At end-November 2002, broad money (M2) ran at ROL 334,584 billion, up 3 percent in nominal terms (0.4 percent in real terms) month on month.
Table 1. Broad money and its counterparts
| INDICATORS |
31 October 2002
(ROL billion) |
30 November 2002
(ROL billion) |
Change
(%) |
| Broad money |
324,933 |
334,584 |
3.0 |
| Net foreign assets |
218,928 |
220,276 |
0.6 |
| Net domestic assets |
106,005 |
114,308 |
7.8 |
Net foreign assets added 0.6 percent to ROL 220,276 billion, due to the 0.6 percent rise under "Convertible currencies" and the virtually unchanged "Gold" component. The "Convertible currencies" component grew mainly on the back of the increase in banks' foreign exchange position. The National Bank of Romania's reserve assets dropped due to payments on external debt.
Net domestic assets picked up 7.8 percent to ROL 114,308 billion. Domestic credit moved up 6.2 percent to ROL 181,090 billion, and the negative balance under other assets, net widened by 3.5 percent.
In November, non-government credit moved ahead 4 percent (a 24.9 percent real increase January through November) to ROL 171,494 billion, as a result of the 6.2 percent rise in ROL loans and the 2.6 percent uplift in foreign-exchange loans (2.5 percent rise when expressed in USD).
Government credit, net surged 70.1 percent to ROL 9,597 billion due chiefly to: (i) the contraction in the balances of the Ministry of Public Finance with the National Bank of Romania, and (ii) the issue of government securities.
Narrow money (M1) picked up 0.7 percent to ROL 72,822 billion, on account of the 0.9 percent increase in currency outside banks to ROL 41,688 billion, and the 0.4 percent climb in demand deposits to ROL 31,134 billion.
Table 2. Narrow money and its components
| INDICATORS |
31 October 2002
(ROL billion) |
30 November 2002
(ROL billion) |
Change
(%) |
| M1 |
72,319 |
72,822 |
0.7 |
| Currency outside banks |
41,324 |
41,688 |
0.9 |
| Demand deposits |
30,995 |
31,134 |
0.4 |
Quasi-money went up 3.6 percent to ROL 261,762 billion. Household savings advanced 1.9 percent to ROL 83,837 billion, accounting for 25.1 percent of broad money against 25.3 percent at end-October.
Corporate deposits in ROL grew by 5.9 percent to ROL 42,750 billion. Time deposits moved up 5.7 percent to ROL 23,882 billion, restricted deposits rose by 5.6 percent to ROL 8,149 billion and certificates of deposits added 6.6 percent to ROL 10,719 billion.
Forex deposits of residents (including households), when expressed in ROL, stepped up 4 percent to ROL 135,175 billion (when expressed in USD, forex deposits augmented by 3.9 percent to USD 4,027 million). Forex deposits of households put on 1.3 percent (equivalent to USD 1,909 million).
Table 3. Quasi-money and its components
| INDICATORS |
31 October 2002
(ROL billion) |
30 November 2002
(ROL billion) |
Change
(%) |
| Quasi-money |
252,614 |
261,762 |
3.6 |
| Household savings |
82,290 |
83,837 |
1.9 |
| ROL-denominated corporate deposits |
40,363 |
42,750 |
5.9 |
| Forex-denominated deposits of residents |
129,960 |
135,175 |
4.0 |
| - of which: households |
63,178 |
64,099 |
1.5 |
At end-November, non-banks held government securities totalling ROL 42,677 billion (down 0.8 percent month on month). Foreign-exchange government securities outstanding with non-banks amounted to USD 155.1 million, 10.9 percent higher versus October.
Table 4. Government securities held by non-banks
| INDICATORS |
31 October 2002 |
30 November 2002 |
Change (%) |
| ROL-denominated government securities held by non-banks (ROL billion) |
38,337 |
37,468 |
-2.3 |
| - of which: households |
18,416 |
18,808 |
2.1 |
| Forex-denominated government securities held by non-banks (USD million) |
139.8 |
155.18 |
10.9 |
| - of which: households |
46.3 |
45.8 |
-1.1 |