Banca Naţională a României

At end-January 2003, broad money (M2) ran at ROL 355,721 billion, down 4.8 percent in nominal terms (6 percent in real terms) month on month.

Net foreign assets dropped by 2 percent to ROL 232,227 billion, due to the 2.4 percent slide under "Convertible currencies" and the broadly unchanged "Gold" component. The contraction under "Convertible currencies" stemmed from the decrease in banks' foreign assets, which was only partially offset by the rise in the NBR's foreign reserves (due to the net purchases of foreign exchange on the forex market).

Net domestic assets crept down by 9.7 percent to ROL 123,494 billion. Domestic credit added 0.1 percent to ROL 200,572 billion, while the negative balance under other assets, net, widened by 21.2 percent to ROL 77,078 billion.

Non-government credit added 2.8 percent (1.5 percent in real terms) to ROL 184,610 billion, as a result of the growth in loans in ROL and in foreign exchange by 6.4 percent and 0.6 percent (1.8 percent when expressed in USD).

Government credit, net, shed 23 percent to ROL 15,962 billion due chiefly to the expansion in the reserves in the General Account of Treasury opened with the National Bank of Romania.

Narrow money (M1) moved down 16.4 percent to ROL 73,802 billion, on account of the 8.9 percent drop in currency outside banks to ROL 41,543 billion, and the 24.5 percent fall in demand deposits to ROL 32,259 billion. This significant decrease in both indicators reflects their return to the usual levels, after the surge in December traced to seasonal factors.

Quasi-money went down 1.2 percent to ROL 281,920 billion. Household savings put on 1.8 percent to ROL 90,509 billion, accounting for 25.4 percent of broad money against 23.8 percent at end-December.

Corporate deposits in ROL slipped by 7 percent to ROL 46,236 billion. Time deposits moved down 12.9 percent to ROL 25,582 billion, restricted deposits by 3.4 percent to ROL 8,757 billion while certificates of deposits picked up 5.6 percent to ROL 11,896 billion.

Forex deposits of residents (including households), when expressed in ROL, stepped down 1.1 percent to ROL 145,175 billion (when expressed in USD, forex deposits remained broadly unchanged). Forex deposits of households edged up 3 percent (equivalent to USD 2,021 million).

At end-January, non-banks held government securities totalling ROL 41,535 billion (up 0.6 percent month on month), of which those in foreign exchange amounted to USD 80,4 million, 40.4 percent lower versus December.