Macroeconomics of the Republic of Moldova for the I trimester of 2002
According to the statistics, the cumulative inflation during 2 months amounted 6.3% in 2000, the average annual index (February 2001 – February 2002) being 5.6%. In February it was registered a deflation of 0.4%.
Currency exchange rate decreased from MDL/USD 13.09 on 31.12.2001 to MDL/USD 13.49 on 31.03.2002 i.e. exchange rate growth accounted 103.%
During 2 months the monetary stock remained at the level of the end of 2001, being MDL 4.78 billion. Money stock decreased from MDL 1.83 billion to 1.71 (decrease with 7%).
In general, during 2 months the volume of deposits in MDL increased by 113 million or 3.8% and exceeded the amount of MDL 3.06 billion, from which call deposits represent 28.3% (MDL 1.01 billion), and the rest amount to interest deposits. Foreign exchange deposits ratio reached 45% and remained at the level of the end of 2001.
Deposit accounts of clients increased during 2 months by MDL 30 billion or 2.9%, the volume of which, to the end of February, amounted to MDL 1,06 billion. Volume of foreign exchange deposit accounts increased by 105%, while MDL deposits increased by 102%.
In January-February 2002 the volume of loans granted to legal entities increased in comparison with the beginning of the year by MDL 30 million (1%) and accounted for MDL 3,12 billion, out of which MDL 1,27 billion (41%) are loans in foreign currency, which corresponds to the volume at 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 remained at 13%, and 13.5% for long term loans. The average interest rates for loans in MDL in banking system decreased, over a period of 2 months of 2002, from 26,2% to 24,5% and in foreign currency increased from 11,9% to 12,5%. For deposits in MDL the interest rates decreased in average from 18,8% to 17,2% and for deposits in foreign currency increased from 3,12% to 3,16%. The average interest rates for state securities decreased 8,8% to 6,0%. 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 February 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 ( 7,2% of total aggregate regulated capital in banking system);
2) Assets – 3rd place (11,4% of total assets in banking system);
3) Loans – 2nd place (14,7% of total loans granted to legal entities by commercial banks);
4) 4) Attracted deposits – 5th place (10,5% of total attracted deposits by banking system). Deposits of individuals – 4th place (9,9%).
It should be pointed out that in 2 months of 2002 JSCB “Moldindconbank”, among the five biggest banks from Moldova, achieved one of the highest index of growth, concerning the balance statements – first is the index of loans’ growth (increasing - 103%), the third index, concerning the increase of regulated capital (104%), and concerning the assets’ growth (104%), the fourth index, concerning the increase of deposits (103%) .
Bank’s efficiency indicators in January-February 2001 prove that during this period of time JSCB “Moldindconbank” recorded high indices of efficiency in banking sector: 4th ranking, concerning the net income, profitability of assets (ROA) which was of 4,3%, 3rd ranking, concerning the profitability of capital (ROE) – 24,4%. 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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