At end-June 2013, broad money (M3) amounted to RON 227,782.2 million, up 0.8 percent (0.7 percent in real terms) month on month. In year-on-year comparison, broad money rose 5.0 percent (down 0.3 percent in real terms).
Table 1. Monetary aggregates*
| INDICATORS |
30 June 2013
(RON mill.) |
June 2013/
May 2013
(%) |
June 2013/
June 2012
(%) |
| M1 (narrow money) |
93,137.7 |
5.3 |
6.0 |
| Currency in circulation |
33,260.5 |
5.1 |
4.3 |
| Overnight deposits** |
59,877.2 |
5.3 |
7.0 |
| M2 (intermediate money) |
227,579.8 |
0.8 |
5.1 |
| M1 |
93,137.7 |
5.3 |
6.0 |
| 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) |
134,442.1 |
-2.1 |
4.5 |
| M3 (broad money) |
227,782.2 |
0.8 |
5.0 |
| M2 |
227,579.8 |
0.8 |
5.1 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, marketable securities with a maturity of up to and including two years) |
202.4 |
-18.7 |
-57.9 |
*provisional data
**current accounts, demand deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
30 June 2013
(RON mill.) |
June 2013/
May 2013
(%) |
June 2013/
June 2012
(%) |
| Broad money (M3) |
227,782.2 |
0.8 |
5.0 |
| Net foreign assets ** |
49,809.9 |
-7.9 |
95.0 |
| Net domestic assets *** |
177,972.3 |
3.5 |
-7.0 |
*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-June 2013, non-government loans granted by credit institutions added 1.1 percent (1.1 percent in real terms) from May 2013 to RON 224,159.2 million. RON-denominated loans edged up 0.3 percent (0.3 percent in real terms), whereas foreign currency-denominated loans rose by 1.6 percent when expressed in RON, but fell by 0.2 percent when expressed in EUR. At end-June 2013, non-government loans decreased by 1.3 percent (down 6.3 percent in real terms) year on year, on the back of the 2.2 percent increase in RON-denominated loans (down 3.0 percent in real terms) and the 3.3 percent decline in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans dropped 3.5 percent).
Table 3. Non-government loans*
| INDICATORS |
30 June 2013
(RON mill.) |
June 2013/
May 2013
(%) |
June 2013/
June 2012
(%) |
| Non-government loans (total) |
224,159.2 |
1.1 |
-1.3 |
| RON-denominated non-government loans: |
84,293.3 |
0.3 |
2.2 |
| - household loans |
33,920.8 |
-0.4 |
-1.4 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
50,372.5 |
0.9 |
4.8 |
| Forex-denominated non-government loans: |
139,865.9 |
1.6 |
-3.3 |
| - household loans |
70,145.8 |
1.9 |
-1.2 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
69,720.1 |
1.3 |
-5.3 |
*provisional data
Government credit1 stood 4.5 percent higher in June 2013 at RON 74,645.4 million. At end-June 2013, government credit decreased by 7.4 percent (down 12.1 percent in real terms) from the same year-ago period.
Deposits of non-government resident customers edged up 0.1 percent month on month to RON 202,165.2 million in June 2013.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
30 June 2013
(RON mill.) |
June 2013/
May 2013
(%) |
June 2013/
June 2012
(%) |
| Deposits of non-government resident customers (total) ** |
202,165.2 |
0.1 |
5.8 |
| RON-denominated deposits of residents: |
129,069.6 |
0.1 |
2.5 |
| - household deposits |
77,060.8 |
0.9 |
2.0 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
52,008.8 |
-1.1 |
3.2 |
| Forex-denominated deposits of residents: |
73,095.6 |
0.2 |
12.2 |
| - household deposits |
48,860.1 |
0.8 |
12.4 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
24,235.5 |
-1.0 |
11.8 |
*provisional data
**includes current accounts, demand deposits and all of the time deposits, irrespective of maturity
RON-denominated household deposits added 0.9 percent to RON 77,060.8 million. At end-June 2013, household deposits in domestic currency increased by 2.0 percent (down 3.2 percent in real terms) against end-June 2012.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) declined by 1.1 percent to RON 52,008.8 million. At end-June 2013, RON-denominated corporate deposits rose by 3.2 percent (down 2.0 percent in real terms) year on year.
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) went up 0.2 percent to RON 73,095.6 million when expressed in domestic currency (when expressed in EUR, forex deposits decreased by 1.6 percent to EUR 16,393.6 million). In year-on-year comparison, residents’ forex deposits expressed in RON advanced 12.2 percent (when expressed in EUR, residents’ forex deposits climbed by 12.0 percent); household forex deposits grew by 12.4 percent when expressed in domestic currency (when expressed in EUR, household forex deposits stood 12.2 percent higher) and forex deposits of corporates (non-financial corporations and non-monetary financial institutions) rose by 11.8 percent when expressed in RON (when expressed in EUR, forex deposits of resident corporates expanded by 11.5 percent).
1 includes credit to general government (central government, local government and social security funds) in amount of RON 9,596.2 million and marketable securities issued by these institutional sectors running at RON 65,049.2 million (outstanding as at end-June 2013).