Banca Naţională a României

At end-June 2004, broad money (M2) came in at ROL 506,603 billion, up 3.3 percent in nominal terms and 2.7 percent in real terms against May. In year-on-year comparison, broad money advanced by 30.4 percent, or 16.4 percent in real terms.

Net foreign assets rose by 3 percent to ROL 276,752 billion in June, due to the 3.6 percent growth under "Convertible currencies" and the "Gold" component remaining broadly unchanged.

Net domestic assets climbed 3.6 percent to ROL 229,852 billion. Domestic credit went up 3.1 percent to ROL 345,861 billion and the negative balance under other assets, net, widened by 2 percent to ROL 116,010 billion.

Non-government credit crept up 3.3 percent, or 2.7 percent in real terms, to ROL 351,464 billion, following the 0.5 percent pick-up in ROL-denominated loans and the 5.5 percent increase in foreign exchange-denominated loans (5.9 percent when expressed in EUR). In year-on-year comparison, non-government credit leapt by 57.2 percent (40.4 percent in real terms) on the back of the 53.6 percent increase in ROL-denominated loans (37.2 percent in real terms) and the 59.9 percent expansion in foreign exchange-denominated loans (48.3 percent when expressed in EUR).

Government credit, net, showed a negative balance of ROL 5,602 billion (compared with ROL 4,540 billion in May), due to: (i) the contraction in deposits of the State Treasury, (ii) the rise in the balance on deposits in foreign exchange of the Ministry for Public Finance with the NBR, and (iii) issues of ROL-denominated government securities launched by the Ministry for Public Finance on the domestic market.

Narrow money (M1) stood 5.9 percent higher in nominal terms, reaching ROL 125,928 billion following the 5.7 percent step-up in currency outside banks (to ROL 68,904 billion) and the 6.2 percent increase in demand deposits (to ROL 57,024 billion).

Quasi-money moved 2.4 ahead percent in nominal terms to ROL 380,675 billion. Household savings edged up 2.7 percent to ROL 116,152 billion, accounting for 22.9 percent of broad money. Household savings expanded year on year by 23.7 percent, or 10.4 percent in real terms.

Corporate deposits in ROL climbed 8.1 percent in nominal terms to ROL 83,558 billion. Time deposits picked up 6.4 percent to ROL 51,164 billion, restricted deposits crept up 2.1 percent to ROL 12,862 billion and certificates of deposit jumped 17.2 percent to ROL 19,531 billion. Corporate deposits in ROL surged year on year by 68 percent, or 50 percent in real terms.

Forex deposits of residents (including households), when expressed in ROL, inched down 0.2 percent in nominal terms to ROL 180,965 billion (when expressed in EUR, forex deposits added up to EUR 4,456 million). Household forex deposits with banks rose by 1.5 percent to ROL 93,753 billion (when expressed in EUR, household deposits stepped up 1.9 percent, the equivalent of EUR 2,308 million). Corporate deposits in foreign exchange diminished by 1.4 percent to ROL 77,542 billion (when expressed in EUR, they dropped by 0.9 percent to EUR 1,909 million). In year-on-year comparison, when expressed in EUR, forex deposits of residents increased by 18.5 percent, those of households by 24.5 percent, and corporate forex deposits rose by 5.5 percent.

At end-June 2004, non-banks held government securities worth ROL 62,938 billion (5.2 percent higher month on month), of which foreign-exchange-denominated securities to the equivalent of EUR 174 million, up 5.9 percent against May.