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Monetary indicators in March 2016



In March 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.decreased by MDL 293.3 million (1.0 percent) compared to February 2016 and accounted for MDL 28543.3 million. The decrease of the monetary base was determined by the decrease of net domestic assets by MDL 243.9 million (23.0 percent) and net foreign assets by MDL 49.3 million (0.2 percent).

Money supply M2 Money supply M2 includes money in circulation (M0), deposits of residents in MDL and money market instruments.decreased by MDL 346.7 million during the reporting period or by 0.9 percent compared to February 2016 and accounted for MDL 38599.7 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 654.5 million (1.0 percent) in March 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 M0Money in circulation M0 represents cash released in circulation by the National Bank of Moldova, except for cash in banks and NBM vault. - by MDL 196.6 million and the total balance of deposits by MDL 457.9 million in March 2015 (Table no.1).

 

Table no.1. Passive components of money supply

 

INDICATORS

Feb.2016

Mart.2016

Mart.2016

Mart.2016

MDL, million

MDL, million

Feb.2016

Mart.2015

%

%

1

     Money in circulation (MO)

14815.0

14618.4

-1.3

-5.2

2

     Sight deposits in MDL

7950.1

7442.4

-6.4

-8.2

3

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

22765.2

22060.8

-3.1

-6.2

4

     Term deposits in MDL

16181.2

16538.9

2.2

7.4

5

     Money market instruments

0.0

0.0

 

 

6

MONEY SUPPLY (M2)

38946.4

38599.7

-0.9

-0.8

7

     Deposits in foreign currency

24889.2

24581.4

-1.2

-4.3

8

MONEY SUPPLY (M3)

63835.6

63181.1

-1.0

-2.2

The balance of deposits in national currency decreased by MDL 150.1 million and accounted for MDL 23981.3 million, representing a share of 49.4 percent of total deposits, while the balance of deposits in foreign currency (recalculated in MDL) decreased by MDL 307.8 million and accounted for MDL 24581.4 million (with a share of 50.6 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

Feb.2016

Mart.2016

Mart.2016

Mart.2016

MDL,

million

MDL, million

Feb.2016

Mart.2015

%

%

I

Deposits balance (Total)

49020.6

48562.7

-0.9

-1.3

 

Including:

 

 

 

 

1.0

Deposits balance (in MDL):

24131.4

23981.3

-0.6

2.0

 

       Share in deposits balance (Total) %

49.2

49.4

 

 

1.1

     Non-banking financial sector

306.9

328.3

7.0

-25.9

1.2

     Non-financial companies sector, which majority ownership is public

1043.7

1010.2

-3.2

-8.8

1.3

     Non-financial companies sector, which majority ownership is private

4642.9

4151.0

-10.6

-22.3

1.4

    Other residential sectors (individuals, etc.)

18137.8

18491.8

2.0

11.3

2.0

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

24889.2

24581.4

-1.2

-4.3

 

       Share in deposits balance (Total) %

50.8

50.6

 

 

2.1

     Non-banking financial sector

1103.8

1047.8

-5.1

-10.8

2.2

     Non-financial companies sector, which majority ownership is public

402.0

323.7

-19.5

-19.9

2.3

     Non-financial companies sector, which majority ownership is private

5082.7

5144.0

1.2

-3.1

2.4

    Other residential sectors (individuals, etc.)

18300.8

18065.9

-1.3

-3.9

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 313.4 million (0.6 percent) and by the decrease in net domestic assets by MDL 341.1 million (2.5 percent).

Domestic credit of the banking system increased by MDL 44.4 million, up to MDL 42529.4 million, due to the increase in the balance of credits granted to economy by MDL 615.5 million, while the balance of credits granted to the Government decreased by MDL 571.1 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). increased by 1.5 percent in March 2016 at the expense of the increase of the credits to economy in national currency by MDL 377.0 million (1.6 percent), and credits in foreign currency (expressed in MDL) by MDL 238.5 million (1.3 percent) (Table no.3).

 

Table no.3. Structure of credits granted to economy

 

INDICATORS

Feb.2016

Mart.2016

Mart.2016

Mart.2016

mil. lei

mil. lei

Feb.2016

Mart.2015

%

%

I

CREDITS GRANTED TO ECONOMY

41917.9

42533.4

1.5

-0.7

 

Including:

 

 

 

 

1

CREDITS GRANTED TO ECONOMY (in MDL):

23280.9

23657.9

1.6

-8.2

 

       Share of Credits granted to economy, %

55.5

55.6

 

 

1.1

     Non-banking financial sector

684.3

816.5

19.3

23.6

1.2

     Non-financial companies sector, which majority ownership is public

1009.0

1087.6

7.8

21.8

1.3

     Non-financial companies sector, which majority ownership is private

14701.7

14818.8

0.8

-12.3

1.4

         Other residential sectors (individuals, etc.)

6885.9

6935.0

0.7

-5.5

 

                  including: Consumer loans

3337.8

3377.9

1.2

-1.5

 

                                   Real estate loans

2194.4

2171.2

-1.1

-4.8

2

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

18637.0

18875.5

1.3

10.6

 

       Share of Credits granted to economy, %

44.5

44.4

 

 

2.1

     Non-banking financial sector

855.4

864.4

1.1

15.4

2.2

     Non-financial companies sector, which majority ownership is public

823.7

795.0

-3.5

-8.5

2.3

     Non-financial companies sector, which majority ownership is private

16635.3

16892.9

1.5

11.4

2.4

         Other residential sectors (individuals, etc.)

322.6

323.2

0.2

14.3

 

         including: Consumer loans

12.4

11.7

-5.6

-36.8

 

                           Real estate loans

165.4

169.5

2.5

72.2

The positive evolution of the balance of credits granted to economy in national currency was determined by the increase in all its components, namely: the balance of credits granted to non-financial companies sector, which majority ownership is public by MDL 78.6 million (7.8 percent), non-financial companies sector, which majority ownership is private by MDL 117.1 million (0.8 percent), non-banking financial sector and to other resident sectors (including individuals) - by MDL 132.2 million (19.3 percent) and by MDL 49.1 million (0.7 percent), respectively.

At the same time, the increase of the balance of credits granted to economy in foreign currency (expressed in MDL) was determined by the increase of credits granted to non-financial companies sector, which majority ownership is private by MDL 257.6 million (1.5 percent), balance of credits to non-banking financial sector and other resident sectors (including individuals) by MDL 9.0 million (1.1 percent) and by MDL 0.6 million (0.2 percent) respectively, while the balance of credits granted to non-financial companies sector, which majority ownership is public decreased by MDL 28.7 million (3.5 percent).

 

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