At end-September 2020, broad money (M3) amounted to RON 460,999.2 million, up 1.8 percent (2.0 percent in real terms1) month on month and 15.1 percent (12.4 percent in real terms) year on year.
Table 1. Monetary aggregates*
| INDICATORS |
30 September 2020
(RON mill.) |
Sep. 2020/
Aug. 2020
% |
Sep. 2020/
Sep. 2019
% |
| M1 (narrow money)
| 315,306.4
| 2.7
| 22.7 |
| Currency in circulation **
| 84,792.2
| 1.0
| 16.4 |
| Overnight deposits ***
| 230,514.2
| 3.3
| 25.2 |
| M2 (intermediate money)
| 460,999.2
| 1.8
| 15.1 |
| M1
| 315,306.4
| 2.7
| 22.7 |
| 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)
| 145,692.8
| -0.1
| 1.5 |
| M3 (broad money)
| 460,999.2
| 1.8
| 15.1 |
| M2
| 460,999.2
| 1.8
| 15.1 |
| 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 September 2020
(RON mill.) |
Sep. 2020/
Aug. 2020
% |
Sep. 2020/
Sep. 2019
% |
| Broad money (M3)
| 460,999.2
| 1.8
| 15.1 |
| Net foreign assets **
| 216,774.5
| -2.3
| 15.4 |
| Net domestic assets ***
| 244,224.7
| 5.8
| 14.9 |
* 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-September 2020, loans to non-government sector granted by credit institutions increased 1.1 percent (1.2 percent in real terms) from August 2020 to RON 277,500.3 million. RON-denominated loans, representing 68.6 percent of total volume of loans to non-government sector, moved up 1.3 percent, whilst foreign currency-denominated loans, representing 31.4 percent of total loans to non-government sector, went up 0.7 percent when expressed in RON (when expressed in EUR, the indicator grew 0.1 percent).
In year-on-year comparison, loans to non-government sector advanced 4.0 percent (1.5 percent in real terms), on the back of the 7.1 percent increase in RON-denominated loans (4.5 percent in real terms) and the 2.0 percent decrease in foreign currency-denominated loans expressed in RON (down 4.4 percent when expressed in EUR).
Table 3. Non-government loans*
| INDICATORS |
30 September 2020
(RON mill.) |
Sep. 2020/
Aug. 2020
% |
Sep. 2020/
Sep. 2019
% |
| Non-government loans (total) **
| 277,500.3
| 1.1
| 4.0 |
| RON-denominated non-government loans:
| 190,251.9
| 1.3
| 7.1 |
| -households
| 116,283.6
| 1.0
| 9.9 |
| -other sectors (non-financial corporations and non-monetary financial institutions)
| 73,968.3
| 1.8
| 2.9 |
| Forex-denominated non-government loans:
| 87,248.4
| 0.7
| -2.0 |
| -households
| 32,297.1
| -0.4
| -8.2 |
| -other sectors (non-financial corporations and non-monetary financial institutions)
| 54,951.4
| 1.3
| 2.0 |
* provisional data
** non-performing loans are also included
Credit to general government2 decreased by 1.3 percent in September 2020 from the previous month to RON 134,257.3 million and moved up 24.9 percent (21.9 percent in real terms) versus the year-ago period.
Deposits of non-government resident customers advanced by 1.9 percent month on month to RON 397,145.9 million and the annual growth rate was 14.7 percent (12.0 percent in real terms).
Residents’ RON-denominated deposits, representing 64.4 percent of deposits of non-government customers, moved up 1.9 percent to RON 255,943.9 million month on month and 13.0 percent (10.3 percent in real terms) year on year.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
30 September 2020
(RON mill.) |
Sep. 2020/
Aug. 2020
% |
Sep. 2020/
Sep. 2019
% |
| Deposits of non-government resident customers (total)**
| 397,145.9
| 1.9
| 14.7 |
| RON-denominated deposits of residents:
| 255,943.9
| 1.9
| 13.0 |
| - households
| 142,008.3
| 1.0
| 13.7 |
| - other sectors (non-financial corporations and non-monetary financial institutions)
| 113,935.6
| 3.1
| 12.3 |
| Forex-denominated deposits of residents:
| 141,202.0
| 2.0
| 18.0 |
| - households
| 101,980.9
| 1.8
| 16.6 |
| - other sectors (non-financial corporations and non-monetary financial institutions)
| 39,221.0
| 2.4
| 21.9 |
* provisional data
** includes current accounts, demand deposits and all time deposits, irrespective of maturity
RON-denominated household deposits advanced by 1.0 percent to RON 142,008.3 million month on month and by 13.7 percent (10.9 percent in real terms) year on year.
RON-denominated deposits of other sectors (non-financial corporations and non-monetary financial institutions) went up 3.1 percent (to RON 113,935.6 million) month on month and 12.3 percent (9.6 percent in real terms) versus the year-ago period.
Residents’ foreign currency-denominated deposits, representing 35.6 percent of total volume of deposits of non-government customers, increased by 2.0 percent against August 2020 to RON 141,202.0 million when expressed in domestic currency (when expressed in EUR, these deposits went up 1.3 percent to EUR 28,995.4 million). In year-on-year comparison, this indicator grew 18.0 percent when expressed in RON and 15.1 percent when expressed in EUR.
Foreign currency-denominated deposits of households went up 1.8 percent from August 2020 up to RON 101,980.9 million when expressed in RON (up 1.2 percent when expressed in EUR). On an annual basis, this indicator expanded by 16.6 percent when expressed in domestic currency and by 13.7 percent when expressed in EUR.
Foreign currency-denominated deposits of other sectors rose by 2.4 percent against the previous month up to RON 39,221.0 milion when expressed in RON (up 1.7 percent when expressed in EUR). Compared to September 2019, this indicator moved up 21.9 percent when expressed in RON (up 18.9 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-October 2020 will be issued on 24 November 2020.
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