Banca Naţională a României

At end-October 2004, broad money (M2) recorded the same increase as inflation rate (1.2 percent month on month), and caming in at ROL 573,948 billion. In year-on-year comparison, broad money jumped by 35.4 percent, or 22.2 percent in real terms.

Net foreign assets grew by 1.4 percent month on month to ROL 341,784 billion, due to the 1.6 percent advance under "Convertible currencies" and the "Gold" component remaining little unchanged.

Net domestic assets inched up 0.8 percent to ROL 232,164 billion. Domestic credit edged up 0.4 percent to ROL 355,910 billion and the negative balance under other assets, net, narrowed by 0.4 percent to ROL 123,746 billion.

In October, non-government credit went up 2.2 percent, or one percent in real terms, to ROL 402,249 billion, as a result of the 1.5 percent rise in ROL-denominated loans and the 2.7 percent pick-up in foreign exchange-denominated loans (3.4 percent when expressed in EUR). In year-on-year comparison, non-government credit jumped by 46.3 percent (32.1 percent in real terms) on the back of the 29.6 percent climb in ROL-denominated loans (17 percent in real terms) and the 59.4 percent expansion in foreign exchange-denominated loans when expressed in ROL (53.9 percent when expressed in EUR).

Government credit, net, posted a negative balance of ROL 46,339 billion (compared with ROL 38,839 billion in September), due mainly to the increase in deposits with the General Account of the Treasury.

Narrow money (M1) moved 0.2 percent higher in nominal terms to ROL 143,110 billion, on the back of the 1.4 percent uplift in currency outside banks (to ROL 77,764 billion) and the 1.2 percent drop in demand deposits (to ROL 65,346 billion).

Quasi-money added 1.5 percent to ROL 430,838 billion. Household savings advanced by 2.1 percent to ROL 127,851 billion, accounting for 22.3 percent of broad money. Household savings rose year over year by 33.4 percent, or 20.4 percent in real terms.

Corporate deposits in ROL went up 3.5 percent to ROL 104,669 billion. Time deposits turned up 4.7 percent to ROL 69,729 billion, restricted deposits moved 1.6 percent higher to ROL 13,925 billion and certificates of deposit increased 1.1 percent to ROL 21,015 billion. Corporate deposits in ROL surged year on year by 73.6 percent, or 56.7 percent in real terms.

Forex deposits of residents (including households), when expressed in ROL, remained unchanged at ROL 198,318 billion (when expressed in EUR, forex deposits amounted to EUR 4,852 million). Household forex deposits with banks inched down one percent to ROL 96,615 billion (when expressed in EUR, household deposits crept down 0.4 percent, the equivalent of EUR 2,364 million). Corporate deposits in foreign exchange picked up 1.1 percent to ROL 91,601 billion (when expressed in EUR, they stood 1.7 percent higher at EUR 2,241 million). In year-on-year comparison, when expressed in EUR, forex deposits of residents increased by 14.4 percent, those of households by 12.8 percent, and corporate forex deposits by 18 percent.

At end-October 2004, non-banks held government securities tantamount to ROL 69,282 billion (2.3 percent lower month on month), of which foreign-exchange-denominated securities to the equivalent of EUR 118 million, down 2.8 percent from September.