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Monetary indicators in June 2017



In June 2017, monetary baseThe 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 1425.5 million (4.1 percent) compared to the previous month and accounted for MDL 35892.0 million. The increase of the monetary base was determined both by the increase of net foreign assets by MDL 746.1 million (2.0 percent) and net domestic assets by MDL 679.4 million (32.3 percent).

Money supply M2 Money supply M2 includes money in circulation (M0), deposits of residents in MDL and money market instruments.increasedby MDL 782.5 million, or by 1.7 percent compared to May 2017 and accounted for MDL 47893.8 million.

Money supply M3 Money supply M3 includes money supply M2 and deposits of residents in foreign currency expressed in MDL.increased by MDL 892.3 million (1.3 percent) during the reporting period.

The analysis of the passive components of Money supply (M3) shows that this increase was driven by the increase of the balance of Money in circulation M0Money in circulation M0 represent cash put into circulation by the National bank of Moldova, except for cash in banks and NBM vault. by MDL 239.9 million and of the total balance of deposits by MDL 652.4 million in June 2016 (Table no.1).

 

Table no.1. Passive components of money supply

 

INDICATORS

April 2017

May 2017

May 2017

May 2017

MDL, million

MDL, million

April 2017

May 2016

%

%

1

Money in circulation (M0)

16878.5

16704.8

-1.0

7.4

2

Sight deposits in MDL

10969.1

11376.4

3.7

32.3

3

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

27847.6

28081.2

0.8

16.3

4

Term deposits in MDL

19160.9

19030.1

-0.7

9.0

5

Money market instruments

0.0

0.0

 

 

6

MONEY SUPPLY (M2)

47008.5

47111.3

0.2

13.2

7

Deposits in foreign currency

24095.6

23395.1

-2.9

-4.1

8

MONEY SUPPLY (M3)

71104.1

70506.4

-0.8

6.8

The balance of deposits in national currency increased by MDL 542.6 million and accounted for MDL 30949.1 million, representing a share of 56.8 percent of total deposits and the balance of deposits in foreign currency (recalculated in MDL) increased by MDL 109.8 million and accounted for MDL 23504.9 million (with a share of 43.2 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

May 2017

June 2017

June 2017

June 2017

MDL, million

MDL, million

May 2017

June 2016

%

%

I

Deposits balance (Total)

53801.6

54454.0

1.2

7.4

 

including:

 

 

 

 

1.0

Deposits balance (in MDL):

30406.5

30949.1

1.8

16.4

 

Share in deposits balance (Total) %

56.5

56.8

 

 

1.1

Non-banking financial sector

472.6

464.7

-1.7

38.0

1.2

Non-financial companies sector, which majority ownership is public

1219.5

1120.4

-8.1

18.8

1.3

Non-financial companies sector, which majority ownership is private

7816.5

8258.7

5.7

60.6

1.4

Other residential sectors (individuals, etc.)

20897.8

21105.3

1.0

4.7

2.0

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

23395.1

23504.9

0.5

-2.5

 

Share in deposits balance (Total) %

43.5

43.2

 

 

2.1

Non-banking financial sector

874.3

892.7

2.1

-15.7

2.2

Non-financial companies sector, which majority ownership is public

420.9

394.9

-6.2

-21.1

2.3

Non-financial companies sector, which majority ownership is private

5162.0

5019.3

-2.8

3.9

2.4

Other residential sectors (individuals, etc.)

16937.9

17198.0

1.5

-3.0

 

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 911.5 million (1.5 percent), while the net domestic assets decreased by MDL 19.2 million (0.2 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).increased by MDL 702.3 million (1.9 percent) in June 2017 at the expense of the increase of credits granted to economy in national currency by MDL 326.3 million (1.5 percent), and credits granted in foreign currency (expressed in MDL) by MDL 376.0 million (2.3 percent) (Table no.3).
It should be mentioned that the credits granted to economy in foreign currency, expressed in USD, have increased during the reporting period by USD 24.0 million.

Table no.3. Structure of credits granted to economy

 

INDICATORS

May 2017

June 2017

June 2017

June 2017

MDL, million

MDL, million

May 2017

June 2016

%

%

I

CREDITS GRANTED TO ECONOMY

37897.1

38599.4

1.9

-7.9

 

including:

 

 

 

 

1

CREDITS GRANTED TO ECONOMY (in MDL):

21736.4

22062.7

1.5

-5.3

 

Share of Credits granted to economy, %

57.4

57.2

 

 

1.1

Non-banking financial sector

743.2

727.2

-2.1

-4.9

1.2

Non-financial companies sector, which majority ownership is public

993.2

1011.3

1.8

-11.3

1.3

Non-financial companies sector, which majority ownership is private

12338.7

12480.3

1.1

-13.0

1.4

Other residential sectors (individuals, etc.)

7661.3

7843.9

2.4

11.4

 

including: Consumer loans

4133.2

4289.9

3.8

20.9

 

Real estate loans

2227.1

2259.4

1.5

6.1

2

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

16160.7

16536.7

2.3

-11.3

 

Share of Credits granted to economy, %

42.6

42.8

 

 

2.1

Non-banking financial sector

800.9

840.0

4.9

-15.5

2.2

Non-financial companies sector, which majority ownership is public

618.3

607.6

-1.7

-23.6

2.3

Non-financial companies sector, which majority ownership is private

14453.4

14801.3

2.4

-10.4

2.4

Other residential sectors (individuals, etc.)

288.1

287.8

-0.1

-12.5

 

including: Consumer loans

5.8

5.1

-12.9

-57.8

 

Real estate loans

161.1

164.3

2.0

-4.8

The positive evolution of the balance of credits granted to economy in national currency was influenced by the increase of the following components: the balance of credits granted to non-financial companies sector, which majority ownership is public by MDL 18.1 million (1.8 percent), non-banking financial sector, which majority ownership is private by MDL 141.6 million (1.1 percent) and that of credits granted to other resident sectors (including individuals) by MDL 182.6 percent (2.4 percent). However, the balance of credits granted to non-banking financial companies sector decreased by MDL 16.0 million (2.1 percent).

At the same time, the increase in balance of credits granted to economy in foreign currency (expressed in MDL) was determined by the increase of the following components: balance of credits granted to non-financial companies’ sector, which majority ownership is private - by MDL 347.9 million (2.4 percent) and non-banking financial sector by MDL 39.1 million (4.9 percent), respectively. At the same time, the balance of credits granted to non-financial companies’ sector, which majority ownership is public and that of other resident sectors (including individuals) - decreased by MDL 10.7 million (1.7 percent) and by MDL 0.3 million (0.1 percent), respectively.

 

Statistics