At end-March 2009, broad money (M3) equalled RON 175,288.2 million, down month on month by 0.5 percent in nominal terms and 1.0 percent in real terms. In year-on-year comparison, broad money rose 15.4 percent and 8.2 percent in real terms.
Table 1. Monetary aggregates*
| INDICATORS |
31 March 2009
(RON mill.)
|
March 2009/
February 2009
(%) |
March 2009/
March 2008
(%) |
| M1 (narrow money) |
81,456.4 |
-4.0 |
-1.4 |
| Currency in circulation |
23,943.8 |
-3.5 |
11.1 |
| Overnight deposits ** |
57,512.6 |
-4.2 |
-5.8 |
| M2 (intermediate money) |
174,881.7 |
-0.5 |
15.2 |
| M1 |
81,456.4 |
-4.0 |
-1.4 |
| 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) |
93,425.3 |
2.7 |
35.1 |
| M3 (broad money) |
175,288.2 |
-0.5 |
15.4 |
| M2 |
174,881.7 |
-0.5 |
15.2 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, negotiable debt securities with a maturity of up to and including two years) |
406.5 |
10.8 |
524.4 |
*provisional data
**current accounts, sight deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
31 March 2009
(RON mill.)
|
March 2009/
February 2009
(%) |
March 2009/
March 2008
(%) |
| Broad money (M3) |
175,288.2 |
-0.5 |
15.4 |
| Net foreign assets |
14,855.3 |
-25.2 |
-43.2 |
| Net domestic assets |
160,432.9 |
2.6 |
27.6 |
*provisional data
Net foreign assets lost 25.2 percent in March 2009 to RON 14,855.3 million, as a result of "Currencies" decreasing by 44.5 percent and "Gold" shedding 8.4 percent on account of gold stock revaluation.
Net domestic assets picked up 2.6 percent to RON 160,432.9 million.
At end-March 2009, non-government loans granted by credit institutions dropped 2.1 percent (2.6 percent in real terms) from February 2009 to RON 202,616.6 million. RON-denominated loans decreased 0.9 percent, or 1.4 percent in real terms, whereas foreign currency-denominated loans declined by 2.9 percent when expressed in RON and by 1.6 percent when expressed in EUR. At end-March 2009, non-government loans climbed year on year by 23.1 percent and 15.4 percent in real terms, on the back of the 12.0 percent increase in RON-denominated loans (5.0 percent in real terms) and the 32.1 percent advance in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans expanded by 16.3 percent).
Table 3. Non-government loans*
| INDICATORS |
31 March 2009
(RON mill.)
|
March 2009/
February 2009
(%) |
March 2009/
March 2008
(%) |
| Non-government loans (total) |
202,616.6 |
-2.1 |
23.1 |
| RON-denominated non-government loans, of which: |
83,033.1 |
-0.9 |
12.0 |
| - household loans |
40,091.3 |
-0.7
| 12.3 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
42,941.8 |
-1.0 |
11.8 |
| Forex-denominated non-government loans, of which: |
119,583.5 |
-2.9 |
32.1 |
| - household loans |
61,135.3 |
-2.2 |
39.2 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
58,448.2 |
-3.6 |
25.5 |
*provisional data
Government credit1 (central government, local government and social security funds) stood 18.0 percent higher in March at RON 29,308.3 million. At end-March 2009, government credit increased 189.3 percent and 171.1 percent in real terms, from the same year-ago period.
Deposits of non-government resident customers decreased month on month by 0.2 percent to RON 154,109.1 million.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
31 March 2009
(RON mill.)
|
March 2009/
February 2009
(%) |
March 2009/
March 2008
(%) |
| Deposits of non-government resident customers (total)** |
154,109.1 |
-0.2 |
15.4 |
| RON-denominated deposits of residents, of which: |
96,887.7 |
0.7 |
8.7 |
| - household deposits |
57,269.2 |
2.3 |
24.9 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
39,618.5 |
-1.5 |
-8.4 |
| Forex-denominated deposits of residents, of which: |
57,221.4 |
-1.5 |
28.7 |
| - household deposits |
32,876.6 |
-1.6 |
19.9 |
| -corporate deposits (non-financial corporations and non-monetary financial institutions) |
24,344.8 |
-1.4 |
43.0 |
*provisional data
**includes current accounts, sight deposits and all term deposits, irrespective of maturity
RON-denominated household deposits added 2.3 percent to RON 57,269.2 million. At end-March 2009, household deposits in domestic currency jumped 24.9 percent and 17.1 percent in real terms, against the same year-ago period.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) shrank 1.5 percent to RON 39,618.5 million. At end-March 2009, RON-denominated corporate deposits decreased year on year by 8.4 percent (14.2 percent in real terms).
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) declined by 1.5 percent to RON 57,221.4 million when expressed in domestic currency (when expressed in EUR, forex deposits declined by 0.2 percent to EUR 13,512.2 million). In year-on-year comparison, residents' forex deposits expressed in RON advanced 28.7 percent (when expressed in EUR, residents' forex deposits augmented by 13.3 percent); household deposits in foreign exchange surged 19.9 percent when expressed in domestic currency (when expressed in EUR, household forex deposits increased by 5.5 percent) and corporate deposits in foreign exchange (non-financial corporations and non-monetary financial institutions) were up 43.0 percent when expressed in RON (when expressed in EUR, deposits in foreign exchange of corporate residents grew 25.9 percent).
1Marketable securities included