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20.07.2020

Evolution of monetary indicators in June 2020



In June 2020, the monetary base1 decreased by MDL 537.4 million (1.2%) compared to the previous month and constituted MDL 45,920.1 million, which constitutes 2.1 % more than in June 2019.


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

Money supply M02 (currency in circulation) increased by MDL 370.9 million or by 1.5% compared to May and totalled MDL 24,782.9 million, by 6.9% more than in June 2019 (Chart 1).

Money supply M13  increased by MDL 971.6 million or by 2.2% compared to May and totalled MDL 44,749.6 million, by 8.4% more than in the same period of the previous year.

Money supply M24  increased by MDL 893.3 million or by 1.4% compared to May and totalled MDL 64,639.4 million, by 6.6% more than in the same period of the previous year.

Money supply M35  increased by MDL 1,913.1 million (2.1%), which constitutes 9.0% more than in June 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 522.4 million and constituted MDL 39,856.5 million, accounting for a share of 56.6% of the total balance of deposits, whereas the balance of foreign currency deposits (recalculated in MDL) increased by MDL 1,019.7 million and accounted for a total of MDL 30,500.9 million, which constitutes a share of 43.4% (Chart 2).                                            

Balance of claims on the economy7 has increased in the reference month by MDL 519.4 million (1.2 %) following the increase of claims on economy for domestic currency by MDL 445.1 million (1.6%) and those for foreign currency by MDL 74.3 million (0.5%)(Chart 3).

It should be mentioned, that claims on economy for foreign currency, expressed in USD, increased during the reference period by USD 25.6 million (2.8%).

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 241.1 million (1.6%), the balance of claims on the sector of non-financial commercial companies which majority ownership is private by MDL 232.4 million (2.0%), while the balance of claims on the non-banking financial sector decreased by MDL 27.9 million (5.1%) and the balance of claims on the sector of non-financial commercial companies which majority ownership is public by MDL 0.5 million (0.1%).


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 influenced by the increase in the balance of claims on the non-financial commercial companies which majority ownership is private by MDL 102.3 million (0,7%), the balance of claims on other resident sectors (including individuals) by MDL 0.9 million (0.2%), while the balance of claims on the non-banking financial sector decreased by MDL 22.8 million (2.6%) and the balance of claims on the non-financial commercial companies which majority ownership is public by MDL 6.2 million (5.8%).

 


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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