At end-August 2008, broad money (M3) equalled RON 162,351.4 million, up 0.6 percent (0.7 percent in real terms) month on month. In year-on-year comparison, broad money rose 30.4 percent, or 20.8 percent in real terms.
Table 1. Monetary aggregates*
INDICATORS |
31 August 2008 (RON mill.)
|
August 2008/ July 2008 (%) |
August 2008/ August 2007 (%) |
M1 (narrow money) |
90,979.5 |
0.9 |
39.7 |
Currency in circulation |
23,996.3 |
1.1 |
30.7 |
Overnight deposits ** |
66,983.2 |
0.8 |
43.2 |
M2 (intermediate money) |
162,279.9 |
-0.7 |
30.6 |
M1 |
90,979.5 |
0.9 |
39.7 |
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) |
71,300.4 |
0.3 |
20.5 |
M3 (broad money) |
162,351.4 |
0.6 |
30.4 |
M2 |
162,279.9 |
0.7 |
30.6 |
Other marketable instruments (repurchase agreements, money market fund shares and units, negotiable debt securities with a maturity of up to and including two years) |
71.5 |
-7.3 |
-56.5 |
*provisional data
**current accounts, sight deposits
Table 2. Broad money and its counterpart*
INDICATORS |
31 August 2008 (RON mill.)
|
August 2008/ July 2008 (%) |
August 2008/ August 2007 (%) |
Broad money (M3) |
162,351.4 |
0.6 |
30.4 |
Net foreign assets |
16,766.6 |
14.9 |
-48.5 |
Net domestic assets |
145,584.8 |
-0.8 |
58.4 |
*provisional data
Net foreign assets added 14.9 percent in August 2008 to RON 16,766.6 million, as a result of "Currencies" increasing by 30.7 percent and "Gold" shedding 2.8 percent on account of gold stock revaluation.
Net domestic assets decreased by 0.8 percent to RON 145,584.8 million.
In August 2008, non-government credit grew 2.8 percent, or 2.9 percent in real terms, from July 2008 to RON 183,629.9 million. RON-denominated loans went up 1.8 percent (1.9 percent in real terms) and foreign currency-denominated loans rose by 3.5 percent when expressed in RON and by 3.7 percent when expressed in EUR. At end-August 2008, non-government credit climbed year on year by 50.4 percent, or 39.2 percent in real terms, on the back of the 38.6 percent increase in RON-denominated loans (28.3 percent in real terms) and the 61.9 percent advance in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans expanded by 50.0 percent).
Table 3. Non-government credit*
INDICATORS |
31 August 2008 (RON mill.)
|
August 2008/ July 2008 (%) |
August 2008/ August 2007 (%) |
Non-government credit (total) |
183,629.9 |
2.8 |
50.4 |
RON-denominated non-government credit, of which: |
83,495.5 |
1.8 |
38.6 |
- household credit |
40,246.9 |
2.4 TD>
| 34.0 |
- corporate credit (non-financial corporations and non-monetary financial institutions) |
43,248.6 |
1.3 |
43.1 |
Forex-denominated non-government credit, of which: |
100,134.4 |
3.5 |
61.9 |
- household credit |
50,311.7 |
3.7 |
86.4 |
- corporate credit (non-financial corporations and non-monetary financial institutions) |
49,822.7 |
3.4 |
43.0 |
*provisional data
Government credit1 (central government, local government and social security funds) stood 1.2 percent higher in August at RON 11,363.2 million. At end-August 2008, government credit increased 35.5 percent, or 25.4 percent in real terms, from the same year-ago period.
Deposits of non-government resident customers picked up month on month by 0.7 percent, reaching RON 141,334.3 million.
Table 4. Deposits of non-government resident customers*
INDICATORS |
31 August 2008 (RON mill.)
|
August 2008/ July 2008 (%) |
August 2008/ August 2007 (%) |
Deposits of non-government resident customers (total)** |
141,334.3 |
0.7 |
30.9 |
RON-denominated deposits of residents, of which: |
93,518.7 |
1.3 |
24.6 |
- household deposits |
49,895.1 |
0.0 |
33.2 |
- corporate deposits (non-financial corporations and non-monetary financial institutions) |
43,623.6 |
2.7 |
16.1 |
Forex-denominated deposits of residents, of which: |
47,815.6 |
-0.4 |
45.0 |
- household deposits |
29,133.3 |
3.1 |
50.0 |
-corporate deposits (non-financial corporations and non-monetary financial institutions) |
18,682.3 |
-5.4 |
37.9 |
*provisional data
**includes all deposits, irrespective of maturity
RON-denominated household deposits added RON 1.0 million to RON 49,895.1 million. At end-August 2008, household deposits in domestic currency jumped 33.2 percent, or 23.3 percent in real terms, against the same year-ago period.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) increased by 2.7 percent to RON 43,623.6 million. At end-August 2008, RON-denominated corporate deposits rose year on year by 16.1 percent, or 7.5 percent in real terms.
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) decreased by 0.4 percent to RON 47,815.6 million when expressed in domestic currency (when expressed in EUR, forex deposits declined by 0.3 percent to EUR 13,534.0 million). In year-on-year comparison, residents' forex deposits expressed in RON advanced 45.0 percent (when expressed in EUR, residents' forex deposits expanded by 34.3 percent); household deposits in foreign exchange surged 50.0 percent when expressed in domestic currency (when expressed in EUR, household forex deposits increased by 38.9 percent); corporate deposits in foreign exchange (non-financial corporations and non-monetary financial institutions) were up 37.9 percent when expressed in RON (when expressed in EUR, deposits in foreign exchange of corporate residents rose 27.7 percent).
1Marketable securities included