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    1st Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 606;


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    2nd Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 606;

  • Ion Sturzu, Deputy Governor of the National Bank of Moldova

    4th Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 607.

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The evolution of monetary indicators in December 2020



In December 2020, the monetary base1 increased by MDL 2,221.2 million (4.2%) compared to the previous month and amounted MDL 55,638.7 million, being 18.8 percent higher than in December 2019.

Chart 1.
The evolution of money supply in December 2020 compared to the previous month

Money supply M02 (currency in circulation) increased by MDL 1,487.9 million or by 5.3% compared to November 2020 and totalled MDL 29,815.0 million, that is by 29.9% more than in December 2019 (Chart 1).

Money supply M13 increased by MDL 3,365.5 million or by 6.5% compared to November 2020, being by 29.7% higher to that of the similar period of the previous year.

Money supply M24 increased by MDL 3,487.1 million or by 4.8% compared to November 2020 and totalled MDL 75,892.8 million, that is by 20.2% more than in the same period of the previous year.

Money supply M35 increased in December 2020 by MDL 4,472.8 million (4.3%), being 19.7 percent higher than in December 2019.


Chart 2.
Dynamics of deposits6, %

* modification as compared to the similar period of the previous year.

The balance of domestic currency deposits increased by MDL 1,999.2 million compared to the previous month and totalled MDL 46,077.9 million, representing a share of 59.2% of total deposits and the balance of foreign currency deposits (recalculated in MDL) increased by MDL 985.7 million, up to the level of MDL 31,734.2 million, having a share of 40.8 % (chart 2).

Balance of claims on the economy7 constituted MDL 48,749.0 million and increased in the reporting month by MDL 710.2 million (1.5%), following the increase of claims on economy in domestic currency by MDL 444.4 million (1.5%) and those in foreign currency (expressed in MDL) by MDL 265.8 million (1.5%) (chart 3).

It should be noted, that claims on economy in foreign currency, expressed in USD, increased during the reference period by USD 16.8 million (1.7%).

The increase in the balance of claims on economy in domestic currency was determined by the increase of claims on other resident sectors (including individuals) by MDL 231.0 million (1.4%), of the balance of claims on the non-banking financial sector by MDL 139.9 million (31.5%)and the balance of claims on the sector of non-financial commercial companies, which majority ownership is private, by MDL 80.8 million (0.6%), while the decrease in the balance of claims on the sector of non-financial commercial companies, which majority ownership is public, by MDL 7.3 million (1.0%), influenced negatively over it.

Chart 3.
Dynamics of claims on economy

* modification as compared to the similar period of the previous year.

The increase of the balance of claims on the economy in foreign currency (expressed in MDL) was determined by the increase in the balance of claims on the non-financial commercial companies, which majority ownership is private, by MDL 270.7 million (1.7%) and in the balance of claims on other resident sectors (including individuals) by MDL 20.5 million (4.2%). Simultaniously, the decrease in the balance of claims on the non-banking financial sector by MDL 12.9 million (1.6%) and the decrease in the balance of claims on the non-financial commercial companies, which majority ownership is public, by MDL 12.5 million (15.5%), influenced negatively over above mentioned indicator.

 


1. Broad monetary base includes cash money released by the National Bank of Moldova (except for cash in bank’s vault), bank’s reserves in MDL ( held in correspondent accounts at the National Bank of Moldova), foreign currency obligatory reserves, overnight deposits of banks and sight deposits of other organisations at the National Bank of Moldova.

2. Money in circulation M0 represent cash released by the National Bank of Moldova, except for cash in bank’s safes and in the vault of the National Bank of Moldova.

3. Money supply M1 includes money in circulation (M0) and sight deposits of residents in domestic currency.

4. Money supply M2 includes monetary aggregate (M1), term deposits of residents in domestic currency and money market instruments.

5. Money supply M3 includes money supply M2 and deposits of residents in foreign currency expressed in Moldovan lei

6. The deposits are structured on institutional sectors, under the Guidelines on the completion by licensed banks of the Report on monetary statistics (Official Monitor of the Republic of Moldova no.206-215 of 2 December 2011). Other resident sectors include the sectors of households (individuals, individuals conducting business) and non-profit institutions serving households.

7. According to the IMF methodology, the credits of non-residents, interbank credits and the credits issued by the Government of the Republic of Moldova have been excluded from the total claims on economy (including the interest rate calculated for the credits of banks under liquidation).

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