Moldovan banks buy in 2018 foreign currency from population in amount of over $3.3 billion

Chisinau, 22 January /MOLDPRES/ – The commercial banks of Moldova bought in 2018 from individuals foreign currency in the amount equivalent to $3 billion 343 million. The National Bank of Moldova (BNM) has announced today that foreign currency purchases from individuals in the foreign currency market amounted to $260 million in December.

According to the BNM's information and media communication service, the individuals typically sell euros (EUR) and dollars (USD), which are the predominant part of sales. The financial experts explain the increased supply of foreign currency by increasing bank transfers of foreign funds in favour of Moldovan individuals, but also of the incomes of the population. In eleven months of 2018, the remittances grew by 11 per cent over the same period in 2018. Part of the currency is personally brought by citizens which work abroad.

The data of BNM also show that individuals bought from the banks in 2018 foreign currency in the amount of $1 billion 245 million. Thus, the net foreign exchange offer exceeded the equivalent of $1.9 billion.

The net foreign currency sales to legal entities amounted to $2 billion 62 million.

The net foreign currency offer from individuals covered in 2018 the demand for currency by the economic units by 94.4 per cent, the maximum being recorded in July, or 125.05 per cent.

Given the relative balance between supply and demand, the exchange rate of the MDL against the USD remained on a stability trend with some insignificant oscillations.

The net offer of currency is the difference between purchases and sales by the population, and net demand – gap between purchases and sales by economic agents.