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19.06.2020

Evolution of monetary indicators in May 2020



In May 2020, the monetary base1 increased by MDL 766.0 million (1.7%) compared to the previous month and constituted MDL 46,457.5 million, which constitutes 5.0 % more than in May 2019.


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


Money supply M02 (currency in circulation) increased by MDL 316.9 million or by 1.3% compared to April and totalled MDL 24,412.0 million, by 8.8% more than in May 2019 (Chart 1).

Money supply M13 increased by MDL 762.0 million or by 1.8% compared to April and totalled MDL 43,778.0 million, by 9.5% more than in the same period of the previous year.

Money supply M24 increased by MDL 812.7 million or by 1.3% compared to April and totalled MDL 63,746.1 million, by 7.4% more than in the same period of the previous year.

Money supply M35 increased by MDL 628.6 million (0.7%), which constitutes 7.3% more than in May 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 495.8 million and constituted MDL 39,334.1 million, accounting for a share of 57.2% of the total balance of deposits, whereas the balance of foreign currency deposits (recalculated in MDL) decreased by MDL 184.1 million and accounted for a total of MDL 29,481.2 million, which constitutes a share of 42.8% (Chart 2).

Balance of claims on the economy7 has decreased in the reference month by MDL 578.6 million (1.3%) following the decrease of claims on economy for foreign currency by MDL 428.0 million (2.6%) and those for domestic currency by MDL 150.6 million (0.5%) (Chart 3).

It should be mentioned, that claims on economy for foreign currency, expressed in USD, decreased during the reference period by USD 10.1 million (1.1%).

The decrease in the balance of claims on economy in domestic currency was determined by the decrease of balance of claims on the non-banking financial sector by MDL 77.1 million (12.3%), the balance of claims on the sector of non-financial commercial companies which majority ownership is public by MDL 28.5 million (3.2%), the balance of claims on the sector of non-financial commercial companies which majority ownership is private by MDL 9.6 million (0.1%) and the balance of claims on other resident sectors (including for individuals) by MDL 35.4 million (0.2%).


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 13.7 million (1.5%), the balance of claims on the non-financial commercial companies which majority ownership is public by MDL 3.3 million (3.0%), the balance of claims on the non-financial commercial companies which majority ownership is private by MDL 410.8 million (2.7%) and the balance of claims on other resident sectors (including individuals) by MDL 0.1 million (0.02%).

 


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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