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Macroeconomics
Macroeconomics of the Republic of Moldova for the I semester of 2002
Unsolved relations with international financial organizations adversely affected the exchange rate, administration of the budget (95%) and external debt. At the same time, the main indexes of economic development continue to grow. In accordance with statistics, the macroeconomic situation continues to become stabilized - the growth of the volume of industry production during the first five months of 2002, being of 108,6%, as compared to the same period of previous year, the volume growth of services rendered to individuals was of 114.2%, and the increase of estimated GDP – 104%.
In accordance with Department of Statistics the cumulative inflation during 6 months amounted 1.4% in comparison to 4.2% in the same period of 2000, the average annual index at the end of period (June 2002 as compared to July 2001) being 5.8%. In July it was registered a deflation of 3.4%.
Currency exchange rate decreased from MDL/USD 13,09 at 31.12.2000 to MDL/USD 13, 86 at 30.06.2002 i.e. exchange rate growth accounted 105,8%.
During 5 months the monetary stock rose from MDL 5,05 billion or 7.7% more than at the end of 2001. Money stock decreased from MDL 1.83 billion to 1.81 (decrease with 1.6%).
In general, during 5 months the volume of deposits in MDL increased by 297 million or 10% and exceeded the amount of MDL 3.25 billion. Volume of foreign exchange deposit accounts increased by 115% in comparison to deposits in MDL (102%). Call deposits represent 36.1% (MDL 1.17 billion), and the rest amount is deposit accounts. Foreign exchange deposits ratio reached 47% and increased in comparison to the beginning of the year by 45%.
In 5 months of current year the volume of loans granted to legal entities increased in comparison with December by MDL 231 million (7%) and accounted for MDL 3,33 billion, out of which MDL 1,31 billion (41%) are loans in foreign currency, which is smaller with 2% in comparison with the end of previous year.
The stabilization in macroeconomics established later on the decreasing of essential rates in economy. Thus, the essential rates of NBM for short term loans decreased to 12% (13% at the beginning of the year), and 13% (13.5%) for long term loans. The average interest rates for loans in MDL in banking system decreased, over a period of 5 months of 2002, from 26,2% to 25,1% and in foreign currency increased from 12,6% to 11,9%. For deposits in MDL the interest rates decreased in average from 17,8% to 15,1% and for deposits in foreign currency from 3,12% to 2,82%. The average interest rates for state securities decreased from 8,8% to 4,4%. Under existing conditions of maintenance of positive tendencies of stabilization, it is outlined, later on, the decreasing of interest rates, especially to the financial instruments in MDL
Achievements of JSCB “Moldindconbank” in banking system of Moldova.
According to the national ratings at the end of June 2002 JSCB “Moldindconbank” strengthened its position among the five biggest banks in accordance with essential indices of activity in comparison to the begging of the year:
- 1) Aggregate regulated capital – 4th place ( MDL 122.6 million or 7,0% of total aggregate regulated capital in banking system);
- 2) Assets – 3rd place (MDL 806 million or 12,1% of total assets in banking system);
- Loans – 2nd place (MDL 497 million 14,7% of total loans granted to legal entities by commercial banks);
- 4) Attracted deposits – 4th place (MDL 465.8 million or 13,9% of total attracted deposits by banking system). Deposits of individuals – 4th place (MDL 191.2 million or 10%).
It should be pointed out that in 6 months of 2002 JSCB “Moldindconbank”, among the five biggest banks from Moldova, achieved one of the highest index of growth, concerning the balance statements – second ranked in accordance with the index of loans’ growth (increasing - 111%), and concerning the assets’ growth (121%), the fourth ranked, concerning the increase of regulated capital (103%), the first ranked, concerning the increase of deposits (128%).
At the same time, bank’s efficiency indicators in I semester of 2002 prove that during this period of time JSCB “Moldindconbank” recorded high indices of efficiency in banking sector: 4th ranking, concerning the net income. The decreasing of efficiency indices is characterized to the whole banking system as regards the decreasing of profitability of essential financial instruments.
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