OREANDA-NEWS. October 17, 2012. Monetary reserves of the National Bank of Moldova made up USD 2 bln. 414.95 mln., USD 88.2 mln. (3.8%) up as compared with the previous reporting week.

The all-time peak of monetary reserves of Moldova was registered on September, 21, 2012 and made up USD 2 bln. 329.1 mln. Since the beginning of the year monetary reserves of Moldova have grown USD 449.65 mln. or 22.9%.

Monetary reserves of Moldova increased USD 247,6 mln. within 2011, that is 14,4%, being USD 1 bln. 965.3 mln. as of the end of December, 2011, the National Bank of Moldova informs. Monetary reserves of NBM increased by a record monthly sum of USD 137.29 mln., in August, growing USD 95.13 mln. in September, which was determined by NBM’s purchasing currency in the internal foreign exchange market and by the growth of exchange rate of currencies making the monetary reserves against UDS.

The growth of monetary reserves at the beginning of October was determined by the next tranche of SDR50 mln. or USD77 mln. our country received from IMF to replenish the monetary reserves. The decision to allocate the next tranche of the loan at an amount of 50 mln. of SDR to Moldova was taken by the Council of IMF Directors in Washington as they approved results of the fifth review of Moldova’s performances in the framework of the program backed by IMF through the Extended Credit Facility and the Extended Fund Facility. As a result of the resolution, the sum of the backing IMF has assigned for Moldova in the framework of the three-year arrangement grew to 320 mln. SDR (close to USD 494 mln.).

The Three-Year Arrangement approved by IMF for Moldova on January, 29, 2010 provides backing at a total amount of 369.6 mln. of Special Drawing Rights (SDR) or USD 572.7 mln approximately. 50% of the loan is allotted under the Extended Credit Facility which provides the zero rate interest rate till the end of 2013, the 5.5 -year long grace period and the 10-year long maturity. The rest sum is extended under the Extended Fund Facility which stipulates the interest rate equal to the basis rate of SDR, the 4.5 -year long grace period and the 10-year long maturity.