At end-December 2019, broad money (M3) amounted to RON 422,628.6 million, up 2.6 percent (2.2 percent in real terms) month on month. In year-on-year comparison, broad money rose by 10.9 percent (6.6 percent in real terms).
Table 1. Monetary aggregates*
| INDICATORS |
31 December 2019
(RON mill.) |
Dec. 2019/
Nov. 2019
% |
Dec. 2019/
Dec. 2018
% |
| M1 (narrow money)
| 276,935.5
| 4.3
| 17.8 |
| Currency in circulation **
| 74,122.4
| 0.3
| 9.5 |
| Overnight deposits ***
| 202,813.1
| 5.9
| 21.1 |
| M2 (intermediate money)
| 422,628.6
| 2.6
| 10.9 |
| M1
| 276,935.5
| 4.3
| 17.8 |
| 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)
| 145,693.1
| -0.5
| -0.2 |
| M3 (broad money)
| 422,628.6
| 2.6
| 10.9 |
| M2
| 422,628.6
| 2.6
| 10.9 |
| 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
| 0.0
| 0.0 |
* provisional data
** currency outside banks
***current accounts, demand deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
31 December 2019
(RON mill.) |
Dec. 2019/
Nov. 2019
% |
Dec. 2019/
Dec. 2018
% |
| Broad money (M3)
| 422,628.6
| 2.6
| 10.9 |
| Net foreign assets **
| 181,847.4
| 0.4
| 9.2 |
| Net domestic assets ***
| 240,781.2
| 4.3
| 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 2019, loans to non-government sector granted by credit institutions decreased 0.4 percent (0.8 percent in real terms) from November 2019 to RON 267,574.3 million. RON-denominated loans, representing 67.6 percent of loans to non-government sector, went up 0.3 percent (down 0.1 percent in real terms) and foreign currency-denominated loans decreased 1.9 percent when expressed in RON (or 1.9 percent when expressed in EUR). In year-on-year comparison, loans to non-government sector went up 6.6 percent (2.4 percent in real terms), on the back of the 9.3 percent increase in RON-denominated loans (5.0 percent in real terms) and the 1.3 percent increase in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans decreased 1.1 percent).
Table 3. Non-government loans*
| INDICATORS |
31 December 2019
(RON mill.) |
Dec. 2019/
Nov. 2019
% |
Dec. 2019/
Dec. 2018
% |
| Non-government loans (total) **
| 267,574.3
| -0.4
| 6.6 |
| RON-denominated non-government loans:
| 180,993.1
| 0.3
| 9.3 |
| -households
| 108,742.7
| 0.6
| 13.7 |
| -other sectors (non-financial corporations and non-monetary financial institutions)
| 72,250.4
| -0.1
| 3.2 |
| Forex-denominated non-government loans:
| 86,581.2
| -1.9
| 1.3 |
| -households
| 34,315.8
| -0.9
| -8.1 |
| -other sectors (non-financial corporations and non-monetary financial institutions)
| 52,265.4
| -2.5
| 8.7 |
* provisional data
** non-performing loans are also included
Credit to general government1 advanced by 3.3 percent in December 2019 from the previous month to RON 116,212.2 million and by 10.1 percent (5.9 percent in real terms) versus the year-ago period.
Deposits of non-government resident customers went up 3.1 percent month on month to RON 367,686.8 million in December 2019 and the annual growth rate was 11.5 percent (7.2 percent in real terms).
Table 4. Deposits of non-government resident customers*
| INDICATORS |
31 December 2019
(RON mill.) |
Dec. 2019/
Nov. 2019
% |
Dec. 2019/
Dec. 2018
% |
| Deposits of non-government resident customers (total)**
| 367,686.8
| 3.1
| 11.5 |
| RON-denominated deposits of residents:
| 241,686.2
| 3.8
| 9.7 |
| - households
| 131,134.4
| 2.5
| 9.0 |
| - other sectors (non-financial corporations and non-monetary financial institutions)
| 110,551.7
| 5.4
| 10.5 |
| Forex-denominated deposits of residents:
| 126,000.6
| 1.8
| 15.3 |
| - households
| 91,264.5
| 2.0
| 16.5 |
| - other sectors (non-financial corporations and non-monetary financial institutions)
| 34,736.1
| 1.2
| 12.3 |
* provisional data
** includes current accounts, demand deposits and all time deposits, irrespective of maturity
RON-denominated household deposits increased by 2.5 percent to RON 131,134.4 million month on month and moved up 9.0 percent (4.7 percent in real terms) year on year.
RON-denominated deposits of other sectors (non-financial corporations and non-monetary financial institutions) rose by 5.4 percent to RON 110,551.7 million month on month and by 10.5 percent versus the year-ago period.
Residents’ forex-denominated deposits climbed by 1.8 percent against the previous month to RON 126,000.6 million when expressed in domestic currency (when expressed in EUR, forex deposits moved up 1.7 percent to EUR 26,363.8 million). In year-on-year comparison, residents’ forex deposits expressed in RON grew 15.3 percent (when expressed in EUR, residents’ forex deposits rose by 12.5 percent).
At end-December 2019, forex deposits of households advanced by 2.0 percent from the previous month (1.6 percent in real terms) when expressed in domestic currency (when expressed in EUR, households’ forex deposits moved up 2.0 percent). On an annual basis, forex deposits of households expanded by 16.5 percent when expressed in domestic currency (when expressed in EUR, households’ forex deposits rose by 13.6 percent).
Forex-denominated deposits of other sectors (non-financial corporations and non-monetary financial institutions) went up 1.2 percent (0.7 percent in real terms) when expressed in RON (when expressed in EUR, forex deposits of other sectors advanced by 1.1 percent). Compared to the same month of 2018, forex deposits of other sectors (non-financial corporations and non-monetary financial institutions) moved up 12.3 percent when expressed in RON (when expressed in EUR, forex deposits of residents from other sectors rose by 9.5 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 January 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 for end-January 2020 will be issued on 25 February 2020.
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