Comunicat de presă


Monetary indicators - December 2009

27.01.2010

At end-December 2009, broad money (M3) equalled RON 189,634.5 million, up 2.2 percent (1.9 percent in real terms) month on month. In year-on-year comparison, broad money rose 9.0 percent in nominal terms and 4.0 percent in real terms.

Table 1. Monetary aggregates*
INDICATORS 31 December 2009
(RON mill.)
December 2009/
November 2009
(%)
December 2009/
December 2008
(%)
M1 (narrow money) 79,369.3 0.9 -14.2
Currency in circulation 23,973.0 0.9 -5.2
Overnight deposits** 55,396.3 0.9 -17.6
M2 (intermediate money) 188,017.3 2.2 8.3
M1 79,369.3 0.9 -14.2
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) 108,648.0 3.1 34.0
M3 (broad money) 189,634.5 2.2 9.0
M2 188,017.3 2.2 8.3
Other marketable instruments (repurchase agreements, money market fund shares and units, marketable securities with a maturity of up to and including two years) 1,617.2 8.1 305.3

*provisional data
**current accounts, sight deposits

Table 2. Broad money and its counterpart*
INDICATORS 31 December 2009
(RON mill.)
December 2009/
November 2009
(%)
December 2009/
December 2008
(%)
Broad money (M3) 189,634.5 2.2 9.0
Net foreign assets ** 22,208.4 4.7 64.9
Net domestic assets *** 167,426.1 1.9 4.3

* 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-December 2009, non-government loans granted by credit institutions declined by 0.5 percent (down 0.8 percent in real terms) from November 2009 to RON 199,881.9 million. RON-denominated loans decreased 0.3 percent, or 0.6 percent in real terms, whereas foreign currency-denominated loans declined by 0.6 percent when expressed in RON, but rose by 0.4 percent when expressed in EUR. At end-December 2009, non-government loans climbed year on year by 0.9 percent (down 3.6 percent in real terms), on the back of the 5.0 percent increase in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans dropped 1.0 percent) and the 4.7 percent reduction in RON-denominated loans (down 9.0 percent in real terms).

Table 3. Non-government loans*
INDICATORS 31 December 2009
(RON mill.)
December 2009/
November 2009
(%)
December 2009/
December 2008
(%)
Non-government loans (total) 199,881.9 -0.5 0.9
RON-denominated non-government loans: 79,710.9 -0.3 -4.7
- household loans 38,808.9 -0.5 -5.2
- corporate loans (non-financial corporations and non-monetary financial institutions) 40,902.0 -0.1 -4.2
Forex-denominated non-government loans: 120,171.0 -0.6 5.0
- household loans 61,407.3 -0.3 5.4
- corporate loans (non-financial corporations and non-monetary financial institutions) 58,763.7 -1.0 4.7

*provisional data

Government credit1 declined by 1.1 percent to RON 46,815.5 million. At end-December 2009, government credit surged 172.1 percent (159.8 percent in real terms) from the same year-ago period.

Deposits of non-government resident customers edged 2.6 percent higher month on month, reaching RON 167,742.1 million.

Table 4. Deposits of non-government resident customers*
INDICATORS 31 December 2009
(RON mill.)
December 2009/
November 2009
(%)
December 2009/
December 2008
(%)
Deposits of non-government resident customers (total) ** 167,742.1 2.6 10.8
RON-denominated deposits of residents: 102,691.1 2.3 4.0
- household deposits 59,197.2 -0.1 13.0
- corporate deposits (non-financial corporations and non-monetary financial institutions) 43,493.9 5.6 -6.2
Forex-denominated deposits of residents: 65,051.0 3.1 23.6
- household deposits 38,107.9 2.8 25.0
- corporate deposits (non-financial corporations and non-monetary financial institutions) 26,943.1 3.5 21.7

*provisional data
**includes current accounts, sight deposits and all term deposits, irrespective of maturity

RON-denominated household deposits declined by 0.1 percent to RON 59,197.2 million. At end-December 2009, household deposits in domestic currency jumped 13.0 percent (7.9 percent in real terms) against the same year-ago period.

RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) increased by 5.6 percent to RON 43,493.9 million. At end-December 2009, RON-denominated corporate deposits decreased year on year by 6.2 percent (down 10.4 percent in real terms).

Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) advanced 3.1 percent to RON 65,051.0 million when expressed in domestic currency (when expressed in EUR, forex deposits increased by 4.2 percent to EUR 15,385.0 million). In year-on-year comparison, residents’ forex deposits expressed in RON advanced 23.6 percent (when expressed in EUR, residents’ forex deposits rose by 16.5 percent); household deposits in foreign exchange grew 25.0 percent when expressed in domestic currency (when expressed in EUR, household forex deposits stood 17.8 percent higher) and corporate deposits in foreign exchange (non-financial corporations and non-monetary financial institutions) were up 21.7 percent when expressed in RON (when expressed in EUR, forex deposits of corporate residents expanded 14.7 percent).


1 includes credit to general government (central government, local government and social security funds) in amount of RON 11,314.5 million (outstanding as at end-December 2009) and marketable securities issued by these institutional sectors standing at RON 35,501.0 million (outstanding as at end-December 2009).