At end-December 2022, broad money (M3) amounted to RON 603,118.5 million, up 3.2 percent (2.8 percent in real terms 1) month on month. In year-on-year comparison, broad money rose by 6.9 percent (down 8.2 percent in real terms).
Table 1. Monetary aggregates*
| INDICATORS |
31 December 2022
(RON mill.) |
Dec. 2022/
Nov. 2022
% |
Dec. 2022/
Dec. 2021
% |
| M1 (narrow money)
| 398,407.6
| 2.2
| -2.1 |
| Currency in circulation
| 101,317.5
| 1.7
| 5.4 |
| Overnight deposits**
| 297,090.1
| 2.3
| -4.4 |
| M2 (intermediate money)
| 603,118.5
| 3.2
| 6.9 |
| M1
| 398,407.6
| 2.2
| -2.1 |
| 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)
| 204,710.9
| 5.2
| 29.9 |
| M3 (broad money)
| 603,118.5
| 3.2
| 6.9 |
| M2
| 603,118.5
| 3.2
| 6.9 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, debt securities issued 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 2022
(RON mill.) |
Dec. 2022/
Nov. 2022
% |
Dec. 2022/
Dec. 2021
% |
| Broad money (M3)
| 603,118.5
| 3.2
| 6.9 |
| Net foreign assets **
| 250,549.3
| -0.03
| 4.2 |
| Net domestic assets ***
| 352,569.1
| 5.6
| 8.9 |
* 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-December 2022, loans to non-government sector granted by credit institutions decreased by 0.2 percent (or 0.6 percent in real terms) from November 2022 to RON 363,608.2 million. RON-denominated loans, representing 68.8 percent of total volume of loans to non-government sector, went down by 1.1 percent, whilst foreign currency-denominated loans, holding 31.2 percent of total loans to non-government sector, grew 1.7 percent when expressed in RON (1.1 percent when expressed in EUR).
In year-on-year comparison, loans to non-government sector advanced 12.1 percent (down 3.6 percent in real terms), on the back of the 6.6 percent increase in RON-denominated loans (down 8.4 percent in real terms) and the 26.7 percent rise in foreign currency-denominated loans expressed in RON (similar evolution when expressed in EUR).
Table 3. Non-government loans*
| INDICATORS |
31 December 2022
(RON mill.) |
Dec. 2022/
Nov. 2022
% |
Dec. 2022/
Dec. 2021
% |
| Non-government loans (total)
| 363,608.2
| -0.2
| 12.1 |
| RON-denominated non-government loans:
| 250,336.0
| -1.1
| 6.6 |
| - household loans
| 146,860.4
| -0.3
| 7.3 |
| - corporate loans (non-financial corporations and non-monetary financial institutions)
| 103,475.6
| -2.1
| 5.6 |
| Forex-denominated non-government loans:
| 113,272.2
| 1.7
| 26.7 |
| - household loans
| 24,627.4
| -0.1
| -10.5 |
| - corporate loans (non-financial corporations and non-monetary financial institutions)
| 88,644.8
| 2.2
| 43.3 |
* provisional data
** non-performing loans are also included
Credit to general government2 went down 1.1 percent in December 2022 from the previous month, to RON 170,099.7 million. In year-on-year comparison, this indicator decreased by 1.5 percent (or 15.3 percent in real terms).
Deposits of non-government resident customers moved up by 3.6 percent month on month to RON 513,288.0 million, while the annual growth rate was 7.1 percent (down 8.0 percent in real terms).
RON-denominated deposits of residents, representing 65.8 percent of deposits of non-government customers, picked up by 5.6 percent to RON 337,975.2 million month on month. In year-on-year comparison, they grew by 8.5 percent (down 6.7 percent in real terms).
Table 4. Deposits of non-government resident customers*
| INDICATORS |
31 December 2022
(RON mill.) |
Dec. 2022/
Nov. 2022
% |
Dec. 2022/
Dec. 2021
% |
| Deposits of non-government resident customers (total) **
| 513,288.0
| 3.6
| 7.1 |
| RON-denominated deposits of residents:
| 337,975.2
| 5.6
| 8.5 |
| - household deposits
| 178,452.7
| 6.2
| 8.1 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions)
| 159,522.6
| 4.9
| 9.0 |
| Forex-denominated deposits of residents:
| 175,312.8
| -0.02
| 4.4 |
| - household deposits
| 124,336.8
| 0.8
| 4.6 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions)
| 50,976.0
| -2.0
| 4.0 |
* provisional data
** it includes current accounts, demand deposits and all time deposits, irrespective of maturity
RON-denominated household deposits increased by 6.2 percent to RON 178,452.7 million month on month and by 8.1 percent (down 7.1 percent in real terms) year on year.
RON-denominated deposits of other sectors (non-financial corporations and non-monetary financial institutions) rose by 4.9 percent (to RON 159,522.6 million) month on month and by 9.0 percent (down 6.4 percent in real terms) year on year.
Foreign currency-denominated deposits of residents, representing 34.2 percent of the total volume of deposits of non-government customers, went down by 0.02 percent against November 2022 to RON 175,312.8 million when expressed in domestic currency (when expressed in EUR, these deposits decreased by 0.6 percent to EUR 35,435.3 million). Compared to December 2021, this indicator grew by 4.4 percent when expressed in RON (4.5 percent when expressed in EUR).
Foreign currency-denominated deposits of households increased by 0.8 percent from November 2022 to RON 124,336.8 million when expressed in RON (when expressed in EUR, these deposits advanced 0.2 percent to EUR 25,131.7 million). In year-on-year comparison, the indicator expanded by 4.6 percent when expressed in domestic currency (similar evolution when expressed in EUR).
Foreign currency-denominated deposits of other sectors went down by 2.0 percent against November 2022 to RON 50,976.0 million when expressed in RON (when expressed in EUR, these deposits decreased by 2.5 percent to EUR 10,303.6 million). Compared to December 2021, the indicator moved up by 4.0 percent when expressed in RON (similar evolution when expressed in EUR).
Notes:
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.
Starting with January 2022, data for preparing monetary indicators are reported by monetary financial institutions in accordance with NBR Regulation No. 4/2021 on reporting statistical data and information to the National Bank of Romania, as subsequently amended and supplemented, Title I, Chapters I and II. Between January 2007 and December 2021, data have been reported by monetary financial institutions pursuant to NBR statistical regulations in force.
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.
Due to rounding, totals may not add up to the sum of the components or small differences may occur from the percentage changes in the tables.
The next press release on monetary indicators for end-January 2023 will be issued on 23 February 2023.
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