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In Moldova Interessi Record Sui Depositi A Termine!


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#1 Guest_Alfredito_*

Guest_Alfredito_*
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Inviato 27 July 2008 - 10:55:53


Con soli 50.000 euro di capitale in Moldova si può campare di rendita!

Ecco gli ultimi dati degli interessi sui depositi a termine:

in LEI max. 23%

in USD max. 15%

in EUR max. 14%

(dati luglio 2008) - http://www.eximbank.com/rom/12/

A questo punto si può dire che tutte le banche quì in Moldova sono perfettamente allineate al famoso moldavopensiero ossia: investo solo se ottengo il massimo in poco tempo!
Il mese scorso, per esempio, durante le partite degli europei che trasmetteva un canale televisivo privato che aveva ottenuto i diritti battendo Moldova1 nell'intervallo tra il 1mo ed il 2do tempo veniva trasmesso uno spot della "Banca Sociala" dove si vedeva un ţăran (campagnolo) che teneva i suoi risparmi nei borcane (vasi per conserve) di vetro nel bec (cantina) di casa sua ed il figlio (emigrato in città) gli dice di aprire un conto in quella banca che gli darà il sopracitato 23% all'anno.   :rofl:

Anche in Italia fino a 30/40 anni fa molti tenevano i soldi sotto la mattonella o nel materasso, poi anche le nostre banche diedero il 18/19 % (epoca della Milano da bere di Tognoli/Craxi) ed i nostri ţărani misero i soldi in banca   :rofl:

Come vedete la storia si ripete  :)


#2 odissea

odissea

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Inviato 28 July 2008 - 10:33:04


Dumitru Ursu: Moldova can not have low inflation if it is high in the neighborhood countries



Interview of the chairman of the Association of banks of Moldova, ex-vice president of the National bank of Moldova, ex-chairman of the National Security Commission Dumitru Ursu to InfoMarket agency.

InfoMarket: How can you comment on the recent decision of the National Bank on increasing the base rate by 6 points and norms of mandatory reserves for commercial banks?

Dumitru Ursu: Currently, Moldova is facing big problem-combating inflation. It is not the problem of our country only, but regional and world challenges: current prices for oil, fuel and food stuffs provoked increase in inflation rate all over the world. Moldova is also influenced by all these processes. Thus Moldavian authorities try to promote tough monetary and budgetary-tax policy. According to future amendments to the Law of the budget, the budget deficit should be reduced to zero. And we should understand that’s it is quite a tough tax policy.

Establishing the norms of mandatory reserves is the competence of NBM. We should remember that according to the Law on NBM, the National Bank is in charge for price stability. If the main NBM target in 2005 was to provide stability of the national currency, the amendments adopted the same year, obliged the Bank to preserve price stability.

There are a number of instruments of monetary policy which can be applied in this case. First, this is mass sterilization by means of NBM’ s certificates or securities of the Ministry of Finance- so called liberal instrument. Secondly, it is monetary policy rate of NBM. By means of increasing or reduction of this rate, the Central Bank informs the national economy if it wants the cost of money to increase or reduce. Last months, NBM was increasing this rate. The last change (18,5%) is the highest increase in monetary policy within the last 8-10 years. According to analysis held in 2007, all central banks of the region used this instrument. The influence of this instrument in Moldova is likely to be indirect because NBM is not able to allocate significant resources to the banking system.

At the same time, NBM began to use the second instrument- mandatory reserves, which are the instrument of the bank precaution as money accumulated at the correspondent account of NBM can be used in emergency cases only, such as bankruptcy of the certain bank. Though in some case central banks use this instrument as it happened in 2007 when the norm of mandatory reserves was increased from 10% up to 22%. NBM has the right to use this tough instrument which liquidity will certainly affect the banking system. In general, we do not expect cases of bankruptcy or insolvency, as the banking system of Moldova is well adjusted, and possesses rather efficient management. How to compensate these 6 points? The banks have several possibilities, such as attraction of new deposits in order to reach new level of mandatory reserves which makes 1 billion 550 million leis. New deposits will be attracted in freely convertible currency not under 10-11% as now, but under 14-15% and in Moldavian leis- under 23-25% vs. 18-19% now. The banks can also use NBM’s certificates by means of issuing bank certificates. The third way is sales of state securities from the bank’s portfolio.

There are some key moments here. Commission paid by NBM for placing mandatory reserves makes 0,5%. This commission can be considered as direct taxation of the banks. If these 1,150 billion leis, which commercial banks have to pay to NBM, were attracted to the real sector of the economy under 20%, under 18-19% in state securities, or 17-18% in NBM’ s certificates, the banks’ revenues would be much more than 0,5%, paid by NBM for mandatory reserves.

I think that this step of NBM was taken in cooperation with the government and branch ministries. I’m aware that we follow recommendations of IMF presupposing tough measures in inflation prevention. I wonder if these measures will be effective. Last year the norms of reserves was increased from 10% up to 16% and within the first month of the current year inflation rate amounted to 7,4% vs. 3,7% in 2007. In spite of the tough measures, inflation rate doubled.

