At end-February 2003, broad money (M2) ran at ROL 367,401 billion, up 3.3 percent in nominal terms (2.5 percent in real terms) month on month.
Table 1. Broad money and its counterparts
| INDICATORS |
31 January 2003
(ROL billion) |
28 February 2003
(ROL billion) |
Change
(%) |
| Broad money |
355,721 |
367,401 |
3.3 |
| Net foreign assets |
232,227 |
234,636 |
1.0 |
| Net domestic assets |
123,494 |
132,765 |
7.5 |
Net foreign assets added one percent to ROL 234,636 billion, due to the 1.2 percent increase under "Convertible currencies" and the virtually unchanged "Gold" component.
Net domestic assets edged up 7.5 percent to ROL 132,765 billion. Domestic credit stepped up 3.7 percent to ROL 207,927 billion, and the negative balance under other assets, net, narrowed by 2.5 percent to ROL 75,162 billion.
In February, non-government credit advanced by 2.6 percent (3.3 percent in real terms for the first two months) to ROL 189,484 billion, as a result of the growth in loans in ROL and in foreign exchange by 3.1 percent and 2.3 percent respectively.
Government credit, net, picked up 15.5 percent to ROL 18,443 billion due to (i) the contraction in the reserves in the General Account of Treasury opened with the National Bank of Romania; (ii) new issues of government securities; and (iii) redemption of foreign-exchange-denominated government securities.
Table 2. Domestic credit and its components
| INDICATORS |
31 January 2003
(ROL billion) |
28 February 2003
(ROL billion) |
Change
(%) |
| Domestic credit |
200,572 |
207,927 |
3.7 |
| Non-government credit |
184,610 |
189,484 |
2.6 |
| Government credit |
15,962 |
18,443 |
15.5 |
Narrow money (M1) moved up 6.1 percent to ROL 78,288 billion, on account of the 10.2 percent rise in currency outside banks to ROL 45,772 billion and the 0.8 percent growth in demand deposits to ROL 32,516 billion.
Table 3. Narrow money and its components
| INDICATORS |
31 January 2002
(ROL billion) |
28 February 2003
(ROL billion) |
Change
(%) |
| M1 |
73,802 |
78,288 |
6.1 |
| Currency outside banks |
41,543 |
45,772 |
10.2 |
| Demand deposits |
32,259 |
32,516 |
0.8 |
Quasi-money crept up 2.6 percent to ROL 289,113 billion. Household savings put on 2.5 percent to ROL 92,753 billion, accounting for 25.2 percent of broad money against 25.4 percent at end-January.
Corporate deposits in ROL expanded by 4.5 percent to ROL 48,326 billion. Time deposits moved up 4.8 percent to ROL 26,802 billion, restricted deposits climbed 5.2 percent to ROL 9,217 billion, and certificates of deposits went up 3.5 percent to ROL 12,307 billion.
Forex deposits of residents (including households), when expressed in ROL, stepped up 2 percent to ROL 148,033 billion (when expressed in USD, forex deposits amounted to USD 4,469 million). Forex deposits of households remained broadly unchanged (equivalent to USD 2,022 million).
Table 4. Quasi-money and its components
| INDICATORS |
31 January 2003
(ROL billion) |
28 February 2003
(ROL billion) |
Change
(%) |
| Quasi-money |
281,920 |
289,113 |
2.6 |
| Household savings |
90,509 |
92,753 |
2.5 |
| ROL-denominated corporate deposits |
46,236 |
48,326 |
4.5 |
| Forex-denominated deposits of residents |
145,175 |
148,033 |
2.0 |
| - of which: households |
66,938 |
66,955 |
0 |
At end-February, non-banks held government securities totalling ROL 42,110 billion (up 1.4 percent month on month), of which securities in foreign exchange amounted to USD 93.6 million, 16.4 percent higher versus January.
Table 5. Government securities held by non-banks
| INDICATORS |
31 January 2003 |
28 February 2003 |
Change (%) |
| ROL-denominated government securities held by non-banks (ROL billion) |
38,868 |
39,007 |
0.4 |
| Forex-denominated government securities held by non-banks (USD million) |
80.4 |
93.6 |
16.4 |