The debts amassed by private individuals are estimated at 48 billion lei, up 8 billion lei on December 2021. The rise is mainly due to the increase in loans raised from private individuals as the number of loans from official sources decreased against a rise in the number of persons who borrow money from unofficial sources, said economic expert of the Institute for Development and Social Initiatives “Viitorul” Veaceslav Ioniță.
According to him, the National Bank of Moldova’s monetary policy led to the toughening up of lending conditions at banks and nonbanking organizations. The number of persons who raised loans decreased. But the people, in search of money, migrated from banks and microfinance companies to relatives and friends.
Veaceslav Ioniță made reference to a poll conducted by CBS Research in October, commissioned by “Viitorul” and “Ion I. C. Brătianu” Institute of Political Science and International Relations of Romania. According to the poll, 17.1% of the respondents said they borrowed money from banks; 9.3% – from relatives and friends; 7.4% – from microfinance companies, while 1.8% – from pawnbrokers. The figure of those who said that they took out loans is by 4% lower compared with the previous surveys, of December 2021 and May 2022. Borrowing declined primarily from official sources, not yet from informal ones.
As to the structure of loans, Veaceslav Ioniță said 51% are loans raised from banks; 23% – from relatives and friends; 22% from nonbank financial institutions; while 4% from pawnbrokers. The situation of person who borrowed money from everywhere is worrisome. “The crisis leaves its imprint. Last December, we estimated the number of persons who borrowed money from at least three sources at 59,200. In May 2022, this figure decreased to 55,600, while in October 2022 it rose to 86,500,” stated the expert.
The economist said that the persons aged between 30 and 44 are the most indebted ones. In the context of the crisis, the respondents were asked if they meet with difficulties in repaying loans. 50.4% of those polled said they experience such difficulties, up from 47.8% last December and from 45.7% this May. 45.7% said they do not encounter such difficulties.
