At end-January 2011, broad money (M3) amounted to RON 199,216.2 million, down 1.7 percent (down 2.5 percent in real terms) month on month. In year-on-year comparison, broad money rose 7.1 percent (0.1 percent in real terms).
Table 1. Monetary aggregates*
| INDICATORS |
31 January 2011
(RON mill.) |
January 2011/
December 2010
(%) |
January 2011/
January 2010
(%) |
| M1 (narrow money)
| 80,064.9 |
-1.9 |
4.5 |
| Currency in circulation
| 26,398.6 |
-1.5 |
10.8 |
| Overnight deposits**
| 53,666.3 |
-2.1 |
1.7 |
| M2 (intermediate money)
| 196,007.8 |
-1.8 |
6.4 |
| M1
| 80,064.9 |
-1.9 |
4.5 |
| 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)
| 115.942.9 |
-1.7 |
7.7 |
| M3 (broad money)
| 199,216.2 |
-1.7 |
7.1 |
| M2
| 196,007.8 |
-1.8 |
6.4 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, marketable securities with a maturity of up to and including two years)
| 3,208.4 |
1.0 |
86.7 |
*provisional data
**current accounts, sight deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
31 January 2011
(RON mill.) |
January 2011/
December 2010
(%) |
January 2011/
January 2010
(%) |
| Broad money (M3) |
199,216.2 |
-1.7 |
7.1 |
| Net foreign assets ** |
22,404.7 |
-5.4 |
11.7 |
| Net domestic assets *** |
176,811.5 |
-1.3 |
6.5 |
* 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-January 2011, non-government loans granted by credit institutions dropped 0.7 percent (down 1.5 percent in real terms) from December 2010 to RON 207,826.0 million. RON-denominated loans decreased 0.6 percent (down 1.3 percent in real terms), whereas foreign currency-denominated loans declined by 0.8 percent when expressed in RON and by 0.1 percent when expressed in EUR. At end-January 2011, non-government loans climbed year on year by 4.3 percent (down 2.5 percent in real terms), on the back of the 10.0 percent increase in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans expanded by 6.6 percent) and the 4.2 percent reduction in RON-denominated loans (down 10.5 percent in real terms).
Table 3. Non-government loans*
| INDICATORS |
31 January 2011
(RON mill.) |
January 2011/
December 2010
(%) |
January 2011/
January 2010
(%) |
| Non-government loans (total) |
207,826.0 |
-0.7 |
4.3 |
| RON-denominated non-government loans: |
76,908.5 |
-0.6 |
-4.2 |
| - household loans |
35,432.2 |
-1.3 |
-8.0 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
41,476.3 |
0.1 |
-0.7 |
| Forex-denominated non-government loans: |
130,917.5 |
-0.8 |
10.0 |
| - household loans |
65,341.2 |
-1.3 |
8.9 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
65,576.3 |
-0.3 |
11.2 |
*provisional data
Government credit1 stood 1.5 percent higher in January 2011 at RON 62,538.0 million. At end-January 2011, government credit increased 26.2 percent, or 17.9 percent in real terms, from the same year-ago period.
Deposits of non-government resident customers decreased month on month by 1.8 percent to RON 174,307.3 million in January 2011.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
31 January 2011
(RON mill.) |
January 2011/
December 2010
(%) |
January 2011/
January 2010
(%) |
| Deposits of non-government resident customers (total) ** |
174,307.3 |
-1.8 |
6.1 |
| RON-denominated deposits of residents: |
111,210.6 |
-2.0 |
10.6 |
| - household deposits |
64,848.3 |
1.0 |
8.2 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
46,362.3 |
-5.9 |
14.1 |
| Forex-denominated deposits of residents: |
63,096.7 |
-1.3 |
-1.1 |
| - household deposits |
39,614.7 |
-0.4 |
5.5 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
23,482.0 |
-2.8 |
-10.6 |
*provisional data
**includes current accounts, sight deposits and all term deposits, irrespective of maturity
RON-denominated household deposits added 1.0 percent to RON 64,848.3 million. At end-January 2011, household deposits in domestic currency were up 8.2 percent (1.1 percent in real terms) against the same year-ago period.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) shrank 5.9 percent to RON 46,362.3 million. At end-January 2011, RON-denominated corporate deposits rose year on year by 14.1 percent (6.7 percent in real terms).
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) declined by 1.3 percent to RON 63,096.7 million when expressed in domestic currency (when expressed in EUR, forex deposits dropped 0.6 percent to EUR 14,829.2 million). In year-on-year comparison, residents’ forex deposits expressed in RON declined by 1.1 percent (when expressed in EUR, residents’ forex deposits went down 4.2 percent); household deposits in foreign currency grew 5.5 percent when expressed in domestic currency (when expressed in EUR, household forex deposits stood 2.2 percent higher) and forex deposits of corporates (non-financial corporations and non-monetary financial institutions) went down 10.6 percent when expressed in RON (when expressed in EUR, forex deposits of corporate residents decreased by 13.4 percent).
1 includes credit to general government (central government, local government and social security funds) in amount of RON 11,059.5 million (outstanding as at end-January 2011) and marketable securities issued by these institutional sectors, standing at RON 51,478.5 million (outstanding as at end-January 2011).