II. INTERNATIONAL INVESTMENT POSITION AS OF 12/31/215 Page 3 Table 3. International investment position of the Republic of Moldova as of 12/31/215 (US$ million) Position as of 12/31/214* total BOP transactions Changes reflecting price exchange rate other Position as of 12/31/215* International investment position (net) -5,598.53-55.64-443.72-5.9 389.95 4.3-5,654.17 Assets 3,711.6-375.96-246.39-3.8-125.77 3,335.64 Direct investment abroad 179.5 17.59 17.59 197.9 Equity capital 169.24 15.58 15.58 184.82 capital 1.26 2.1 2.1 12.27 Portfolio investment 3.78 1.5 1.5 4.83 Equity securities 1.95 1.12 1.12 3.7 Debt securities 1.83 -.7 -.7 1.76 Financial derivatives 4. 4. investment 1,367.69 5.22 41.46-36.24 1,372.91 Trade credits 95.89-44.2-46.19 2.17 51.87 Loans 77.39-1.4-1.4 76.35 Currency and deposits 96.39 5.28 88.69-38.41 956.67 assets 288.2 288.2 Reserve assets** 2,156.63-399.82-36.49-3.8-89.53 1,756.81 Liabilities 9,31.13-32.32 197.33 2.1-515.72-4.3 8,989.81 Direct investment in domestic economy 3,613.78-147.71 182.47 2.1-332.28 3,466.7 Equity capital and reinvested earnings 2,661.2-11.65 195.17 2.1-37.92 2,55.55 capital 952.58-37.6-12.7-24.36 915.52 Portfolio investment 113.27 3.32 3.32 116.59 Equity securities 113.18 3.25 3.25 116.43 liabilities.9.7.7.16 Financial derivatives 4.8.7.7 4.78 investment 5,579. -176.63 1.84-183.44-4.3 5,42.37 Trade credits 1,136.92 9.68 51.99-42.31 1,146.6 Loans 3,6.3-12.8 4.58-121.56-3.82 2,939.23 Currency and deposits 233.57-132.8-119.75-12.33 11.49 liabilities 977.99 73.81 74.2 -.21 1,51.8 SDR allocation 17.49-7.24-7.24 163.25 * revised data; ** BOP flow valued at daily exchange rate; Note: Official cross-exchange rates of original currencies against the US dollar at period-end are used for the evaluation of stocks. Chart 35. International investment position dynamics, at year-end (US$ million) 8, 6, 4, - -4, -6, -8, -1, -1 Assets Liabilities Net investment position 3,6.96 3,549.79 4,35.92 3,711.6 3,335.64-4,825.9-5,85.32-5,346.5-5,598.53-5,654.17-7,832.5-8,635.11-9,381.97-9,31.13-8,989.81 211 212 213 214 215 Address: 1, Grigore Vieru Avenue, MD-25, Chisinau, Republic of Moldova Tel: (+373) 22 822 41, Fax: (+373) 22 22 591, email: official@bnm.md, web: www.bnm.md
Page 31 External assets and liabilities structure, by functional categories Chart 36. External assets and liabilities structure, by functional categories, as of 12/31/215, % % 1 Reserve assets 8 6 52.7 6.1 investment 4 Portfolio investment and financial derivatives 2 41.2 38.6 Direct investment 5.9 Assets Liabilities Chart 37. External financial assets, at year-end (US$ million) Direct investment Portfolio investment and financial derivatives investment Reserve assets 3, 2,5 1,5 1, 937.54 1,965.32 917.65 2,515. 1,67.11 2,82.63 1,367.69 2,156.63 1,372.91 1,756.81 5 88.42 15.68 18.2 8.94 137.8 11.1 179.5 7.78 197.9 8.83 211 212 213 214 215 Address: 1, Grigore Vieru Avenue, MD-25, Chisinau, Republic of Moldova Tel: (+373) 22 822 41, Fax: (+373) 22 22 591, email: official@bnm.md, web: www.bnm.md
Page 32 Chart 38. Reserve assets structure Securities 6.8% 31.12.214.2% SDR and Reserve position in the the Fund.1% FCD 39.% Monetary gold.1% Securities 56.3% 31.12.215 1.2% SDR and Reserve position in the Fund 1.% FCD 42.6% Monetary gold.1% Note: FCD foreign currency and deposits; SDR special drawing rights Chart 39. Structure of external assets in the form of currency and deposits held by authorized banks, by currency a. End of 215 b. End of 214 1.3% 1.2% 2.2%.9% 54.3% 43.2% 58.3% 38.6% Address: 1, Grigore Vieru Avenue, MD-25, Chisinau, Republic of Moldova Tel: (+373) 22 822 41, Fax: (+373) 22 22 591, email: official@bnm.md, web: www.bnm.md
