At end-April 2020, broad money (M3) amounted to RON 439,076.0 million, up 1.2 percent (0.9 percent in real terms) month on month. In year-on-year comparison, broad money rose by 12.6 percent (9.6 percent in real terms).
Table 1. Monetary aggregates*
| INDICATORS |
30 April 2020
(RON mill.) |
Apr. 2020/
Mar. 2020
% |
Apr. 2020/
Apr. 2019
% |
| M1 (narrow money)
| 291,388.9
| 1.7
| 20.6 |
| Currency in circulation **
| 80,622.1
| 3.9
| 14.8 |
| Overnight deposits ***
| 210,766.7
| 0.9
| 22.9 |
| M2 (intermediate money)
| 439,076.0
| 1.2
| 12.6 |
| M1
| 291,388.9
| 1.7
| 20.6 |
| 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)
| 147,687.1
| 0.2
| -0.5 |
| M3 (broad money)
| 439,076.0
| 1.2
| 12.6 |
| M2
| 439,076.0
| 1.2
| 12.6 |
| 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 |
30 April 2020
(RON mill.) |
Apr. 2020/
Mar. 2020
% |
Apr. 2020/
Apr. 2019
% |
| Broad money (M3)
| 439,076.0
| 1.2
| 12.6 |
| Net foreign assets **
| 199,275.7
| 0.8
| 9.4 |
| Net domestic assets ***
| 239,800.3
| 1.5
| 15.3 |
* 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-April 2020, loans to non-government sector granted by credit institutions decreased 0.5 percent (or 0.8 percent in real terms) from March 2020 to RON 271,124.4 million. RON-denominated loans, representing 67.1 percent of loans to non-government sector, went down 0.6 percent (or 0.9 percent in real terms), whilst foreign currency-denominated loans, representing 32.9 percent of loans to non-government sector, decreased 0.4 percent when expressed in RON (or 0.7 percent when expressed in EUR). In year-on-year comparison, loans to non-government sector went up 5.7 percent (2.9 percent in real terms), on the back of the 7.4 percent increase in RON-denominated loans (4.6 percent in real terms) and the 2.3 percent increase in foreign currency-denominated loans expressed in RON (0.6 percent when expressed in EUR).
Table 3. Non-government loans*
| INDICATORS |
30 April 2020
(RON mill.) |
Apr. 2020/
Mar. 2020
% |
Apr. 2020/
Apr. 2019
% |
| Non-government loans (total) **
| 271,124.4
| -0.5
| 5.7 |
| RON-denominated non-government loans:
| 181,925.4
| -0.6
| 7.4 |
| -households
| 111,210.2
| -0.2
| 12.7 |
| -other sectors (non-financial corporations and non-monetary financial institutions)
| 70,715.2
| -1.2
| -0.03 |
| Forex-denominated non-government loans:
| 89,199.0
| -0.4
| 2.3 |
| -households
| 33,679.7
| -0.4
| -8.5 |
| -other sectors (non-financial corporations and non-monetary financial institutions)
| 55,519.3
| -0.4
| 10.2 |
* provisional data
** non-performing loans are also included
Credit to general government1 advanced by 3.0 percent in April 2020 from the previous month to RON 130,090.0 million and by 29.0 percent (25.6 percent in real terms) versus the year-ago period.
Deposits of non-government resident customers went up 0.7 percent month on month to RON 378,431.7 million in April 2020 and the annual growth rate was 12.2 percent (9.2 percent in real terms).
Residents’ RON-denominated deposits, representing 63.7 percent of deposits of non-government customers, increased by 0.8 percent to RON 241,143.2 million month on month and moved up 8.6 percent (5.8 percent in real terms) year on year.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
30 April 2020
(RON mill.) |
Apr. 2020/
Mar. 2020
% |
Apr. 2020/
Apr. 2019
% |
| Deposits of non-government resident customers (total)**
| 378,431.7
| 0.7
| 12.2 |
| RON-denominated deposits of residents:
| 241,143.2
| 0.8
| 8.6 |
| - households
| 137,986.5
| 3.4
| 12.2 |
| - other sectors (non-financial corporations and non-monetary financial institutions)
| 103,156.7
| -2.5
| 4.2 |
| Forex-denominated deposits of residents:
| 137,288.5
| 0.6
| 19.0 |
| - households
| 98,904.1
| 1.4
| 18.6 |
| - other sectors (non-financial corporations and non-monetary financial institutions)
| 38,384.4
| -1.6
| 20.0 |
* provisional data
** includes current accounts, demand deposits and all time deposits, irrespective of maturity
RON-denominated household deposits advanced by 3.4 percent to RON 137,986.5 million month on month and by 12.2 percent (9.2 percent in real terms) year on year.
RON-denominated deposits of other sectors (non-financial corporations and non-monetary financial institutions) went down 2.5 percent to RON 103,156.7 million month on month and rose by 4.2 percent versus the year-ago period.
Residents’ foreign currency-denominated deposits, representing 36.3 percent of deposits of non-government customers, climbed by 0.6 percent against the previous month to RON 137,288.5 million when expressed in domestic currency (when expressed in EUR, these deposits moved up 0.2 percent to EUR 28,353.1 million). In year-on-year comparison, this indicator grew 19.0 percent when expressed in RON (or 16.9 percent when expressed in EUR).
Forex-denominated deposits of households advanced by 1.4 percent from the previous month (1.2 percent in real terms) when expressed in RON (when expressed in EUR, these deposits moved up 1.1 percent). On an annual basis, this indicator expanded by 18.6 percent when expressed in domestic currency (when expressed in EUR, this indicator rose by 16.6 percent).
Forex-denominated deposits of other sectors (non-financial corporations and non-monetary financial institutions) decreased by 1.6 percent (or 1.9 percent in real terms) against the previous month when expressed in RON (when expressed in EUR, these deposits went down 2.0 percent). Compared to the same month of 2019, forex-denominated deposits of other sectors moved up 20.0 percent when expressed in RON (17.9 percent when expressed in EUR).
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-May 2020 will be issued on 24 June 2020.
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