In 7 months of 2023, the Moldovan leu (MDL) appreciated against the USD and the EUR.
According to the Ministry of Economic Development and Digitalization, the MDL appreciated against the USD by 6.6% - from 19.16 lei per dollar as of January 1 to 17.89 MDL per USD as of July 31. Against the EUR, the MDL appreciated by 3.5% - from 20.37 to 19.66 MDL per EUR. These indicators were influenced by the fluctuations of the EUR and the USD on international markets, a higher supply of currency compared to the demand on the domestic market, as well as the National Bank's interventions on the domestic foreign exchange market in the form of currency purchases. It is noted that in 7 months of 2023 net supply of currency from individuals - $1 billion 623.5 million (1.6 times more than in 7 months of 2022) exceeded by 7.3% net demand for currency from economic agents - $1 billion 513.2 million (-1.1%). In July 2023 compared to the previous month, net supply of currency increased by 9%, while net demand - decreased by 8%. Under these conditions, the National Bank purchased $46.5 million of foreign currency in July. The National Bank's foreign exchange reserves at the end of July 2023 reached a new historical record of $5 billion 027.3 million (6.1 months of imports), which is 12.4% more than at the end of 2022 and 35% more than at the end of July 2022. In the report of the Ministry of Economic Development and Digitalization on the socio-economic development of Moldova for 7 months in 2023 the first effects of monetary policy easing are stated. In the context of interest rates reduction, a positive trajectory of demand for loans was noted - the volume of new loans granted to citizens and businesses increased by 2.3% compared to January-July 2022. At the same time, relatively high interest rates caused the growth of attracted new deposits by 23.1%. The volume of money supply M3 amounted to about 139 billion lei at the end of July, up by 21.1% compared to the same period of 2022 and by 10.3% compared to the beginning of the current year. //12.09.2023 - InfoMarket.
