Commercial banks should re-examine interests’ policy -expert

Commercial Banks should revise their policy of interests, because the society does not trust economy’s current and short-term state of affairs. More, the significant worsening of the inflationist anticipations will lead to worsening the financial situation for the next three months is said in the report “Economic Trust of Moldova’s consumers” drafted by the “Expert-Grup” analytic Center. The executive director of “Expert-Grup”, Valeriu Prohnitchi declared at a press conference that according to the 2nd report in September, which grounded on an opinion poll on consumers’ confidence, the availability of spending money and buying goods significantly dropped down. The economic analyst says that the opinion poll was composed of 9 questions which emphasized society’s tendencies for the next 3 months. The opinion poll proved that trust regarding the labor market decreased from 30.6 to 37.8. This index improved only in the case of persons aged 18-29 from the urban localities with relatively high incomes. At the same time, the vulnerability of those who do not have a work place has seriously increased compared with January, from 22.5 to 36.3. The most negative anticipations of the consumers are regarding the prices, so that the inflationist anticipations of the consumers diminished from 59.8 to 65.3, Valeriu Prohnitchi says. The frequency of the answers saying that the prices will significantly raise, has increased with 10 points because of the reduction of neutral answers and those that prices will slightly increase. The cited source declares that the intensification of inflationist expectations can be explained by the series of price increases of the first half of the year, such as prices for gas, fuel, Transport, drugs and price increases promised for the end of this year. Also, the negative expectations on short term financial situation worsened in the reported period from 6.9 to 12.5. The expert explains this phenomenon by the fact that population expects a certain diminishing of future real incomes’ relevance. Also, by inflation’s expectance, the higher consumption tendency can be explained. Because the population expects some price increases, it tries to “store” a part of the incomes in domestic use goods. The high consumption tendency was also observed in August and it is explained by society’s general incertitude and high inflationist anticipations. The opinion poll proves that the poorest economic trust is shared by the inhabitants of towns, with a significantly lower trust level if compared with country’s villages, Chisinau and Balti. As well, the trust of the consumers living in rural localities has dropped down, where all index diminished, excepting the Current Financial Situation Index. The opinion poll questioned 9900 persons and has an error rate of 3.1%.

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