Banca Naţională a României

At end-February 2005, broad money (M2) came in at ROL 652,801 billion, up 3.4 percent (2.8 percent in real terms) month on month. In year-on-year comparison, broad money rose by 42.4 percent, or 30.8 percent in real terms.

Net foreign assets inched up 0.4 percent to ROL 362,787 billion, due to the rise under "Convertible currencies", while "Gold" remained unchanged.

Net domestic assets climbed by 7.5 percent to ROL 290,014 billion. Domestic credit moved ahead 3.3 percent to ROL 369,761 billion, while the negative balance under other assets, net, narrowed by 9.6 percent to ROL 79,747 billion.

In February, non-government credit edged up 0.7 percent (0.1 percent in real terms) to ROL 416,140 billion, owing to the 1.7 percent pick-up in ROL-denominated loans and the forex-denominated loans expressed in ROL remaining unchanged (when expressed in EUR, forex loan went up 3 percent). In year-on-year comparison, non-government credit leapt by 32.5 percent (21.7 percent in real terms) on account of the 18.1 percent growth in ROL-denominated loans (8.5 percent in real terms) and the 44.4 percent expansion in foreign exchange-denominated loans expressed in ROL (when expressed in EUR forex loan went up 58.7 percent).

Government credit, net, posted a negative balance of ROL 46,379 billion (compared with ROL 55,345 billion in January 2005), as a result of the decrease in the balance of General Account of the Treasury and the fall of the Phare funds.

Narrow money (M1) moved 4.2 percent higher to ROL 148,436 billion, on the back of the 5.8 percent growth in currency outside banks (to ROL 76,580 billion) and the 2.6 percent advance in demand deposits (to ROL 71,856 billion).

Quasi-money increased by 3.2 percent to ROL 504,365 billion. Household savings added 5.8 percent to ROL 147,464 billion, accounting for 22.6 percent of broad money. Household savings expanded year over year by 41.6 percent, or 30 percent in real terms.

Corporate deposits in ROL went up 11.3 percent to ROL 130,867 billion. Time deposits climbed by 12.3 percent to ROL 87,375 billion, restricted deposits grew by 4.9 percent to ROL 16,513 billion and certificates of deposit rose by 12.5 percent to ROL 26,979 billion. Corporate deposits in ROL surged by 73.1 percent (59 percent in real terms) over the same year-ago period.

Residents' deposits in foreign exchange (households included) expressed in ROL slid by 2.5 percent to ROL 226,034 billion (up 0.4 percent to EUR 6,206 million when expressed in EUR). Household deposits in foreign exchange slipped by 3 percent to ROL 93,288 billion (down 0.1 percent to EUR 2,561 million when expressed in EUR).

Corporate deposits in foreign exchange dipped by 1.5 percent to ROL 124,382 billion (up 1.4 percent to EUR 3,415 million when expressed in EUR). Year over year, residents' forex deposits expressed in EUR increased by 42.2 percent, household deposits in foreign exchange grew by 16.5 percent and corporate forex deposits surged by 78.8 percent.

At end-February 2005,non-banks held government securities totalling ROL 55,609 billion (9.6 percent lower month on month), of which foreign exchange-denominated securities equalled EUR 110 million, down 3 percent from the previous month.