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    1st Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 606;


  • Vladimir Munteanu, First Deputy Governor of the National Bank of Moldova

    2nd Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 606;

  • Ion Sturzu, Deputy Governor of the National Bank of Moldova

    4th Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 607.

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The evolution of monetary indicators in May 2021



In May 2021, the monetary base1 increased by MDL 218.9 million (0.4%) compared to the previous month and amounted to MDL 56,301.3 million, being 21.2 percent higher than in May 2020.

Money supply M02 (currency in circulation) increased by MDL 124.7 million or by 0.4 percent compared to April 2021 and amounted MDL 31,815.0 million, by 30.3 percent more than in May 2020 (chart 1).

Chart 1.
The evolution of the money supply in May 2021 compared to the previous month, billion lei

Money supply M13 increased by MDL 1,200.0 million or by 2.1 % compared to April 2021, being 34.5 % higher than in the similar period of the previous year.

Money supply M24 increased by MDL 1,367.4 million or by 1.7% compared to April 2021 and amounted to MDL  80,021.1 million, by 25.5% more than in the similar period of the previous year.

Money supply M35 increased by MDL 1,766.0 million (1.6%), being 20.3 percent higher than in May 2020.

Chart 2.
Dynamics of bank deposits6, %

* change from the similar period of the previous year.

The balance of deposits in domestic currency increased by MDL 1,242.7 million compared to the previous month and amounted to MDL 48,206.1 million, representing a share of 60.0% of the total balance of deposits, that of foreign currency deposits (recalculated in MDL) increased by MDL 398.6 million, up to the level of 32,137.1 million, having a share of 40.0% (chart 2).

Balance of claims on the economy7 amounted to MDL 51,751.8 million and increased by MDL 709.1 million (1.4%) in the reporting month, as a result of the increase of claims  on economy in the domestic currency by MDL 764.0 million (2.3%), while those in foreign currency (expressed in MDL) decreased by MDL 54.9 million (0.3 %) (chart 3).

It should be noted, that claims on the economy in foreign currency, expressed in USD, increased during the reference period by USD 7.4 million (0.7%).

The increase in the balance of claims on the economy in the domestic currency was determined by the increase of claims on other resident sectors (including individuals) by MDL 691.8 million (3.7%), the balance of claims on the non-banking financial sector by MDL 100.9 million (16.0%), the balance of claims on the non-financial commercial companies, which majority ownership is private by MDL 12.2 million  (0.1%), while the balance of claims on the sector of non-financial commercial companies, which majority ownership is public decreased by MDL 40.8 million (6.3 %).

Chart 3.
Dynamics of demand for the economy

* change from the similar period of the previous year.

The decrease in the balance of claims on the economy in foreign currency (expressed in MDL) was determined by the decrease in the balance of claims on the non-financial companies, which majority ownership is private by MDL 97.9 million (0.6%) and the balance of claims on the non-financial companies which majority ownership is public by MDL 3.7 million  (6.6 %). At the same time, the increase in the balance of claims on the non-banking financial sector by MDL 40.3 million (5.2%) and in the balance of claims on other resident sectors (including individuals) by MDL 6.4 million (1.2%)  increased the above-mentioned indicator.

 


1. The broad monetary base includes money 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 banks and 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 the 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 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 the data 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.

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