Banca Naţională a României

At end-March 2006, broad money (M2) amounted to RON 87,528 million, up 2.2 percent (1.9 percent in real terms) month on month. In year-on-year comparison, broad money went up 28.8 percent, or 18.8 percent in real terms.

Net foreign assets decreased by 0.6 percent to RON 45,354 million, due to the 1.3 percent decline under "Convertible currencies" and the 4.1 percent rise under "Gold" (as a result of gold stock revaluation).

Net domestic assets added 5.3 percent to RON 42,174 million against the background of the 5.9 percent advance in domestic credit (to RON 57,488 million).

In March 2006, non-government credit increased by 5.2 percent to RON 65,675 million (5 percent in real terms), owing to the 6.7 percent step-up in RON-denominated loans (6.4 percent in real terms) and the 3.8 percent growth of forex-denominated loans (when expressed in euro, forex loans rose 2.7 percent). At end-March 2006, non-government credit moved up 51.7 percent (39.9 percent in real terms) year on year, due to the 92.8 percent surge in RON-denominated loans (77.8 percent in real terms) and the 24.8 percent increase in forex-denominated loans expressed in RON (when expressed in euro, forex loans expanded by 30.5 percent).

Government credit, net posted a negative balance of RON -8,187 million (compared to RON -8,101 million in February 2006).

Narrow money (M1) edged up 1.4 percent to RON 23,843 million, on account of the 2.8 percent rise in currency outside banks and the 0.2 percent step-up in demand deposits.

Quasi-money moved up 2.4 percent to RON 63,685 million. Household savings in domestic currency inched up 0.7 percent to RON 17,480 million, accounting for 20 percent of broad money. In year-on-year comparison, household savings jumped 15.7 percent, or 6.7 percent in real terms.

Corporate deposits in domestic currency climbed 6.5 percent to RON 19,798 million. Time deposits went up 10.3 percent (to RON 15,596 million), restricted deposits grew by 1.4 percent (to RON 1,925 million), while certificates of deposit declined 10.4 percent (to RON 2,277 million). At end-March 2006, corporate deposits in domestic currency rose by 37.8 percent, or 27.1 percent in real terms, over end-March 2005.

Deposits in foreign exchange of residents (natural and legal entities) ticked up 0.7 percent to RON 26,407 million when expressed in domestic currency (when expressed in euro, they dropped by 0.5 percent to EUR 7,500 million). In year-on-year comparison, residents' forex deposits expressed in euro advanced by 20.0 percent; household deposits in foreign exchange stepped up 26.1 percent and corporate deposits in foreign exchange by 15.6 percent.

At end-March 2006, non-banks held government securities equalling RON 4,052 million (up 2.8 percent month on month), of which foreign exchange-denominated securities were worth EUR 174.1 million, down 1.6 percent from the previous month.