At end-September 2011, broad money (M3) amounted to RON 209,135.1 million, up 1.7 percent (2.0 percent in real terms) month on month. In year-on-year comparison, broad money rose 6.8 percent (3.3 percent in real terms).
Table 1. Monetary aggregates*
| INDICATORS |
30 September 2011
(RON mill.) |
September 2011/
August 2011
(%) |
September 2011/
September 2010
(%) |
| M1 (narrow money)
| 83,965.8 |
2.0 |
3.0 |
| Currency in circulation
| 29,405.9 |
2.4 |
9.8 |
| Overnight deposits**
| 54,559.9 |
1.8 |
-0.3 |
| M2 (intermediate money)
| 204,772.2 |
2.1 |
6.3 |
| M1
| 83,965.8 |
2.0 |
3.0 |
| Deposits with an agreed maturity of up to and including two years (includes also deposits redeemable at a period of notice of up to and including three months)
| 120,806.4 |
2.2 |
8.7 |
| M3 (broad money)
| 209,135.1 |
1.7 |
6.8 |
| M2
| 204,772.2 |
2.1 |
6.3 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, marketable securities with a maturity of up to and including two years)
| 4,362.9 |
-14.0 |
38.6 |
*provisional data
**current accounts, demand deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
30 September 2011
(RON mill.) |
September 2011/
August 2011
(%) |
September 2011/
September 2010
(%) |
| Broad money (M3) |
209,135.1 |
1.7 |
6.8 |
| Net foreign assets ** |
30,166.9 |
13.0 |
4.4 |
| Net domestic assets *** |
178,968.2 |
0.1 |
7.3 |
* 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-September 2011, non-government loans granted by credit institutions went up 2.7 percent (2.9 percent in real terms) from August 2011 to RON 221,431.2 million. RON-denominated loans increased by 0.7 percent (0.9 percent in real terms), whereas foreign currency-denominated loans rose by 3.8 percent when expressed in RON and by 0.7 percent when expressed in EUR. At end-September 2011, non-government loans climbed year on year by 6.5 percent (2.9 percent in real terms), on the back of the 3.5 percent increase in RON-denominated loans (0.1 percent in real terms) and the 8.3 percent advance in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans expanded by 6.1 percent).
Table 3. Non-government loans*
| INDICATORS |
30 September 2011
(RON mill.) |
September 2011/
August 2011
(%) |
September 2011/
September 2010
(%) |
| Non-government loans (total) |
221,431.2 |
2.7 |
6.5 |
| RON-denominated non-government loans: |
80,665.1 |
0.7 |
3.5 |
| - household loans |
35,653.7 |
0.1 |
-4.3 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
45,011.4 |
1.1 |
10.7 |
| Forex-denominated non-government loans: |
140,766.1 |
3.8 |
8.3 |
| - household loans |
68,798.9 |
2.8 |
5.2 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
71,967.2 |
4.8 |
11.3 |
*provisional data
Government credit1 stood 1.0 percent higher in September 2011 at RON 65,198.4 million. At end-September 2011, government credit increased by 20.5 percent (16.4 percent in real terms) from the same year-ago period.
Deposits of non-government resident customers went up 1.7 percent month on month, reaching RON 181,008.5 million.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
30 September 2011
(RON mill.) |
September 2011/
August 2011
(%) |
September 2011/
September 2010
(%) |
| Deposits of non-government resident customers (total) ** |
181,008.5 |
1.7 |
6.6 |
| RON-denominated deposits of residents: |
119,518.8 |
1.8 |
12.4 |
| - household deposits |
68,727.8 |
1.3 |
11.7 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
50,791.0 |
2.4 |
13.2 |
| Forex-denominated deposits of residents: |
61,489.7 |
1.4 |
-3.2 |
| - household deposits |
41,062.4 |
3.0 |
4.5 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
20,427.3 |
-1.8 |
-15.6 |
*provisional data
**includes current accounts, demand deposits and all time deposits, irrespective of maturity
RON-denominated household deposits added 1.3 percent to RON 68,727.8 million. At end-September 2011, household deposits in domestic currency jumped 11.7 percent (8.0 percent in real terms) against the same year-ago period.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) increased by 2.4 percent to RON 50,791.0 million. At end-September 2011, RON-denominated corporate deposits rose year on year by 13.2 percent (9.4 percent in real terms).
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) increased by 1.4 percent to RON 61,489.7 million when expressed in domestic currency (when expressed in EUR, forex deposits dropped 1.7 percent to EUR 14,124.8 million). In year-on-year comparison, residents’ forex deposits expressed in RON declined by 3.2 percent (when expressed in EUR, residents’ forex deposits decreased by 5.1 percent); household deposits in foreign currency grew by 4.5 percent when expressed in domestic currency (when expressed in EUR, household forex deposits stood 2.4 percent higher) and forex deposits of corporates (non-financial corporations and non-monetary financial institutions) went down 15.6 percent when expressed in RON (when expressed in EUR, forex deposits of resident corporates shrank 17.3 percent).
1 includes credit to general government (central government, local government and social security funds) in amount of RON 8,077.1 million and marketable securities issued by these institutional sectors running at RON 57,121.3 million (outstanding as at end-September 2011).