At end-May 2009, broad money (M3) equalled RON 177,301.3 million, up 0.5 percent (0.5 percent in real terms) month on month. In year-on-year comparison, broad money rose 12.5 percent in nominal terms and 6.2 percent in real terms.
Table 1. Monetary aggregates*
| INDICATORS |
31 May 2009
(RON mill.)
|
May 2009/
April 2009
(%) |
May 2009/
May 2008
(%) |
| M1 (narrow money) |
79,861.1 |
-0.8 |
-7.0 |
| Currency in circulation |
24,154.2 |
-1.0 |
5.7 |
| Overnight deposits ** |
55,706.9 |
-0.7 |
-11.6 |
| M2 (intermediate money) |
176,617.5 |
0.5 |
12.1 |
| M1 |
79,861.1 |
-0.8 |
-7.0 |
| Deposits with an agreed maturity of up to and including two years (includes also deposits redeemable at notice of up to and including three months) |
96,756.4 |
1.5 |
34.9 |
| M3 (broad money) |
177,301.3 |
0.5 |
12.5 |
| M2 |
176,617.5 |
0.5 |
12.1 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, marketable securities with a maturity of up to and including two years) |
683.8 |
22.7 |
1,744.8 |
*provisional data
**current accounts, sight deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
31 May 2009
(RON mill.)
|
May 2009/
April 2009
(%) |
May 2009/
May 2008
(%) |
| Broad money (M3) |
171,301.3 |
0.5 |
12.5 |
| Net foreign assets ** |
10,758.0 |
-28.3 |
-47.4 |
| Net domestic assets *** |
166,543.3 |
3.2 |
21.4 |
* provisional data
** after deducting foreign liabilities from foreign assets.
Foreign assets include: loans granted to non-residents; marketable securities held (issued by non-residents), shares and other equity with non-residents; monetary gold. Foreign liabilities include liabilities incurred by non-residents: deposits, marketable securities issued on external markets.
*** after deducting domestic liabilities (except M3 components) from domestic assets.
Domestic assets include: loans granted to residents; marketable securities held (issued by residents), shares and other equity with residents. Domestic liabilities (except M3 components) include liabilities incurred by residents: deposits with an agreed maturity of over two years (including deposits redeemable at a period of notice of over three months); marketable securities with a maturity of over two years issued on domestic market; capital and reserves.
At end-May 2009, non-government loans granted by credit institutions dropped 0.7 percent (0.7 percent in real terms) from April 2009 to RON 199,079.5 million. RON-denominated loans decreased 0.8 percent (0.8 percent in real terms), whereas foreign currency-denominated loans declined by 0.7 percent when expressed in RON and by 0.6 percent when expressed in EUR. At end-May 2009, non-government loans climbed year on year by 15.9 percent (9.3 percent in real terms), on the back of the 4.5 percent increase in RON-denominated loans (down 1.4 percent in real terms) and the 25.4 percent advance in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans expanded by 8.7 percent).
Table 3. Non-government loans*
| INDICATORS |
31 May 2009
(RON mill.)
|
May 2009/
April 2009
(%) |
May 2009/
May 2008
(%) |
| Non-government loans (total) |
199,079.5 |
-0.7 |
15.9 |
| RON-denominated non-government loans: |
81,925.0 |
-0.8 |
4.5 |
| - household loans |
40,034.7 |
0.0
| 7.2 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
41,890.3 |
-1.6 |
2.1 |
| Forex-denominated non-government loans: |
117,154.5 |
-0.7 |
25.4 |
| - household loans |
59,865.3 |
-0.5 |
30.4 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
57,289.2 |
-0.9 |
20.5 |
*provisional data
Government credit1 stood 4.4 percent higher in May at RON 33,186.9 million. At end-May 2009, government credit increased 212.4 percent (194.8 percent in real terms), from the same year-ago period.
Deposits of non-government resident customers picked up month on month by 0.5 percent, reaching RON 155,367.6 million.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
30 May 2009
(RON mill.)
|
May 2009/
April 2009
(%) |
May 2009/
May 2008
(%) |
| Deposits of non-government resident customers (total) ** |
155,367.6 |
0.5 |
13.1 |
| RON-denominated deposits of residents: |
99,156.0 |
1.3 |
10.1 |
| - household deposits |
58,863.3 |
0.5 |
22.4 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
40,292.7 |
2.6 |
-4.0 |
| Forex-denominated deposits of residents: |
56,211.6 |
-0.9 |
18.9 |
| - household deposits |
32,648.5 |
0.1 |
17.2 |
| -corporate deposits (non-financial corporations and non-monetary financial institutions) |
23,563.1 |
-2.2 |
21.5 |
*provisional data
**includes current accounts, sight deposits and all term deposits, irrespective of maturity
RON-denominated household deposits added 0.5 percent to RON 58,863.3 million. At end-May 2009, household deposits in domestic currency jumped 22.4 percent (15.5 percent in real terms), against the same year-ago period.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) increased by 2.6 percent to RON 40,292.7 million. At end-May 2009, RON-denominated corporate deposits decreased year on year by 4.0 percent (9.3 percent in real terms).
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) went down 0.9 percent to RON 56,211.6 million when expressed in domestic currency (when expressed in EUR, forex deposits declined by 0.8 percent to EUR 13,452.2 million). In year-on-year comparison, residents' forex deposits expressed in RON advanced 18.9 percent (when expressed in EUR, residents' forex deposits augmented by 3.1 percent); household deposits in foreign exchange surged 17.2 percent when expressed in domestic currency (when expressed in EUR, household forex deposits increased by 1.5 percent) and corporate deposits in foreign exchange (non-financial corporations and non-monetary financial institutions) were up 21.5 percent when expressed in RON (when expressed in EUR, forex deposits of corporate residents grew 5.3 percent).
1includes credit to general government (central government, local government and social security funds) in the amount of RON 5,092.5 million and marketable securities issued by these institutional sectors, amounting to RON 28,094.4 million.