At end-December 2021, broad money (M3) amounted to RON 564,423.6 million, up 3.1 percent (2.4 percent in real terms 1) month on month and 15.8 percent (7.0 percent in real terms) year on year.
Table 1. Monetary aggregates*
| INDICATORS |
31 December 2021
(RON mill.) |
Dec. 2021/
Nov. 2021
% |
Dec. 2021/
Dec. 2020
% |
| M1 (narrow money)
| 406,773.9
| 3.7
| 20.5 |
| Currency in circulation **
| 96,100.9
| -0.02
| 9.0 |
| Overnight deposits ***
| 310,673.0
| 4.9
| 24.6 |
| M2 (intermediate money)
| 564,423.6
| 3.1
| 15.8 |
| M1
| 406,773.9
| 3.7
| 20.5 |
| 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)
| 157,649.7
| 1.5
| 5.2 |
| M3 (broad money)
| 564,423.6
| 3.1
| 15.8 |
| M2
| 564,423.6
| 3.1
| 15.8 |
| 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 2021
(RON mill.) |
Dec. 2021/
Nov. 2021
% |
Dec. 2021/
Dec. 2020
% |
| Broad money (M3)
| 564,423.6
| 3.1
| 15.8 |
| Net foreign assets **
| 240,561.0
| 0.7
| 1.7 |
| Net domestic assets ***
| 323,862.6
| 4.9
| 29.1 |
* 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 2021, loans to non-government sector granted by credit institutions increased 0.7 percent (down 0.01 percent in real terms) from November 2021 to RON 324,227.9 million. RON-denominated loans, representing 72.4 percent of total volume of loans to non-government sector, moved up 1.3 percent, whilst foreign currency-denominated loans, representing 27.6 percent of total loans to non-government sector, decreased 1.0 percent when expressed in RON (similar evolution when expressed in EUR).
In year-on-year comparison, loans to non-government sector advanced 14.8 percent (6.1 percent in real terms), on the back of the 19.6 percent increase in RON-denominated loans (10.6 percent in real terms) and the 3.9 percent rise in foreign currency-denominated loans expressed in RON (up 2.2 percent when expressed in EUR).
Table 3. Non-government loans*
| INDICATORS |
31 December 2021
(RON mill.) |
Dec. 2021/
Nov. 2021
% |
Dec. 2021/
Dec. 2020
% |
| Non-government loans (total) **
| 324,227.9
| 0.7
| 14.8 |
| RON-denominated non-government loans:
| 234,841.4
| 1.3
| 19.6 |
| -households
| 136,823.4
| 0.6
| 15.3 |
| -other sectors (non-financial corporations and non-monetary financial institutions)
| 98,018.1
| 2.4
| 26.2 |
| Forex-denominated non-government loans:
| 89,386.5
| -1.0
| 3.9 |
| -households
| 27,526.4
| -1.4
| -11.9 |
| -other sectors (non-financial corporations and non-monetary financial institutions)
| 61,860.1
| -0.8
| 12.8 |
* provisional data
** non-performing loans are also included
Credit to general government2 went up 9.0 percent in December 2021 from the previous month to RON 172,628.2 million and 18.6 percent (9.6 percent in real terms) year on year.
Deposits of non-government resident customers stood 3.6 percent higher month on month at RON 479,302.9 million and the annual growth rate was 13.9 percent (5.3 percent in real terms).
RON-denominated deposits of residents, representing 65.0 percent of deposits of non-government customers, increased 4.6 percent to RON 311,439.6 million month on month and rose 13.5 percent (4.9 percent in real terms) year on year.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
31 December 2021
(RON mill.) |
Dec. 2021/
Nov. 2021
% |
Dec. 2021/
Dec. 2020
% |
| Deposits of non-government resident customers (total)**
| 479,302.9
| 3.6
| 13.9 |
| RON-denominated deposits of residents:
| 311,439.6
| 4.6
| 13.5 |
| - households
| 165,023.8
| 2.5
| 9.0 |
| - other sectors (non-financial corporations and non-monetary financial institutions)
| 146,415.8
| 7.2
| 19.1 |
| Forex-denominated deposits of residents:
| 167,863.3
| 1.8
| 14.7 |
| - households
| 118,845.4
| 1.8
| 12.9 |
| - other sectors (non-financial corporations and non-monetary financial institutions)
| 49,017.9
| 1.9
| 19.3 |
* provisional data
** it includes current accounts, demand deposits and all time deposits, irrespective of maturity
RON-denominated households deposits increased by 2.5 percent to RON 165,023.8 million month on month and advanced 9.0 percent (0.7 percent in real terms) year on year.
RON-denominated deposits of other sectors (non-financial corporations and non-monetary financial institutions) moved up 7.2 percent (to RON 146,415.8 million) month on month and increased 19.1 percent (10.1 percent in real terms) year on year.
Foreign currency-denominated deposits of residents, representing 35.0 percent of total volume of deposits of non-government customers, increased by 1.8 percent against November 2021 to RON 167,863.3 million when expressed in domestic currency (when expressed in EUR, these deposits moved ahead 1.8 percent to EUR 33,924.8 million). In year-on-year comparison, this indicator grew 14.7 percent when expressed in RON and 12.9 percent when expressed in EUR.
Foreign currency-denominated deposits of households went up 1.8 percent from November 2021 to RON 118,845.4 million when expressed in RON (up 1.8 percent when expressed in EUR). On an annual basis, this indicator expanded by 12.9 percent when expressed in domestic currency and by 11.1 percent when expressed in EUR.
Foreign currency-denominated deposits of other sectors advanced 1.9 percent against November 2021 to RON 49,017.9 million when expressed in RON (2.0 percent when expressed in EUR). Compared to December 2020, this indicator moved up 19.3 percent when expressed in RON (17.4 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-January 2022 will be issued on 23 February 2022.
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