At end-March 2010, broad money (M3) equalled RON 189,976.6 million, up 1.3 percent (1.1 percent in real terms) month on month. In year-on-year comparison, broad money rose 8.4 percent in nominal terms and 4.0 percent in real terms.
Table 1. Monetary aggregates*
| INDICATORS |
31 March 2010
(RON mill.) |
March 2010/
February 2010
(%) |
March 2010/
March 2009
(%) |
| M1 (narrow money)
| 76,460.2 |
-0.5 |
-6.1 |
| Currency in circulation
| 24,246.3 |
-1.5 |
1.3 |
| Overnight deposits**
| 52,213.9 |
0.0 |
-9.2 |
| M2 (intermediate money)
| 187,820.3 |
1.2 |
7.4 |
| M1
| 76,460.2 |
-0.5 |
-6.1 |
| 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)
| 111,360.1 |
2.3 |
19.2 |
| M3 (broad money)
| 189,976.6 |
1.3 |
8.4 |
| M2
| 187,820.3 |
1.2 |
7.4 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, marketable securities with a maturity of up to and including two years)
| 2,156.3 |
15.8 |
430.4 |
*provisional data
**current accounts, sight deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
31 March 2010
(RON mill.)
|
March 2010/
February 2010
(%) |
March 2010/
March 2009
(%) |
| Broad money (M3) |
189,976.6 |
1.3 |
8.4 |
| Net foreign assets ** |
30,653.4 |
36.5 |
101.8 |
| Net domestic assets *** |
159,323.2 |
-3.5 |
-0.5 |
* 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-March 2010, non-government loans granted by credit institutions edged up 0.1 percent (but declined 0.1 percent in real terms) from February 2010 to RON 199,404.1 million. RON-denominated loans decreased 0.7 percent (down 0.9 percent in real terms), whereas foreign currency-denominated loans rose by 0.7 percent when expressed in RON and by 1.0 percent when expressed in EUR. At end-March 2010, non-government loans declined year on year by 1.6 percent (down 5.6 percent in real terms) on the back of the 4.9 percent decrease in RON-denominated loans (down 8.8 percent in real terms) and the 0.7 percent advance in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans expanded by 4.2 percent).
Table 3. Non-government loans*
| INDICATORS |
31 March 2010
(RON mill.)
|
March 2010/
February 2010
(%) |
March 2010/
March 2009
(%) |
| Non-government loans (total) |
199,404.1 |
0.1 |
-1.6 |
| RON-denominated non-government loans: |
78,936.2 |
-0.7 |
-4.9 |
| - household loans |
37,904.5 |
0.1 |
-5.5 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
41,031.7 |
-1.4 |
-4.4 |
| Forex-denominated non-government loans: |
120,467.9 |
0.7 |
0.7 |
| - household loans |
60,495.3 |
0.8 |
-1.0 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
59,972.6 |
0.6 |
2.6 |
*provisional data
Government credit1 declined by 0.4 percent in March to RON 50,704.5 million. At end-March 2010, government credit increased 73.0 percent (66.0 percent in real terms) from the same year-ago period.
Deposits of non-government resident customers picked up month on month by 1.2 percent, reaching RON 167,120.2 million.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
31 March 2010
(RON mill.)
|
March 2010/
February 2010
(%) |
March 2010/
March 2009
(%) |
| Deposits of non-government resident customers (total) ** |
167,120.2 |
1.2 |
8.4 |
| RON-denominated deposits of residents: |
105,233.1 |
2.7 |
8.6 |
| - household deposits |
62,055.0 |
0.9 |
8.4 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
43,178.1 |
5.4 |
9.0 |
| Forex-denominated deposits of residents: |
61,887.1 |
-1.4 |
8.2 |
| - household deposits |
37,696.4 |
0.2 |
14.7 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
24,190.7 |
-3.8 |
-0.6 |
*provisional data
**includes current accounts, sight deposits and all term deposits, irrespective of maturity
RON-denominated household deposits added 0.9 percent to RON 62,055.0 million. At end-March 2010, household deposits in domestic currency jumped 8.4 percent (4.0 percent in real terms) against the same year-ago period.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) increased by 5.4 percent to RON 43,178.1 million. At end-March 2010, RON-denominated corporate deposits rose year on year by 9.0 percent (4.6 percent in real terms).
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) decreased by 1.4 percent to RON 61,887.1 million when expressed in domestic currency (when expressed in EUR, forex deposits declined by 1.1 percent to EUR 15,109.9 million). In year-on-year comparison, residents’ forex deposits expressed in RON advanced 8.2 percent (when expressed in EUR, residents’ forex deposits rose by 11.8 percent); household deposits in foreign exchange grew 14.7 percent when expressed in domestic currency (when expressed in EUR, household forex deposits stood 18.6 percent higher) and corporate deposits in foreign exchange (non-financial corporations and non-monetary financial institutions) declined by 0.6 percent when expressed in RON (when expressed in EUR, forex deposits of corporate residents expanded 2.7 percent).
1 includes credit to general government (central government, local government and social security funds) in amount of RON 11,317.6 million (outstanding as at end-March 2010) and marketable securities issued by these institutional sectors, standing at RON 39,386.9 million (outstanding as at end-March 2010)