Banca Naţională a României

At end-March 2004, broad money (M2) came in at ROL 481,460 billion, up 5 percent in nominal terms and 4.5 percent in real terms against February. In year-on-year comparison, broad money expanded by 30.3 percent, or 15.2 percent in real terms.

Net foreign assets climbed by 5 percent to ROL 268,347 billion on account of the 6.1 percent rise under "Convertible currencies" and the "Gold" component remaining broadly unchanged.

Net domestic assets moved 5 percent higher to ROL 213,113 billion. Domestic credit swelled by 5.6 percent to ROL 325,375 billion and the negative balance under other assets, net, widened by 6.7 percent to ROL 112,262 billion.

Non-government credit, rose 3.5 percent in March, or 3 percent in real terms to ROL 325,097 billion, following the 0.6 percent pickup in loans in ROL and the 5.9 percent growth in loans in foreign exchange (3.6 percent when expressed in EUR). In year-on-year comparison, non-government credit jumped 65.2 percent (46.1 percent in real terms) on the back of the 86.2 percent climb in loans in ROL (64.7 percent in real terms) and the 51.6 percent increase in loans in foreign exchange (34.1 percent when expressed in EUR).

Government credit, net, showed a positive balance of ROL 278 billion (compared to a negative balance of ROL 6,058 billion in February), due mainly to the contraction in deposits of the State Treasury.

Narrow money (M1) advanced by 3 percent in nominal terms to ROL 107,174 billion as a result of the 0.9 percent drop in currency outside banks (to ROL 57,773 billion) and the 7.9 percent pick-up in demand deposits (to ROL 49,402 billion).

Quasi-money moved ahead 5.6 percent in nominal terms to ROL 374,286 billion. Household savings edged up 2.9 percent to ROL 107,141 billion, accounting for 22.3 percent of broad money versus 22.7 percent at end-February. Household savings advanced year on year by 15.1 percent, or 1.8 percent in real terms.

Corporate deposits in ROL added 4.4 percent in nominal terms to ROL 78,934 billion. Time deposits stepped up 5.7 percent to ROL 50,470 billion, restricted deposits inched down 0.3 percent to ROL 11,951 billion, while certificates of deposit went up 4.1 percent to ROL 16,513 billion. Corporate deposits in ROL leapt year on year by 57.6 percent or 39.3 percent in real terms.

Forex deposits of residents (including households), when expressed in ROL, crept up 7.8 percent in nominal terms to ROL 188,211 billion (when expressed in EUR, forex deposits amounted to EUR 4,603 million). Household forex deposits with banks added 4.1 percent to ROL 91,503 billion (when expressed in EUR, household deposits edged up 1.8 percent, the equivalent of EUR 2,238 million). Corporate deposits in foreign exchange rose by 12.7 percent to ROL 86,167 billion (when expressed in EUR, they stepped up 10.3 percent to EUR 2,107 million). In year-on-year comparison, forex deposits of residents, when expressed in EUR, grew by 13.8 percent, those of households by 18.6 percent, and corporate forex deposits by 8.7 percent.

At end-March 2004, non-banks held government securities tantamount to ROL 55,182 billion (12.4 percent higher month on month), of which foreign-exchange-denominated securities to the equivalent of EUR 159 million, 2 percent higher from February.