In January 2024, new term deposits attracted¹ (Infographic 1) totalled MDL 4,528.5 million, decreasing by 23.6% as compared to December 2023. Deposits attracted in domestic currency recorded a major share of 75.1% and totalled MDL 3,400.9 million, decreasing by 6.7% as compared to the previous month. Deposits attracted in foreign currency totalled MDL 1,127.6 million, decreasing by 50.5 percent compared to the previous month.

Infographic 1. Developments in new extended deposits²

The average nominal interest rate on domestic currency deposits increased by 0.05 percentage points as compared to the previous month to the value of 4.18%. The average nominal interest rate on foreign currency deposits decreased by 0.35 percentage points to the value of 1.86%.

In terms of maturity, the highest demand was recorded for deposits with terms from 6 to 12 months, which held a share of 42.9% of total term deposits, and deposits with terms from 2 to 5 years, reaching 24.0%.

Infographic 2. Individuals’ new term deposits

Individuals’ deposits amounted in January 2024 to MDL 3,556.8 million, decreasing by 4.7% as compared to the previous month (Infographic 2). The most requested were deposits with terms from 6 to 12 months, which accounted for 33.6% of the total deposits.

The average interest rate on deposits attracted in domestic currency from individuals increased by 0.01 percentage points as compared to the previous month, reaching 4.16%. At the same time, the average interest rate on foreign currency deposits decreased by 0.24 percentage points to the value of 1.92%.

In January 2024, businesses’ deposits in domestic currency decreased by 32.8% while those in foreign currency - by 5.8 times, as compared to the previous month (Infographic 3). Businesses’ deposits in domestic currency amounted to MDL 796.9 million, while those in foreign currency – MDL 174.2 million.

Infographic 3. Businesses’ new term deposits

The average interest rate on deposits attracted in domestic currency from businesses increased by 0.14 percentage points, reaching 4.24%. At the same time, the average interest rate on foreign currency deposits decreased by 0.76 percentage points to the value of 1.51%.

infographic:

Developments in LOAN markets in January 2024

Statistical data

Instruction on the compilation and submission of reports on interest rates applied by the banks in the Republic of Moldova, approved by the DEB of the NBM No 331 of 01.12.2016

1. Data presented according to Instruction on preparation and presentation of reports on interest rates applied by banks in the Republic of Moldova, approved by Decision of the Executive Board of the NBM No 331 of 1 December 2016, Official Monitor of the Republic of Moldova No 441-451 of 16 December 2016, as subsequently amended and supplemented.

2. Aggregate data may not correspond exactly to the sum of the components due to mathematical rounding.

3. Individuals practicing an activity, according to the Instruction on drafting the Report on monetary statistics by licensed banks, approved by the DEB of the NBM No 255 of 17.11.2011, Official Monitor of the Republic of Moldova No 206-215 of 02.12.2011, with subsequent amendments and additions, operate in associations of persons without legal personality and are producers of goods and/or services for the market, namely, individual enterprises, peasant households, patent holders, notaries, lawyers, bailiffs, etc.