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. (37322) 409 006 (37322) 220 591

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. (37322) 409 006 (37322) 220 591



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MD-2005, , 1 www.bnm.md E-mail: official@bnm.md


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MD-2005, , 1 www.bnm.md E-mail: official@bnm.md


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MD-2005, , 1 www.bnm.md E-mail: official@bnm.md


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MD-2005, , 1 www.bnm.md E-mail: official@bnm.md


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MD-2005, , 1 www.bnm.md E-mail: official@bnm.md


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MD-2005, , 1 www.bnm.md E-mail: official@bnm.md


. (37322) 409 006 (37322) 220 591

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MD-2005, , 1 www.bnm.md E-mail: official@bnm.md


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MD-2005, , 1 www.bnm.md E-mail: official@bnm.md


. (37322) 409 006 (37322) 220 591


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MD-2005, , 1 www.bnm.md E-mail: official@bnm.md


. (37322) 409 006 (37322) 220 591



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MD-2005, , 1 www.bnm.md E-mail: official@bnm.md


. (37322) 409 006 (37322) 220 591


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MD-2005, , 1 www.bnm.md E-mail: official@bnm.md


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18

MD-2005, , 1 www.bnm.md E-mail: official@bnm.md


. (37322) 409 006 (37322) 220 591

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MD-2005, , 1 www.bnm.md E-mail: official@bnm.md


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MD-2005, , 1 www.bnm.md E-mail: official@bnm.md


. (37322) 409 006 (37322) 220 591

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MD-2005, , 1 www.bnm.md E-mail: official@bnm.md


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22

MD-2005, , 1 www.bnm.md E-mail: official@bnm.md


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. (37322) 409 006 (37322) 220 591

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.

.
.
.
.
2008.
:


CHIBOR (1W)

,

(6.94, 6.99 7.01%),
,
7.27 7.30% ( 2.2).

2009.

2010.

()
III 2010.

24

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. (37322) 409 006 (37322) 220 591


.
.
27 ,
, .
7 ,
6 8 .
- 2010.
2585.4 . 3761.4 . ,
, .
3247.1 . , 187.1 .
5.4% II 2010.

. , III
2010. 7.0% .
REPO ()
III 2010., -,

7 REPO ( ).
.


, - 2009. 2010. (

), III 2010.,
70.8 . . 41.8 .
.
, 30 2010.
1170.6 . , 29.0 . ,
2.5% .
,
. 30 2010.
,
, .

( ),
,
.
III 2010. 295.7 . ,
113.1 . 27.7% .
.

MDL 6 20
2010., 21 5 2010., 1223.5 .
25

MD-2005, , 1 www.bnm.md E-mail: official@bnm.md


. (37322) 409 006 (37322) 220 591


, 47.5 . , 4.0% 6 20
2010., 21 2010. 5 2010.
30
2010. 43.7 . USD 51.5 . EUR, 1.6 . USD
(3.8%) 2.8 . EUR (5.8%) 30 2010.
MDL, ,
.

III 2010.

2.3.

(NEER)

.
. USD

8.0

110.0

6.0

108.0

4.0
2.0

106.0

.0

104.0

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-4.0

102.0

-6.0

100.0

-8.0


NEER

-10.0
-12.0

98.0

11.01.2010
19.01.2010
28.01.2010
08.02.2010
16.02.2010
25.02.2010
09.03.2010
17.03.2010
26.03.2010
07.04.2010
19.04.2010
28.04.2010
07.05.2010
18.05.2010
27.05.2010
07.06.2010
16.06.2010
25.06.2010
06.07.2010
15.07.2010
26.07.2010
04.08.2010
13.08.2010
24.08.2010
07.09.2010
16.09.2010
24.09.2010

96.0

- 2010.

.
, III 2010.



35.04 . .


III 2010. ,
. , ,
2009.,
.

2.4.
M2 (
, %)
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0.0
-10.0
-20.0
-30.0

M2
M0

I .

II . III . IV . I .
2008.

II . III . IV . I .
2009.

II . III .
2010.

M2
5.6% II
2010., -
. ,
6.6%,
2010.,

4.1%.

M2
,
60.2%,
,
39.8%.
M2
24.9%,
26.3%
26

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. (37322) 409 006 (37322) 220 591


24.1% ( 2.4). ( M0) 1
III 2010. 4.1% , II
3.6% 4.0% I 2010.

, , ,
M2. III 2010.,
38.0%,
1.9 . ,
12.4% - 18.3% ,
2.9% ,
3.4% 18.4%
0.9% II 2010.
III 2010. (M3)2 5.5%
, II 2010.,
. M3
: , ,
. , ,
, 2010.
5.3% II 2010. ,
12.5% 6.1 3.1 II
I, . ,
46.2% II 45.9% III 2010.

.

III 2010. ,
62.6%, 5796.4 . ( 2.5).
II 2010. 5.9%,
.