Page 33 Chart 4. External financial liabilities, at year-end (US$ million) Direct investment Portfolio investment and financial derivatives invesment 7, 6, 5, 4, 3,261.6 4,495.25 3,466.67 5,78.18 3,62.97 5,647.36 3,613.78 5,579. 3,466.7 5,42.37 3, 1, 75.74 9.26 113.64 117.35 121.37 211 212 213 214 215 Chart 41. FDI in domestic economy*, main components (US$ million) Intercompany loans, stock at year-end (left axis) 4,5 4, 3,5 84.41 Equity capital and reinvested earnings, stock at year-end (left axis) Net flow (right axis) 981.44 952.58 98.79 915.52 45 4 35 3, 3 2,5 288.21 25 1,5 195.7 242.74 2.58 182.47 2 15 1, 1 5 2,42.65 2,557.88 2,639.53 2,661.2 2,55.55 211 212 213 214 215 5 *stocks calculated according to the historical cost principle Chart 42. FDI in domestic economy stock* equity capital, by geographic region (US$ million) % European Union CIS countries 1 9 8 35.7 35.8 36.4 36. 36.5 7 6 11.8 11.4 11.7 11.2 11.1 5 4 3 52.5 52.8 52. 52.8 52.4 2 1 End of 211 End of 212 End of 213 End of 214 End of 215 *stocks calculated according to the historical cost principle Address: 1, Grigore Vieru Avenue, MD-25, Chisinau, Republic of Moldova Tel: (+373) 22 822 41, Fax: (+373) 22 22 591, email: official@bnm.md, web: www.bnm.md
Page 34 Chart 43. FDI stock* equity capital, by main countries (US$ million) a. Banks b. sectors Italy Russia Romania Netherlands France Italy Germany USA Russia Cyprus Cyprus Germany UK Austria USA Greece End of 215 End of 214 End of 213 Turkey Romania Switzerland France End of 215 End of 214 End of 213 1 2 3 4 5 6 7 8 25 5 75 1 125 15 175 2 225 * stocks calculated according to the historical cost principle, by immediate investor s country Chart 44. FDI, equity capital stock as of 12/31/215, by industry Electricity, gas and water supply 6.8% Transport and communications 9.1% Construction 2.2% Healthcare and social assistance 1.4% Agriculture, hunting and forestry 1.3% 2.% Financial intermediation 24.3% Wholesale and retail trade; repair on personal goods 14.7% Real estate, renting and business services 14.8% Manufacturing industry 23.4% Source: NBM calculations based on reports collected by the NBS Address: 1, Grigore Vieru Avenue, MD-25, Chisinau, Republic of Moldova Tel: (+373) 22 822 41, Fax: (+373) 22 22 591, email: official@bnm.md, web: www.bnm.md
Page 35 Chart 45. Structure of external liabilities in the form of currency and deposits held by authorized banks, by currency a. end of 215 b. end of 214.1% MDL 1.8% 1.4% MDL 6.4% 47.% 42.1% 41.6% 5.6% Structure of external financial assets and liabilities by sector Chart 46. Structure of external financial assets and liabilities by sector, at year-end (US$ million) Monetary authorities General government Banks sectors Liabilities Assets 3, 1, -1, - -3, -4, -5, -6, -7, -8, -9, 1,965.32.39 36.76 734.49-327.5-1,157.92-911.87-5,435.21 2,515. 2,82.63.39 499.8 535.32-467.34-1,265.59-953.64-5,948.54.39 854.7 36.83-445.7-1,35.17-1,266.82-6,364.91 2,156.63.39 67.72 947.28-39.7-1,32.37-986.11-6,612.95 1,756.81.39 537.23 1,41.21 211 212 213 214 215-339.29-1,353.76-734. -6,562.76 Address: 1, Grigore Vieru Avenue, MD-25, Chisinau, Republic of Moldova Tel: (+373) 22 822 41, Fax: (+373) 22 22 591, email: official@bnm.md, web: www.bnm.md
Page 36 Structure of external financial assets and liabilities by maturity Chart 47. Structure of external financial assets and liabilities by maturity, end of period (US$ million) Laibilities Assets 7, 5, 3, 1, -1, -3, -5, -7, -9, Short-term Long-term 2,895.13 3,425.66 3,845.57 3,457.16 3,64.81 111.83 124.13 19.35 254.44 27.83-2,664.22-5,167.83-2,845.69-5,789.42-3,326.65-6,55.32-3,361.51-5,948.62-3,281.13 211 212 213 214 215-5,78.68 Address: 1, Grigore Vieru Avenue, MD-25, Chisinau, Republic of Moldova Tel: (+373) 22 822 41, Fax: (+373) 22 22 591, email: official@bnm.md, web: www.bnm.md