Banca Naţională a României

At end-September 2004, broad money (M2) ran at ROL 567,404 billion, up 3.5 percent in nominal terms, or 2.5 percent in real terms versus August. In year-on-year comparison, broad money jumped by 36.9 percent, or 23.2 percent in real terms.

Net foreign assets rose by 4.7 percent to ROL 337,001 billion month on month, due to the 5.4 percent advance under "Convertible currencies" and the "Gold" component remaining broadly unchanged.

Net domestic assets moved ahead 1.8 percent to ROL 230,403 billion. Domestic credit edged up 1.7 percent to ROL 354,638 billion and the negative balance under other assets, net, widened by 1.7 percent to ROL 124,235 billion.

In September, non-government credit went up 3.3 percent, or 2.4 percent in real terms, to ROL 393,446 billion, as a result of the 1.6 percent growth in ROL-denominated loans and the 4.4 percent pick-up in foreign exchange-denominated loans (4.0 percent when expressed in EUR). In year-on-year comparison, non-government credit leapt by 51.1 percent (36.0 percent in real terms) on the back of the 35 percent increase in ROL-denominated loans (21.5 percent in real terms) and the 63.7 percent expansion in foreign exchange-denominated loans when expressed in ROL (53.1 percent when expressed in EUR).

Government credit, net, posted a negative balance of ROL 38,808 billion (compared with ROL 32,344 billion in August), due mainly to: (i) the increase in deposits with the General Account of the Treasury, and (ii) the redemption of ROL-denominated government securities launched by the Ministry of Public Finance on the domestic market.

Narrow money (M1) moved 1.7 percent higher in nominal terms to ROL 142,811 billion, on the back of the 1.9 percent rise in currency outside banks (to ROL 76,697 billion) and the 1.4 percent uptick in demand deposits (to ROL 66,114 billion).

Quasi-money went up 4.1 percent in nominal terms to reach ROL 424,593 billion. Household savings crept up 2.3 percent to ROL 125,172 billion, accounting for 22.1 percent of broad money. Household savings rose year over year by 32.0 percent, or 18.8 percent in real terms.

Corporate deposits in ROL grew by 4.9 percent in nominal terms to ROL 101,102 billion. Time deposits turned up 6.6 percent to ROL 66,615 billion, restricted deposits advanced by 1.6 percent to ROL 13,702 billion and certificates of deposit climbed by 1.8 percent to ROL 20,785 billion. Corporate deposits in ROL surged year on year by 72.9 percent, or 55.6 percent in real terms.

Forex deposits of residents (including households), when expressed in ROL, jumped by 4.9 percent in nominal terms to ROL 198,319 billion (when expressed in EUR, forex deposits amounted to EUR 4,822 million). Household forex deposits with banks inched up 0.4 percent to ROL 97,608 billion (when expressed in EUR, household deposits crept up 0.1 percent, the equivalent of EUR 2,373 million). Corporate deposits in foreign exchange advanced by 10.3 percent to ROL 90,618 billion (when expressed in EUR, they stood 9.9 percent higher at EUR 2,203 million). In year-on-year comparison, when expressed in EUR, forex deposits of residents increased by 16.2 percent, those of households by 15.0 percent, and corporate forex deposits by 19.4 percent.

At end-September 2004, non-banks held government securities worth ROL 70,914 billion (1.3 percent lower month on month), of which foreign-exchange-denominated securities to the equivalent of EUR 121 million, down 31.6 percent from August.