At end-March 2016, broad money (M3) amounted to RON 280,765.8 million, declining 1.0 percent (1.1 percent in real terms) month on month. In year-on-year comparison, broad money rose 9.9 percent (13.3 percent in real terms).
Table 1. Monetary aggregates*
| INDICATORS |
31 March 2016
(RON mill.) |
March 2016/
Febr. 2016
% |
March 2016/
March 2015
% |
| M1 (narrow money)
| 145,969.3
| -1.8
| 25.0 |
| Currency in circulation**
| 46,540.3
| -0.9
| 14.4 |
| Overnight deposits***
| 99,429.0
| -2.2
| 30.7 |
| M2 (intermediate money)
| 280,654.7
| -1.0
| 9.9 |
| M1
| 145,969.3
| -1.8
| 25.0 |
| 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)
| 134,685.4
| -0.2
| -2.7 |
| M3 (broad money)
| 280,765.8
| -1.0
| 9.9 |
| M2
| 280,654.7
| -1.0
| 9.9 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, marketable securities with a maturity of up to and including two years)
| 111.1
| -0.3
| -3.0 |
*provisional data
**currency outside banks
***current accounts, demand deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
31 March 2016
(RON mill.) |
March 2016/
Febr. 2016
% |
March 2016/
March 2015
% |
| Broad money (M3)
| 280,765.8
| -1.0
| 9.9 |
| Net foreign assets **
| 114,450.5
| 1.2
| 18.5 |
| Net domestic assets ***
| 166,315.3
| -2.6
| 4.7 |
*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-March 2016, non-government loans granted by credit institutions edged up 0.5 percent (0.4 percent in real terms) from February 2016 to RON 216,308.1 million. RON-denominated loans added 2.3 percent (2.1 percent in real terms), whereas foreign currency-denominated loans shrank 1.4 percent when expressed in RON and 1.5 percent when expressed in EUR. At end-March 2016, non-government loans went up 2.8 percent (5.9 percent in real terms) year on year, on the back of the 20.2 percent increase in RON-denominated loans (23.9 percent in real terms) and the 11.5 percent decline in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans dropped 12.7 percent).
Table 3. Non-government loans*
| INDICATORS |
31 March 2016
(RON mill.) |
March 2016/
Febr. 2016
% |
March 2016/
March 2015
% |
| Non-government loans (total)
| 216,308.1
| 0.5
| 2.8 |
| RON-denominated non-government loans:
| 113,834.5
| 2.3
| 20.2 |
| - household loans
| 55,816.7
| 3.2
| 34.3 |
| - corporate loans (non-financial corporations and non-monetary financial institutions)
| 58,017.8
| 1.4
| 9.1 |
| Forex-denominated non-government loans:
| 102,473.6
| -1.4
| -11.5 |
| - household loans
| 52,132.0
| -1.9
| -14.3 |
| - corporate loans (non-financial corporations and non-monetary financial institutions)
| 50,341.6
| -0.8
| -8.4 |
*provisional data
Government credit1 stood 0.8 percent higher in March 2016 than a month earlier at RON 90,315.7 million. At end-March 2016, government credit added RON 14.3 million from the same year-ago period.
Deposits of non-government resident customers shrank 1.0 percent month on month to RON 248,247.8 million in March 2016.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
31 March 2016
(RON mill.) |
March 2016/
Febr. 2016
% |
March. 2016/
March. 2015
% |
| Deposits of non-government resident customers (total) **
| 248,247.8
| -1.0
| 9.5 |
| RON-denominated deposits of residents:
| 165,044.7
| -1.0
| 11.1 |
| - household deposits
| 92,999.6
| 0.2
| 6.7 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions)
| 72,045.1
| -2.6
| 17.2 |
| Forex-denominated deposits of residents:
| 83,203.1
| -0.9
| 6.5 |
| - household deposits
| 55,262.7
| 0.2
| 5.9 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions)
| 27,940.4
| -2.8
| 7.9 |
*provisional data
**includes current accounts, demand deposits and all of the time deposits, irrespective of maturity
RON-denominated household deposits went up 0.2 percent to RON 92,999.6 million. At end-March 2016, household deposits in domestic currency rose by 6.7 percent (10.0 percent in real terms) against end-March 2015.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) went down 2.6 percent to RON 72,045.1 million. At end-March 2016, RON-denominated corporate deposits climbed by 17.2 percent (20.8 percent in real terms) year on year.
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) decreased by 0.9 percent to RON 83,203.1 million when expressed in domestic currency (when expressed in EUR, forex deposits declined 1.0 percent to EUR 18,597.9 million). In year-on-year comparison, residents’ forex deposits expressed in RON advanced 6.5 percent (when expressed in EUR, residents’ forex deposits rose by 5.0 percent); household forex deposits climbed by 5.9 percent when expressed in domestic currency (when expressed in EUR, household forex deposits expanded by 4.4 percent) and forex deposits of legal entities (non-financial corporations and non-monetary financial institutions) went up 7.9 percent when expressed in RON (when expressed in EUR, forex deposits of resident legal entities stood 6.3 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 9,950.9 million and debt securities issued by these institutional sectors running at RON 80,364.8 million (outstanding as at end-March 2016).