State’s foreign exchange reserves constituted USD 775 mln at the end of 2006

National Bank’s foreign exchange reserves constituted USD 775 mln, at the end of the year, exceeding the target of USD 750 mln, established by the agreement signed with the IMF, the data provided by the central bank show. During December 2006, foreign exchange reserves increased by more than USD 68 mln, as result of both foreign exchange purchases on the internal market and the entering of a new installment from the IMF credit on the NB’s account. In general, during 2006, foreign exchange reserves had a spectacular evolution from USD 597 mln at the beginning of the year, up to USD 775 mln, at the end of the year. Concerning 2007, analysts say that foreign exchange reserves will continue to rapidly grow, both as consequence of purchasing foreign currency on the internal market and due to the fact that the IMF announced an increase in the financing provided to Moldova. The Moldovans who work abroad wire about USD 1.2 bln to Moldova annually. A great share of this money is placed into the free circuit on the market. Consequently, NB intervenes on the market by purchasing foreign exchange.