At end-December 2008, broad money (M3) equalled RON 174,135.5 million, up 5.7 percent (5.5 percent in real terms) month on month. In year-on-year comparison, broad money rose 17.6 percent, or 10.6 percent in real terms.
Table 1. Monetary aggregates*
| INDICATORS |
31 December 2008
(RON mill.)
|
December 2008/
November 2008
(%) |
December 2008/
December 2007
(%) |
| M1 (narrow money) |
92,605.3 |
0.2 |
15.9 |
| Currency in circulation |
25,313.8 |
0.3 |
18.1 |
| Overnight deposits ** |
67,291.5 |
0.2 |
15.1 |
| M2 (intermediate money) |
173,736.5 |
5.7 |
17.4 |
| M1 |
92,605.3 |
0.2 |
15.9 |
| 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) |
81,131.2 |
12.7 |
19.1 |
| M3 (broad money) |
174,135.5 |
5.7 |
17.6 |
| M2 |
173,736.5 |
5.7 |
17.4 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, negotiable debt securities with a maturity of up to and including two years) |
399.0 |
11.7 |
454.7 |
*provisional data
**current accounts, sight deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
31 December 2008
(RON mill.)
|
December 2008/
November 2008
(%) |
December 2008/
December 2007
(%) |
| Broad money (M3) |
174,135.5 |
5.7 |
17.6 |
| Net foreign assets |
13,050.1 |
-4.2 |
-55.1 |
| Net domestic assets |
161,085.4 |
6.6 |
35.3 |
*provisional data
Net foreign assets lost 4.2 percent in December 2008 to RON 13,050.1 million, as a result of "Currencies" decreasing by 13.3 percent and "Gold" advancing 2.3 percent on account of gold stock revaluation.
Net domestic assets picked up 6.6 percent to RON 161,085.4 million.
In December 2008, non-government loans granted by credit institutions grew 1.5 percent, or 1.3 percent in real terms, from November 2008 to RON 198,085.9 million. RON-denominated loans decreased 2.1 percent, or 2.4 percent in real terms whereas foreign currency-denominated loans rose by 4.4 percent when expressed in RON, but declined by 1.0 percent when expressed in EUR. At end-December 2008, non-government loans climbed year on year by 33.7 percent, or 25.8 percent in real terms, on the back of the 23.6 percent increase in RON-denominated loans (16.2 percent in real terms) and the 42.2 percent advance in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans expanded by 28.8 percent).
Table 3. Non-government loans*
| INDICATORS |
31 December 2008
(RON mill.)
|
December 2008/
November 2008
(%) |
December 2008/
December 2007
(%) |
| Non-government loans (total) |
198,085.9 |
1.5 |
33.7 |
| RON-denominated non-government loans, of which: |
83,672.3 |
-2.1 |
23.6 |
| - household loans |
40,944.3 |
-0.9
| 22.0 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
42,728.0 |
-3.3 |
25.2 |
| Forex-denominated non-government loans, of which: |
114,413.6 |
4.4 |
42.2 |
| - household loans |
58,266.0 |
4.9 |
53.6 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
56,147.6 |
3.8 |
32.0 |
*provisional data
Government credit1 (central government, local government and social security funds) stood 31.8 percent higher in December at RON 17,268.2 million. At end-December 2008, government credit increased 80.4 percent, or 69.7 percent in real terms, from the same year-ago period.
Deposits of non-government resident customers picked up month on month by 6.6 percent, reaching RON 151,449.4 million.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
31 December 2008
(RON mill.)
|
December 2008/
November 2008
(%) |
December 2008/
December 2007
(%) |
| Deposits of non-government resident customers (total)** |
151,449.4 |
6.6 |
17.3 |
| RON-denominated deposits of residents, of which: |
98,819.1 |
6.7 |
12.7 |
| - household deposits |
52,398.0 |
3.3 |
23.5 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
46,421.1 |
10.8 |
2.6 |
| Forex-denominated deposits of residents, of which: |
52,630.3 |
6.4 |
27.1 |
| - household deposits |
30,490.4 |
6.1 |
22.4 |
| -corporate deposits (non-financial corporations and non-monetary financial institutions) |
22,139.9 |
6.9 |
34.1 |
*provisional data
**includes current accounts, sight deposits and all term deposits, irrespective of maturity
RON-denominated household deposits added 3.3 percent to RON 52,398.0 million. At end-December 2008, household deposits in domestic currency jumped 23.5 percent, or 16.2 percent in real terms, against the same year-ago period.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) increased by 10.8 percent to RON 46,421.1 million. At end-December 2008, RON-denominated corporate deposits rose by 2.6 percent, but ended 3.5 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 6.4 percent to RON 52,630.3 million when expressed in domestic currency (when expressed in EUR, forex deposits added 0.9 percent to EUR 13,206.5 million). In year-on-year comparison, residents' forex deposits expressed in RON advanced 27.1 percent (when expressed in EUR, residents' forex deposits expanded by 15.1 percent); household deposits in foreign exchange surged 22.4 percent when expressed in domestic currency (when expressed in EUR, household forex deposits increased by 10.9 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 21.5 percent).
1Marketable securities included