At end-October 2009, broad money (M3) equalled RON 183,992.1 million, up 0.1 percent (down 0.3 percent in real terms) month on month. In year-on-year comparison, broad money rose 13.2 percent in nominal terms and 8.5 percent in real terms.
Table 1. Monetary aggregates*
| INDICATORS |
31 October 2009
(RON mill.) |
October 2009/
September 2009
(%) |
October 2009/
October 2008
(%) |
| M1 (narrow money)
| 78,205.4
| -2.9
| -14.7 |
| Currency in circulation
| 23,704.6
| -0.7
| -3.1 |
| Overnight deposits**
| 54,500.8
| -3.9
| -19.0 |
| M2 (intermediate money)
| 182,564.2
| 0.0
| 12.6 |
| M1
| 78,205.4
| -2.9
| -14.7 |
| Deposits with an agreed maturity of up to and including two years (includes also deposits redeemable at notice of up to and including three months)
| 104,358.8
| 2.4
| 48.2 |
| M3 (broad money)
| 183,992.1
| 0.1
| 13.2 |
| M2
| 182,564.2
| 0.0
| 12.6 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, marketable securities with a maturity of up to and including two years)
| 1,427.9
| 11.3
| 208.7 |
*provisional data
**current accounts, sight deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
31 October 2009
(RON mill.)
|
October 2009/
September 2009
(%) |
October 2009/
October 2008
(%) |
| Broad money (M3) |
183,992.1 |
0.1 |
13.2 |
| Net foreign assets ** |
22,957.3 |
9.6 |
50.0 |
| Net domestic assets *** |
161,034.8 |
-1.1 |
9.4 |
* provisional data
** after deducting foreign liabilities from foreign assets.
Foreign assets include: loans granted to non-residents; deposits with non-residents; marketable
securities held (issued by non-residents), shares and other equity with non-residents; monetary gold.
Foreign liabilities include liabilities incurred by non-residents: deposits, marketable securities
issued on external markets. The IMF’s SDR allocations are not included in foreign liabilities.
***after deducting domestic liabilities (except M3 components) from domestic assets.
Domestic assets include: loans granted to residents; marketable securities held (issued by residents),
shares and other equity with residents.
Domestic liabilities (except M3 components) include liabilities incurred by residents: deposits with an
agreed maturity of over two years (including deposits redeemable at a period of notice of over three
months); marketable securities with a maturity of over two years issued on domestic market; capital and
reserves.
At end-October 2009, non-government loans granted by credit institutions grew 1.2 percent (0.7 percent in real terms) from September 2009 to RON 201,214.3 million. RON-denominated loans decreased 0.5 percent, or 0.9 percent in real terms, whereas foreign currency-denominated loans rose by 2.2 percent when expressed in RON, but declined by 0.1 percent when expressed in EUR. At end-October 2009, non-government loans climbed year on year by 4.2 percent (down 0.1 percent in real terms), on the back of the 13.3 percent increase in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans dropped 3.5 percent) and the 7.1 percent reduction in RON-denominated loans (down 10.9 percent in real terms).
Table 3. Non-government loans*
| INDICATORS |
31 October 2009
(RON mill.)
|
October 2009/
September 2009
(%) |
October 2009/
October 2008
(%) |
| Non-government loans (total) |
201,214.3 |
1.2 |
4.2 |
| RON-denominated non-government loans: |
79,782.7 |
-0.5 |
-7.1 |
| - household loans |
39,199.0 |
-0.5
| -5.3 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
40,583.7 |
-0.4 |
-8.7 |
| Forex-denominated non-government loans: |
121,431.6 |
2.2 |
13.3 |
| - household loans |
61,729.1 |
2.8 |
13.5 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
59,702.5 |
1.7 |
13.0 |
*provisional data
Government credit1 declined 7.4 percent to RON 39,842.5 million. At end-October 2009, government credit surged 231.8 percent (218.2 percent in real terms) from the same year-ago period.
Deposits of non-government resident customers edged 0.2 percent higher month on month, reaching RON 162,066.6 million.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
31 October 2009
(RON mill.)
|
October 2009/
September 2009
(%) |
October 2009/
October 2008
(%) |
| Deposits of non-government resident customers (total) ** |
162,066.6 |
0.2 |
15.2 |
| RON-denominated deposits of residents: |
99,435.7 |
-1.2 |
8.6 |
| - household deposits |
58,582.7 |
-0.7 |
17.2 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
40,853.0 |
-1.8 |
-1.7 |
| Forex-denominated deposits of residents: |
62,630.9 |
2.5 |
27.5 |
| - household deposits |
36,758.9 |
4.3 |
28.4 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
25,872.0 |
0.2 |
26.3 |
*provisional data
**includes current accounts, sight deposits and all term deposits, irrespective of maturity
RON-denominated household deposits declined by 0.7 percent to RON 58,582.7 million. At end-October 2009, household deposits in domestic currency jumped 17.2 percent (12.4 percent in real terms) against the same year-ago period.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) shrank 1.8 percent to RON 40,853.0 million. At end-October 2009, RON-denominated corporate deposits decreased year on year by 1.7 percent (down 5.8 percent in real terms).
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) advanced 2.5 percent to RON 62,630.9 million when expressed in domestic currency (when expressed in EUR, forex deposits increased by 0.2 percent to EUR 14,580.6 million). In year-on-year comparison, residents’ forex deposits expressed in RON advanced 27.5 percent (when expressed in EUR, residents’ forex deposits rose by 8.7 percent); household deposits in foreign exchange grew 28.4 percent when expressed in domestic currency (when expressed in EUR, household forex deposits stood 9.4 percent higher) and corporate deposits in foreign exchange (non-financial corporations and non-monetary financial institutions) were up 26.3 percent when expressed in RON (when expressed in EUR, forex deposits of corporate residents expanded 7.6 percent).
1includes credit to general government (central government, local government and social security funds) in amount of RON 11,123.5 million (outstanding as at end-October 2009) and marketable securities issued by these institutional sectors standing at RON 28,719.0 million (outstanding as at end-October 2009).