At end-January 2009, broad money (M3) equalled RON 176,104.6 million, up 1.1 percent (-0.1 percent in real terms) month on month. In year-on-year comparison, broad money rose 19.4 percent, or 11.9 percent in real terms.
Table 1. Monetary aggregates*
| INDICATORS |
31 January 2009
(RON mill.)
|
January 2009/
December 2008
(%) |
January 2009/
January 2008
(%) |
| M1 (narrow money) |
87,919.8 |
-5.1 |
11.1 |
| Currency in circulation |
24,943.2 |
-1.5 |
20.3 |
| Overnight deposits ** |
62,976.6 |
-6.4 |
7.8 |
| M2 (intermediate money) |
175,770.7 |
1.2 |
19.2 |
| M1 |
87,919.8 |
-5.1 |
11.1 |
| 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) |
87,850.9 |
8.3 |
28.6 |
| M3 (broad money) |
176,104.6 |
1.1 |
19.4 |
| M2 |
175,770.7 |
1.2 |
19.2 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, negotiable debt securities with a maturity of up to and including two years) |
333.9 |
-16.3 |
356.3 |
*provisional data
**current accounts, sight deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
31 January 2009
(RON mill.)
|
January 2009/
December 2008
(%) |
January 2009/
January 2008
(%) |
| Broad money (M3) |
176,104.6 |
1.1 |
19.4 |
| Net foreign assets |
19,998.4 |
53.2 |
-36.1 |
| Net domestic assets |
156,106.2 |
-3.1 |
34.3 |
*provisional data
Net foreign assets added 53.2 percent in January 2009 to RON 19,998.4 million, as a result of "Currencies" increasing by 101.2 percent and "Gold" advancing 24.6 percent on account of gold stock revaluation.
Net domestic assets decreased by 3.1 percent to RON 156,106.2 million.
In January 2009, non-government loans granted by credit institutions grew 4.2 percent, or 2.9 percent in real terms, from December 2008 to RON 206,435.6 million. RON-denominated loans went up 0.1 percent (down 1.1 percent in real terms) whereas foreign currency-denominated loans rose by 7.2 percent when expressed in RON, but declined by 0.1 percent when expressed in EUR. At end-January 2009, non-government loans climbed year on year by 33.8 percent, or 25.4 percent in real terms, on the back of the 20.8 percent increase in RON-denominated loans (13.2 percent in real terms) and the 44.5 percent advance in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans expanded by 25.0 percent).
Table 3. Non-government loans*
| INDICATORS |
31 January 2009
(RON mill.)
|
January 2009/
December 2008
(%) |
January 2009/
January 2008
(%) |
| Non-government loans (total) |
206,435.6 |
4.2 |
33.8 |
| RON-denominated non-government loans, of which: |
83,767.6 |
0.1 |
20.8 |
| - household loans |
40,585.8 |
-0.9
| 19.6 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
43,181.8 |
1.1 |
22,0 |
| Forex-denominated non-government loans, of which: |
122,668.0 |
7.2 |
44.5 |
| - household loans |
62,390.3 |
7.1 |
55.2 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
60,277.7 |
7.4 |
34.8 |
*provisional data
Government credit1 (central government, local government and social security funds) stood 26.4 percent higher in January at RON 21,826.8 million. At end-January 2009, government credit increased 127.1 percent, or 112.8 percent in real terms, from the same year-ago period.
Deposits of non-government resident customers picked up month on month by 1.8 percent, reaching RON 154,120.0 million.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
31 January 2009
(RON mill.)
|
January 2009/
December 2008
(%) |
January 2009/
January 2008
(%) |
| Deposits of non-government resident customers (total)** |
154,120.0 |
1.8 |
19.3 |
| RON-denominated deposits of residents, of which: |
95,738.2 |
-3.1 |
11.7 |
| - household deposits |
54,507.9 |
4.0 |
25.9 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
41,230.3 |
-11.2 |
-2.8 |
| Forex-denominated deposits of residents, of which: |
58,381.8 |
10.9 |
34.3 |
| - household deposits |
33,291.4 |
9.2 |
27.9 |
| -corporate deposits (non-financial corporations and non-monetary financial institutions) |
25,090.4 |
13.3 |
43.9 |
*provisional data
**includes current accounts, sight deposits and all term deposits, irrespective of maturity
RON-denominated household deposits added 4.0 percent to RON 54,507.9 million. At end-January 2009, household deposits in domestic currency jumped 25.9 percent, or 18.0 percent in real terms, against the same year-ago period.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) shrank 11.2 percent to RON 41,230.3 million. At end-January 2009, RON-denominated corporate deposits decreased year on year by 2.8 percent, or 8.9 percent in real terms.
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) increased by 10.9 percent to RON 58,381.8 million when expressed in domestic currency (when expressed in EUR, forex deposits added 3.3 percent to EUR 13,648.6 million). In year-on-year comparison, residents' forex deposits expressed in RON advanced 34.3 percent (when expressed in EUR, residents' forex deposits expanded by 16.2 percent); household deposits in foreign exchange surged 27.9 percent when expressed in domestic currency (when expressed in EUR, household forex deposits increased by 10.7 percent) and corporate deposits in foreign exchange (non-financial corporations and non-monetary financial institutions) were up 43.9 percent when expressed in RON (when expressed in EUR, deposits in foreign exchange of corporate residents rose 24.5 percent).
1Marketable securities included