State Securities Market 2014-2016: The Ministry of Finance calculates the losses, investors - income.
The market of State securities (SS) has experienced two stressful years, then all returned to the "starting position" by the end of 2014. The market attractiveness of government securities returned to low interest rates and low stimulated demands at the end of 2016.
It is called "forced" because there are only two "officially approved" investment sources for investors in Moldova (especially regional), those are deposits and government securities. Speaking of investors, it is a question of banks and insurance companies at the first place which is prescribed by law regulations to keep a certain percentage of reserves in highly liquid assets with appointed deposits and government securities.
InfoMarket agency analysing the National Bank's open data in spring of 2015, has determined that the balance of Banca Sociala changed to 14.02 billion lei based on November 2014th final results, so to be more accurate the fraud fund raising operation "billion", referred to wash out the currency and withdraw it from the country has been completed. (For those who do not remember; the parliamentary elections were held in the country on Sunday November 30, 2014; the "billion" operation has been done before the elections).
It is affected the most sensitive segment of foreign exchange market first of all. The Lei currency exchange rate to the US dollar was 13.0242 by January 5th, 2014; it was 14.0884 by July 3rd, but it was quite stable devaluation, without attracting much attention. A sharper increase was recorded in November, the rate was already 15.0734 by November 21. The "billion" operation had to be finished in November (before the election), which for the most part provided by NBM foreign exchange reserves and the volume of non-cash transactions at the foreign exchange market amounted to the record-breaking $1.8 billion in November.
These figures speak for themselves: The starting point of the crisis was in November 2014. The foreign exchange market has reacted to the crisis first, the melting point of the crisis was at the beginning of 2015 by February 18th; it was the highest rate in the history of the leu towards the US dollar - 20.9933; the foreign exchange rate reached 26.6 lei per dollar.
Following the foreign exchange market, it was followed by all other indicators, the NBM basic rate on government securities rates on deposits, loans ... inflation.
Here is the diagram looked like the last two years:
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