At end-December 2017, broad money (M3) amounted to RON 350,580.8 million, up 3.2 percent (2.8 percent in real terms) month on month. In year-on-year comparison, broad money rose 11.6 percent (8 percent in real terms).
Table 1. Monetary aggregates*
| INDICATORS |
31 December 2017
(RON mill.) |
Dec. 2017/
Nov. 2017
% |
Dec. 2017/
Dec. 2016
% |
| M1 (narrow money)
| 210,741.7
| 3.8
| 17.1 |
| Currency in circulation**
| 63,475.6
| 2.5
| 16.1 |
| Overnight deposits***
| 147,266.2
| 4.4
| 17.5 |
| M2 (intermediate money)
| 350,473.8
| 3.2
| 11.6 |
| M1
| 210,741.7
| 3.8
| 17.1 |
| 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)
| 139,732.1
| 2.2
| 4.2 |
| M3 (broad money)
| 350,580.8
| 3.2
| 11.6 |
| M2
| 350,473.8
| 3.2
| 11.6 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, marketable securities with a maturity of up to and including two years)
| 107.0
| -5.6
| -1.5 |
* provisional data
** currency outside banks
***current accounts, demand deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
31 December 2017
(RON mill.) |
Dec. 2017/
Nov. 2017
% |
Dec. 2017/
Dec. 2016
% |
| Broad money (M3)
| 350,580.8
| 3.2
| 11.6 |
| Net foreign assets **
| 150,626.7
| -1.9
| 7.8 |
| Net domestic assets ***
| 199,954.1
| 7.3
| 14.6 |
* 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-December 2017, non-government loans granted by credit institutions declined 1.4 percent (down 1.7 percent in real terms) from November 2017 to RON 232,336.8 million. RON-denominated loans expanded 0.1 percent (down 0.2 percent in real terms), whereas foreign currency-denominated loans shrank 3.9 percent when expressed in RON and declined 4.2 percent when expressed in EUR. At end-December 2017, non-government loans went up 5.6 percent (2.2 percent in real terms) year on year, on the back of the 15.8 percent increase in RON-denominated loans (12.1 percent in real terms) and the 8.1 percent decline in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans dropped 10.5 percent).
Table 3. Non-government loans*
| INDICATORS |
31 December 2017
(RON mill.) |
Dec. 2017/
Nov. 2017
% |
Dec. 2017/
Dec. 2016
% |
| Non-government loans (total)**
| 232,336.8
| -1.4
| 5.6 |
| RON-denominated non-government loans:
| 145,823.9
| 0.1
| 15.8 |
| - household loans
| 80,136.5
| 0.8
| 21.3 |
| - corporate loans (non-financial corporations and non-monetary financial institutions)
| 65,687.4
| -0.7
| 9.7 |
| Forex-denominated non-government loans:
| 86,512.8
| -3.9
| -8.1 |
| - household loans
| 41,667.2
| -1.1
| -11.3 |
| - corporate loans (non-financial corporations and non-monetary financial institutions)
| 44,845.7
| -6.3
| -5.0 |
* provisional data
** non-performing loans are also included
Government credit1 contracted by 0.4 percent in December 2017 from a month earlier to RON 98,349.1 million. At end-December 2017, government credit advanced 5.5 percent (2.1 percent in real terms) versus the same year-ago period.
Deposits of non-government resident customers went up 3.3 percent month on month to RON 302,819.6 million in December 2017.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
31 December 2017
(RON mill.) |
Dec. 2017/
Nov. 2017
% |
Dec. 2017/
Dec. 2016
% |
| Deposits of non-government resident customers (total) **
| 302,819.6
| 3.3
| 10.4 |
| RON-denominated deposits of residents:
| 206,090.4
| 4.8
| 9.4 |
| - household deposits
| 111,249.2
| 3.0
| 7.3 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions)
| 94,841.2
| 7.0
| 11.8 |
| Forex-denominated deposits of residents:
| 96,729.2
| 0.2
| 12.7 |
| - household deposits
| 67,044.7
| 1.8
| 12.1 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions)
| 29,684.5
| -3.3
| 14.2 |
* provisional data
** includes current accounts, demand deposits and all time deposits, irrespective of maturity
RON-denominated household deposits increased by 3.0 percent to RON 111,249.2 million. At end-December 2017, household deposits in domestic currency rose by 7.3 percent (3.9 percent in real terms) against end-December 2016.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) moved up 7.0 percent to RON 94,841.2 million. At end-December 2017, RON-denominated corporate deposits climbed by 11.8 percent (8.2 percent in real terms) year on year.
Forex-denominated deposits of resident households and companies (non-financial corporations and non-monetary financial institutions) added 0.2 percent to RON 96,729.2 million when expressed in domestic currency (when expressed in EUR, forex deposits contracted by 0.2 percent to EUR 20,758.7 million). In year-on-year comparison, residents’ forex deposits expressed in RON advanced 12.7 percent (when expressed in EUR, residents’ forex deposits rose by 9.8 percent); household forex deposits climbed by 12.1 percent when expressed in domestic currency (when expressed in EUR, household forex deposits expanded by 9.2 percent) and forex deposits of legal entities (non-financial corporations and non-monetary financial institutions) added 14.2 percent when expressed in RON (when expressed in EUR, forex deposits of resident legal entities rose by 11.3 percent).
1 includes credit to general government (central government, local government and social security funds) in amount of RON 9,537.7 million and debt securities issued by these institutional sectors running at RON 88,811.4 million (outstanding as at end-December 2017).
Methodological notes
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 by monetary financial institutions 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 February 2007) can be accessed in various formats (html, xls, xml and csv) in the interactive database. Statistical data series including monetary aggregates and non-government loans expressed as a share of GDP can be accessed here.
The next press release on monetary indicators will be issued on 23 February 2018.
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