Banca Naţională a României

At end-September 2002, broad money (M2) totlled ROL 317,332 billion, up 0.8 percent in nominal terms (0.2 percent in real terms) month on month.

Net foreign assets inched down 0.4 percent to ROL 209,265 billion, due to the 0.5 percent fall under "Convertible currencies" and the virtually unchanged "Gold" component. The "Convertible currencies" component dropped mainly on the back of repayments on external public debt, which exceeded inlows from loans granted by the IMF under the stad-by arrangement (worth USD 109.4 million), and purchases by the central bank on the forex market.

Net domestic assets added 3.2 percent to ROL 108,068 billion. Domestic credit grew by 3 percent to ROL 170,243 billion, and the negative balance under other assets, net widened by 2.6 percent.

In September, non-government credit moved ahead 4.1 percent (a 19.2 percent real increase in the first nine months of the year) to ROL 157,003 billion, as a result of the 6.3 percent rise in ROL loans and the 2.8 percent uplift in foreign-exchange loans (3.3 percent rise when expressed in USD).

Government credit, net stepped down 8.4 percent to ROL 13,241 billion due to: (i) the redemption of ROL- and foreign exchange-denominated government securities and (ii) the contraction in the balance in ROL of the Ministry of Public Finance with the National Bank of Romania.

Narrow money (M1) picked up 3 percent to ROL 71,435 billion, on account of the 2.6 percent growth in currency outside banks to ROL 42,334 billion, and the 3.5 percent increase in demand deposits to ROL 29,101 billion.

Quasi-money added 0.2 percent to ROL 245,897 billion. Household savings rose 0.8 percent to ROL 79,946 billion, accounting for 25.2 percent of broad money, similar to end-August.

Corporate deposits in ROL stepped down 4.2 percent to ROL 38,077 billion. Time deposits dipped 9.6 percent to ROL 21,822 billion, restricted deposits grew by 3.4 percent to ROL 7,236 billion and certificates of deposits rose by 5 percent to ROL 9,019 billion.

Forex deposits of residents (including households), when expressed in ROL, expanded by 1.2 percent to ROL 127,874 billion (when expressed in USD, forex deposits went up 1.7 percent to USD 3,869 million). Forex deposits of households put on 0.3 percent (equivalent to USD 1,881 million).

At end-September, non-banks held government securities worth ROL 43,563 billion (up 2.6 percent month on month). Foreign-exchange government securities outstanding with non-banks amounted to the equivalent of USD 165.6 million, 1.3 percent lower versus August.