At end-January 2016, broad money (M3) amounted to RON 284,048.0 million, declining 0.8 percent (0.0 percent in real terms) month on month. In year-on-year comparison, broad money rose 9.5 percent (11.9 percent in real terms).
Table 1. Monetary aggregates*
| INDICATORS |
31 January 2016
(RON mill.) |
Jan. 2016/
Dec. 2015
% |
Jan. 2016/
Jan. 2015
% |
| M1 (narrow money)
| 148,637.9
| -0.6
| 25.4 |
| Currency in circulation**
| 47,299.9
| 1.8
| 16.3 |
| Overnight deposits***
| 101,338.0
| -1.7
| 30.1 |
| M2 (intermediate money)
| 283,928.1
| -0.8
| 9.5 |
| M1
| 148,637.9
| -0.6
| 25.4 |
| 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)
| 135,290.2
| -0.9
| -3.8 |
| M3 (broad money)
| 284,048.0
| -0.8
| 9.5 |
| M2
| 283,928.1
| -0.8
| 9.5 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, marketable securities with a maturity of up to and including two years)
| 119.9
| -7.4
| -34.1 |
*provisional data
**currency outside banks
***current accounts, demand deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
31 January 2016
(RON mill.) |
Jan. 2016/
Dec. 2015
% |
Jan. 2016/
Jan. 2015
% |
| Broad money (M3)
| 284,048.0
| -0.8
| 9.5 |
| Net foreign assets **
| 110,225.5
| 1.7
| 19.1 |
| Net domestic assets ***
| 173,822.5
| -2.3
| 4.2 |
*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 with an original maturity of over two years (including deposits redeemable at notice over three months); negotiable debt securities with an original maturity of over two years issued on the domestic market; capital and reserves.
At end-January 2016, non-government loans granted by credit institutions decreased decreased by 0.7 percent (up 0.1 percent in real terms) from December 2015 to RON 216,112.2 million. RON-denominated loans declined by 0.3 percent (up 0.5 percent in real terms), whereas foreign currency-denominated loans shrank 1.1 percent when expressed in RON and 1.3 percent when expressed in EUR. At end-January 2016, non-government loans added 2.8 percent (5.0 percent in real terms) year on year, on the back of the 20.1 percent increase in RON-denominated loans (22.7 percent in real terms) and the 10.6 percent decline in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans dropped 12.4 percent).
Table 3. Non-government loans*
| INDICATORS |
31 January 2016
(RON mill.) |
Jan. 2016/
Dec. 2015
% |
Jan. 2016/
Jan. 2015
% |
| Non-government loans (total)
| 216,112.2
| -0.7
| 2.8 |
| RON-denominated non-government loans:
| 110,006.5
| -0.3
| 20.1 |
| - household loans
| 52,857.3
| 0.4
| 31.3 |
| - corporate loans (non-financial corporations and non-monetary financial institutions)
| 57,149.2
| -0.9
| 11.3 |
| Forex-denominated non-government loans:
| 106,105.7
| -1.1
| -10.6 |
| - household loans
| 54,766.0
| -1.0
| -12.2 |
| - corporate loans (non-financial corporations and non-monetary financial institutions)
| 51,339.7
| -1.1
| -8.8 |
*provisional data
Government credit1 contracted by 1.1 percent month on month to RON 88,647.0 million. At end- January 2016, government credit increased by 2.1 percent (4.3 percent in real terms) from the same year-ago period.
Deposits of non-government resident customers went down 1.2 percent month on month to RON 250,493.5 million in January 2016.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
31 January 2016
(RON mill.) |
Jan. 2016/
Dec. 2015
% |
Jan. 2016/
Jan. 2015
% |
| Deposits of non-government resident customers (total) **
| 250,493.5
| -1.2
| 8.8 |
| RON-denominated deposits of residents:
| 168,038.0
| -1.9
| 10.3 |
| - household deposits
| 93,002.9
| 1.4
| 6.8 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions)
| 75,035.1
| -5.8
| 15.0 |
| Forex-denominated deposits of residents:
| 82,455.5
| 0.4
| 5.8 |
| - household deposits
| 55,399.9
| 0.6
| 6.2 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions)
| 27,055.6
| 0.0
| 5.0 |
*provisional data
**includes current accounts, demand deposits and all of the time deposits, irrespective of maturity
RON-denominated household deposits added 1.4 percent to RON 93,002.9 million. At end-January 2016, household deposits in domestic currency rose by 6.8 percent (9.1 percent in real terms) against end-January 2015.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) decreased by 5.8 percent to RON 75,035.1 million. At end-January 2016, RON-denominated corporate deposits climbed by 15.0 percent (17.5 percent in real terms) year on year.
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) edged up 0.4 percent to RON 82,455.5 million when expressed in domestic currency (when expressed in EUR, forex deposits inched up 0.2 percent to EUR 18,187.2 million). In year-on-year comparison, residents’ forex deposits expressed in RON advanced 5.8 percent (when expressed in EUR, residents’ forex deposits rose by 3.7 percent); household forex deposits grew by 6.2 percent when expressed in domestic currency (when expressed in EUR, household forex deposits expanded by 4.1 percent) and forex deposits of legal entities (non-financial corporations and non-monetary financial institutions) went up 5.0 percent when expressed in RON (when expressed in EUR, forex deposits of resident legal entities stood 2.9 percent higher).
Note: In the monetary balance sheets of monetary financial institutions, the accrued interest receivable/payable related to financial assets and liabilities is recorded under remaining assets/remaining liabilities.
1 includes credit to general government (central government, local government and social security funds) in amount of RON 9,919.3 million and debt securities issued by these institutional sectors running at RON 78,727.7 million (outstanding as at end-January 2016).