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National Bank and the members of its decision-making bodies shall be independent in exercising the tasks conferred upon them by law, and shall neither seek nor take instructions from public authorities or from any other authority.
In order to ensure and maintain price stability over the medium term, the National Bank’s aim will be to keep inflation (measured by Consumer Price Index) at the level of 5.0 percent annually with a possible deviation of ± 1.5 percentage points, considered to be optimal for growth and development of Moldova's economy over the medium-term.
National Bank shall have the exclusive right to issue on the territory of the Republic of Moldova banknotes and coins as legal tender, as well as commemorative and jubilee banknotes and coins as legal tender and for numismatic purposes.
National Bank is exclusively responsible for the licencing, supervision and regulation of financial institutions activity.
National Bank of Moldova acts as banker and fiscal agent of the State and shall receive from state bodies economic and financial information and documents, which are necessary for carrying out its tasks.
National Bank of Moldova supervises the payment system of the Republic of Moldova and promotes a stable and efficient functioning of the automated inter-bank payment system
National Bank of Moldova is an autonomous public legal entity and is responsible to the Parliament.
National Bank shall inform the public on the monetary policy strategy on the results of the macroeconomic analysis, the evolution of the financial market and on statistics, including with regard to monetary supply, crediting, balance of payments and the state of the foreign exchange market.
National Bank of Moldova is responsable for the compilation of the balance of payments, international investment position and the statistics of the external debt of the Republic of Moldova.
In February 2021, the monetary base1 decreased by MDL 93.6 million (0.2%) compared to the previous month and amounted MDL 56,043.6 million, being 19.5 percent higher than in February 2020.
Monetary supply M02 (Currency in circulation) increased by MDL 587.0 million or by 2.0 percent compared to January 2021 and amounted MDL 30,452.6 million, by 34.1 percent more than in February 2020 (chart 1).
Chart 1.
The evolution of the money supply in February 2021 compared to the previous month
Monetary supply M13 increased by MDL 780.5 million or by 1.4 % compared to January 2021, being by 30.6% higher than in the similar period of the previous year.
Monetary supply M24 increased by MDL 937.9 million or by 1.2 percent compared to January 2021 and amounted to MDL 76,589.8 million, by 21.0% more than in the similar period of the previous year.
Monetary supply M35 increased by MDL 1,156.6 million (1.1 %), being 19.0 percent higher than in February 2020.
Chart 2.
Dynamics of bank deposits6, %
* change from the similar period of the previous year.
The balance of domestic currency deposits increased by MDL 350.9 million compared to the previous month and totalled MDL 46,137.3 million, representing a share of 59.4 % of the total deposits, while the balance of foreign currency deposits (recalculated in lei) increased by MDL 218.7 million, up to the level of MDL 31,534.1 million, having a share of 40.6% (chart 2).
Balance of claims on the economy7 amounted to MDL 48,834.3 million and increased in the reporting month by MDL 537.4 million (1.1 %), as a result of the increase of claims on economy in domestic currency by MDL 388.5 million (1.3%) and and those in foreign currency (expressed in MDL) by MDL 148.9 million (0.9 %) (chart 3).
It should be noted, that claims on economy in foreign currency, expressed in USD, decreased during the reference period by USD 0.4 million (0.04%).
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 291.8 million (1.7%), of the balance of claims on the sector of non-financial commercial companies, which majority ownership is private by MDL 77.0 million (0.6%), of the balance of claims on the non-banking financial sector by MDL 19.3 million (3.9%) and the balance of claims on the sector of non-financial commercial companies, which majority ownership is public with MDL 0.4 million (0.1%).
Chart 3.
Dynamics of claims on economy
* modification as compared to the similar period of the previous year.
The increase in 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 companies which majority ownership is private by MDL 127.5 million (0.8%) and in the balance of claims on other resident sectors (including individuals) by MDL 32.2 million (6.4%). At the same time, the decrease in the balance of claims on the non-banking financial sector by MDL 7.7 million (1.0%) and the decrease in the balance of claims on the non-financial companies’ sector, with majority ownership is public by MDL 3.1 million (4.8%), influenced negatively over above-mentioned indicator.
1. The broad monetary base includes currency 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 banksand NBM vault.
3. M1 money supply includes currency in circulation (M0) and resident’s domestic currency sight deposits .
4. Money supply M2 includes money aggregate (M1), term deposits in Moldovan lei of residents and money market instruments.
5. M3 money supply includes M2 money supply and foreign currency deposits denominated in Moldovan lei.
6. Deposits are structured by institutional sectors, in accordance with the Instruction on how to complete by 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 the sectors of the household (individuals, working individuals) and non-profit institutions serving households.
7. According to the IMF methodology, from the total claims on the economy (including interest calculated on loans 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.
