At end-November 2010, broad money (M3) amounted to RON 197,287.3 million, up 1.3 percent (0.8 percent in real terms) month on month. In year-on-year comparison, broad money rose 6.3 percent (down 1.3 percent in real terms).
Table 1. Monetary aggregates*
| INDICATORS |
30 November 2010
(RON mill.) |
November 2010/
October 2010
(%) |
November 2010/
November 2009
(%) |
| M1 (narrow money)
| 79,916.0 |
1.7 |
1.6 |
| Currency in circulation
| 26,227.4 |
-2.3 |
10.4 |
| Overnight deposits**
| 53,688.6 |
3.7 |
-2.2 |
| M2 (intermediate money)
| 194,198.2 |
1.3 |
5.5 |
| M1
| 79,916.0 |
1.7 |
1.6 |
| 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)
| 114,282.2 |
1.1 |
8.4 |
| M3 (broad money)
| 197,287.3 |
1.3 |
6.3 |
| M2
| 194,198.2 |
1.3 |
5.5 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, marketable securities with a maturity of up to and including two years)
| 3,089.1 |
-0.4 |
106.5 |
*provisional data
**current accounts, sight deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
30 November 2010
(RON mill.) |
November 2010/
October 2010
(%) |
November 2010/
November 2009
(%) |
| Broad money (M3) |
197,287.3 |
1.3 |
6.3 |
| Net foreign assets ** |
31,014.9 |
8.8 |
46.2 |
| Net domestic assets *** |
166,272.4 |
0.0 |
1.2 |
* 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-November 2010, non-government loans granted by credit institutions edged up 0.5 percent (0.0 percent in real terms) from October 2010 to RON 207,924.8 million. RON-denominated loans decreased 0.6 percent (down 1.1 percent in real terms), whereas foreign currency-denominated loans rose by 1.2 percent when expressed in RON and by 0.8 percent when expressed in EUR. At end-November 2010, non-government loans climbed year on year by 3.5 percent (down 3.9 percent in real terms), on the back of the 8.2 percent increase in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans expanded by 8.0 percent) and the 3.6 percent reduction in RON-denominated loans (down 10.5 percent in real terms).
Table 3. Non-government loans*
| INDICATORS |
30 November 2010
(RON mill.) |
November 2010/
October 2010
(%) |
November 2010/
November 2009
(%) |
| Non-government loans (total) |
207,924.8 |
0.5 |
3.5 |
| RON-denominated non-government loans: |
77,038.3 |
-0.6 |
-3.6 |
| - household loans |
36,176.1 |
-0.9 |
-7.2 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
40,862.2 |
-0.3 |
-0.2 |
| Forex-denominated non-government loans: |
130,886.5 |
1.2 |
8.2 |
| - household loans |
65,608.8 |
1.4 |
6.5 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
65,277.7 |
0.9 |
10.0 |
*provisional data
Government credit1 stood 8.2 percent higher in November at RON 58,291.8 million. At end-November 2010, government credit increased 23.1 percent, or 14.3 percent in real terms, from the same year-ago period.
Deposits of non-government resident customers picked up month on month by 1.9 percent, reaching RON 172,084.6 million.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
30 November 2010
(RON mill.) |
November 2010/
October 2010
(%) |
November 2010/
November 2009
(%) |
| Deposits of non-government resident customers (total) ** |
172,084.6 |
1.9 |
5.2 |
| RON-denominated deposits of residents: |
108,010.8 |
2.4 |
7.5 |
| - household deposits |
62,054.5 |
0.9 |
4.7 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
45,956.3 |
4.5 |
11.6 |
| Forex-denominated deposits of residents: |
64,073.8 |
1.0 |
1.5 |
| - household deposits |
39,503.9 |
0.9 |
6.6 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
24,569.9 |
1.3 |
-5.6 |
*provisional data
**includes current accounts, sight deposits and all term deposits, irrespective of maturity
RON-denominated household deposits added 0.9 percent to RON 62,054.5 million. At end-November 2010, household deposits in domestic currency were up 4.7 percent (down 2.8 percent in real terms) against the same year-ago period.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) increased by 4.5 percent to RON 45,956.3 million. At end-November 2010, RON-denominated corporate deposits rose year on year by 11.6 percent (3.6 percent in real terms).
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) advanced 1.0 percent to RON 64,073.8 million when expressed in domestic currency (when expressed in EUR, forex deposits added 0.6 percent to EUR 14,955.8 million). In year-on-year comparison, residents’ forex deposits expressed in RON moved up 1.5 percent (when expressed in EUR, residents’ forex deposits rose by 1.3 percent); household deposits in foreign currency grew 6.6 percent when expressed in domestic currency (when expressed in EUR, household forex deposits stood 6.3 percent higher) and forex deposits of corporates (non-financial corporations and non-monetary financial institutions) dropped 5.6 percent when expressed in RON (when expressed in EUR, forex deposits of corporate residents decreased by 5.8 percent).
1 includes credit to general government (central government, local government and social security funds) in amount of RON 10,753.8 million (outstanding as at end-November 2010) and marketable securities issued by these institutional sectors, standing at RON 47,538.0 million (outstanding as at end-November 2010).