At end-June 2019, broad money (M3) amounted to RON 390,477.8 million, up 0.3 percent (0.5 percent in real terms) month-on-month. In year-on-year comparison, broad money rose by 7.7 percent (3.7 percent in real terms).
Table 1. Monetary aggregates*
| INDICATORS |
30 June 2019
(RON mill.) |
Jun. 2019/
May 2019
% |
Jun. 2019/
Jun. 2018
% |
| M1 (narrow money)
| 245,057.4
| 2.4
| 12.7 |
| Currency in circulation **
| 71,542.0
| 1.6
| 10.0 |
| Overnight deposits ***
| 173,515.3
| 2.7
| 13.9 |
| M2 (intermediate money)
| 390,476.1
| 0.3
| 7.8 |
| M1
| 245,057.4
| 2.4
| 12.7 |
| 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)
| 145,418.7
| -3.0
| 0.3 |
| M3 (broad money)
| 390,477.8
| 0.3
| 7.7 |
| M2
| 390,476.1
| 0.3
| 7.8 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, debt securities with a maturity of up to and including two years)
| 1.7
| 0.0
| -98.8 |
* provisional data
** currency outside banks
***current accounts, demand deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
30 June 2019
(RON mill.) |
Jun. 2019/
May 2019
% |
Jun. 2019/
Jun. 2018
% |
| Broad money (M3)
| 390,477.8
| 0.3
| 7.7 |
| Net foreign assets **
| 171,846.0
| -0.4
| 8.9 |
| Net domestic assets ***
| 218,631.7
| 0.9
| 6.8 |
* 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- June 2019, loans to non-government sectorgranted by credit institutions advanced by 0.8 percent (1.0 percent in real terms) from May 2019 to RON 259,570.9 million. RON-denominated loans went up 1.3 percent (1.5 percent in real terms) and foreign currency-denominated loans decreased 0.1 percent when expressed in RON (up 0.1 percent when expressed in EUR). In year-on-year comparison, loans to non-government sector went up 7.1 percent (3.1 percent in real terms), on the back of the 9.6 percent increase in RON-denominated loans (5.5 percent in real terms) and the 2.4 percent increase in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans went up 0.8 percent).
Table 3. Non-government loans*
| INDICATORS |
30 June 2019
(RON mill.) |
Jun. 2019/
May 2019
% |
Jun. 2019/
Jun. 2018
% |
| Non-government loans (total) **
| 259,570.9
| 0.8
| 7.1 |
| RON-denominated non-government loans:
| 172,771.8
| 1.3
| 9.6 |
| -households
| 101,152.6
| 1.3
| 13.8 |
| -other sectors (non-financial corporations and non-monetary financial institutions)
| 71,619.2
| 1.3
| 4.0 |
| Forex-denominated non-government loans:
| 86,799.1
| -0.1
| 2.4 |
| -households
| 35,971.0
| -1.2
| -8.8 |
| -other sectors (non-financial corporations and non-monetary financial institutions)
| 50,828.1
| 0.6
| 12.1 |
* provisional data
** non-performing loans are also included
Credit to general government1 decreased by 4.5 percent in June 2019 from the previous month to RON 100,098.5 million and advanced 2.0 percent (down 1.8 percent in real terms) versus the same year-ago period.
Deposits of non-government resident customers went up 0.1 percent month-on-month to RON 336,975.1 million in June 2019, and up 7.7 percent (3.7 percent in real terms) over the same year-ago period.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
30 June 2019
(RON mill.) |
Jun. 2019/
May 2019
% |
Jun. 2019/
Jun. 2018
% |
| Deposits of non-government resident customers (total)**
| 336,975.1
| 0.1
| 7.7 |
| RON-denominated deposits of residents:
| 220,065.7
| -0.6
| 5.1 |
| - households
| 124,396.2
| 1.0
| 8.7 |
| - other sectors (non-financial corporations and non-monetary financial institutions)
| 95,669.5
| -2.7
| 0.8 |
| Forex-denominated deposits of residents:
| 116,909.3
| 1.5
| 12.9 |
| - households
| 84,813.6
| 1.0
| 15.6 |
| - other sectors (non-financial corporations and non-monetary financial institutions)
| 32,095.7
| 2.8
| 6.3 |
* provisional data
** includes current accounts, demand deposits and all time deposits, irrespective of maturity
RON-denominated household deposits moved up 1.0 percent to RON 124,396.2 million month-on-month and up 8.7 percent (4.7 percent in real terms) year-on-year.
RON-denominated deposits of other sectors (non-financial corporations and non-monetary financial institutions) decreased by 2.7 percent to RON 95,669.5 million. At end-June 2019, RON-denominated deposits of other sectors climbed by 0.8 percent year-on-year.
Residents’ forex-denominated deposits increased 1.5 percent to RON 116,909.3 million when expressed in domestic currency (when expressed in EUR, forex deposits moved up 1.8 percent to EUR 24,689.9 million). In year-on-year comparison, residents’ forex deposits expressed in RON grew 12.9 percent (when expressed in EUR, residents’ forex deposits rose by 11.1 percent).
At end-June 2019, forex deposits of households advanced month on month 1.0 percent (1.2 percent in real terms) when expressed in domestic currency (when expressed in EUR, forex deposits of households moved up 1.3 percent). At end-June 2019, households’ forex deposits climbed by 15.6 percent when expressed in domestic currency year-on-year (when expressed in EUR, households’ forex deposits expanded by 13.8 percent).
Forex-denominated deposits of resident households and other sectors (non-financial corporations and non-monetary financial institutions) went up 2.8 percent (3.1 percent in real terms) when expressed in RON (when expressed in EUR, forex deposits of other sectors increased 3.1 percent). In year-on-year comparison, forex deposits of other sectors (non-financial corporations and non-monetary financial institutions) stood 6.3 percent higher when expressed in RON (when expressed in EUR, forex deposits of residents from other sectors rose by 4.6 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 26 August 2019.
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