Moldova's banking system: Deposits in lei continue to decline
The supply of deposits in banking system turned over about 22.5 billion lei in early April 2009, and decreased by more than 833 million lei (3.6 percent) compared with the last month due to the fall of deposits in domestic currency by more than 1.56 billion (about 12 percent), while the supply of deposits in foreign currency has increased by more than 728 million lei (7 percent). The supply of forward deposits was 5.74 billion lei and decreased by more than 246 million lei compared with February 2009. Their share has decreased by 0.2 percentage points, down to 25.5 percent of the overall supply of deposits. At the same time, the supply of spot deposits has decreased by about 586 million lei (3.5 percent), down to about 16.758 billion lei. The supply of forward deposits in lei was more than 8.19 billion lei in late March 2009, by over 1.19 billion lei (about 13 percent) compared with the last month, following the decline of deposits in lei of individuals and economic agents by about 1.03 billion lei (more than 13 percent) and over 163 million lei (about 11 percent) respectively.
The supply of forward deposits in foreign currency has increased by 605 million lei (7.6 percent), up to 8.565 billion lei. Forward deposits in lei attracted in March 2009 accounted for more than 1.257 billion lei, which is by over 103 million lei less than in February 2009. The fall was linked to the decline in deposits of individuals by more than 68 million lei (6.5 percent), as well as of deposits of businesses by about 35 million lei (11.6 percent). Therefore, the supply of forward deposits of individuals in lei rose by 78 percent in February 2009, up to about 79 percent of overall forward deposits in lei attracted in March.
The average interest rate on forward deposits in lei decreased by 0.48 percentage points in March 2009, down to an annual rate of 19.36 percent (14.31 percent for businesses and 20.71 percent for individuals, compared with 14.4 percent and 21.38 percent respectively in February 2009). According to NBM, forward deposits in foreign currency accounted for 2,127.6 million lei (equivalent to 196.7 million dollars) in the period concerned, and increased by 585.6 million lei (38 percent) due to the rise in deposits of individuals by 388.3 million lei or 27.2 percent, as well as to deposits of businesses by 197.3 million lei or 2.7 fold. The average interest rate on forward deposits in foreign currency was 10.18 percent (6.78 percent for businesses and 10.76 percent for individuals).
ADEPT
- Asia, US helps Mercedes Benz sales hit record high in 2006
- Cricova: The Largest Underground Wine Cellar in the World
- What does Remortgage mean?
- Dutch bear profit rises 26 percent
- Foreign direct investment in India doubles during 2006
- Greece: Socialist government's budget deficit of 12.5% caused debt crisis
- Toyota in talks to build new China plant
- Walt Disney profit up 39 percent
- DaimlerChrysler is not planning to manufacture trucks in India