At end-November, broad money (M2) came in at ROL 244,840 billion, up 3.4 percent in nominal terms (0.7 percent in real terms) month on month. The monetary expansion resulted from the increase in both net foreign assets and net domestic assets.
Net foreign assets raced ahead 3.8 percent to ROL 161,043 billion, due to the 4.4 percent rise under "Convertible currencies" and the virtually unchanged balance under "Gold". The "Convertible currencies" component expanded on the back of foreign exchange purchases by the central bank.
Net domestic assets leapt by 2.6 percent to ROL 83,798 billion. Domestic credit added 1.8 percent to ROL 131,514 billion and other assets, net increased their negative balance by 0.4 percent.
In November, non-government credit went up 3.5 percent (in real terms it rose 16.3 percent in the first eleven months of the year) to reach ROL 111,190 billion on the back of increases in both ROL- and foreign-exchange-denominated loans, by 3.3 percent and 2 percent respectively. When expressed in ROL, the forex component moved up 3.7 percent. Government credit, net contracted by 6.8 percent (down to ROL 20,323 billion) as a result of: (i) the increase in deposits of the General Account of Treasury with the National Bank of Romania; (ii) the rise in some extra-budgetary funds; and (iii) redemption of government securities. Narrow money (M1) inched up 0.6 percent, reaching ROL 50,331 billion, as a result of the 0.8 percent growth in currency outside banks (amounting to ROL 31,080 billion) and the 0.3 percent upswing in demand deposits (reaching ROL 19,251 billion).
Quasi-money stood 4.1 percent higher at ROL 194,509 billion. Household savings added 3.4 percent to ROL 58,670 billion, further holding 24 percent of broad money, whereas the Treasury certificates outstanding with households put on 2.5 percent reaching ROL 14,607 billion. Foreign-exchange deposits of households (when expressed in USD) expanded by 2.9 percent while the volume of foreign-exchange-denominated government securities outstanding with households was broadly unchanged (equivalent to USD 121 million).
Corporate deposits in ROL rose 6 percent to ROL 23,943 billion. Time deposits displayed a 9 percent upsurge to ROL 14,037 billion, restricted deposits grew by 0.8 percent to ROL 4,843 billion, and the certificates of deposit climbed 3 percent to ROL 5,063 billion.
Forex deposits of residents (including households) expressed in ROL swelled by 4.1 percent to ROL 111,897 billion (when expressed in USD, forex deposits moved up 2.4 percent to USD 3,549 million).
At end-November, non-banks held government securities worth ROL 33,483 billion (up 2.9 percent against October). Foreign-exchange-denominated government securities outstanding with non-banks were 1.1 percent higher over the month before, reaching the equivalent of USD 197.4 million.