Banca Naţională a României

At end-April 2005, broad money (M2) amounted to ROL 690,961 billion, up 1.7 percent (down by 0.1 percent in real terms) month on month. In year-on-year comparison, broad money surged 43.9 percent, or 30.8 percent in real terms.

Net foreign assets dropped by 1.3 percent to ROL 368,927 billion, due to the 1.5 percent drop under "Convertible currencies", while "Gold" remained unchanged.

Net domestic assets added 5.3 percent to ROL 322,034 billion. Domestic credit moved ahead 2.1 percent to ROL 398,004 billion, while the negative balance under other assets, net, narrowed by 9.8 percent to ROL 75,970 billion.

In March, non-government credit increased 3.8 percent (2.0 percent in real terms) to ROL 449,495 billion, owing to the 4.7 percent pick-up in ROL-denominated loans and the 3.3 percent advance in forex-denominated loans (when expressed in euro, forex loans went up by 5.0 percent). In year-on-year comparison, non-government credit leapt by 34.9 percent (22.7 percent in real terms) on account of the 22.8 percent growth in ROL-denominated loans (11.7 percent in real terms) and the 44.4 percent expansion in foreign exchange-denominated loans expressed in ROL (when expressed in euro, forex loans soared 61.2 percent).

Government credit, net, posted a negative balance of ROL 51,491 billion (compared with ROL 42,964 billion in March 2005), as a result of the increase in the balance of General Account of the Treasury and of ROL-denominated government securities launched on the domestic market.

Narrow money (M1) stood 5.9 percent higher to ROL 163,757 billion, due to the 12.4 percent growth in currency outside banks (to ROL 87,499 billion) and the 0.7 percent decline in demand deposits (to ROL 76,258 billion).

Quasi-money crept up 0.4 percent to ROL 527,204 billion. Household savings added 1.7 percent to ROL 153,647 billion, accounting for 22.2 percent of broad money. In year on year comparison, household savings jumped 38.8 percent, or 26.2 percent in real terms.

Corporate deposits in ROL went up 2.3 percent to ROL 146,948 billion. Time deposits rose by 3.0 percent to ROL 99,525 billion and certificates of deposit decreased by 1.8 percent to ROL 30,364 billion, while restricted deposits raised by 6.0 percent to ROL 17,059 billion. Corporate deposits in ROL increased by 101.8 percent (83.5 percent in real terms) over the same year-ago period.

Residents' deposits in foreign exchange (households included), when expressed in ROL, decreased by 1.6 percent in nominal terms to ROL 226,609 billion (up 0.1 percent to EUR 6,258 million when expressed in euro). Household deposits in foreign exchange were up 1.4 percent to ROL 96,786 billion (up 3.1 percent to EUR 2,673 million when expressed in euro).

Corporate deposits in foreign exchange diminished by 3.6 percent to ROL 120,104 billion (down 1.9 percent to EUR 3,317 million when expressed in euro). Year over year, residents' forex deposits expressed in EUR increased by 38.1 percent, household deposits in foreign exchange by 17.0 percent and corporate forex deposits by 65.5 percent.

At end-April 2005,non-banks held government securities totalling ROL 45,995 billion (down 6.2 percent month on month), of which foreign exchange-denominated securities were worth EUR 82 million, down 29.2 percent from the previous month.