At end-November 2009, broad money (M3) equalled RON 185,696.0 million, up 0.9 percent (0.3 percent in real terms) month on month. In year-on-year comparison, broad money rose 12.7 percent in nominal terms and 7.7 percent in real terms.
Table 1. Monetary aggregates*
| INDICATORS |
30 November 2009
(RON mill.) |
November 2009/
October 2009
(%) |
November 2009/
November 2008
(%) |
| M1 (narrow money)
| 78,641.1
| 0.6
| -14.9 |
| Currency in circulation
| 23,760.2
| 0.2
| -5.8 |
| Overnight deposits**
| 54,880.9
| 0.7
| -18.3 |
| M2 (intermediate money)
| 184,200.3
| 0.9
| 12.1 |
| M1
| 78,641.1
| 0.6
| -14.9 |
| Deposits with an agreed maturity of up to and including two years (includes also deposits redeemable at notice of up to and including three months)
| 105,559.2
| 1.2
| 46.7 |
| M3 (broad money)
| 185,696.0
| 0.9
| 12.7 |
| M2
| 184,200.3
| 0.9
| 12.1 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, marketable securities with a maturity of up to and including two years)
| 1,495.7
| 4.8
| 318.7 |
*provisional data
**current accounts, sight deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
30 November 2009
(RON mill.)
|
November 2009/
October 2009
(%) |
November 2009/
November 2008
(%) |
| Broad money (M3) |
185,696.0 |
0.9 |
12.7 |
| Net foreign assets ** |
21,356.4 |
-6.9 |
53.6 |
| Net domestic assets *** |
164,339.6 |
2.0 |
9.0 |
* provisional data
** after deducting foreign liabilities from foreign assets.
Foreign assets include: loans granted to non-residents; deposits with non-residents; marketable securities held (issued by non-residents), shares and other equity with non-residents; monetary gold.
Foreign liabilities include liabilities incurred by non-residents: deposits, marketable securities issued on external markets. The IMF’s SDR allocations are not included in foreign liabilities.
***after deducting domestic liabilities (except M3 components) from domestic assets.
Domestic assets include: loans granted to residents; marketable securities held (issued by residents), shares and other equity with residents.
Domestic liabilities (except M3 components) include liabilities incurred by residents: deposits with an agreed maturity of over two years (including deposits redeemable at a period of notice of over three months); marketable securities with a maturity of over two years issued on domestic market; capital and reserves.
At end-November 2009, non-government loans granted by credit institutions declined by 0.2 percent (down 0.8 percent in real terms) from October 2009 to RON 200,871.6 million. RON-denominated loans inched up 0.2 percent (down 0.5 percent in real terms), whereas foreign currency-denominated loans decreased 0.4 percent when expressed in RON, but rose by 0.1 percent when expressed in EUR. At end-November 2009, non-government loans climbed year on year by 2.9 percent (down 1.6 percent in real terms), on the back of the 10.3 percent increase in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans dropped 2.4 percent) and the 6.5 percent reduction in RON-denominated loans (down 10.7 percent in real terms).
Table 3. Non-government loans*
| INDICATORS |
30 November 2009
(RON mill.)
|
November 2009/
October 2009
(%) |
November 2009/
November 2008
(%) |
| Non-government loans (total) |
200,871.6 |
-0.2 |
2.9 |
| RON-denominated non-government loans: |
79,914.4 |
0.2 |
-6.5 |
| - household loans |
38,985.5 |
-0.5
| -5.6 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
40,928.9 |
0.9 |
-7.4 |
| Forex-denominated non-government loans: |
120,957.2 |
-0.4 |
10.3 |
| - household loans |
61,614.2 |
-0.2 |
11.0 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
59,343.0 |
-0.6 |
9.7 |
*provisional data
Government credit1 stood 18.8 percent higher in November at RON 47,338.0 million. At end-November 2009, government credit increased 261.2 percent (245.2 percent in real terms) from the same year-ago period.
Deposits of non-government resident customers edged 1.0 percent higher month on month, reaching RON 163,670.4 million.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
30 November 2009
(RON mill.)
|
November 2009/
October 2009
(%) |
November 2009/
November 2008
(%) |
| Deposits of non-government resident customers (total) ** |
163,670.4 |
1.0 |
15.2 |
| RON-denominated deposits of residents: |
100,429.4 |
1.0 |
8.4 |
| - household deposits |
59,255.0 |
1.1 |
16.8 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
41,174.4 |
0.8 |
-1.7 |
| Forex-denominated deposits of residents: |
63,241.0 |
1.0 |
27.9 |
| - household deposits |
37,069.5 |
0.8 |
28.9 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
26,171.5 |
1.2 |
26.4 |
*provisional data
**includes current accounts, sight deposits and all term deposits, irrespective of maturity
RON-denominated household deposits added 1.1 percent to RON 59,255.0 million. At end-November 2009, household deposits in domestic currency jumped 16.8 percent (11.6 percent in real terms) against the same year-ago period.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) increased by 0.8 percent to RON 41,174.4 million. At end-November 2009, RON-denominated corporate deposits decreased year on year by 1.7 percent (down 6.1 percent in real terms).
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) advanced 1.0 percent to RON 63,241.0 million when expressed in domestic currency (when expressed in EUR, forex deposits increased by 1.5 percent to EUR 14,797.4 million). In year-on-year comparison, residents’ forex deposits expressed in RON advanced 27.9 percent (when expressed in EUR, residents’ forex deposits rose by 13.1 percent); household deposits in foreign exchange grew 28.9 percent when expressed in domestic currency (when expressed in EUR, household forex deposits stood 14.0 percent higher) and corporate deposits in foreign exchange (non-financial corporations and non-monetary financial institutions) were up 26.4 percent when expressed in RON (when expressed in EUR, forex deposits of corporate residents expanded 11.7 percent).
1includes credit to general government (central government, local government and social security funds) in amount of RON 11,252.9 million (outstanding as at end-November 2009) and marketable securities issued by these institutional sectors standing at RON 36,085.1 million (outstanding as at end-November 2009).