At end-September 2008, broad money (M3) equalled RON 166,021.6 million, up 2.3 percent (1.9 percent in real terms) month on month. In year-on-year comparison, broad money rose 31.1 percent, or 22.1 percent in real terms.
Table 1. Monetary aggregates*
| INDICATORS |
30 September 2008
(RON mill.)
|
September 2008/
August 2008
(%) |
September 2008/
September 2007
(%) |
| M1 (narrow money) |
92,570.5 |
1.7 |
38.9 |
| Currency in circulation |
23,610.7 |
-1.6 |
24.9 |
| Overnight deposits ** |
68,959.8 |
3.0 |
44.4 |
| M2 (intermediate money) |
165,942.5 |
2.3 |
31.2 |
| M1 |
92,570.5 |
1.7 |
38.9 |
| 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) |
73,372.0 |
2.9 |
22.6 |
| M3 (broad money) |
166,021.6 |
2.3 |
31.1 |
| M2 |
165,942.5 |
2.3 |
31.2 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, negotiable debt securities with a maturity of up to and including two years) |
79.1 |
10.6 |
-53.7 |
*provisional data
**current accounts, sight deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
30 September 2008
(RON mill.)
|
September 2008/
August 2008
(%) |
September 2008/
September 2007
(%) |
| Broad money (M3) |
166,021.6 |
2.3 |
31.1 |
| Net foreign assets |
17,577.8 |
4.8 |
-43.1 |
| Net domestic assets |
148,443.8 |
2.0 |
55.0 |
*provisional data
Net foreign assets added 4.8 percent in September 2008 to RON 17,577.8 million, as a result of "Currencies" decreasing by 2.7 percent and "Gold" advancing 16.2 percent on account of gold stock revaluation.
Net domestic assets increased by 2.0 percent to RON 148,443.8 million.
In September 2008, non-government loans granted by credit institutions grew 5.7 percent, or 5.3 percent in real terms, from August 2008 to RON 194,174.1 million. RON-denominated loans went up 2.2 percent (1.8 percent in real terms) and foreign currency-denominated loans rose by 8.7 percent when expressed in RON and by 2.9 percent when expressed in EUR. At end-September 2008, non-government loans climbed year on year by 50.5 percent, or 40.2 percent in real terms, on the back of the 36.2 percent increase in RON-denominated loans (26.9 percent in real terms) and the 63.9 percent advance in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans expanded by 47.3 percent).
Table 3. Non-government loans*
| INDICATORS |
30 September 2008
(RON mill.)
|
September 2008/
August 2008
(%) |
September 2008/
September 2007
(%) |
| Non-government loans (total) |
194,174.1 |
5.7 |
50.5 |
| RON-denominated non-government loans, of which: |
85,318.5 |
2.2 |
36.2 |
| - household loans |
41,016.6 |
1.9
| 32.3 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
44,301.9 |
2.4 |
40.0 |
| Forex-denominated non-government loans, of which: |
108,855.6 |
8.7 |
63.9 |
| - household loans |
55,030.8 |
9.4 |
86.7 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
53,824.8 |
8.0 |
45.7 |
*provisional data
Government credit1 (central government, local government and social security funds) stood 1.4 percent higher in September at RON 11,521.6 million. At end-September 2008, government credit increased 33.2 percent, or 24.2 percent in real terms, from the same year-ago period.
Deposits of non-government resident customers picked up month on month by 2.9 percent, reaching RON 145,380.1 million.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
30 September 2008
(RON mill.)
|
September 2008/
August 2008
(%) |
September 2008/
September 2007
(%) |
| Deposits of non-government resident customers (total)** |
145,380.1 |
2.9 |
32.6 |
| RON-denominated deposits of residents, of which: |
95,400.1 |
2.0 |
26.9 |
| - household deposits |
50,315.7 |
0.8 |
33.4 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
45,084.4 |
3.3 |
20.3 |
| Forex-denominated deposits of residents, of which: |
49,980.0 |
4.5 |
45.1 |
| - household deposits |
30,769.0 |
5.6 |
47.8 |
| -corporate deposits (non-financial corporations and non-monetary financial institutions) |
19,211.0 |
2.8 |
40.9 |
*provisional data
**includes current accounts, sight deposits and all term deposits, irrespective of maturity
RON-denominated household deposits added 0.8 percent to RON 50,315.7 million. At end-September 2008, household deposits in domestic currency jumped 33.4 percent, or 24.3 percent in real terms, against the same year-ago period.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) increased by 3.3 percent to RON 45,084.4 million. At end-September 2008, RON-denominated corporate deposits rose year on year by 20.3 percent, or 12.1 percent in real terms.
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) advanced 4.5 percent to RON 49,980.0 million when expressed in domestic currency (when expressed in EUR, forex deposits declined by 1.1 percent to EUR 13,386.5 million). In year-on-year comparison, residents' forex deposits expressed in RON advanced 45.1 percent (when expressed in EUR, residents' forex deposits expanded by 30.4 percent); household deposits in foreign exchange surged 47.8 percent when expressed in domestic currency (when expressed in EUR, household forex deposits increased by 32.8 percent); corporate deposits in foreign exchange (non-financial corporations and non-monetary financial institutions) were up 40.9 percent when expressed in RON (when expressed in EUR, deposits in foreign exchange of corporate residents rose 30.4 percent).
1Marketable securities included