Banca Naţională a României

At end-November 2004, broad money (M2) came in at ROL 568,742 billion, down 0.9 percent (1.5 percent in real terms) month on month. In year-on-year comparison, broad money leapt by 33.6 percent, or 21.6 percent in real terms.

Net foreign assets slipped by 8 percent to ROL 314,310 billion, due to the 9.3 percent fall under "Convertible currencies" and the "Gold" component remaining virtually unchanged.

Net domestic assets grew by 9.6 percent to ROL 254,432 billion. Domestic credit edged up 0.2 percent to ROL 356,754 billion and the negative balance under other assets, net, narrowed by 17.3 percent, (mainly on the back of the losses resulting from the revaluation of forex assets and liabilities), to ROL 102,322 billion.

In November, non-government credit went down 0.9 percent, or 1.5 percent in real terms, to ROL 398,776 billion, as a result of the 3.6 percent drop in forex-denominated loans (up 2.4 percent when expressed in EUR) and the 3.4 percent pick-up in ROL-denominated loans. In year-on-year comparison, non-government credit jumped by 38.8 percent (26.3 percent in real terms) on account of the 26.4 percent climb in ROL-denominated loans (15 percent in real terms) and the 48.8 percent expansion in foreign exchange-denominated loans when expressed in ROL (55.4 percent when expressed in EUR).

Government credit, net, posted a negative balance of ROL 42,022 billion (compared with ROL 46,339 billion in October), due to: (i) the decrease in deposits with the General Account of the Treasury; (ii) the redemption of ROL-denominated government securities launched by the Ministry of Public Finance on the domestic market; and (iii) the reduction in EU funding (Phare funds).

Narrow money (M1) moved 2 percent lower in nominal terms to ROL 140,201 billion, on the back of the 6 percent contraction in currency outside banks (to ROL 73,096 billion) and the 2.7 percent rise in demand deposits (to ROL 67,105 billion).

Quasi-money inched down 0.5 percent to ROL 428,542 billion. Households savings added 2.3 percent to, ROL 130,853 billion, accounting for 23 percent of broad money. Households savings increased year over year by 34.7 percent, or 22.5 percent in real terms.

Corporate deposits in ROL crept up 0.9 percent to ROL 105,659 billion. Time deposits inched up 0.7 percent to ROL 70,211 billion, restricted deposits moved 0.1 percent ahead to ROL 13,944 billion and certificates of deposit rose by 2.3 percent to ROL 21,504 billion.

Corporate deposits surged by 73.5 percent (57.8 percent in real terms) year on year.

Residents' deposits in foreign exchange (households included) shrank by 3.2 percent when expressed in ROL, to ROL 192,030 billion (up 2.8 percent when expressed in EUR, to EUR 4,989 million). Households deposits in foreign exchange diminished by 4.9 percent to ROL 91,927 billion (up one percent when expressed in EUR, to EUR 2,388 million).

Corporate deposits in foreign exchange slid by 3.3 percent to ROL 88,587 billion (up 2.7 percent when expressed in EUR, to EUR 2,301 million. Year over year, residents' forex deposits, when expressed in EUR, turned up 19.2 percent, households deposits in foreign exchange moved 14.4 percent higher and corporate deposits in foreign exchange advanced 24 percent.

At end-November 2004, non-banks held government securities in total of ROL 69,550 billion (0.4 percent higher month on month), of which foreign-exchange-denominated securities to the equivalent of EUR 116 million, down 1.7 percent from October.