Bank deposits in Moldova drop by 11 percent in November
The volume of savings held in banks by Moldovans shrank by nearly 11 percent in November, totaling over 2.7 billion lei.
New deposits for the month exceeded 3.5 billion lei, marking a decline of more than 20 percent compared to October, according to recent data from the National Bank of Moldova.
The financial landscape showed a clear shift in preference. Leu-denominated deposits from individuals surged by 48 percent, while foreign currency deposits saw a 14 percent decrease.
Interest rates also trended upward. The average nominal rate for new national currency deposits rose by 0.13 percentage points to 5.1 percent. Similarly, foreign currency rates edged up by 0.11 percentage points, reaching 1.34 percent.
Long-term savings remained the preferred choice for depositors. Deposits with terms between two and five years accounted for 45.8 percent of the market, followed by those with six to 12-month terms at 25.8 percent.
Translation by Iurie Tataru
