

0.6

3.4

2.4

Other residential sectors (individuals, etc.)

329.1

348.5

5.9

7.0

 

including: Consumer loans

12.0

11.7

-2.5

-25.9

 

Real estate loans

172.6

173.2

0.4

18.2

Negative evolution of the balance of credits granted to economy in national currency was determined by the decrease of balance of credits to non-banking sector, credits granted to non-financial companies sector, which majority ownership is public and to non-financial companies sector, which majority ownership is private - by MDL 30.0 million (3.9 percent), MDL 37.9 million (3.3 percent) and by MDL 209.0 million (1.5 percent), respectively, while the balance of credits granted to other resident sectors (including individuals) increased by MDL 64.8 million (0.9 percent).

At the same time, the increase in balance of credits granted to economy in foreign currency was determined by the increase of balance of credits to non-banking sector, credits granted to non-financial companies sector, which majority ownership is private and to other resident sectors (including individuals) - by MDL 25.4 million (2.6 percent), MDL 101.7 million (0.6 percent) and by MDL 19.4 million (5.9 percent), respectively, while the balance of credits granted to non-financial companies sector, which majority ownership is public decreased by MDL 28.0 million (3.5 percent). 

 

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