At end-December 2018, broad money (M3) amounted to RON 381,161.0 million, up 1.3 percent (1.1 percent in real terms) month on month. In year-on-year comparison, broad money rose 8.9 percent (5.4 percent in real terms).
Table 1. Monetary aggregates*
| INDICATORS |
31 December 2018
(RON mill.) |
Dec. 2018/
Nov. 2018
% |
Dec. 2018/
Dec. 2017
% |
| M1 (narrow money)
| 235,233.4
| 2.4
| 11.7 |
| Currency in circulation **
| 67,804.6
| 1.0
| 7.2 |
| Overnight deposits ***
| 167,428.8
| 3.0
| 13.6 |
| M2 (intermediate money)
| 381,161.0
| 1.3
| 8.9 |
| M1
| 235,233.4
| 2.4
| 11.7 |
| 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)
| 145,927.7
| -0.3
| 4.7 |
| M3 (broad money)
| 381,161.0
| 1.3
| 8.9 |
| M2
| 381,161.0
| 1.3
| 8.9 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, debt securities with a maturity of up to and including two years)
| 0.0
| -100.0
| -100.0 |
* provisional data
** currency outside banks
***current accounts, demand deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
31 December 2018
(RON mill.) |
Dec. 2018/
Nov. 2018
% |
Dec. 2018/
Dec. 2017
% |
| Broad money (M3)
| 381,161.0
| 1.3
| 8.9 |
| Net foreign assets **
| 166,624.9
| 0.6
| 4.8 |
| Net domestic assets ***
| 214,536.0
| 1.8
| 12.3 |
* 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 2018, non-government loans granted by credit institutions advanced 0.1 percent (down 0.02 percent in real terms) from November 2018 to RON 251,054.6 million. RON-denominated loans expanded 0.7 percent (0.5 percent in real terms), whereas foreign currency-denominated loans decreased 0.9 percent when expressed in RON (down 1.1 percent when expressed in EUR). At end-December 2018, non-government loans went up 7.9 percent (4.5 percent in real terms) year on year, on the back of the 13.4 percent increase in RON-denominated loans (9.8 percent in real terms) and the 1.3 percent decline in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans dropped 1.4 percent).
Table 3. Non-government loans*
| INDICATORS |
31 December 2018
(RON mill.) |
Dec. 2018/
Nov. 2018
% |
Dec. 2018/
Dec. 2017
% |
| Non-government loans (total) **
| 251,054.6
| 0.1
| 7.9 |
| RON-denominated non-government loans:
| 165,625.4
| 0.7
| 13.4 |
| -households
| 95,667.2
| 0.6
| 19.3 |
| -other sectors (non-financial corporations and non-monetary financial institutions)
| 69,958.3
| 0.8
| 6.2 |
| Forex-denominated non-government loans:
| 85,429.1
| -0.9
| -1.3 |
| -households
| 37,346.6
| -0.9
| -10.4 |
| -other sectors (non-financial corporations and non-monetary financial institutions)
| 48,082.5
| -0.9
| 7.1 |
* provisional data
** non-performing loans are also included
Government credit1 expanded 1.5 percent in December 2018 from the previous month to RON 105,513.5 million. At end-December 2018, government credit increased by 7.6 percent (4.2 percent in real terms) versus the same year-ago period.
Deposits of non-government resident customers went up 1.6 percent month on month to RON 329,673.5 million in December 2018. At end-December 2018, deposits of non-government resident customers grew by 9.0 percent (5.5 percent in real terms) over the same year-ago period.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
31 December 2018
(RON mill.) |
Dec. 2018/
Nov. 2018
% |
Dec. 2018/
Dec. 2017
% |
| Deposits of non-government resident customers (total)**
| 329,673.5
| 1.6
| 9.0 |
| RON-denominated deposits of residents:
| 220,362.5
| 2.1
| 6.8 |
| - households
| 120,415.5
| 1.5
| 7.9 |
| - other sectors (non-financial corporations and non-monetary financial institutions)
| 99,947.0
| 2.8
| 5.5 |
| Forex-denominated deposits of residents:
| 109,311.0
| 0.7
| 13.6 |
| - households
| 78,366.2
| 1.7
| 16.8 |
| - other sectors (non-financial corporations and non-monetary financial institutions)
| 30,944.8
| -1.8
| 6.4 |
* provisional data
** includes current accounts, demand deposits and all time deposits, irrespective of maturity
RON-denominated household deposits moved up 1.5 percent to RON 120,415.5 million. At end-December 2018, household deposits in domestic currency rose by 7.9 percent (4.5 percent in real terms) against end-December 2017.
RON-denominated deposits of other sectors (non-financial corporations and non-monetary financial institutions) increased by 2.8 percent to RON 99,947.0 million. At end-December 2018, RON-denominated deposits of other sectors climbed by 5.5 percent (2.1 percent in real terms) year on year.
Residents’ forex-denominated deposits advanced 0.7 percent to RON 109,311.0 million when expressed in domestic currency (when expressed in EUR, forex deposits moved up 0.5 percent to EUR 23,437.7 million). In year-on-year comparison, residents’ forex deposits expressed in RON advanced 13.6 percent (when expressed in EUR, residents’ forex deposits rose by 13.5 percent).
At end-December 2018, forex deposits of households increased month on month by 1.7 percent (1.5 percent in real terms) when expressed in domestic currency (when expressed in EUR, forex deposits of households moved up 1.5 percent). At end-December 2018, households’ forex deposits climbed by 16.8 percent when expressed in domestic currency year on year (when expressed in EUR, households’ forex deposits expanded by 16.7 percent).
Forex-denominated deposits of resident households and other sectors (non-financial corporations and non-monetary financial institutions) decreased by 1.8 percent (down 2.0 percent in real terms) when expressed in RON (when expressed in EUR, forex deposits of other sectors dropped 2.0 percent). In year-on-year comparison, forex deposits of other sectors (non-financial corporations and non-monetary financial institutions) stood 6.4 percent higher when expressed in RON (when expressed in EUR, forex deposits of residents from other sectors rose by 6.3 percent).
Note:
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 25 February 2019.
Press release archive.