Banca Naţională a României

At end-October 2002, broad money (M2) equalled ROL 324,933 billion, up 2.4 percent in nominal terms (0.8 percent in real terms) month on month.

Net foreign assets added 4.6 percent to ROL 218,928 billion, due to the 5.4 percent rise under "Convertible currencies" and the virtually unchanged "Gold" component. The "Convertible currencies" component increased mainly on the back of purchases by the National Bank of Romania on the forex market, and the release of the second tranche of the PSAL II loan granted by the World Bank.

Net domestic assets stepped down 1.9 percent to ROL 106,005 billion. Domestic credit inched up 0.2 percent to ROL 170,551 billion, and the negative balance under other assets, net widened by 3.8 percent.

In October, non-government credit moved ahead 5.1 percent (a 23.3 percent real increase in the first ten months of the year) to ROL 164,935 billion, as a result of the 7.1 percent rise in ROL loans and the 3.8 percent uplift in foreign-exchange loans (2.4 percent rise when expressed in USD).

Government credit, net plunged 57.6 percent to ROL 5,616 billion due chiefly to: (i) the expansion in the balance in ROL and foreign exchange of the Ministry of Public Finance with the National Bank of Romania, and (ii) the redemption of government securities.

Narrow money (M1) picked up 1.2 percent to ROL 72,319 billion, on account of the 2.4 percent drop in currency outside banks to ROL 41,324 billion, and the 6.5 percent climb in demand deposits to ROL 30,995 billion.

Quasi-money put on 2.7 percent to ROL 252,614 billion. Household savings went ahead 2.9 percent to ROL 82,290 billion, accounting for 25.3 percent of broad money against 25.2 percent at end-September.

Corporate deposits in ROL stepped up 6 percent to ROL 40,363 billion. Time deposits moved up 3.6 percent to ROL 22,597 billion, restricted deposits grew by 6.6 percent to ROL 7,714 billion and certificates of deposits rose by 11.5 percent to ROL 10,052 billion.

Forex deposits of residents (including households), when expressed in ROL, picked up 1.6 percent to ROL 129,960 billion (when expressed in USD, forex deposits inched up 0.2 percent to USD 3,876 million). Forex deposits of households put on 0.2 percent (equivalent to USD 1,885 million).

At end-October, non-banks held government securities worth ROL 43,026 billion (down 1.2 percent month on month). Foreign exchange government securities outstanding with non-banks amounted to the equivalent of USD 139.8 million, 15.6 percent lower versus September.