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19.05.2023

Evolution of monetary indicators in April 2023



In April 2023, the monetary base1 increased by MDL 1,713.5 million (+2.3%) compared to the previous month and amounted to MDL 76,122.9 million, being 34.3% higher than in the similar period of the previous year.

Money supply M02 (Currency in circulation) increased by MDL 814.7 million or by 2.5% compared to March 2023 and amounted to MDL 33,829.2 million, by 12.3% higher than in the similar period of the previous year (Chart 1).


Chart 1. Evolution of money supply in April 2023 compared to the previous month,  MDL billion3


Money supply M14 increased by MDL 2,220.4 million or by 3.3% compared to March 2023 and accounted for MDL 68,848.0 million, being by 23.3% higher than in the similar period of the previous year.

Money supply M25 increased by MDL 2,719.5 million or by 2.8% compared to March 2023 and amounted to MDL 99,128.8 million, by 29.8% higher than in the similar period of the previous year.


Chart 2. The evolution dynamics monetary aggregates, MDL million


Money supply M36 increased by MDL 2,505.1 million (+1.9%) compared to March 2023 and accounted for MDL 132,591.2 million, by 20.1% higher than in the similar period of the previous year.

The balance of deposits in domestic currency increased by MDL 1,904.8 million compared to the previous month and amounted to MDL 65,299.6 million, representing a share of 66.1% of the total balance of deposits. At the same time, the balance of deposits in foreign currency (recalculated in MDL) decreased by MDL 214.3 million to MDL 33,462.4 million, as compared to the previous month, having a share of 33.9% (Chart 3).


Chart 3. Volume of deposits in April 20237, MDL million


Balance of claims on economy8 (Chart 4) accounted for MDL 64,073.8 million, increasing in April 2023 by MDL 282.7 million (+0.4%), as compared to March 2023, due to the increase in claims on economy in domestic currency by MDL 501.2 million (+1.2%). At the same time, claims on economy in foreign currency (expressed in MDL) decreased by MDL 218.5 million (-1.0%).

It should be noted that the balance of claims on economy in foreign currency, expressed in USD9, amounted in April to USD 1,208.1 million, increasing by USD 13.7 million (+1.2%) compared to March 2023.


Chart 4. Volume of claims on economy in April 202310, MDL million


 


1Broad 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 corresponding accounts at the National Bank of Moldova), required foreign currency reserves, “overnight” deposits of banks and sight deposits of other organizations at the National Bank of Moldova.

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

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

4. Money supply M1 includes currency in circulation (M0) and residents’ domestic currency sight deposits.

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

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

7. Deposits are structured by institutional sectors under the Instruction on completion by licensed banks of the Report on monetary statistics (Official Monitor of the Republic of Moldova No 206-215 of 2 January 2011). Other resident sectors include sectors of the households (individuals, individuals performing an activity) and non-profit institutions serving households.

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

9. Recalculated using the official exchange rate of NBM at the end of the period.

10. Claims on domestic economy represent claims of the banking system of the Republic of Moldova (including banks in the process of liquidation), in domestic and in foreign currencies, on non-financial commercial companies, which majority ownership is public or private, on other resident sectors. This indicator includes loans and borrowings (including overdue debt), overdue interest on loans; debt securities and shares; other claims.

 

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