Banca Naţională a României

At end-October 2003, broad money (M2) came in at ROL 423,766 billion, up 2.2 percent in nominal terms or 0.7 percent in real terms month on month.

Net foreign assets picked up 1.3 percent to ROL 265,779 billion, on the back of the 1.5 percent increase under "Convertible currencies" and the virtually unchanged "Gold" component.

Net domestic assets rose by 4 percent to ROL 157,987 billion. Domestic credit advanced 4.8 percent to ROL 253,837 billion and the negative balance under other assets, net, widened by 6.3 percent to ROL 95,850 billion.

Non-government credit moved 5.7 percent higher in October (a 38.3 percent jump in real terms in the first ten months of 2003) to ROL 276,592 billion, as a result of the 5.7 percent step up in loans in ROL and the 5.6 percent growth in loans in foreign exchange (up 3 percent when expressed in EUR).

The deficit under government credit, net, widened by 16.1 percent (to ROL 22,755 billion) due to: (i) expansion in deposits of the Treasury with the National Bank of Romania (ii) redemption of government securities; and (iii) contraction in deposits in foreign exchange of the Ministry of Public Finance with the National Bank of Romania.

Narrow money (M1) edged down 1.3 percent in nominal terms to ROL 100,231 billion on account of the 0.2 percent drop in currency outside banks (to ROL 58,009 billion) and the 2.7 percent fall in demand deposits (to ROL 42,222 billion).

Quasi-money went up 3.4 percent in nominal terms to ROL 323,534 billion. Household savings grew by 1.1 percent to ROL 95,855 billion, accounting for 22.6 percent of broad money versus 22.9 percent at end-September.

Corporate deposits in ROL expanded by 3.1 percent in nominal terms, reaching ROL 60,299 billion. Time deposits increased by 5.1 percent to ROL 35,862 billion, restricted deposits crept up 1.6 percent to ROL 10,584 billion, and certificates of deposit slipped 0.7 percent to ROL 13,853 billion.

Forex deposits of residents (including households), when expressed in ROL, advanced by 4.9 percent in nominal terms to ROL 167,381 billion (when expressed in EUR, forex deposits amounted to EUR 4,242 million). Forex deposits of households increased by 4.1 percent to ROL 82,654 billion (when expressed in EUR, household deposits climbed 1.5 percent, tantamount to EUR 2,095 million). Corporate deposits in foreign exchange moved ahead 5.6 percent to ROL 74,936 billion; when expressed in EUR, they stepped up 2.9 percent to EUR 1,899 million.

At end-October, non-banks held government securities worth ROL 46,715 billion (up 3.5 percent month on month), of which foreign-exchange-denominated securities amounted to USD 121 million, 0.3 percent lower versus September.