Loans to individuals are shifting significantly toward consumer loans, while the non-performing loan (NPL) ratio in the retail portfolio rose to 4.9% at the beginning of 2026. As of June, the National Bank reported a decline in both the volume and the share of newly issued mortgage loans to individuals (1,114 million lei, representing 7.96% of the total monthly loan volume). Meanwhile, the volume of consumer loans amounted to 1,754 million lei, accounting for 10.64% of the monthly volume of funds disbursed.
The National Bank of Moldova does not maintain separate official statistical records exclusively on “refinancing volumes” (refinancing) of loans to households and businesses, instead including these transactions in the total volume of newly issued loans and the banking system’s loan portfolio.
However, experts believe that refinanced loans account for the lion’s share of newly issued loans. This conclusion is based on the promotion of refinancing programs.
Commercial banks are actively offering households and SMEs products for consolidating and refinancing old debts at average interest rates ranging from 8% to 10% per annum in lei, taking advantage of promotional periods with reduced index-linked rates.
At the end of the first half of 2026, the total loan portfolio of Moldova’s banking sector reached 115.44 billion lei. This figure shows steady growth against the backdrop of an overall increase in the banking system’s total assets to 202.02 billion lei.
