Banca Naţională a României

At end-April 2004, broad money (M2) came in at ROL 480,254 billion, down 0.25 percent in nominal terms and 0.85 percent in real terms against March. In year-on-year comparison, broad money expanded by 26.9 percent, or 12.8 percent in real terms.

Net foreign assets inched down 0.4 percent to ROL 267,393 billion in April, due to the 0.5 percent drop under "Convertible currencies" and the "Gold" component remaining virtually unchanged.

Net domestic assets edged down 0.1 percent to ROL 212,861 billion. Domestic credit fell by 0.3 percent to ROL 323,109 billion and the negative balance under other assets, net, narrowed by 0.7 percent to ROL 110,248 billion.

Non-government credit rose 2.5 percent month on month, or 1.9 percent in real terms, to ROL 333,112 billion, following the 1.6 percent increase in ROL-denominated loans and the 3.2 percent rise in foreign exchange-denominated loans (4.4 percent when expressed in EUR). In year-on-year comparison, non-government credit jumped by 62 percent (44 percent in real terms) on the back of the 79.6 percent surge in ROL-denominated loans (59.6 percent in real terms) and the 50.6 percent expansion in foreign exchange-denominated loans (37.6 percent when expressed in EUR).

Government credit, net, showed a negative balance of ROL 10,003 billion (compared with ROL 926.4 billion in March), on the back of: (i) the expansion in deposits of the State Treasury, (ii) the advance in deposits of the Ministry of Public Finance with the NBR, and (iii) the issues of government securities in ROL launched by the Ministry of Public Finance on the domestic market.

Narrow money (M1) stood 6 percent higher in nominal terms to ROL 113,651 billion due to the 10.4 percent drop in currency outside banks (to ROL 63,788 billion) and the 0.9 percent pick-up in demand deposits (to ROL 49,863 billion).

Quasi-money moved 2.1 percent lower in nominal terms to ROL 366,603 billion. Household savings stepped up 3.3 percent to ROL 110,668 billion, accounting for 22.3 percent of broad money. Household savings advanced year on year by 17.6 percent, or 4.5 percent in real terms.

Corporate deposits in ROL slipped by 7.8 percent in nominal terms to ROL 72,804 billion. Time deposits dipped by 12.1 percent to ROL 44,368 billion, restricted deposits climbed 4 percent to ROL 12,429 billion, while certificates of deposit slid by 3.1 percent to ROL 16,008 billion. Corporate deposits in ROL leapt year on year by 44.5 percent, or 28.4 percent in real terms.

Forex deposits of residents (including households), when expressed in ROL, crept down 2.7 percent in nominal terms to ROL 183,130 billion (when expressed in EUR, forex deposits amounted to EUR 4,530 million). Household forex deposits with banks added 0.9 percent to ROL 92,327 billion (when expressed in EUR, household deposits advanced by 2.1 percent, the equivalent of EUR 2,284 million). Corporate deposits in foreign exchange diminished by 6 percent to ROL 81,026 billion (when expressed in EUR, they stepped down 4.9 percent to EUR 2,004 million). In year-on-year comparison, forex deposits of residents, when expressed in EUR, grew by 14.5 percent, those of households by 19.3 percent, and corporate forex deposits by 10.4 percent.

At end-April 2004, non-banks held government securities tantamount to ROL 61,009 billion (10.6 percent higher month on month), of which foreign-exchange-denominated securities to the equivalent of EUR 158 million, 0.7 percent lower against March.