At end-May 2008, broad money (M3) equalled RON 157,605.3 million, up 0.3 percent (down 0.2 percent in real terms) month on month. In year-on-year comparison, broad money rose 39.7 percent, or 28.8 percent in real terms.
Table 1. Monetary aggregates*
| INDICATORS |
31 May 2008
(RON mill.)
|
May 2008/
April 2008
(%) |
May 2008/
May2007
(%) |
| M1 (narrow money) |
85,849.5 |
2.5 |
51.4 |
| Currency in circulation |
22,852.2 |
2.6 |
43.7 |
| Overnight deposits ** |
62,997.3 |
2.4 |
54.4 |
| M2 (intermediate money) |
157,568.2 |
0.3 |
39.9 |
| M1 |
85,849.5 |
2.5 |
51.4 |
| 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) |
71,718.7 |
-2.1 |
28.2 |
| M3 (broad money) |
157,605.3 |
0.3 |
39.7 |
| M2 |
157,568.2 |
0.3 |
39.9 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, negotiable debt securities with a maturity of up to and including two years) |
37.1 |
-14.6 |
-77.2 |
*provisional data
**current accounts, sight deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
31 May 2008
(RON mill.) |
May 2008/April 2008
(%) |
May 2008/May 2007
(%) |
| Broad money (M3) |
157,605.3 |
0.3 |
39.7 |
| Net foreign assets |
20,464.8 |
-23.0 |
-39.9 |
| Net domestic assets |
137,140.5 |
5.1 |
74.0 |
*provisional data
Net foreign assets lost 23.0 percent in May 2008 to RON 20,464.8 million, as a result of "Currencies" decreasing by 31.0 percent and "Gold" inching up 0.3 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 5.1 percent to RON 137,140.5 million.
In May 2008, non-government credit grew 1.8 percent, or 1.3 percent in real terms, versus April 2008 to RON 171,834.3 million. RON-denominated loans went up 2.4 percent (1.9 percent in real terms) and foreign currency-denominated loans rose by 1.4 percent when expressed in RON and by 2.9 percent when expressed in EUR. At end-May 2008, non-government credit climbed year on year by 61.3 percent, or 48.8 percent in real terms, on the back of the 41.7 percent increase in RON-denominated loans (30.6 percent in real terms) and the 82.6 percent advance in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans expanded by 65.0 percent).
Table 3. Non-government credit*
| INDICATORS |
31 May 2008
(RON mill.) |
May 2008/April 2008
(%) |
May 2008/May 2007
(%) |
| Non-government credit (total) |
171,834.3 |
1.8 |
61.3 |
| RON-denominated non-government credit, of which: |
78,391.9 |
2.4 |
41.7 |
| - household credit |
37,358.1 |
2.0
| 38.6 |
| - corporate credit (non-financial corporations and non-monetary financial institutions) |
41,033.8 |
2.6 |
44.5 |
| Forex-denominated non-government credit, of which: |
93,442.4 |
1.4 |
82.6 |
| - household credit |
45,893.3 |
1.7 |
130.7 |
| - corporate credit (non-financial corporations and non-monetary financial institutions) |
47,549.1 |
1.1 |
52.1 |
*provisional data
Government credit1 (central government, local government and social security funds) stood 5.5 percent higher in May at RON 10,624.1 million. At end-May 2008, government credit increased 35.8 percent, or 25.2 percent in real terms, from the same year-ago period.
Deposits of non-government resident customers inched down month on month by 0.02 percent, reaching RON 137,315.8 million
Table 4. Deposits of non-government resident customers*
| INDICATORS |
31 May 2008
(RON mill.) |
May 2008/April 2008
(%) |
May 2008/May 2007
(%) |
| Deposits of non-government resident customers (total)** |
137,315.8 |
-0,02 |
39.8 |
| RON-denominated deposits of residents, of which: |
90,053.3 |
1.8 |
33.9 |
| - household deposits |
48,103.8 |
2.5 |
40.9 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
41,949.5 |
1.0 |
26.7 |
| Forex-denominated deposits of residents, of which: |
47,262.5 |
-3.3 |
52,6 |
| - household deposits |
27,867.9 |
-1.3 |
55.6 |
| -corporate deposits (non-financial corporations and non-monetary financial institutions) |
19,394.6 |
-6.0 |
48.4 |
*provisional data
**includes all deposits, irrespective of maturity
RON-denominated household deposits added 2.5 percent to RON 48,103.8 million. At end-May 2008, household deposits in domestic currency jumped 40.9 percent, or 29.9 percent in real terms, against the same year-ago period.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) increased by 1.0 percent to RON 41,949.5 million. At end-May 2008, RON-denominated corporate deposits rose year on year by 26.7 percent, or 16.8 percent in real terms.
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) shed 3.3 percent to RON 47,262.5 million when expressed in domestic currency (when expressed in EUR, forex deposits went down 1.8 percent to EUR 13,051.2 million). In year-on-year comparison, residents' forex deposits expressed in RON advanced 52.6 percent (when expressed in EUR, residents' forex deposits expanded by 37.9 percent); household deposits in foreign exchange increased by 55.6 percent when expressed in domestic currency (when expressed in EUR, household forex deposits stood 40.7 percent higher); corporate deposits in foreign exchange (non-financial corporations and non-monetary financial institutions) were up 48.4 percent when expressed in RON (when expressed in EUR, deposits in foreign exchange of corporate residents rose 34.1 percent).
1Marketable securities included