Banca Naţională a României

At end-May 2004, broad money (M2) ran at ROL 490,510 billion, up 2.1 percent in nominal terms and 1.8 percent in real terms against April. In year-on-year comparison, broad money expanded by 29.4 percent, or 15.2 percent in real terms.

Net foreign assets inched up 0.5 percent to ROL 268,732 billion in April, due to the 0.6 percent pick-up under "Convertible currencies" and the "Gold" component remaining broadly unchanged.

Net domestic assets* climbed 4.2 percent to ROL 221,778 billion. Domestic credit advanced by 3.9 percent to ROL 335,560 billion and the negative balance under other assets, net, widened by 3.2 percent to ROL 113,783 billion.

Non-government credit* rose month on month by 2.1 percent, or 1.8 percent in real terms, to ROL 340,100 billion, following the 0.3 percent drop in ROL-denominated loans and the 4 percent rise in foreign exchange-denominated loans (3 percent when expressed in EUR). In year-on-year comparison, non-government credit jumped by 56.9 percent (39.7 percent in real terms) on the back of the 63.7 percent increase in ROL-denominated loans (45.8 percent in real terms) and the 52.2 percent expansion in foreign exchange-denominated loans (42.1 percent when expressed in EUR).

Government credit, net*, showed a negative balance of ROL 4,540 billion (compared with ROL 10,003 billion in April), as a result of: (i) the contraction in deposits of the State Treasury and (ii) the redemption of ROL-denominated government securities.

Narrow money (M1) stood 4.6 percent higher in nominal terms at ROL 118,864 billion due to the 2.1 percent growth in currency outside banks (to ROL 65,158 billion) and the 7.7 percent increase in demand deposits (to ROL 53,706 billion).

Quasi-money moved ahead 1.4 percent in nominal terms to ROL 371,646 billion. Household savings stepped up 2.2 percent to ROL 113,077 billion, accounting for 23.1 percent of broad money. Household savings advanced year on year by 20.8 percent, or 7.5 percent in real terms.

Corporate deposits in ROL went up 6.2 percent in nominal terms to ROL 77,325 billion. Time deposits stepped up 8.3 percent to ROL 48,067 billion, restricted deposits crept up 1.3 percent to ROL 12,592 billion and certificates of deposit went up 4.1 percent to ROL 16,667 billion. Corporate deposits in ROL leapt year on year by 54.2 percent, or 37.3 percent in real terms.

Forex deposits of residents (including households), when expressed in ROL, edged down one percent in nominal terms to ROL 181,244 billion (when expressed in EUR, forex deposits amounted to EUR 4,443 million). Household forex deposits with banks inched up 0.1 percent to ROL 92,384 billion (when expressed in EUR, household deposits slid by 0.8 percent, the equivalent of EUR 2,265 million). Corporate deposits in foreign exchange diminished by 3 percent to ROL 78,620 billion (when expressed in EUR, they dropped by 3.8 percent to EUR 1,927 million). In year-on-year comparison, when expressed in EUR, forex deposits of residents rose by 12.6 percent, those of households by 17.9 percent, and corporate forex deposits rose by 8.1 percent.

At end-May 2004, non-banks held government securities worth ROL 59,850 billion (1.9 percent lower month on month), of which foreign-exchange-denominated securities to the equivalent of EUR 164 million, up 3.8 percent against April.

*) revised data