Banca Naţională a României

At end-August 2002, broad money (M2) stood at ROL 314,850 billion, up 3.7 percent in nominal terms (2.9 percent in real terms) against end-July.

Net foreign assets picked up 3.4 percent to ROL 210.154 billion, due to the 3.9 percent rise under "Convertible currencies" and the virtually unchanged "Gold" component. The "Convertible currencies" component expanded on the back of purchases by the central bank on the forex market and the rise in official forex funds.

Net domestic assets moved up 4.5 percent to ROL 104,696 billion. Domestic credit grew by 2.1 percent to ROL 165,289 billion, and the negative balance under other assets, net narrowed by 1.7 percent.

In August, non-government credit moved 3.3 percent ahead (15.2 percent real increase in the first eight months of the year) to ROL 150,834 billion, on account of the 2.6 percent rise in ROL loans and the 2.7 percent step up in foreign-exchange loans (3.7 percent rise when expressed in ROL).

Government credit, net went down 8.8 percent to ROL 14,455 billion as a result of: (i) the increase in ROL balances of the Ministry of Public Finance with the National Bank of Romania; (ii) new issues of government securities; (iii) the climb in foreign exchange balances of the Ministry of Public Finance.

Narrow money (M1) added 5.6 percent to ROL 69,383 billion, on account of the 5.5 percent growth in currency outside banks to ROL 41,257 billion, and the 5.6 percent increase in demand deposits to ROL 28,126 billion.

Quasi-money increased 3.2 percent to ROL 245,468 billion. Household savings rose by 2.4 percent to ROL 79,337 billion, accounting for 25.2 percent of broad money against 25.5 percent at end-July.

Corporate deposits in ROL advanced 6.4 percent to ROL 39,742 billion. Time deposits put on 7.5 percent to ROL 24,150 billion, restricted deposits moved up 2.8 percent to ROL 7,001 billion and certificates of deposits grew by 6.6 percent to ROL 8,591 billion.

Forex deposits of residents (including households), when expressed in ROL, picked up 2.8 percent to ROL 126,389 billion (when expressed in USD, forex deposits moved up 1.8 percent to USD 3,805 million). Forex deposits of households went up 2 percent (to USD 1,876 million).

At end-August, non-banks held government securities worth ROL 42,463 billion (down 0.7 percent month on month). Foreign-exchange government securities outstanding with non-banks amounted to the equivalent of USD 167.8 million, 13.7 percent higher versus July.