At end-July 2008, broad money (M3) equalled RON 161,297.9 million, down 0.1 percent (-0.8 percent in real terms) month on month. In year-on-year comparison, broad money rose 34.4 percent, or 23.2 percent in real terms.
Table 1. Monetary aggregates*
| INDICATORS |
31 July 2008
(RON mill.)
|
July 2008/
June 2008
(%) |
July 2008/
July 2007
(%) |
| M1 (narrow money) |
90,166.0 |
-0.8 |
42.3 |
| Currency in circulation |
23,746.6 |
0.6 |
31.8 |
| Overnight deposits ** |
66,419.4 |
-1.4 |
46.4 |
| M2 (intermediate money) |
161,220.7 |
-0.2 |
34.4 |
| M1 |
90,166.0 |
-0.8 |
42.3 |
| 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) |
71,054.7 |
0.7 |
25.6 |
| M3 (broad money) |
161,297.9 |
-0.1 |
34.4 |
| M2 |
161,220.7 |
-0.2 |
34.4 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, negotiable debt securities with a maturity of up to and including two years) |
77.2 |
138.2 |
-27.9 |
*provisional data
**current accounts, sight deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
31 July 2008
(RON mill.) |
July 2008/June 2008
(%) |
July 2008/July 2007
(%) |
| Broad money (M3) |
161,297.9 |
-0.1 |
34.4 |
| Net foreign assets |
14,590.9 |
-9.7 |
-55.9 |
| Net domestic assets |
146,707.0 |
0.9 |
68.7 |
*provisional data
Net foreign assets lost 9.7 percent in July 2008 to RON 14,590.9 million, as a result of "Currencies" decreasing by 14.3 percent and "Gold" shedding 4.0 percent on account of gold stock revaluation. At the level of the monetary authority, foreign currency outflows consisted mainly of principal repayments and interest payments on public external debt, as well as payments to the European Commission.
Net domestic assets advanced 0.9 percent to RON 146,707.0 million.
In July 2008, non-government credit grew 0.3 percent (down 0.4 percent in real terms) from June to RON 178,690.1 million. RON-denominated loans went up 2.4 percent (1.7 percent in real terms) while foreign currency-denominated loans declined by 1.5 percent when expressed in RON and edged up 1.6 percent when expressed in EUR. At end-July 2008, non-government credit climbed year on year by 55.8 percent, or 42.9 percent in real terms, on the back of the 39.4 percent increase in RON-denominated loans (27.8 percent in real terms) and the 73.2 percent surge in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans expanded by 54.6 percent).
Table 3. Non-government credit*
| INDICATORS |
31 July 2008
(RON mill.) |
July 2008/June 2008
(%) |
July 2008/July 2007
(%) |
| Non-government credit (total) |
178,690.1 |
0.3 |
55.8 |
| RON-denominated non-government credit, of which: |
81,988.5 |
2.4 |
39.4 |
| - household credit |
39,297.9 |
3.3
| 36.0 |
| - corporate credit (non-financial corporations and non-monetary financial institutions) |
42,690.6 |
1.6 |
42.7 |
| Forex-denominated non-government credit, of which: |
96,701.6 |
-1.5 |
73.2 |
| - household credit |
48,524.8 |
-0.7 |
105.2 |
| - corporate credit (non-financial corporations and non-monetary financial institutions) |
48,176.8 |
-2.2 |
49.6 |
*provisional data
Government credit1 (central government, local government and social security funds) stood 1.4 percent higher in July at RON 11,225.3 million. At end-July 2008, government credit increased 38.9 percent, or 27.4 percent in real terms, from the same year-ago period.
Deposits of non-government resident customers inched down month on month by 0.3 percent, reaching RON 140,368.8 million.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
31 July 2008
(RON mill.) |
July 2008/June 2008
(%) |
July 2008/July 2007
(%) |
| Deposits of non-government resident customers (total)** |
140,368.8 |
-0.3 |
35.2 |
| RON-denominated deposits of residents, of which: |
92,351.7 |
-0.5 |
27.4 |
| - household deposits |
49,894.1 |
0.5 |
34.3 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
42,457.6 |
-1.6 |
20.1 |
| Forex-denominated deposits of residents, of which: |
48,017.1 |
0.1 |
53.3 |
| - household deposits |
28,268.6 |
-0.02 |
56.1 |
| -corporate deposits (non-financial corporations and non-monetary financial institutions) |
19,748.5 |
0.2 |
49.6 |
*provisional data
**includes all deposits, irrespective of maturity
RON-denominated household deposits added 0.5 percent to RON 49,894.1 million. At end-July 2008, household deposits in domestic currency jumped 34.3 percent, or 23.1 percent in real terms, against the same year-ago period.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) decreased by 1.6 percent to RON 42,457.6 million. At end-July 2008, RON-denominated corporate deposits rose year on year by 20.1 percent, or 10.2 percent in real terms.
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) advanced 0.1 percent to RON 48,017.1 million when expressed in domestic currency (when expressed in EUR, forex deposits went up 3.2 percent to EUR 13,577.2 million). In year-on-year comparison, residents' forex deposits expressed in RON moved up 53.3 percent (when expressed in EUR, residents' forex deposits expanded by 36.9 percent); household deposits in foreign exchange increased by 56.1 percent when expressed in domestic currency (when expressed in EUR, household forex deposits surged 39.4 percent); corporate deposits in foreign exchange (non-financial corporations and non-monetary financial institutions) stood 49.6 percent higher when expressed in RON (when expressed in EUR, deposits in foreign exchange of corporate residents rose 33.6 percent).
1Marketable securities included