At end-April 2016, broad money (M3) amounted to RON 285,451.1 million, up 1.7 percent (1.8 percent in real terms) month on month. In year-on-year comparison, broad money rose 10.8 percent (14.5 percent in real terms).
Table 1. Monetary aggregates*
| INDICATORS |
30 April 2016
(RON mill.) |
April 2016/
March 2016
% |
April 2016/
April 2015
% |
| M1 (narrow money)
| 152,166.6
| 4.2
| 28.0 |
| Currency in circulation**
| 48,123.7
| 3.4
| 16.8 |
| Overnight deposits***
| 104,042.9
| 4.6
| 33.9 |
| M2 (intermediate money)
| 285,342.3
| 1.7
| 10.8 |
| M1
| 152,166.6
| 4.2
| 28.0 |
| 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)
| 133,175.7
| -1.1
| -3.9 |
| M3 (broad money)
| 285,451.1
| 1.7
| 10.8 |
| M2
| 285,342.3
| 1.7
| 10.8 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, marketable securities with a maturity of up to and including two years)
| 108.8
| -2.1
| -9.9 |
*provisional data
**currency outside banks
***current accounts, demand deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
30 April 2016
(RON mill.) |
April 2016/
March 2016
% |
April 2016/
April 2015
% |
| Broad money (M3)
| 285,451.1
| 1.7
| 10.8 |
| Net foreign assets **
| 118,001.4
| 3.1
| 21.2 |
| Net domestic assets ***
| 167,449.7
| 0.7
| 4.5 |
*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-April 2016, non-government loans granted by credit institutions edged up 0.1 percent (0.2 percent in real terms) from March 2016 to RON 216,439.3 million. RON-denominated loans added 1.7 percent (1.8 percent in real terms), whereas foreign currency-denominated loans shrank 1.7 percent when expressed in RON and 1.8 percent when expressed in EUR. At end-April 2016, non-government loans went up 3.0 percent (6.5 percent in real terms) year on year, on the back of the 21.1 percent increase in RON-denominated loans (25.1 percent in real terms) and the 12.0 percent decline in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans dropped 13.2 percent).
Table 3. Non-government loans*
| INDICATORS |
30 April 2016
(RON mill.) |
April 2016/
March 2016
% |
April 2016/
April 2015
% |
| Non-government loans (total)**
| 216,439.3
| 0.1
| 3.0 |
| RON-denominated non-government loans:
| 115,747.4
| 1.7
| 21.1 |
| - household loans
| 57,217.3
| 2.5
| 35.5 |
| - corporate loans (non-financial corporations and non-monetary financial institutions)
| 58,530.1
| 0.9
| 9.6 |
| Forex-denominated non-government loans:
| 100,691.9
| -1.7
| -12.0 |
| - household loans
| 51,465.3
| -1.3
| -14.7 |
| - corporate loans (non-financial corporations and non-monetary financial institutions)
| 49,226.6
| -2.2
| -9.1 |
*provisional data ; **non-performing loans are also included
Government credit1 stood 2.0 percent higher in April 2016 than a month earlier at RON 92,152.2 million. At end-April 2016, government credit added 7.5 percent (11.1 percent in real terms) from the same year-ago period.
Deposits of non-government resident customers increased by 1.3 percent month on month to RON 251,532.3 million in April 2016.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
30 April 2016
(RON mill.) |
April 2016/
March 2016
% |
April 2016/
April 2015
% |
| Deposits of non-government resident customers (total) **
| 251,532.3
| 1.3
| 10.1 |
| RON-denominated deposits of residents:
| 167,639.1
| 1.6
| 11.4 |
| - household deposits
| 94,727.0
| 1.9
| 7.8 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions)
| 72,912.1
| 1.2
| 16.5 |
| Forex-denominated deposits of residents:
| 83,893.2
| 0.8
| 7.5 |
| - household deposits
| 55,717.5
| 0.8
| 6.6 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions)
| 28,175.7
| 0.8
| 9.3 |
*provisional data
**includes current accounts, demand deposits and all of the time deposits, irrespective of maturity
RON-denominated household deposits went up 1.9 percent to RON 94,727.0 million. At end-April 2016, household deposits in domestic currency rose by 7.8 percent (11.5 percent in real terms) against end-April 2015.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) went up 1.2 percent to RON 72,912.1 million. At end-April 2016, RON-denominated corporate deposits climbed by 16.5 percent (20.4 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 0.8 percent to RON 83,893.2 million when expressed in domestic currency (when expressed in EUR, forex deposits moved ahead 0.7 percent to EUR 18,737.0 million). In year-on-year comparison, residents’ forex deposits expressed in RON advanced 7.5 percent (when expressed in EUR, residents’ forex deposits rose by 6.1 percent); household forex deposits climbed by 6.6 percent when expressed in domestic currency (when expressed in EUR, household forex deposits expanded by 5.2 percent) and forex deposits of legal entities (non-financial corporations and non-monetary financial institutions) went up 9.3 percent when expressed in RON (when expressed in EUR, forex deposits of resident legal entities stood 7.9 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.
Data for preparing monetary indicators are reported in accordance with NBR Regulation No. 4/2014 on reporting statistical data and information to the National Bank of Romania, as subsequently amended and supplemented, Title I, Chapters I and II.
The statistical data are provisional and may be subject to periodic review. Series of indicators (available from January 2007) can be accessed in different formats (html, xls, xml and csv) in the interactive database.
The next press release on monetary indicators will be issued on 23 June, 2016.
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1 includes credit to general government (central government, local government and social security funds) in amount of RON 9,803.5 million and debt securities issued by these institutional sectors running at RON 82,348.7 million (outstanding as at end-April 2016).