Banca Naţională a României

At end-November 2006, broad money (M2) amounted to RON 101,940 million, up 1.3 percent (0.2 percent in real terms) month on month. In year-on-year comparison, broad money went up 25.2 percent, or 19.6 percent in real terms.

Net foreign assets dropped 5.7 percent over October to RON 48,264 million, as a result of "Convertible currencies" shrinking 6.4 percent and "Gold" inching down 0.3 percent.

Net domestic assets rose 8.6 percent to RON 53,676 million against the background of the 4.9 percent increase in domestic credit to RON 70,914 million.

In November, non-government credit expanded by 3.2 percent (2.1 percent in real terms) from October to RON 91,902.3 million. Specifically, RON-denominated loans rose 4.1 percent (2.9 percent in real terms), while foreign currency-denominated loans increased by 2.3 percent when expressed in RON (up 4.9 percent when expressed in euro). At end-November 2006, non-government credit leapt year on year by 54.1 percent (47.2 percent in real terms) on the back of the 87.1 percent surge in RON-denominated loans (78.7 percent in real terms) and the 28.4 percent growth of foreign currency-denominated loans expressed in RON (when expressed in euro, forex loans expanded by 36.7 percent).

Government credit, net, posted a credit balance of RON 20,988 million compared to RON 21,415 million in October 2006.

Narrow money (M1) edged up 0.1 percent to RON 30,606 million, on account of the 0.3 percent increase in demand deposits and the 0.1 percent decline in currency outside banks.

Quasi-money added 1.8 percent to RON 71,334 million. Household savings in domestic currency rose 3.7 percent to RON 19,930 million, accounting for 19.6 percent of broad money. In year-on-year comparison, household savings climbed 22.2 percent, or 16.8 percent in real terms.

Corporate deposits in domestic currency stood 4.4 percent higher at RON 21,964 million. Time deposits went up 4.7 percent to RON 17,559 million, certificates of deposit grew 5.4 percent to RON 2,074 million, and restricted deposits moved up 1.8 percent to RON 2,331 million. At end-November 2006, corporate deposits in domestic currency jumped 23.7 percent, or 18.1 percent in real terms, over end-November 2005.

Deposits in foreign exchange of residents (natural and legal entities) crept down 1.2 percent to RON 29,440 million when expressed in domestic currency and inched up 1.3 percent to EUR 8,572 million when expressed in euro. In year-on-year comparison, residents' forex deposits expressed in euro advanced by 19.6 percent, household deposits in foreign exchange by 37.5 percent and corporate deposits in foreign exchange by 6.6 percent.

Government securities held with non-banks decreased 2.1 percent month on month to RON 3,071 million. At end-November 2006, government securities held with non-banks dropped 19.9 percent compared with the same year-ago period.