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    2nd Monday of the month: 14.00-17.00;
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20.10.2021

The evolution of monetary indicators in September 2021



In September 2021, the monetary base1 decreased by MDL 346.0 million (0.6%) compared to the previous month and amounted to MDL 57,147.0 million, being 15.1 percent higher than in September 2020.

Money supply M02 (currency in circulation) decreased by MDL 813.2 million or by 2.5 percent compared to August 2021 and amounted MDL 31,926.3 million, by 20.8 percent more than in September 2020 (chart 1).

Chart 1.
The evolution of the money supply in September 2021 compared to the previous month, billion MDL3

Money supply M14 decreased by MDL 467.6 million or by 0.8 % compared to August 2021 and amounted MDL 59,444.6 million, being 22.7 % higher than in the similar period of the previous year.

Money supply M25  decreased by MDL 210.8 million or by 0.3% compared to August 2021 and amounted to MDL 81,380.7 million, by 18.6% more than in the similar period of the previous year.

Money supply M36 increased by MDL 306.6 million (0.3%) compared to August 2021 and amounted MDL 116,426.1 million, being 17.6 percent higher than in September 2020.

Chart 2.
Dynamics of bank deposits7, %

* change from the similar period of the previous year.

The balance of deposits in domestic currency increased by MDL 602.4 million compared to the previous month and amounted to MDL 49,454.4 million, representing a share of 58.5% of the total balance of deposits, that of foreign currency deposits (recalculated in MDL) increased by MDL 517.5 million, up to the level of MDL 35,045.4 million, having a share of 41.5% (chart 2).

Balance of claims on the economy8 amounted to MDL 56,454.1 million and increased by MDL 817.4 million (1.5%) in the reporting month, as a result of the increase of claims on economy in the domestic currency by MDL 917.4 million (2.4%). At the same time, claims on economy in foreign currency (expressed in MDL) decreased by MDL 100.0 million (0.6%) (chart 3).

It should be noted, that claims on the economy in foreign currency, expressed in USD, decreased during the reference period by USD 3.6 million (0.3%).

The increase in the balance of claims on the economy in the domestic currency was determined by the increase of claims on other resident sectors (including individuals) by MDL 720.5 million (3.3%) and the balance of claims on the non-financial commercial companies, which majority ownership is private by MDL 274.7 million (1.9%). At the same time, the decrease in the balance of claims on the non-banking financial sector by MDL 53.6 million (5.7%) and the balance of claims on the sector of non-financial commercial companies, which majority ownership is public by MDL 24.2 million (4.5%) negatively influenced the above-mentioned indicator.

Chart 3.
Dynamics of claims on economy

* change from the similar period of the previous year.

The decrease in the balance of claims on the economy in foreign currency (expressed in MDL) was determined by the decrease in the balance of claims on the non-financial companies, which majority ownership is private by MDL 185.1 million (1.1%) and in the balance of claims on other resident sectors (including individuals) by MDL 4.1 million (0.8%). At the same time, the balance of claims on the non-banking financial sector increased by MDL 70.5 million (8.6%) and the balance of claims on the non-financial companies which majority ownership is public increased by MDL 18.7 million (50.4%).

 


1. The broad monetary base includes money put into circulation by the National Bank of Moldova (except  cash in the vault of the National Bank of Moldova), bank reserves in lei (held in the corresponding accounts with the National Bank of Moldova), required foreign currency reserves, deposits “Overnight” of banks and sight deposits of other organizations at the National Bank of Moldova.

2. Currency in circulation M0 represents cash issued by the National Bank of Moldova, except for cash in banks and NBM vault.

3. The aggregate data may not correspond exactly to the sum of the components due to mathematical rounding.

4. M1 money supply includes currency in circulation (M0) and resident’s domestic currency sight deposits.

5. Money supply M2 includes money aggregate (M1), term deposits in Moldovan lei of residents and money market instruments.

6. M3 money supply includes M2 money supply and foreign currency deposits denominated in Moldovan lei.

7. Deposits are structured by institutional sectors, in accordance with the Instruction on how to complete by the licensed banks the Report on monetary statistics (Official Monitor of the Republic of Moldova no. 206-215 of January 2, 2011). Other resident sectors include sectors of the household (individuals, working individuals) and non-profit institutions serving households.

8. According to the IMF methodology, from the total claims on the economy (including the data from banks in the process of liquidation) are excluded loans to non-residents, interbank loans and loans to the Government of the Republic of Moldova.

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