At end-October 2008,
broad money (M3) equalled RON 162,522.5 million, down 2.1 percent (down 3.2 percent in real terms) month on month. In year-on-year comparison, broad money rose 26.1 percent, or 17.4 percent in real terms.
Table 1. Monetary aggregates*
| INDICATORS |
31 October 2008
(RON mill.)
|
October 2008/
September 2008
(%) |
October 2008/
October 2007
(%) |
| M1 (narrow money) |
91,710.0 |
-0.9 |
34.6 |
| Currency in circulation |
24,457.2 |
3.6 |
32.7 |
| Overnight deposits ** |
67,252.8 |
-2.5 |
35.3 |
| M2 (intermediate money) |
162,147.5 |
-2.3 |
26.0 |
| M1 |
91,710.0 |
-0.9 |
34.6 |
| Deposits with an agreed maturity of up to and including two years (includes also deposits redeemable at notice of up to and including three months) |
70,437.5 |
-4.1 |
16.3 |
| M3 (broad money) |
162,522.5 |
-2.1 |
26.1 |
| M2 |
162,147.5 |
-2.3 |
26.0 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, negotiable debt securities with a maturity of up to and including two years) |
375.0 |
374.0 |
178.2 |
*provisional data
**current accounts, sight deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
31 October 2008
(RON mill.)
|
October 2008/
September 2008
(%) |
October 2008/
October 2007
(%) |
| Broad money (M3) |
162,522.5 |
-2.1 |
26.1 |
| Net foreign assets |
14,671.3 |
0.9 |
-49.5 |
| Net domestic assets |
147,851.2 |
-2.4 |
48.1 |
*provisional data
Net foreign assets added 0.9 percent in October 2008 to RON 14,671.3 million, as a result of "Currencies" increasing by 13.6 percent and "Gold" shedding 10.1 percent on account of gold stock revaluation.
Net domestic assets shrank 2.4 percent to RON 147,851.2 million.
In October 2008, non-government loans granted by credit institutions dropped 0.6 percent, or 1.6 percent in real terms, from September 2008 to RON 193,063.6 million. RON-denominated loans went up 0.6 percent (down 0.4 percent in real terms) and foreign currency-denominated loans declined by 1.5 percent when expressed in RON and rose by 0.4 percent when expressed in EUR. At end-October 2008, non-government loans climbed year on year by 44.8 percent, or 34.8 percent in real terms, on the back of the 32.7 percent increase in RON-denominated loans (23.6 percent in real terms) and the 56.2 percent advance in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans expanded by 42.3 percent).
Table 3. Non-government loans*
| INDICATORS |
31 October 2008
(RON mill.)
|
October 2008/
September 2008
(%) |
October 2008/
October 2007
(%) |
| Non-government loans (total) |
193,063.6 |
-0.6 |
44.8 |
| RON-denominated non-government loans, of which: |
85,852.8 |
0.6 |
32.7 |
| - household loans |
41,377.9 |
0.9
| 29.0 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
44,474.9 |
0.4 |
36.4 |
| Forex-denominated non-government loans, of which: |
107,210.8 |
-1.5 |
56.2 |
| - household loans |
54,387.3 |
-1.2 |
74.4 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
52,823.5 |
-1.9 |
41.0 |
*provisional data
Government credit1 (central government, local government and social security funds) stood 4.2 percent higher in October at RON 12,006.7 million. At end-October 2008, government credit increased 35.2 percent, or 25.9 percent in real terms, from the same year-ago period.
Deposits of non-government resident customers decreased month on month by 3.3 percent to RON 140,657.7 million.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
31 October 2008
(RON mill.)
|
October 2008/
September 2008
(%) |
October 2008/
October 2007
(%) |
| Deposits of non-government resident customers (total)** |
140,657.7 |
-3.3 |
25.2 |
| RON-denominated deposits of residents, of which: |
91,541.6 |
-4.1 |
19.9 |
| - household deposits |
49,980.7 |
-0.7 |
30.0 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
41,560.9 |
-8.0 |
9.7 |
| Forex-denominated deposits of residents, of which: |
49,116.1 |
-1.7 |
36.3 |
| - household deposits |
28,630.3 |
-7.0 |
34.8 |
| -corporate deposits (non-financial corporations and non-monetary financial institutions) |
20,485.9 |
6.6 |
38.5 |
*provisional data
**includes current accounts, sight deposits and all term deposits, irrespective of maturity
RON-denominated household deposits declined by 0.7 percent to RON 49,980.7 million. At end-October 2008, household deposits in domestic currency jumped 30.0 percent, or 21.0 percent in real terms, against the same year-ago period.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) shrank 8.0 percent to RON 41,560.9 million. At end-October 2008, RON-denominated corporate deposits rose year on year by 9.7 percent, or 2.1 percent in real terms.
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) decreased by 1.7 percent to RON 49,116.1 million when expressed in domestic currency (when expressed in EUR, forex deposits added 0.2 percent to EUR 13,416.0 million). In year-on-year comparison, residents' forex deposits expressed in RON advanced 36.3 percent (when expressed in EUR, residents' forex deposits expanded by 24.2 percent); household deposits in foreign exchange surged 34.8 percent when expressed in domestic currency (when expressed in EUR, household forex deposits increased by 22.8 percent); corporate deposits in foreign exchange (non-financial corporations and non-monetary financial institutions) were up 38.5 percent when expressed in RON (when expressed in EUR, deposits in foreign exchange of corporate residents rose 26.2 percent).