At end-December 2011, broad money (M3) amounted to RON 216,208.1 million, up 3.3 percent (3.0 percent in real terms) month on month. In year-on-year comparison, broad money rose 6.6 percent (3.4 percent in real terms).
Table 1. Monetary aggregates*
| INDICATORS |
31 December 2011
(RON mill.) |
December 2011/
November 2011
(%) |
December 2011/
December 2010
(%) |
| M1 (narrow money)
| 85,835.0 |
2.5 |
5.2 |
| Currency in circulation
| 30,608.7 |
4.2 |
14.2 |
| Overnight deposits**
| 55,226.3 |
1.6 |
0.8 |
| M2 (intermediate money)
| 212,059.3 |
3.4 |
6.3 |
| M1
| 85,835.0 |
2.5 |
5.2 |
| 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)
| 126,224.3 |
4.0 |
7.0 |
| M3 (broad money)
| 216,208.1 |
3.3 |
6.6 |
| M2
| 212,059.3 |
3.4 |
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)
| 4,148.8 |
-4.2 |
29.6 |
*provisional data
**current accounts, demand deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
31 December 2011
(RON mill.) |
December 2011/
November 2011
(%) |
December 2011/
December 2010
(%) |
| Broad money (M3) |
216,208.1 |
3.3 |
6.6 |
| Net foreign assets ** |
20,925.8 |
-23.7 |
-12.8 |
| Net domestic assets *** |
195,282.3 |
7.3 |
9.2 |
* 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 2011, non-government loans granted by credit institutions dropped 0.4 percent (down 0.6 percent in real terms) from November 2011 to RON 223,033.6 million. RON-denominated loans edged up 0.2 percent (down 0.1 percent in real terms), whereas foreign currency-denominated loans fell by 0.6 percent when expressed in RON, but rose by 0.1 percent when expressed in EUR. At end-December 2011, non-government loans climbed year on year by 6.6 percent (3.3 percent in real terms), on the back of the 5.6 percent increase in RON-denominated loans (2.3 percent in real terms) and the 7.2 percent advance in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans expanded by 6.3 percent).
Table 3. Non-government loans*
| INDICATORS |
31 December 2011
(RON mill.) |
December 2011/
November 2011
(%) |
December 2011/
December 2010
(%) |
| Non-government loans (total) |
223,033.6 |
-0.4 |
6.6 |
| RON-denominated non-government loans: |
81,655.2 |
0.2 |
5.6 |
| - household loans |
35,047.4 |
-0.7 |
-2.4 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
46,607.8 |
0.8 |
12.5 |
| Forex-denominated non-government loans: |
141,378.4 |
-0.6 |
7.2 |
| - household loans |
69,210.6 |
-0.1 |
4.6 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
72,167.8 |
-1.2 |
9.8 |
*provisional data
Government credit1 stood 6.3 percent higher in December 2011 at RON 69,815.3 million. At end-December 2011, government credit increased by 13.8 percent (10.3 percent in real terms) from the same year-ago period.
Deposits of non-government resident customers went up 3.3 percent month on month to RON 187,291.3 million in December 2011.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
31 December 2011
(RON mill.) |
December 2011/
November 2011
(%) |
December 2011/
December 2010
(%) |
| Deposits of non-government resident customers (total) ** |
187,291.3 |
3.3 |
5.6 |
| RON-denominated deposits of residents: |
124,533.5 |
4.4 |
9.7 |
| - household deposits |
72,101.8 |
3.0 |
12.1 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
52,431.7 |
6.4 |
6.6 |
| Forex-denominated deposits of residents: |
62,757.8 |
1.3 |
-1.9 |
| - household deposits |
40,651.7 |
-0.4 |
2.1 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
22,106.1 |
4.4 |
-8.4 |
*provisional data
**includes current accounts, demand deposits and all time deposits, irrespective of maturity
RON-denominated household deposits added 3.0 percent to RON 72,101.8 million. At end-December 2011, household deposits in domestic currency jumped 12.1 percent (8.7 percent in real terms) against the same year-ago period.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) increased by 6.4 percent to RON 52,431.7 million. At end-December 2011, RON-denominated corporate deposits were 6.6 percent (3.4 percent in real terms) higher year on year.
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) increased by 1.3 percent to RON 62,757.8 million when expressed in domestic currency (when expressed in EUR, forex deposits went up 2.1 percent to EUR 14,528.3 million). In year-on-year comparison, residents’ forex deposits expressed in RON declined by 1.9 percent (when expressed in EUR, residents’ forex deposits decreased by 2.7 percent); household forex deposits grew by 2.1 percent when expressed in domestic currency (when expressed in EUR, household forex deposits stood 1.3 percent higher) and forex deposits of corporates (non-financial corporations and non-monetary financial institutions) went down 8.4 percent when expressed in RON (when expressed in EUR, forex deposits of resident corporates shrank 9.2 percent).
1 includes credit to general government (central government, local government and social security funds) in amount of RON 9,682.3 million and marketable securities issued by these institutional sectors running at RON 60,133.0 million (outstanding as at end-December 2011).