At end-December 2010, broad money (M3) amounted to RON 202,763.4 million, up 2.8 percent (2.2 percent in real terms) month on month. In year-on-year comparison, broad money rose 6.9 percent (down 1.0 percent in real terms).
Table 1. Monetary aggregates*
| INDICATORS |
31 December 2010
(RON mill.) |
December 2010/
November 2010
(%) |
December 2010/
December 2009
(%) |
| M1 (narrow money)
| 81,604.8 |
2.1 |
2.8 |
| Currency in circulation
| 26,792.9 |
2.2 |
11.8 |
| Overnight deposits**
| 54,811.9 |
2.1 |
-1.1 |
| M2 (intermediate money)
| 199,586.4 |
2.8 |
6.2 |
| M1
| 81,604.8 |
2.1 |
2.8 |
| 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)
| 117,981.6 |
3.2 |
8.6 |
| M3 (broad money)
| 202,763.4 |
2.8 |
6.9 |
| M2
| 199,586.4 |
2.8 |
6.2 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, marketable securities with a maturity of up to and including two years)
| 3,177.0 |
2.8 |
96.4 |
*provisional data
**current accounts, sight deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
31 December 2010
(RON mill.) |
December 2010/
November 2010
(%) |
December 2010/
December 2009
(%) |
| Broad money (M3) |
202,763.4 |
2.8 |
6.9 |
| Net foreign assets ** |
23,682.9 |
-23.6 |
6.6 |
| Net domestic assets *** |
179,080.5 |
7.7 |
7.0 |
* 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-December 2010, non-government loans granted by credit institutions edged up 0.7 percent (0.1 percent in real terms) from November 2010 to RON 209,298.0 million. RON-denominated loans increased 0.4 percent (down 0.1 percent in real terms), whereas foreign currency-denominated loans rose by 0.8 percent when expressed in either RON or EUR. At end-December 2010, non-government loans climbed year on year by 4.7 percent (down 3.0 percent in real terms), on the back of the 9.8 percent increase in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans expanded by 8.3 percent) and the 3.0 percent reduction in RON-denominated loans (down 10.1 percent in real terms).
Table 3. Non-government loans*
| INDICATORS |
31 December 2010
(RON mill.) |
December 2010/
November 2010
(%) |
December 2010/
December 2009
(%) |
| Non-government loans (total) |
209,298.0 |
0.7 |
4.7 |
| RON-denominated non-government loans: |
77,351.0 |
0.4 |
-3.0 |
| - household loans |
35,914.0 |
-0.7 |
-7.5 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
41,437.0 |
1.4 |
1.3 |
| Forex-denominated non-government loans: |
131,947.0 |
0.8 |
9.8 |
| - household loans |
66,185.5 |
0.9 |
7.8 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
65,761.5 |
0.7 |
11.9 |
*provisional data
Government credit1 stood 5.7 percent higher in December at RON 61,628.2 million. At end-December 2010, government credit increased 31.7 percent, or 21.9 percent in real terms, from the same year-ago period.
Deposits of non-government resident customers picked up month on month by 3.1 percent, reaching RON 177,438.7 million.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
31 December 2010
(RON mill.) |
December 2010/
November 2010
(%) |
December 2010/
December 2009
(%) |
| Deposits of non-government resident customers (total) ** |
177,438.7 |
3.1 |
5.8 |
| RON-denominated deposits of residents: |
113,489.5 |
5.1 |
10.5 |
| - household deposits |
64,228.2 |
3.5 |
8.5 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
49,261.3 |
7.2 |
13.3 |
| Forex-denominated deposits of residents: |
63,949.2 |
-0.2 |
-1.7 |
| - household deposits |
39,786.3 |
0.7 |
4.4 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
24,162.9 |
-1.7 |
-10.3 |
*provisional data
**includes current accounts, sight deposits and all term deposits, irrespective of maturity
RON-denominated household deposits
added 3.5 percent to RON 64,228.2 million. At end-December 2010, household deposits in domestic currency were up 8.5 percent (0.5 percent in real terms) against the same year-ago period.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions)
increased by 7.2 percent to RON 49,261.3 million. At end-December 2010, RON-denominated corporate deposits rose year on year by 13.3 percent (4.9 percent in real terms).
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions)
declined by 0.2 percent to RON 63,949.2 million when expressed in domestic currency (when expressed in EUR, forex deposits dropped 0.2 percent to EUR 14,924.7 million). In year-on-year comparison, residents’ forex deposits expressed in RON shrank 1.7 percent (when expressed in EUR, residents’ forex deposits went down 3.0 percent); household deposits in foreign currency grew 4.4 percent when expressed in domestic currency (when expressed in EUR, household forex deposits stood 3.0 percent higher) and forex deposits of corporates (non-financial corporations and non-monetary financial institutions) went down 10.3 percent when expressed in RON (when expressed in EUR, forex deposits of corporate residents decreased by 11.5 percent).
1 includes credit to general government (central government, local government and social security funds) in amount of RON 11,251.7 million (outstanding as at end-December 2010) and marketable securities issued by these institutional sectors, standing at RON 50,376.5 million (outstanding as at end-December 2010).