At end-March 2015, broad money (M3) amounted to RON 255,389.7 million, declining 1.2 percent (down 1.6 percent in real terms) month on month. In year-on-year comparison, broad money rose 6.5 percent (5.7 percent in real terms).
Table 1. Monetary aggregates*
| INDICATORS |
31 March 2015
(RON mill.) |
March 2015/
February 2015
(%) |
March 2015/
March 2014
(%) |
| M1 (narrow money) |
116,766.1 |
-1.4 |
16.0 |
| Currency in circulation** |
40,668.3 |
-1.6 |
14.7 |
| Overnight deposits*** |
76,097.8 |
-1.2 |
16.7 |
| M2 (intermediate money) |
255,275.1 |
-1.2 |
6.7 |
| M1 |
116,766.1 |
-1.4 |
16.0 |
| Deposits with an agreed maturity of up to and including two years (includes also deposits redeemable at a period of notice of up to and including three months) |
138,509.0 |
-1.1 |
-0.1 |
| M3 (broad money) |
255,389.7 |
-1.2 |
6.5 |
| M2 |
255,275.1 |
-1.2 |
6.7 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, debt securities with a maturity of up to and including two years) |
114.6 |
-8.7 |
-73.3 |
*provisional data
**currency outside banks
***current accounts, demand deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
31 March 2015
(RON mill.) |
March 2015/
February 2015
(%) |
March 2015/
March 2014
(%) |
| Broad money (M3) |
255,389.7 |
-1.2 |
6.5 |
| Net foreign assets ** |
96,602.0 |
6.9 |
28.1 |
| Net domestic assets *** |
158,787.7 |
-5.6 |
-3.4 |
*provisional data
**after deducting foreign liabilities from foreign assets.
Foreign assets include: loans granted to non-residents; deposits with non-residents; debt securities held (issued by non-residents); shares and other equity with non-residents; monetary gold.
Foreign liabilities include funds raised from non-residents: deposits; negotiable debt securities issued on external markets. Starting December 2014, according to the new international statistical standards (ESA 2010), the IMF’s SDR allocations are included in foreign liabilities.
***after deducting domestic liabilities (except M3 components) from domestic assets.
Domestic assets include: loans granted to residents; negotiable debt securities held (issued by residents); shares and other equity with residents.
Domestic liabilities (except M3 components) include funds raised from residents: deposits of original maturity of over two years (including deposits redeemable at notice over three months); negotiable debt securities of original maturity of over two years issued on the domestic market; capital and reserves.
At end-March 2015, RON-denominated non-government loans granted by credit institutions went up 7.5 percent (6.6 percent in real terms) from end-March 2014, on account of the 17.4 percent hike (16.5 percent in real terms) in household loans, whereas foreign currency-denominated loans fell by 10.8 percent when expressed in RON and by 9.8 percent when expressed in EUR. Non-government loans decreased by 3.4 percent (down 4.1 percent in real terms). Compared with end-February 2015, non-government loans inched up 0.1 percent (down 0.3 percent in real terms) to RON 210,496.8 million. RON-denominated loans went up 2.7 percent (2.2 percent in real terms), while foreign currency-denominated loans contracted by 1.8 percent when expressed in RON and by 1.2 percent when expressed in EUR.
Table 3. Non-government loans*
| INDICATORS |
31 March 2015
(RON mill.) |
March 2015/
February 2015
(%) |
March 2015/
March 2014
(%) |
| Non-government loans (total) |
210,496.8 |
0.1 |
-3.4 |
| RON-denominated non-government loans: |
94,731.5 |
2.7 |
7.5 |
| - household loans |
41,563.4 |
2.6 |
17.4 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
53,168.1 |
2.7 |
0.8 |
| Forex-denominated non-government loans: |
115,765.3 |
-1.8 |
-10.8 |
| - household loans |
60,830.1 |
-1.3 |
-9.3 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
54,935.2 |
-2.4 |
-12.4 |
*provisional data
Government credit1 contracted by 1.0 percent in March 2015 to RON 90,301.4 million. At end- March 2015, government credit increased by 10.2 percent (9.4 percent in real terms) from the same year-ago period.
Deposits of non-government resident customers inched down 0.9 percent month on month to RON 226,694.2 million in March 2015.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
31 March 2015
(RON mill.) |
March 2015/
February 2015
(%) |
March 2015/
March 2014
(%) |
| Deposits of non-government resident customers (total) ** |
226,694.2 |
-0.9 |
5.9 |
| RON-denominated deposits of residents: |
148,605.2 |
-1.4 |
6.9 |
| - household deposits |
87,153.0 |
-0.1 |
7.4 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
61,452.2 |
-3.3 |
6.2 |
| Forex-denominated deposits of residents: |
78,089.0 |
0.0 |
4.0 |
| - household deposits |
52,193.8 |
0.2 |
5.9 |
| - corporate deposits (non-financial corporations and non-monetary financial 25,895.2nstitutions) |
25,895.2 |
-0.4 |
0.3 |
*provisional data
**includes current accounts, demand deposits and all time deposits, irrespective of maturity
RON-denominated household deposits decreased by 0.1 percent to RON 87,153.0 million. At end-March 2015, household deposits in domestic currency rose by 7.4 percent (6.6 percent in real terms) against end-March 2014.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) went down 3.3 percent to RON 61,452.2 million. At end-March 2015, RON-denominated corporate deposits climbed by 6.2 percent (5.4 percent in real terms) year on year.
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) increased by RON 16.4 million to RON 78,089.0 million when expressed in domestic currency (when expressed in EUR, forex deposits went up 0.7 percent to EUR 17,708.1 million). In year-on-year comparison, residents’ forex deposits expressed in RON advanced 4.0 percent (when expressed in EUR, residents’ forex deposits added 5.1 percent}; household forex deposits grew by 5.9 percent when expressed in domestic currency (when expressed in EUR, household forex deposits increased by 7.0 percent) and forex deposits of legal entities (non-financial corporations and non-monetary financial institutions) rose by 0.3 percent when expressed in RON (when expressed in EUR, forex deposits of resident legal entities expanded by 1.3 percent).
1 includes credit to general government (central government, local government and social security funds) in amount of RON 9,670.9 million and debt securities issued by these institutional sectors running at RON 80,630.5 million (outstanding as at end-March 2015).