At end-March 2003, broad money (M2) ran at ROL 369,451 billion, up 0.6 percent in nominal terms (down 0.5 percent in real terms) month on month.
Table 1. Broad money and its counterparts
| INDICATORS |
28 February 2003
(ROL billion) |
31 March 2003
(ROL billion) |
Change
(%) |
| Broad money |
367,401 |
369,451 |
0.6 |
| Net foreign assets |
234,636 |
231,542 |
-1.3 |
| Net domestic assets |
132,765 |
137,909 |
3.9 |
Net foreign assets dipped by 1.3 percent to ROL 231,542 billion, due to the 1.6 percent contraction under "Convertible currencies" and the broadly unchanged "Gold" component.
Net domestic assets moved up 3.9 percent to ROL 137,909 billion. Domestic credit advanced 3.6 percent to ROL 215,324 billion, while the negative balance under other assets, net, widened by 3 percent to ROL 77,415 billion.
Non-government credit added 4.5 percent (6.7 percent in real terms, cumulative for the first three months of the year) to ROL 197,985 billion, as a result of the growth in loans in ROL and in foreign exchange by 5.3 percent and 4 percent respectively.
Government credit, net, fell by 6 percent to ROL 17,339 billion due to: (i) the contraction of the reserves in the General Account of Treasury opened with the National Bank of Romania, (ii) the expansion in the reserves held by the Ministry of Public Finance with the NBR, and (iii) the redemption of ROL-denominated government securities.
Table 2. Domestic credit and its components
| INDICATORS |
28 February 2003
(ROL billion) |
31 March 2003
(ROL billion) |
Change
(%) |
| Domestic credit |
207,927 |
215,324 |
3.6 |
| Non-government credit |
189,484 |
197,985 |
4.5 |
| Government credit |
18,443 |
17,339 |
-6.0 |
Narrow money (M1) went up 2.1 percent to ROL 79,940 billion on account of the 0.2 percent rise in currency outside banks, to ROL 45,867 billion, and the 4.8 percent increase in demand deposits, to ROL 34,073 billion.
Table 3. Narrow money and its components
| INDICATORS |
28 February 2003
(ROL billion) |
31 March 2003
(ROL billion) |
Change
(%) |
| M1 |
78,288 |
79,940 |
2.1 |
| Currency outside banks |
45,772 |
45,867 |
0.2 |
| Demand deposits |
32,516 |
34,073 |
4.8 |
Quasi-money edged up 0.1 percent to ROL 289,510 billion. Household savings put on 0.4 percent, to ROL 93,098 billion, accounting for 25.2 percent of broad money.
Corporate deposits in ROL stepped up 3.7 percent to ROL 50,096 billion. Time deposits went up 3.9 percent to ROL 27,848 billion, restricted deposits inched down 0.3 percent to ROL 9,186 billion while certificates of deposits picked up 6.1 percent to ROL 13,063 billion.
Forex deposits of residents (including households), when expressed in ROL, slipped by 1.2 percent to ROL 146,317 billion (when expressed in USD, forex deposits amounted to USD 4,409 million). Forex deposits of households picked up 1.7 percent (equivalent to USD 2,057 million).
Table 4. Quasi-money and its components
| INDICATORS |
28 February 2003
(ROL billion) |
31 March 2003
(ROL billion) |
Change
(%) |
| Quasi-money |
289,113 |
289,510 |
0.1 |
| Household savings |
92,753 |
93,098 |
0.4 |
| ROL-denominated corporate deposits |
48,326 |
50,096 |
1.7 |
| Forex-denominated deposits of residents |
148,033 |
146,317 |
-1.2 |
| - of which: households |
66,955 |
68,266 |
2.0 |
At end-March, non-banks held government securities totalling ROL 43,438 billion (up 3.2 percent month on month), of which those in foreign exchange amounted to USD 99.4 million, 6.2 higher versus February.
Table 5. Government securities held by non-banks
| INDICATORS |
28 February 2003 |
31 March 2003 |
Change (%) |
| ROL-denominated government securities held by non-banks (ROL billion) |
39,007 |
40,136 |
2.9 |
| Forex-denominated government securities held by non-banks (USD million) |
93.6 |
99.4 |
6.2 |