Banca Naţională a României

At end-April 2006, broad money (M2) amounted to RON 88,034 million, up 0.6 percent (0.2 percent in real terms) month on month. In year-on-year comparison, broad money increased 27.4 percent, or 19.2 percent in real terms.

Net foreign assets declined 1.1 percent to RON 44,925 million, with "Convertible currencies" going down 1.8 percent and "Gold" expanding 4.0 percent as a result of gold stock revaluation.

Net domestic assets went up 2.4 percent to RON 43,109 million against the background of the 2.6 percent rise in domestic credit to RON 58,910 million.

In April 2006, non-government credit picked up 3.7 percent (3.3 percent in real terms) against March to RON 68,124 million. RON-denominated loans rose 6.3 percent (5.8 percent in real terms), while foreign currency-denominated loans edged up 1.2 percent when expressed in RON (up 2.5 percent when expressed in euro). At end-April 2006, non-government credit advanced year on year by 51.6 percent, or 41.7 percent in real terms, on the back of the 95.7 percent surge in RON-denominated loans (83.1 percent in real terms) and the 22.3 percent growth of foreign currency-denominated loans expressed in RON (when expressed in euro, forex loans expanded by 27.4 percent).

Government credit, net, posted a negative balance of RON -9,214 million (compared to RON -8,259 million in March 2006), mainly as a result of the increase in deposits in the General Account of the Treasury.

Narrow money (M1) stood 3.1 percent higher at RON 24,593 million, on account of the 8.6 percent rise in currency outside banks and the 1.9 percent decrease in demand deposits.

Quasi-money crept down 0.4 percent, reaching RON 63,441 million. Household savings in domestic currency inched up 0.2 percent to RON 17,530 million, accounting for 19.9 percent of broad money. In year-on-year comparison, household savings climbed 14.1 percent, or 6.7 percent in real terms.

Corporate deposits in domestic currency slipped 1.9 percent to RON 19,417 million. Time deposits went down 1.8 percent (to RON 15,316 million), restricted deposits declined by 1.8 percent (to RON 1,891 million), while certificates of deposit fell 2.5 percent (to RON 2,210 million). At end-April 2006, corporate deposits in domestic currency went up 32.1 percent, or 23.6 percent in real terms, over end-April 2005.

Deposits in foreign exchange of residents (natural and legal entities) grew by 0.3 percent to RON 26,494 million when expressed in domestic currency and by 1.7 percent to EUR 7,625.7 million when expressed in euro. In year-on-year comparison, residents' forex deposits expressed in euro jumped by 21.9 percent, household deposits in foreign exchange by 28.3 percent and corporate deposits in foreign exchange by 17.0 percent.

At end-April 2006, non-banks held government securities worth RON 3,918 million (down 3.3 percent month on month), of which foreign exchange-denominated securities equalled EUR 148 million, down 15.0 percent from the previous month.