Vyacheslav Ionice
According to an analysis by Veaceslav Ionita, an economic policy expert at IDIS “Viitorul,” the lending market has reached a new high for both consumer and mortgage loans.
Between April and June, Moldovans took out new loans totaling 8.4 billion lei, the highest quarterly figure in history. In the first half of the year, the total amount of new loans reached 15.4 billion lei, and on an annualized basis, the lending market grew to 30.7 billion lei, a historic record.
“Moldovans are beginning to master the art of living in debt,” notes Veaceslav Ionita, explaining that the population is increasingly turning to loans for consumer spending and home purchases.
Consumer Loans Predominate
The total outstanding balance of loans issued to individuals increased to 51.2 billion lei, equivalent to approximately 14% of GDP, compared to 46.1 billion lei in 2025 and 25.3 billion lei in 2023.
Of the total loan volume, 59% consists of consumer loans, 36% of mortgage loans, and 5% of business financing.
The strongest growth was recorded in the consumer loan segment. In the second quarter, approximately 77,700 loans were issued, setting a new record, and over the past 12 months, the number reached nearly 295,000, with an annual value of more than 18 billion lei.
However, the expert warns that this trend also has less favorable consequences, as a significant portion of consumer loans is used to finance purchases of imported goods and contributes to the widening of Moldova’s trade deficit.
Lower interest rates are also stimulating the real estate market
One of the main factors contributing to the growth in lending is the decline in the cost of financing. While the average interest rate on loans was 15.5% in 2015 and rose to 16.4% in the first quarter of 2023, it fell to 10.7% in the second quarter of 2026.
The mortgage market is also in the midst of a strong recovery. In the first six months of the year, approximately 3,800 home loans were issued, totaling 5.4 billion lei. The average mortgage amount reached the equivalent of 70,100 euros, more than three times higher than ten years ago, while the average interest rate on new mortgages fell to 8%.
Over the past 12 months, Moldovans have taken out new mortgage loans totaling 11 billion lei, and the total outstanding balance has grown to 29 billion lei—more than 14 times higher than it was ten years ago.
