Moldova's foreign currency reserves grow

The foreign exchange reserves held by Moldova's central bank, BNM, increased to $2.12 billion (1.98 billion euro) at the end of November from $2.10 billion a month earlier, it said on Thursday.

Foreign exchange outflows totaled $27.41 million, representing mainly interventions on the domestic foreign exchange market, with currency sales of $17.5 million, external debt payments of $4.53 million and payments made by the finance ministry of $4.12 million, BNM data showed.

Foreign exchange inflows amounted to $64.69 million in November, mainly because Moldova received a loan tranche under its three-year, $178.7 million funding arrangement with the IMF. The deal was agreed at the beginning of the month and aims to support the country’s economic and financial reform program.

In November, Moldova received $23.89 million from the IMF under the Extended Fund Facility (EEF), including $12.15 million to finance state budget deficit. The country has received under the Extended Credit Facility (ECF) an additional $11.94 million also for financing budget deficit.

Deficit equivalent to 3.2% of GDP is projected in Moldova's 2016 budget bill, up from 2.3% of GDP in the 2015 budget.

The gold reserves of the central bank of Moldova were worth $2.82 million at the end of November, down from $3.01 million at end-October.

BNM's foreign exchange reserves totalled $1.75 billion at the end of 2015, unchanged from 2014, SeeNews reports.

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