Consumer loans and mortgages accounted for the bulk of loans to individuals. The average rate on new loans in MDL for individuals in January 2026 amounted to 11.46%, decreasing by 0.26 percentage points compared to the previous month. Mortgages were “sold” at 8.11% per annum – 678 million lei were taken out of the total amount of loans granted to the population. The overwhelming majority of loans to population were issued in national currency.
Judging by the data presented by the NBM, for the first time citizens began to “lag behind” the legal entities in appetite. Out of the total volume of new credits (5.254 billion lei), in January, the share of individuals accounted for 35.5%, while the share of legal entities – 64.5% of the funds taken out.
Demand for new loans is falling
Moldova’s population actively used bank lending in 2025, although the growth rate started to slow down towards the end of the year. In the first 11 months of 2025 (January-November), the total amount of new loans granted to individuals amounted to about 24.5 billion lei.
The maximum monthly figure was registered in May (2.47 billion lei) with a decreasing trend towards the end of the year. The portfolio of real estate loans reached 21.9 billion lei by the middle of the year, showing a stable growth, although the share of mortgage loans in total lending decreased (from 44.4% to 37.9%).
About 60% of all loans to households were consumer loans for current expenses. The average rate on consumer loans in lei fluctuated around 10.5-11.5% per annum.
In general, 2025 was characterized by high credit activity in the first half of the year and a gradual cooling of demand by November due to macroeconomic factors.
In addition to banks, microfinance organizations provided about 15% of total loans to households, increasing their portfolios by 10-15% over the year.
Money from abroad is generally not decreasing
In January 2026, the population received $129 million in foreign currency compared to $174 million in December 2025. The decline in receipts in January compared to the previous month is a seasonal phenomenon, and it is repeated annually.
At the same time, as compared to January 2025, foreign currency receipts to the population in January 2026 increased by 18%, including in dollars – by 24% and in euros – by 17%.
“While there was a slight increase in euro receipts, a significant decline in dollar receipts (January to January) resulted in a decline in total receipts. Despite the significant volatility in the volume of remittances to the population from abroad (in the last 5 years there was a decline three times in January), in general there is an increasing trend for all the last decades”, – writes Vladimir Golovatyuk.
“Stocks” without reserves
The income situation in Moldova (as of the end of 2025 – beginning of 2026) points not so much to saving, but to austerity and survival. Most residents live from paycheck to paycheck, with about 12.7% earning less than 3,000 lei and 33.6% of the population below the absolute poverty line.
To cover the basic needs of a family of four, about 36,000 lei per month is needed, which is many times higher than the average net salary (~12.1 thousand lei). More than half of the population (about 55%) have incomes below 10,000 lei per month.
About 25.4% of the population consider keeping money in banks to be unsafe. Most people keep their “reserves” at home. Thus, “hoarding” money is most often an attempt to create a minimum safety cushion in crisis conditions, rather than a free choice due to the excess of funds.
