At end-January 2013, broad money (M3) amounted to RON 219,336.3 million, declining 1.2 percent (down 2.5 percent in real terms) month on month. In year-on-year comparison, broad money rose 1.2 percent (down 4.5 percent in real terms).
Table 1. Monetary aggregates*
| INDICATORS |
31 January 2013
(RON mill.) |
Jan. 2013/
Dec. 2012
(%) |
Jan. 2013/
Jan. 2012
(%) |
| M1 (narrow money) |
86,016.9 |
-3.4 |
-0.6 |
| Currency in circulation |
30,298.0 |
-3.7 |
-0.5 |
| Overnight deposits** |
55,718.9 |
-3.2 |
-0.6 |
| M2 (intermediate money) |
219,147.3 |
-1.2 |
3.2 |
| M1 |
86,016.9 |
-3.4 |
-0.6 |
| 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) |
133,130.4 |
0.2 |
5.7 |
| M3 (broad money) |
219,336.3 |
-1.2 |
1.2 |
| M2 |
219,147.3 |
-1.2 |
3.2 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, marketable securities with a maturity of up to and including two years) |
189.0 |
0.4 |
-95.5 |
*provisional data
**current accounts, demand deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
31 January 2013
(RON mill.) |
Jan. 2013/
Dec. 2012
(%) |
Jan. 2013/
Jan. 2012
(%) |
| Broad money (M3) |
219,336.3 |
-1.2 |
1.2 |
| Net foreign assets ** |
42,074.3 |
19.6 |
76.6 |
| Net domestic assets *** |
177,262.0 |
-5.1 |
-8.1 |
*provisional data
**after deducting foreign liabilities from foreign assets.
Foreign assets include: loans granted to non-residents; deposits with non-residents; marketable securities (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 (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-January 2013, non-government loans granted by credit institutions decreased by 1.1 percent (down 2.4 percent in real terms) from December 2012 to RON 223,389.5 million. RON-denominated loans went down 0.1 percent (down 1.5 percent in real terms), whereas foreign currency-denominated loans fell by 1.7 percent when expressed in RON and by 0.6 percent when expressed in EUR. At end-January 2013, non-government loans edged up 0.3 percent (down 5.3 percent in real terms) year on year, on the back of the 4.8 percent increase in RON-denominated loans (down 1.1 percent in real terms) and the 2.2 percent decline in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans dropped 3.1 percent).
Table 3. Non-government loans*
| INDICATORS |
31 January 2013
(RON mill.) |
Jan. 2013/
Dec. 2012
(%) |
Jan. 2013/
Jan. 2012
(%) |
| Non-government loans (total) |
223,389.5 |
-1.1 |
0.3 |
| RON-denominated non-government loans: |
84,604.2 |
-0.1 |
4.8 |
| - household loans |
34,210.0 |
-0.5 |
-1.6 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
50,394.2 |
0.1 |
9.7 |
| Forex-denominated non-government loans: |
138,785.3 |
-1.7 |
-2.2 |
| - household loans |
68,984.3 |
-1.6 |
-0.7 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
69,801.0 |
-1.8 |
-3.6 |
*provisional data
Government credit1 contracted by 2.7 percent in January 2013 to RON 76,696.7 million. At end-January 2013, government credit increased by 4.3 percent (down 1.6 percent in real terms) from the same year-ago period.
Deposits of non-government resident customers inched down 0.8 percent month on month to RON 195,809.2 million in January 2013.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
31 January 2013
(RON mill.) |
Jan. 2013/
Dec. 2012
(%) |
Jan. 2013/
Jan. 2012
(%) |
| Deposits of non-government resident customers (total) ** |
195,809.2 |
-0.8 |
4.1 |
| RON-denominated deposits of residents: |
123,800.7 |
-1.3 |
-1.9 |
| - household deposits |
74,987.9 |
0.3 |
1.5 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
48,812.8 |
-3.6 |
-6.8 |
| Forex-denominated deposits of residents: |
72,008.5 |
0.2 |
16.3 |
| - household deposits |
47,799.8 |
0.8 |
17.1 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
24,208.7 |
-0.9 |
14.7 |
*provisional data
**includes current accounts, demand deposits and all of the time deposits, irrespective of maturity
RON-denominated household deposits added 0.3 percent to RON 74,987.9 million. At end-January 2013, household deposits in domestic currency jumped 1.5 percent (down 4.2 percent in real terms) against end-January 2012.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) dropped 3.6 percent to RON 48,812.8 million. At end-January 2013, RON-denominated corporate deposits declined by 6.8 percent (down 12.0 percent in real terms) year on year.
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) edged up 0.2 percent to RON 72,008.5 million when expressed in domestic currency (when expressed in EUR, forex deposits climbed by 1.3 percent to EUR 16,429.8 million). In year-on-year comparison, residents’ forex deposits expressed in RON advanced 16.3 percent (when expressed in EUR, residents’ forex deposits went up 15.2 percent); household forex deposits grew by 17.1 percent when expressed in domestic currency (when expressed in EUR, household forex deposits stood 16.0 percent higher) and forex deposits of corporates (non-financial corporations and non-monetary financial institutions) rose by 14.7 percent when expressed in RON (when expressed in EUR, forex deposits of resident corporates expanded by 13.7 percent).
1 includes credit to general government (central government, local government and social security funds) in amount of RON 9,681.7 million and marketable securities issued by these institutional sectors running at RON 67,015.0 million (outstanding as at end-January 2013).