At end-March 2008, broad money (M3) equalled RON 152,053.1 million, up 1.5 percent (0.9 percent in real terms) month on month. In year-on-year comparison, broad money rose 34.9 percent, or 24.2 percent in real terms.
Table 1. Monetary aggregates*
| INDICATORS |
31 March 2008
(RON mill.)
|
March 2008/
February 2008
(%) |
March 2008/
March 2007
(%) |
| M1 (narrow money) |
82,822.5 |
1.4 |
51.3 |
| Currency in circulation |
21,558.9 |
1.9 |
43.9 |
| Overnight deposits ** |
61,263.6 |
1.3 |
54.1 |
| M2 (intermediate money) |
151,988.0 |
1.5 |
35.3 |
| M1 |
82,822.5 |
1.4 |
51.3 |
| 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) |
69,165.5 |
1.7 |
20.1 |
| M3 (broad money) |
152,053.1 |
1.5 |
34.9 |
| M2 |
151,988.0 |
1.5 |
35.3 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, negotiable debt securities with a maturity of up to and including two years) |
65.1 |
-15.5 |
-81.3 |
*provisional data
**current accounts, sight deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
31 March 2008
(RON mill.) |
March 2008/February 2008
(%) |
March 2008/March 2007
(%) |
| Broad money (M3) |
152,053.1 |
1.5 |
34.9 |
| Net foreign assets |
26,144.7 |
-11.2 |
-29.7 |
| Net domestic assets |
125,908.4 |
4.7 |
66.8 |
*provisional data
Net foreign assets shrank 11.2 percent in March 2008 to RON 26,144.7 million, as a result of "Currencies" decreasing by 12.8 percent and "Gold" shedding 7.0 percent on account of gold stock revaluation.
Net domestic assets advanced 4.7 percent to RON 125,908.4 million.
In March 2008, non-government credit grew 4.0 percent, or 3.3 percent in real terms, from February to RON 164,606.8 million. RON-denominated loans went up 3.7 percent (3.1 percent in real terms) and foreign currency-denominated loans rose by 4.1 percent when expressed in RON and by 4.1 percent as well when expressed in EUR, on account of the nominal depreciation of the RON against the EUR (0.02 percent). At end-March 2008, non-government credit climbed year on year by 66.3 percent, or 53.1 percent in real terms, on the back of the 45.2 percent increase in RON-denominated loans (33.7 percent in real terms) and the 88.8 percent advance in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans expanded by 69.9 percent).
Table 3. Non-government credit*
| INDICATORS |
31 March 2008
(RON mill.) |
March 2008/February 2008
(%) |
March 2008/March 2007
(%) |
| Non-government credit (total) |
164,606.8 |
4.0 |
66.3 |
| RON-denominated non-government credit, of which: |
74,105.6 |
3.7 |
45.2 |
| - household credit |
35,712.0 |
2.7
| 43.0 |
| - corporate credit (non-financial corporations and non-monetary financial institutions) |
38,393.6 |
4.8 |
47.4 |
| Forex-denominated non-government credit, of which: |
90,501.2 |
4.1 |
88.8 |
| - household credit |
43,930.0 |
4.9 |
140.3 |
| - corporate credit (non-financial corporations and non-monetary financial institutions) |
46,571.2 |
3.4 |
57.0 |
*provisional data
Government credit1 (central government, local government and social security funds) stood 1.3 percent lower in March at RON 10,129.5 million. At end-March 2008, government credit increased 53.1 percent, or 41.0 percent in real terms, from the same year-ago period.
Deposits of non-government resident customers picked up month on month by 2.0 percent, reaching RON 133,549.7 million.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
31 March 2008
(RON mill.) |
March 2008/February 2008
(%) |
March 2008/March 2007
(%) |
| Deposits of non-government resident customers (total)** |
133,549.7 |
2.0 |
35.5 |
| RON-denominated deposits of residents, of which: |
89,100.4 |
2.9 |
32.5 |
| - household deposits |
45,846.6 |
2.6 |
38.7 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
43,253.8 |
3.3 |
26.4 |
| Forex-denominated deposits of residents, of which: |
44,449.3 |
0.05 |
42.1 |
| - household deposits |
27,426.6 |
1.8 |
56.9 |
| -corporate deposits (non-financial corporations and non-monetary financial institutions) |
17,022.7 |
-2.6 |
23.4 |
*provisional data
**includes all deposits, irrespective of maturity
RON-denominated household deposits added 2.6 percent to RON 45,846.6 million. At end-March 2008, household deposits in domestic currency jumped 38.7 percent, or 27.7 percent in real terms, against the same year-ago period.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) advanced by 3.3 percent to RON 43,253.8 million. At end-March 2008, RON-denominated corporate deposits rose year on year by 26.4 percent, or 16.4 percent in real terms.
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) inched up 0.05 percent to RON 44,449.3 million when expressed in domestic currency (when expressed in EUR, forex deposits went up 0.03 percent to EUR 11,924.4 million). In year-on-year comparison, residents' forex deposits expressed in EUR expanded by 27.9 percent, household deposits in foreign exchange by 41.2 percent, and deposits in foreign exchange of corporates (non-financial corporations and non-monetary financial institutions) by 11.1 percent.
1Marketable securities included