Banca Naţională a României

At end-August 2005, broad money (M2) amounted to RON 76,745 million, up 3.6 percent (3.5 percent in real terms) month on month. In year-on-year comparison, broad money moved by 39.9 percent, or 28.5 percent in real terms.

Net foreign assets edged up 3.3 percent to RON 41,164 million, due to the 3.7 percent rise under "Convertible currencies" and the 0.1 percent drop under "Gold" (as a result of gold stock revaluation).

Net domestic assets added 3.9 percent to RON 35,581 million against the background of the 4.4 percent advance in domestic credit (to RON 44,112 million) and the widening of the negative balance by 6.6 percent under other assets, net, to RON -8,531 million.

In August, non-government credit increased 3.6 percent (3.5 percent in real terms) to RON 52,352million, owing to the 4.5 percent step-up in RON-denominated loans and the 3 percent growth in forex-denominated loans (when expressed in euro, forex loans rose 3.3 percent). Credit to households (holding 34.6 percent of total non-government credit) picked up 7.1 percent (7 percent in real terms) due to the rise by 7.3 percent (7.2 percent in real terms) in RON-denominated loans and the advance by 7 percent in forex-denominated loans expressed in RON (when expressed in euro, forex loans to households moved 7.4 percent higher). In year-on-year comparison, non-government credit climbed 37.4 percent (26.2 percent in real terms) on account of the 40.4 percent advance in RON-denominated loans (28.9 percent in real terms) and the 35.5 percent expansion in foreign exchange-denominated loans expressed in RON (when expressed in euro, forex loans surged 58.1 percent).

Government credit, net, posted a negative balance of RON -8,240 million compared to RON -8,294 million in July 2005.

Narrow money (M1) moved 6.8 percent ahead to RON 20,456 million, due to the 2 percent growth in currency outside banks (to RON 9,985 million) and the 11.7 percent expansion in demand deposits (to RON 10,471 million).

Quasi-money rose 2.5 percent to RON 56,289 million. Household savings added 1.3 percent to RON 15,868 million, accounting for 20.7 percent of broad money. In year-on-year comparison, household savings jumped 29.6 percent, or 19 percent in real terms.

Corporate deposits in RON stepped up 6.5 percent to RON 16,026 million. Time deposits and restricted deposits went up 9.1 percent (to RON 11,632 million) and 1.2 percent (to RON 1,719 million) respectively, while certificates of deposit crept down 0.3 percent (to RON 2,675 million). At end-August 2005, corporate deposits in RON climbed 66.3 percent (52.7 percent in real terms) over the same year-ago period.

Residents' deposits in foreign exchange (households included) edged up 0.8 percent to RON 24,395 million when expressed in domestic currency, and 1.1 percent to EUR 6,948 million when expressed in euro. Household deposits in foreign exchange moved down 0.1 percent to RON 9,866 million (when expressed in euro, they inched up 0.3 percent to EUR 2,810 million). Corporate deposits in foreign exchange went up 0.8 percent to RON 13,574 million (when expressed in euro, they added 1.1 percent to EUR 3,866 million). When expressed in euro, residents' forex deposits increased year on year by 50.5 percent, household deposits in foreign exchange by 18.5 percent and corporate forex deposits by 92.8 percent.

At end-August 2005, non-banks held government securities equalling RON 4,189 million (down 10.6 percent month on month), of which foreign exchange-denominated securities were worth EUR 174.7 million, down 10.7 percent from the previous month.