Promoting Clean Urban Public Transportation and Green Investment in Moldova by OECD
Author:OECD
Language: eng
Format: epub
Tags: development/regions/governance/environment
Publisher: OECD Publishing
Published: 2019-09-25T00:00:00+00:00
Figure 6.4. Interest rates on new loans and overnight credits, 2014-19*
Note: *Data until 03/2019.
Source: National Bank of Moldova (www.bnm.md).
Total loan volumes in 2018 were MDL 18 544.69 million (in national currency) and MDL 10 260.99 million (in foreign currency). Loans to businesses made up 58% of all loans in national currency and 98% of all loans in foreign currency. Thus, long-term loans in foreign currency can be considered more interesting for financing the CPT Programme.32 However, potential currency risk33 means that the government or a donor may want to set up a facility to hedge this risk for companies that choose to borrow in foreign currency. The required reserves ratio on liabilities in national currency was increased to 42.5% and the reserve ratio of the attracted funds in foreign currency was maintained at 14%.34
In November 2018, Moody’s investors service affirmed the Government of Moldova’s B3 rating (stable outlook) taking into consideration the country’s progress in financial stability on the one hand and persisting weaknesses and unpredictability of the domestic political environment (which also entail fiscal risks) on the other. However, Moldova's debt burden is relatively low (also due to small budget deficits35), with a government debt-to-GDP ratio of 31.5% at the end of 2017 (i.e. well below the B-rated median of 56% of GDP). Besides high debt affordability, the large share of foreign currency-denominated debt is currently balanced by the significantly appreciated Moldovan leu in 2017 on the back of stronger remittances and capital inflows.36
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