Banca Naţională a României

At end-September 2005, broad money (M2) amounted to RON 80,152 million, up 4.4 percent (3.8 percent in real terms) month on month. In year-on-year comparison, broad money increased by 41.3 percent, or 30.2 percent in real terms.

Net foreign assets rose by 7.3 percent to RON 44,167 million, due to the 6.7 percent growth under "Convertible currencies" and the 12.3 percent expansion under "Gold" (as a result of gold stock revaluation).

Net domestic assets edged up 1.1 percent to RON 35,985 million against the background of the 4.8 percent advance in domestic credit (to RON 46,214 million) and the widening of the negative balance by 19.9 percent under "Other assets, net" (due to the developments in capital accounts) to RON -10,229 million.

In September, non-government credit moved 5.1 percent higher (4.5 percent in real terms) to RON 55,012 million, owing to the 6 percent growth in RON-denominated loans and the 4.5 percent increase in forex-denominated loans (when expressed in euro, forex loans rose by 3.1 percent). Loans to households (accounting for 35.2 percent of total non-government credit) expanded by 7.1 percent, or 6.4 percent in real terms, as a result of the 5.6 percent climb in RON-denominated loans (5 percent in real terms) and the 8.6 percent rise in forex-denominated loans expressed in RON (when expressed in euro, forex loans to households went up 7.1 percent). In year-on-year comparison, non-government credit leapt by 39.8 percent (28.9 percent in real terms) on account of the 46.4 percent growth in RON-denominated loans (34.9 percent in real terms) and the 35.6 percent expansion in foreign exchange-denominated loans expressed in RON (when expressed in euro, forex loans grew 56.7 percent).

Government credit, net, showed a negative balance of RON -8,798 million (compared to RON -8,240 million in August 2005), due mainly to the increase in deposits of the Treasury's General Account.

Narrow money (M1) went up 2.5 percent to RON 20,964 million, on the back of the 3.6 percent advance in currency outside banks (to RON 10,341 million) and the 1.5 percent rise in demand deposits (to RON 10,623 million).

Quasi-money increased by 5.1 percent to RON 59,188 million. Household savings crept up 1.9 percent to RON 16,177 million, accounting for 20.2 percent of broad money. In year-on-year comparison, household savings climbed 29.2 percent, or 19.1 percent in real terms.

Corporate deposits in domestic currency stepped up 8.7 percent to RON 17,422 million. Time deposits went up 11.6 percent (to RON 12,981 million), certificates of deposits grew by 3.3 percent (to RON 2,763 million), while restricted deposits shrank by 2.4 percent (to RON 1,678 million). At end-September 2005, corporate deposits in domestic currency surged by 72.3 percent, or 58.8 percent in real terms, over the same year-ago period.

Deposits in foreign exchange of residents (natural and legal entities) expressed in domestic currency advanced by 4.9 percent to RON 25,589 million (when expressed in euro, they picked up 3.5 percent to EUR 7,191 million). Household deposits in foreign exchange stepped up 3.1 percent to RON 10,167 million (when expressed in euro, household deposits added 1.7 percent to EUR 2,857 million). Corporate deposits in foreign exchange grew by 6.8 percent to RON 14,504 million (when expressed in euro, corporate deposits increased by 5.4 percent to EUR 4,076 million). When expressed in euro, residents' forex deposits expanded year on year by 49.1 percent, household deposits in foreign exchange by 20.4 percent and forex corporate deposits soared by 85 percent.

At end-September 2005, non-banks held government securities totaling RON 3,946 million (down 5.8 percent month on month), of which foreign exchange-denominated securities were worth EUR 176.1 million, up 0.8 percent from the previous month.