:
. ,

54.7% III
2009. ( 2970.9
. ).
,

12 .

2.5.
( , %)
120.0


80.0
40.0
0.0
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-80.0
I . II .

III
.

2008.
:

1
2

IV
.

I . II .

III
.

2009.

IV
.

I . II .
2010.

III
.

35.2%

.
M3 M2 .

27

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. (37322) 409 006 (37322) 220 591


. ,
,
3.1 III 2009.

, 72.0% III 2009.
75.1%
. , 9.7%.

.
III 2008., . , III
2010. 6.4%
, 8985.0 . ( 2.6).

:
2.6.
( , %)

8.1% III
120.0
2009. ( 4498.1 . )

90.0

4.6% ( 4486.9 .

).

60.0

30.0
.
0.0


-30.0

I . II . III . IV I . II . III . IV I . II . III .
.
.
10.2%,
,
2008.
2009.
2010.
25.1%.
:
,

III 2010. 2009.

. , 14.7%,
21.0% 12.0%.
.

20102012.,
, .
, ,
,
. ,

. ,
, 7.0% III 2010.

. ,

28

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. (37322) 409 006 (37322) 220 591


2.7.

6 12 MDL (%)

24.0
22.0
20.0
18.0
16.0
14.0
12.0

10.0



6 12

.


( 2.7).



II
2010. 0.72
, 7.73%.


16.07%, 0.63

(. 2.8).

.
.

.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.

.
.
.
.

8.0

2008.

2009.

2010.

2.8. MDL (%)


25.0
20.0
15.0
10.0
5.0
.
.

.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.

.
.
.
.

0.0

2008.

(

)

2009.
2010.


,

6 12
II 2010. 6.22
:
5.29 ,
III 2010.
2.9.
II 2010. - 5.4
6 12 ( )
( 2.9).

8.0

6.0
,
4.0

2.0

.
0.0
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-4.0
I . II . III .

IV
.

I . II . III .

IV
.

I . II . III .

2008.
2009.
2010.

,
,
,
III 2010.

29

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. (37322) 409 006 (37322) 220 591


2.10.
,

(.2000-100%)

( ,
)

NEER
REER

.2006.
.2007.
.
.

.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.

.
.
.
.

150.0%
140.0%
130.0%
120.0%
110.0%
100.0%
90.0%
80.0%

,
,

2008

2009

2010

2.11.

. 2010.

(-) / (+)


-1.2

-0.8

-0.4

0.0

0.4

2.12.

. USD

5.0

4.5
4.0
3.5

3.0

2009.
2010.


:

3
4


(REER),
2000.
, III
2010. 0.9
( 2.10).
REER
-
,

. ,

62.9%,
24.9% ( 2.11).

(NEER)3
2.4 .

III 2010.


6.4%,
4.4%.

III 2010.
197.5
. USD, 13.9%, 1421.8 .
USD 30 2010. 1619.3 .
30 2010.,
1800 USD
4
1600 4.4
1400
( 2.12).
1200

1000
800

600
40.0 . (60.7 .
400
200
)
0

20.0
. (30.3 . )

2000.
2010.

30

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. (37322) 409 006 (37322) 220 591




30 2010. III
2010. :
2.1. (. )

345.6 . ),

30.09.2010 30.09.2010
(%)
(-330.6 . )

(28.4
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.USD).
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(. USD)
28.4
5.6
1464.4
1436.0*


10999.4
11330.0
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-2.9

. 25



5.0 . USD.

31

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. (37322) 409 006 (37322) 220 591

III.

III 2010. .

, ,
.
, ,
.

,
, 2010.

4.8%

.

2.7%,


7.1%.

. 2010.
1.7% 1.5% 2011.
4.9%, 4.4%.
,
.
, II 2010., 1.5%
,
2010. , ,
,
1.95 ,
( ).
2010 2011. 1.5 1.6%, .
7.5%.
, , ,
,
. ,
,
, . ,
80.9 88.6 USD , .
.

32

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. (37322) 409 006 (37322) 220 591



, ,
2009., ,
( ). , 2009.
,
. , .
, , .
3,
1.6 2010. 0.1
. 2012. 0.7 .

,
I 4.7% 6.4% II
. ,
2008-2009. .
,
,
.
,
. 2010.

.


7.8%, 0.4
3.
2010. .
0.2
.



,


,
2011. 7.3%
.
2012.

- 5.0%.
2010.
4.0%,

3.9%.

, -
33

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. (37322) 409 006 (37322) 220 591


, ,

, .
futures
.
7.8% IV
, ,
,
3.
7.3%,
, 0.2
.
, ,
,
.
,
,
.

,
,
, , ,
, .

, ,
. ,
, , ,
.

,
, , , , (
),
.
, ,
. ,
.
, (, ) ,
,
2011 .

34

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