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17.04.2020

Evolution of monetary indicators in March 2020



In March 2020, the monetary base1 increased by MDL 996.6 million (2.1%) compared to the previous month and constituted MDL 47,897.6 million, which constitutes 12.1 % more than in March 2019.

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

Money supply M02 (currency in circulation) increased by MDL 747.3 million or by 3.3% compared to February and totalled MDL 23,450.9 million, by 12.0% more than in March 2019 (Chart 1).

Money supply M13 decreased by MDL 900.6 million or by 2.1% compared to February and totalled MDL 41,869.1 million, by 10.5% more than in the same period of the previous year.

Money supply M24 decreased by MDL 1,341.7 million or by 2.1% compared to February and totalled MDL 61,969.1 million, by 8.8% more than in the same period of the previous year.

Money supply M35 increased by MDL 1,265.8 million (1.4%), which constitutes 12.5% more than in March 2019.


Chart 2.
Dynamics of deposits6, %

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

The balance of domestic currency deposits decreased by MDL 2,089.0 million and constituted MDL 38,518.3 million, accounting for a share of 56.1% of the total balance of deposits, whereas the balance of foreign currency deposits (recalculated in MDL) increased by MDL 2,607.4 million and accounted for a total of MDL 30,183.3 million, which constitutes a share of 43.9% (Chart 2).

Balance of claims on the economy7 has increased in the reference month by MDL 969.9 million (2.2%) following the increase of claims on economy for domestic currency by MDL 708.0 million (2.6%), and of those for foreign currency - by MDL 261.9 million (1.5%) (Chart 3).

It should be mentioned, that claims on economy for foreign currency, expressed in USD, decreased during the reference period by USD 6.7 million (0.7%).

The rise in the balance of claims on economy in domestic currency was determined by the increase of balance of claims on the sector of non-financial commercial companies which majority ownership is public, the balance of claims on the sector of non-financial commercial companies which majority ownership is private and the balance of claims on other resident sectors (including for individuals) by MDL 78.7 million (10.2%), by MDL 424.1 million (3.8%) and by MDL 220.5 million (1.5%), respectively, while the balance of claims on the non-banking financial sector decreased by MDL 15.3 million (2.3%).


Chart 3.
Dynamics of claims on economy

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

The evolution 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 public by MDL 1.5 million (1.3%), the balance of claims on the non-financial commercial companies which majority ownership is private by MDL 243.7 million (1.6%) and the balance of claims on other resident sectors (including individuals) by MDL 25.0 million (5.7%), whereas the balance of claims on the non-banking financial sector decreased by MDL 8.3 million (0.9%).

 


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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