At end-April 2008, broad money (M3) equalled RON 157,088.2 million, up 3.4 percent (2.9 percent in real terms) month on month. In year-on-year comparison, broad money rose 38.9 percent, or 27.8 percent in real terms.
Table 1. Monetary aggregates*
| INDICATORS |
30 April 2008
(RON mill.)
|
April 2008/
March 2008
(%) |
April 2008/
April 2007
(%) |
| M1 (narrow money) |
83,775.3 |
1.4 |
51.7 |
| Currency in circulation |
22,268.5 |
3.3 |
44.0 |
| Overnight deposits ** |
61,506.8 |
0.7 |
54.7 |
| M2 (intermediate money) |
157,044.7 |
3.5 |
39.0 |
| M1 |
83,775.3 |
1.4 |
51.7 |
| 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) |
73,269.4 |
5.9 |
27.0 |
| M3 (broad money) |
157,088.2 |
3.4 |
38.9 |
| M2 |
157,044.7 |
3.5 |
39.0 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, negotiable debt securities with a maturity of up to and including two years) |
43.5 |
-33.2 |
-77.2 |
*provisional data
**current accounts, sight deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
30 April 2008
(RON mill.) |
April 2008/March 2008
(%) |
April 2008/April 2007
(%) |
| Broad money (M3) |
157,088.2 |
3.4 |
38.9 |
| Net foreign assets |
26,581.3 |
1.7 |
-28.1 |
| Net domestic assets |
130,506.9 |
3.8 |
71.4 |
*provisional data
Net foreign assets added 1.7 percent in April 2008 to RON 26,581.3 million, as a result of "Currencies" increasing by 5.2 percent and "Gold" shedding 7.2 percent on account of gold stock revaluation.
Net domestic assets advanced 3.8 percent to RON 130,506.9 million.
In April 2008, non-government credit grew 2.5 percent, or 2.0 percent in real terms, from March to RON 168,734.1 million. RON-denominated loans went up 3.4 percent (2.8 percent in real terms) and foreign currency-denominated loans rose by 1.8 percent when expressed in RON and by 3.2 percent when expressed in EUR. At end-April 2008, non-government credit climbed year on year by 64.4 percent, or 51.4 percent in real terms, on the back of the 44.5 percent increase in RON-denominated loans (33.0 percent in real terms) and the 85.8 percent advance in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans expanded by 68.2 percent).
Table 3. Non-government credit*
| INDICATORS |
30 April 2008
(RON mill.) |
April 2008/March 2008
(%) |
April 2008/April 2007
(%) |
| Non-government credit (total) |
168,734.1 |
2.5 |
64.4 |
| RON-denominated non-government credit, of which: |
76,592.0 |
3.4 |
44.5 |
| - household credit |
36,608.8 |
2.5
| 42.0 |
| - corporate credit (non-financial corporations and non-monetary financial institutions) |
39,983.2 |
4.1 |
46.8 |
| Forex-denominated non-government credit, of which: |
92,142.1 |
1.8 |
85.8 |
| - household credit |
45,126.2 |
2.7 |
137.7 |
| - corporate credit (non-financial corporations and non-monetary financial institutions) |
47,015.9 |
1.0 |
53.6 |
*provisional data
Government credit1 (central government, local government and social security funds) stood 0.6 percent lower in April at RON 10,065.7 million. At end-April 2008, government credit increased 32.2 percent, or 21.7 percent in real terms, from the same year-ago period.
Deposits of non-government resident customers picked up month on month by 2.8 percent, reaching RON 137,341.3 million.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
30 April 2008
(RON mill.) |
April 2008/March 2008
(%) |
April 2008/April 2007
(%) |
| Deposits of non-government resident customers (total)** |
137,341.3 |
2.8 |
38.9 |
| RON-denominated deposits of residents, of which: |
88,466.4 |
-0.7 |
30.3 |
| - household deposits |
46,943.3 |
2.4 |
38.9 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
41,523.1 |
-4.0 |
21.8 |
| Forex-denominated deposits of residents, of which: |
48,874.9 |
10.0 |
57.9 |
| - household deposits |
28,239.6 |
3.0 |
59.5 |
| -corporate deposits (non-financial corporations and non-monetary financial institutions) |
20,635.3 |
21.2 |
55.8 |
*provisional data
**includes all deposits, irrespective of maturity
RON-denominated household deposits added 2.4 percent to RON 46,943.3 million. At end-April 2008, household deposits in domestic currency jumped 38.9 percent, or 27.9 percent in real terms, against the same year-ago period.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) decreased by 4.0 percent to RON 41,523.1 million. At end-April 2008, RON-denominated corporate deposits rose year on year by 21.8 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 10.0 percent to RON 48,874.9 million when expressed in domestic currency (when expressed in EUR, forex deposits went up 11.5 percent to EUR 13,296.0 million).
In year-on-year comparison, residents' forex deposits expressed in RON advanced 57.9 percent (when expressed in EUR, residents' forex deposits expanded by 42.9 percent); household deposits in foreign exchange increased by 59.5 percent when expressed in domestic currency (when expressed in EUR, household forex deposits surged 44.4 percent); corporate deposits in foreign exchange (non-financial corporations and non-monetary financial institutions) were up 55.8 percent when expressed in RON (when expressed in EUR, deposits in foreign exchange of corporate residents rose 41.0 percent).
1Marketable securities included