At end-October 2023, broad money (M3) amounted to RON 640,861.4 million, up 0.02 percent (-0.6 percent in real terms1) month on month. In year-on-year comparison, broad money rose by 10.3 percent (2.1 percent in real terms).
Table 1. Monetary aggregates*
| INDICATORS |
31 October 2023
(RON mill.) |
Oct. 2023/
Sep. 2023
% |
Oct. 2023/
Oct. 2022
% |
| M1 (narrow money)
| 392,263.7
| -0.6
| -1.5 |
| Currency in circulation
| 109,137.9
| -0.1
| 8.9 |
| Overnight deposits**
| 283,125.8
| -0.8
| -5.0 |
| M2 (intermediate money)
| 640,861.4
| 0.02
| 10.3 |
| M1
| 392,263.7
| -0.6
| -1.5 |
| 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)
| 248,597.7
| 1.0
| 36.1 |
| M3 (broad money)
| 640,861.4
| 0.02
| 10.3 |
| M2
| 640,861.4
| 0.02
| 10.3 |
| 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 October 2023
(RON mill.) |
Oct. 2023/
Sep. 2023
% |
Oct. 2023/
Oct. 2022
% |
| Broad money (M3)
| 640,861.4
| 0.02
| 10.3 |
| Net foreign assets **
| 320,101.1
| -2.3
| 24.1 |
| Net domestic assets ***
| 320,760.3
| 2.4
| -0.7 |
* 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 January 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-October 2023, loans to non-government sector granted by credit institutions increased 0.2 percent (-0.4 percent in real terms) from September 2023 to RON 381,891.5 million. RON-denominated loans, representing 68.3 percent of total volume of loans to non-government sector, rose by 0.6 percent, whilst foreign currency-denominated loans, holding 31.7 percent of total loans to non-government sector, decreased by 0.6 percent when expressed in RON (-0.5 percent when expressed in EUR).
In year-on-year comparison, loans to non-government sector advanced 5.0 percent (-2.8 percent in real terms), on the back of the 2.2 percent increase in RON-denominated loans (-5.5 percent in real terms) and the 11.8 percent rise in foreign currency-denominated loans expressed in RON (10.6 percent when expressed in EUR).
Table 3. Non-government loans*
| INDICATORS |
31 October 2023
(RON mill.) |
Oct. 2023/
Sep. 2023
% |
Oct. 2023/
Oct. 2022
% |
| Non-government loans (total)
| 381,891.5
| 0.2
| 5.0 |
| RON-denominated non-government loans:
| 260,958.4
| 0.6
| 2.2 |
| - household loans
| 151,546.5
| 0.7
| 3.0 |
| - corporate loans (non-financial corporations and non-monetary financial institutions)
| 109,411.9
| 0.4
| 1.1 |
| Forex-denominated non-government loans:
| 120,933.2
| -0.6
| 11.8 |
| - household loans
| 22,034.3
| -1.9
| -11.2 |
| - corporate loans (non-financial corporations and non-monetary financial institutions)
| 98,898.9
| -0.4
| 18.7 |
* provisional data
** non-performing loans are also included
Credit to general government2 decreased by 2.5 percent in October 2023 from the previous month, to RON 184,272.2 million. In year-on-year comparison, this indicator increased by 10.7 percent (2.4 percent in real terms).
Deposits of non-government resident customers grew by 0.1 percent month on month to RON 548,343.5 million, while the annual growth rate was 11.7 percent (3.4 percent in real terms).
RON-denominated deposits of residents, representing 68.7 percent of deposits of non-government customers, declined by 0.04 percent to RON 376,589.3 million month on month. In year-on-year comparison, they rose by 20.6 percent (11.6 percent in real terms).
Table 4. Deposits of non-government resident customers*
| INDICATORS |
31 October 2023
(RON mill.) |
Oct. 2023/
Sep. 2023
% |
Oct. 2023/
Oct. 2022
% |
| Deposits of non-government resident customers (total) **
| 548,343.5
| 0.1
| 11.7 |
| RON-denominated deposits of residents:
| 376,589.3
| -0.04
| 20.6 |
| - household deposits
| 206,390.4
| 1.8
| 24.8 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions)
| 170,198.8
| -2.2
| 15.9 |
| Forex-denominated deposits of residents:
| 171,754.3
| 0.3
| -3.8 |
| - household deposits
| 119,293.5
| -0.2
| -4.0 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions)
| 52,460.8
| 1.6
| -3.5 |
* provisional data
** it includes current accounts, demand deposits and all time deposits, irrespective of maturity
RON-denominated household deposits increased by 1.8 percent to RON 206,390.4 million month on month and by 24.8 percent (15.5 percent in real terms) year on year.
RON-denominated deposits of other sectors (non-financial corporations and non-monetary financial institutions) declined by 2.2 percent (to RON 170,198.8 million) month on month and added 15.9 percent (7.3 percent in real terms) year on year.
Foreign currency-denominated deposits of residents, representing 31.3 percent of the total volume of deposits of non-government customers, rose by 0.3 percent against September 2023 to RON 171,754.3 million when expressed in domestic currency (when expressed in EUR, these deposits grew by 0.5 percent to EUR 34,579.8 million). Compared to October 2022, this indicator dropped by 3.8 percent when expressed in RON (-4.9 percent when expressed in EUR).
Foreign currency-denominated deposits of households dropped by 0.2 percent from September 2023 to RON 119,293.5 million when expressed in RON (when expressed in EUR, these deposits went down 0.1 percent to EUR 24,017.7 million). In year-on-year comparison, the indicator decreased by 4.0 percent when expressed in domestic currency (-5.0 percent when expressed in EUR).
Foreign currency-denominated deposits of other sectors increased by 1.6 percent against September 2023 to RON 52,460.8 million when expressed in RON (when expressed in EUR, these deposits increased by 1.7 percent to EUR 10,562.1 million). Compared to October 2022, the indicator dropped by 3.5 percent when expressed in RON (-4.6 percent 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-November 2023 will be issued on 27 December 2023.
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