VOLUME OF MDL DEPOSITS IN MOLDOVAN COMMERCIAL BANKS INCREASING
02.07.2008
Chisinau. For the period from 1994 to April 2008 the volume of deposits in Moldovan commercial banks increased 56.6 times, including in MDL – 40.2 times.
According to the NBM’s reports for 17 years of its activities, the trend for the deposit growth was the most pronounced in 2000-2008, when their total remaining sum increased from 2 billion to 22.7 billion lei (growth – 11.1 times).
The crediting of the national economy for 14 years increased 34.9 times, including in MDL – 20.5 times. The increased deposit growth was registered also in 2000-2008, during which years the remaining sum of given credit increased 10.2 times. The share of credits in foreign currency was waving between 40.7% and 41.3% during this period.
According to the National Bank of Moldova (NBM), the interest rate policy was influenced by the need to reduce inflation tension and to stimulate the economic growth by easing the access to credit resources.
The average annual interest rate on attracted credits in MDL constituted 15.1% in 2007 against 24.6% in 2000, and on credits – 18.8% and 33.3% respectively. For this period the bank margin decreased from 8.67% to 3.73% and on foreign currency operations – from 11.57% to 4.87%.
As Infotag has already reported, in January-April 2008 the average interest rate on fixed deposits in MDL constituted 16.03% and on credits – 19.17%.
This is the NBM’s first report, covering such a long period. Independent analysts associate this step by the bank with its desire to unveil the activities of the bank against the background of attacks by the opposition, which accuses the NBM of the non-conformity of its policy with the national economy’s needs.
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