Banca Naţională a României

At end-August 2006, broad money (M2) amounted to RON 98,302 million, up 2.5 percent (2.6 percent in real terms) month over month. In year-on-year comparison, broad money increased 28.1 percent, or 20.8 percent in real terms.

Net foreign assets dropped by 0.9 percent to RON 44,023 million, as a result of "Convertible currencies" going down 0.3 percent and "Gold" diminishing by 4.3 percent following gold stock revaluation.

Net domestic assets were 5.4 percent higher at RON 54,279 million against the background of the 4.0 percent rise in domestic credit to RON 70,841 million.

In August, non-government credit went up 3.5 percent (3.55 percent in real terms) over July to RON 82,161 million. RON-denominated loans rose 3.6 percent, or 3.7 percent in real terms, while foreign currency-denominated loans expanded 3.3 percent when expressed in RON and 3.7 percent when expressed in euro.

At end-August 2006, non-government credit jumped year on year by 56.9 percent (48.0 percent in real terms) on the back of the 104.9 percent surge in RON-denominated loans (93.2 percent in real terms) and the 24.1 percent growth of foreign currency-denominated loans expressed in RON (when expressed in euro, forex loans advanced 23.5 percent).

Government credit, net, posted a credit balance of RON 11,320 million compared to RON 11,270 million in July 2006.

Narrow money (M1) rose 2.9 percent to RON 29,771 million, on account of the 5.4 percent increase in demand deposits and the 0.2 percent uptick in currency outside banks.

Quasi-money added 2.3 percent to RON 68,531 million. Household savings in domestic currency edged up 0.6 percent to RON 18,714 million, accounting for 19.0 percent of broad money. In year-on-year comparison, household savings climbed 17.9 percent, or 11.2 percent in real terms.

Corporate deposits in domestic currency grew 3.9 percent to RON 20,706 million. Time deposits went up 4.9 percent (to RON 16,397 million), restricted deposits moved up 2.5 percent (to RON 2,085 million), while certificates of deposit shrank 2.1 percent (to RON 2,224 million). At end-August 2006, corporate deposits in domestic currency rose by 29.2 percent, or 21.9 percent in real terms, over end-August 2005.

Deposits in foreign exchange of residents (natural and legal entities) saw an uplift of 2.4 percent to RON 29,111 million when expressed in domestic currency and of 2.9 percent to EUR 8,246.4 million when expressed in euro. In year-on-year comparison, residents' forex deposits expressed in euro increased by 18.7 percent, household deposits in foreign exchange by 32.9 percent and corporate deposits in foreign exchange by 9.0 percent.

At end-August 2006, non-banks held government securities totalling RON 3,203 million (down 0.01 percent over the previous month). In year-on-year comparison, government securities held by non-banks dropped 23.5 percent.