At end-November 2008, broad money (M3) equalled RON 164,727.4 million, up 1.4 percent (1.0 percent in real terms) month on month. In year-on-year comparison, broad money rose 21.0 percent, or 13.3 percent in real terms.
Table 1. Monetary aggregates*
| INDICATORS |
30 November 2008
(RON mill.)
|
November 2008/
October 2008
(%) |
November 2008/
November 2007
(%) |
| M1 (narrow money) |
92,400.8 |
0.8 |
26.9 |
| Currency in circulation |
25,229.8 |
3.2 |
28.1 |
| Overnight deposits ** |
67,171.0 |
-0.1 |
26.4 |
| M2 (intermediate money) |
164,370.1 |
1.4 |
20.8 |
| M1 |
92,400.8 |
0.8 |
26.9 |
| 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) |
71,969.3 |
2.2 |
13.7 |
| M3 (broad money) |
164,727.4 |
1.4 |
21.0 |
| M2 |
164,370.1 |
1.4 |
20.8 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, negotiable debt securities with a maturity of up to and including two years) |
357.3 |
-4.7 |
476.1 |
*provisional data
**current accounts, sight deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
30 November 2008
(RON mill.)
|
November 2008/
October 2008
(%) |
November 2008/
November 2007
(%) |
| Broad money (M3) |
164,727.4 |
1.4 |
21.0 |
| Net foreign assets |
13,615.7 |
-9.3 |
-52.3 |
| Net domestic assets |
151,111.7 |
2.4 |
40.4 |
*provisional data
Net foreign assets lost 9.3 percent in November 2008 to RON 13,615.7 million, as a result of "Currencies" decreasing by 29.8 percent and "Gold" advancing 14.3 percent on account of gold stock revaluation.
Net domestic assets advanced 2.4 percent to RON 151,111.7 million.
In November 2008, non-government loans granted by credit institutions grew 1.1 percent, or 0.7 percent in real terms, from October 2008 to RON 195,131.0 million. RON-denominated loans decreased 0.4 percent, or 0.7 percent in real terms whereas foreign currency-denominated loans rose by 2.3 percent when expressed in RON, but declined by 0.9 percent when expressed in EUR. At end-November 2008, non-government loans climbed year on year by 38.3 percent, or 29.5 percent in real terms, on the back of the 29.0 percent increase in RON-denominated loans (20.9 percent in real terms) and the 46.5 percent advance in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans expanded by 35.5 percent).
Table 3. Non-government loans*
| INDICATORS |
30 November 2008
(RON mill.)
|
November 2008/
October 2008
(%) |
November 2008/
November 2007
(%) |
| Non-government loans (total) |
195,131.0 |
1.1 |
38.3 |
| RON-denominated non-government loans, of which: |
85,504.1 |
-0.4 |
29.0 |
| - household loans |
41,299.7 |
-0.2
| 25.4 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
44,204.4 |
-0.6 |
32.6 |
| Forex-denominated non-government loans, of which: |
109,626.9 |
2.3 |
46.5 |
| - household loans |
55,525.6 |
2.1 |
59.1 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
54,101.3 |
2.4 |
35.4 |
*provisional data
Government credit1 (central government, local government and social security funds) stood 9.1 percent higher in November at RON 13,104.0 million. At end-November 2008, government credit increased 39.8 percent, or 31.0 percent in real terms, from the same year-ago period.
Deposits of non-government resident customers picked up month on month by 1.0 percent, reaching RON 142,079.8 million.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
30 November 2008
(RON mill.)
|
November 2008/
October 2008
(%) |
November 2008/
November 2007
(%) |
| Deposits of non-government resident customers (total)** |
142,079.8 |
1.0 |
19.8 |
| RON-denominated deposits of residents, of which: |
92,619.8 |
1.2 |
15.6 |
| - household deposits |
50,716.6 |
1.5 |
26.3 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
41,903.2 |
0.8 |
4.8 |
| Forex-denominated deposits of residents, of which: |
49,460.0 |
0.7 |
28.5 |
| - household deposits |
28,748.9 |
0.4 |
24.7 |
| -corporate deposits (non-financial corporations and non-monetary financial institutions) |
20,711.1 |
1.1 |
34.1 |
*provisional data
**includes current accounts, sight deposits and all term deposits, irrespective of maturity
RON-denominated household deposits added 1.5 percent to RON 50,716.6 million. At end-November 2008, household deposits in domestic currency jumped 26.3 percent, or 18.3 percent in real terms, against the same year-ago period.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) increased by 0.8 percent to RON 41,903.2 million. At end-November 2008, RON-denominated corporate deposits rose by 4.8 percent, but ended 1.9 percent lower in real terms year on year.
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) increased by 0.7 percent to RON 49,460.0 million when expressed in domestic currency (when expressed in EUR, forex deposits declined by 2.5 percent to EUR 13,086.7 million). In year-on-year comparison, residents' forex deposits expressed in RON advanced 28.5 percent (when expressed in EUR, residents' forex deposits expanded by 18.9 percent); household deposits in foreign exchange surged 24.7 percent when expressed in domestic currency (when expressed in EUR, household forex deposits increased by 15.4 percent); corporate deposits in foreign exchange (non-financial corporations and non-monetary financial institutions) were up 34.1 percent when expressed in RON (when expressed in EUR, deposits in foreign exchange of corporate residents rose 24.1 percent).
1Marketable securities included