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20.08.2020

Evolution of monetary indicators in July 2020



In July 2020, the monetary base1 increased by MDL 1,250.2 million (2.7%) compared to the previous month and constituted MDL 47,170.3 million, which constitutes 3.3 % more than in July 2019.


Chart 1.
Evolution of money supply in July 2020 compared to the previous month


Money supply M02  (currency in circulation) increased by MDL 635.9 million or by 2.6% compared to June 2020 and totalled MDL 25,418.8 million, by 9.8% more than in July 2019 (Chart 1).

Money supply M13  increased by MDL 1,750.6 million or by 3.9% compared to June 2020 and totalled MDL 46,500.2 million, by 12.0% more than in the same period of the previous year.

Money supply M24  increased by MDL 1,774.4 million or by 2.7% compared to June 2020 and totalled MDL 66,413.8 million, by 8.7% more than in the same period of the previous year.

Money supply M35  increased by MDL 1,608.8 million (1.7%), which constitutes 10.4% more than in July 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 1,138.5 million and constituted MDL 40,995.0 million, accounting for a share of 57.5% of the total balance of deposits, whereas the balance of foreign currency deposits (recalculated in MDL) decreased by MDL 165.5 million and accounted for a total of MDL 30,335.4 million, which constitutes a share of 42.5% (Chart 2).

Balance of claims on the economy7 constituted MDL 45,494.8 million and has increased in the reference month by MDL 543.1 million (1.2 %) following the increase of claims on economy for domestic currency by MDL 551.4 million (1.9%), whereas those for foreign currency decreased by MDL 8.2 million (0.1%)(Chart 3).

It should be mentioned, that claims on economy for foreign currency, expressed in USD, increased during the reference period by USD 25.7 million (2.7%).

The increase in the balance of claims on economy in domestic currency was determined by the increase of claims on other resident sectors (including for individuals) by MDL 347.9 million (2.3%), the balance of claims on the sector of non-financial commercial companies which majority ownership is private by MDL 185.9 million (1.6%) and the balance of claims on the non-banking financial sector by MDL 26.9 million (5.1%), while the balance of claims on the sector of non-financial commercial companies which majority ownership is public decreased by MDL 9.4 million (1.1%).


Chart 3.
Dynamics of claims on economy

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


The decrease of the balance of claims on the economy in foreign currency (expressed in MDL) was influenced by the decrease in the balance of claims on the non-banking financial sector by MDL 12.8 million (1.5%), the balance of claims on the non-financial commercial companies which majority ownership is public by MDL 3.8 million (3.8%) and the balance of claims on the non-financial commercial companies which majority ownership is private by MDL 3.1 million (0.02%), while the balance of claims on other resident sectors (including individuals) increased by MDL 11.5 million (2.6%).

 


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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