When we try to stop inflation with all available means, we should be aware that real sector would also suffer as the part of 1 billion 550 million should be distributed into the bank loans. These loans will be not allocated and allocated loans would have rather high interest rate. If last year average interest on loans amounted to 18,5% in leis and to 10-11% in convertible currency, late in 2008 it will make 28% and 30%, respectively. Subsequently we will face with the increase in prices for financial resources and the cost of production, which will affect the competitiveness of Moldavian goods both at the national and international level. The talk is about trade and payment balance of Moldova which will be deteriorated due to reduction of export and sufficient import increase. This process is observed not only in Moldova but we should aspire to the reduction of the current account deficit.

InfoMarket: Do you think that tough steps of NBM will lead to strengthening of the banking market in Moldova?

Dumitru Ursu: I do not think that increase of the norm of mandatory reserves of the banks by 6 points will result in consolidation of some of the banks. The process of consolidation of the banking system goes on. I did not exclude that till the end of the year some decisions can be taken. Now banks are working on increasing capital and assets and looking for investors in order to be competitive at the local market. But the paradox is that each bank has its own sector. The struggle goes not between the large and small banks but between the five leading banks. Though, the future will show. I do not exclude that in the next year common interests, which will lead to consolidation of some shareholders, can appear.

There is something more that can happen in the banking sector. Foreign banks possessing capital in Moldova will open credit lines in our country and will sell means to the local banks. Money will be sold for the good price and profit will be also big: Interest rates in Europe are 5-7% and here they will make 14-15%.

InfoMarket: Will these resources be cheaper?

Dumitru Ursu: I don’t think so. When we speak about the cost of resources, there are some factors the foreign investors should take into account: investment, interest, currency risks etc. In case if it is possible, investor sells the resource at the best price and gains tremendous profit.

InfoMarket: How the appearance of the foreign bank can affect Moldavian banking market?

Dumitru Ursu: Last year world known banks have appeared at the local market. It is quite normal as Moldova is located at the border of EU and CIS. Strategic investors are interested in Moldavian market for getting further access to CIS markets for business development. I think other banks as well as non-bank companies will soon appear in Moldova. This situation is both good and bad. On the one hand, the bank comes with the new capital, and invests into the economy of Moldova as 100 million leis for the license is rather a large sum for investor. This money is used in the national economy either in the form of loans, securities or any other currency transactions. Thus, it will contribute to GDP’s growth. On the other hand, when new assets are acquired, some suspicious moments in the previous activity of the bank, which can scare off investors, can be revealed.

The bank can open the new branch with the new team, new technologies and new products. It will contribute to tougher competition. Then the bank should specify the clients it will attract, the list of the products offered etc. But we understand that competition is the catalyser of the progress.

Thus the investor should decide: either it acquires the share in the existing bank or opens something new.

InfoMarket: During the recent seminar on the remote banking services it was noted that level of implementation of these systems in Moldova is lower than in the other countries and some systems are not implemented at all. What is the reason for this and when we will be able to reach European countries’ level in the field of remote banking systems?

Dumitru Ursu: With the appearance of the new bank shareholders of the world level in Moldova, new products and technologies, which our system has not provided before, due to the absence of corresponding means, staff and technologies, are launched in Moldova. We should not forget that some years ago we did not have ATM. Now they can be found practically everywhere and many organizations and companies pay wages through the bank cards. The main obstacle on the way of implementing new technologies is the absence of staff and finance. I consider that the government should provide preferences for installation of POS-terminals. We have big problem with amount of money in circulation- about 35-40% of all reserve money is in cash- about 8 billion leis. Implementation of the new banking services such as POS-terminals is the attempt to reduce monetary mass in circulation. It will also help the National Bank in reduction of inflation rate as this monetary mass represents the biggest threat for stability of prices and exchange rate of the national currency. These services require big investments but it is good that banking development strategies presuppose implementation of new services.

InfoMarket: Don’t you think that due to increase in mandatory reserves, the means of the banks presupposed for implementation of new technologies will reduce?

Dumitru Ursu: I think that each bank will implement these services even at the expense of the reduction of loan portfolio because no one wants to be behind in implementing new technologies.

InfoMarket: Which steps should be undertaken by the Association of Banks and the Government?

Dumitru Ursu: There are official structures responsible for this. NBM is not able to stabilize prices by its own. If it can do this, it will damage the national economy because such measures can be undertaken within the short-term period only. If it is not so, it will have negative effect on the economy- the reduction in volume of crediting will influence GDP growth. Each official structure should commit its obligations according to legislation: NBM should be involved in monetary policy and the government- in budgetary-tax sector, payment of labour and other questions. We should not forget the measures presupposed in the financial sector development strategy for 2005-2010, confirmed by the government and NBM in 2005. Only by common efforts it will be possible to stabilize prices. But we should understand that Moldova can not have low inflation if it is high in the neighbourhood countries: Ukraine - 17%, Romania- 7%, Russia – 13%, etc. The prices for goods at the world market increased, which also affected Moldova. Although combating inflation should be continued because it leads to increasing poverty among population.





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