Banca Naţională a României

At end-November 2003, broad money (M2) ran at ROL 425,654 billion, up 0.45 percent in nominal terms or down 0.9 percent in real terms month on month. The 12-month increase in broad money was 27.2 percent, or 11.1 percent in real terms.

Net foreign assets went down 3.8 percent to ROL 255,780 billion, due to the 4.4 percent drop under "Convertible currencies" and the virtually unchanged "Gold" component.

Net domestic assets rose by 7.5 percent to ROL 169,874 billion. Domestic credit advanced 5.8 percent to ROL 268,631 billion and the negative balance under other assets, net, widened by 3 percent to ROL 98,757 billion.

Non-government credit moved 4.5 percent higher in November (a 42.6 percent leap in real terms in the first eleven months of 2003) to ROL 288,999 billion, on the back of the 6.1 percent growth in loans in ROL and the 3.3 percent pick-up in loans in foreign exchange (up 1.4 percent when expressed in EUR). In the last 12 months, non-government credit soared by 68.5 percent, or 47.2 percent in real terms, following the 93.8 percent upsurge in credits in ROL and the 52.7 percent increase in credits in foreign exchange (up 26.7 percent when expressed in EUR).

The deficit under government credit, net, narrowed by 10.5 percent (to ROL 20,368 billion) due to (i) lower balance of the Treasury General Account and (ii) redemption of government securities in ROL.

Narrow money (M1) inched down 0.8 percent in nominal terms to ROL 99,413 billion on account of the 1.3 percent fall in currency outside banks (to ROL 57,262 billion) and the 0.2 percent decrease in demand deposits (to ROL 42,151 billion).

Quasi-money crept up 0.8 percent in nominal terms to ROL 326,241 billion. Household savings rose by 1.4 percent to ROL 97,160 billion, accounting for 22.8 percent of broad money versus 22.6 percent at end-October. In the November 2002 - November 2003 period, household savings moved ahead 15.9 percent, or 1.2 percent in real terms

Corporate deposits in ROL stood one percent higher in nominal terms, reaching ROL 60,910 billion. Time deposits edged down 0.6 percent to ROL 35,641 billion, restricted deposits increased by 3.5 percent to ROL 10,954 billion, and certificates of deposit grew by 3.3 percent to ROL 14,315 billion. In the last 12 months, corporate deposits in ROL jumped 42,5 percent, or 24.4 percent in real terms.

Forex deposits of residents (including households), when expressed in ROL, crept up 0.5 percent in nominal terms to ROL 168,172 billion (when expressed in EUR, forex deposits amounted to EUR 4,184 million). Forex deposits of households picked up 1.5 percent to ROL 83,925 billion (when expressed in EUR, household deposits inched down 0.3 percent, tantamount to EUR 2,088 million). Corporate deposits in foreign exchange shrank by 0.5 percent to ROL 74,566 billion (when expressed in EUR, they stepped down 2.3 percent to EUR 1,855 million). Foreign exchange deposits of residents, when expressed in euro, leapt 3.2 percent, foreign exchange deposits of households climbed 8.6 percent, and corporate deposits in foreign exchange declined 4.4 percent in the year to November.

At end-November, non-banks held government securities worth ROL 45,747 billion (down 0.3 percent month on month), of which foreign-exchange-denominated securities amounted to USD 131 million, 8.7 percent higher versus October.