Banca Naţională a României

At end-May 2005, broad money (M2) amounted to ROL 719,656 billion, up 4.2 percent (3.8 percent in real terms) month on month. In year-on-year comparison, broad money surged 46.7 percent, or 33.4 percent in real terms.

Net foreign assets edged up 4.6 percent to ROL 385,985 billion, due to the 5.2 percent rise under "Convertible currencies", while "Gold" remained unchanged.

Net domestic assets added 3.6 percent to ROL 333,671 billion. Domestic credit moved ahead 5.3 percent to ROL 418,956 billion, while the negative balance under other assets, net, widened by 12.3 percent to ROL -85,285 billion.

In May, non-government credit increased 4.8 percent (4.5 percent in real terms) to ROL 470,951 billion, owing to the 5 percent pick-up in ROL-denominated loans and the 4.6 percent advance in forex-denominated loans (when expressed in euro, forex loans went up EUR 342 million to EUR 7,807 million). In year-on-year comparison, non-government credit leapt by 38.5 percent (25.9 percent in real terms) on account of the 29.4 percent growth in ROL-denominated loans (17.7 percent in real terms) and the 45.2 percent expansion in foreign exchange-denominated loans expressed in ROL (when expressed in euro, forex loans soared 63.6 percent).

Government credit, net, posted a negative balance of ROL -51,995 billion (compared with ROL -51,491 billion in April 2005), as a result of the increase in the balance of General Account of the Treasury and in PHARE funds.

Narrow money (M1) stood 4.7 percent higher to ROL 171,456 billion, due to the 10.9 percent expansion in demand deposits (to ROL 84,564 billion) and the 0.7 percent decline in currency outside banks (to ROL 86,892 billion).

Quasi-money rose 4 percent to ROL 548,200 billion. Household savings edged up 0.3 percent to ROL 154,054 billion, accounting for 21.4 percent of broad money. In year-on-year comparison, household savings jumped 36.2 percent, or 23.9 percent in real terms.

Corporate deposits in ROL inched up 0.5 percent to ROL 147,637 billion. Time deposits rose by 3.4 percent to ROL 102,891 billion, while restricted deposits and certificates of deposit fell by 3.2 percent (to ROL 16,516 billion) and 7 percent (to ROL 28,230 billion) respectively. Corporate deposits in ROL surged by 90.9 percent (73.6 percent in real terms) over the same year-ago period.

Residents' deposits in foreign exchange (households included), moved up 8.8 percent to ROL 246,509 billion when expressed in domestic currency, and EUR 548 million to EUR 6,806 million when expressed in euro. Household deposits in foreign exchange were up 2.1 percent to ROL 98,816 billion (when expressed in euro, they rose EUR 56 million to EUR 2,728 million).

Corporate deposits in foreign exchange expanded by 14.5 percent to ROL 137,501 billion (when expressed in euro, they added EUR 480 million to EUR 3,797 million). When expressed in euro, residents' forex deposits increased year on year by 53.2 percent, household deposits in foreign exchange by 20.5 percent and corporate forex deposits by 97 percent.

At end-May 2005, non-banks held government securities totalling ROL 43,855 billion (down 4.7 percent month on month), of which foreign exchange-denominated securities were worth EUR 99.6 million, up 21.6 percent from the previous month.