At end-March 2014, broad money (M3) amounted to RON 239,752.2 million, declining 1.3 percent (down 1.3 percent in real terms) month on month. In year-on-year comparison, broad money rose 6.4 percent (5.3 percent in real terms).
Table 1. Monetary aggregates*
| INDICATORS |
31 March 2014
(RON mill.) |
March 2014/
February 2014
(%) |
March 2014/
March 2013
(%) |
| M1 (narrow money) |
100,682.1 |
-1.6 |
13.4 |
| Currency in circulation |
35,461.7 |
-1.5 |
11.9 |
| Overnight deposits** |
65,220.4 |
-1.7 |
14.2 |
| M2 (intermediate money) |
239,323.7 |
-1.4 |
6.3 |
| M1 |
100,682.1 |
-1.6 |
13.4 |
| Deposits with an agreed maturity of up to and including two years (includes also deposits redeemable at a period of notice of up to and including three months) |
138,641.6 |
-1.2 |
1.7 |
| M3 (broad money) |
239,752.2 |
-1.3 |
6.4 |
| M2 |
239,323.7 |
-1.4 |
6.3 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, marketable securities with a maturity of up to and including two years) |
428.5 |
154.8 |
108.3 |
*provisional data
**current accounts, demand deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
31 March 2014
(RON mill.) |
March 2014/
February 2014
(%) |
March 2014/
March 2013
(%) |
| Broad money (M3) |
239,752.2 |
-1.3 |
6.4 |
| Net foreign assets ** |
75,397.8 |
-0.9 |
55.9 |
| Net domestic assets *** |
164,354.4 |
-1.5 |
-7.1 |
*provisional data
**after deducting foreign liabilities from foreign assets.
Foreign assets include: loans granted to non-residents; deposits with non-residents; marketable securities (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 (issued by residents); shares and other equity with residents.
Domestic liabilities (except M3 components) include funds raised from 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 the domestic market; capital and reserves.
At end-March 2014, non-government loans granted by credit institutions went down 0.2 percent (down 0.2 percent in real terms) from February 2014 to RON 217,866.1 million. RON-denominated loans increased by 2.3 percent (2.3 percent in real terms), whereas foreign currency-denominated loans fell by 1.9 percent when expressed in RON and by 0.9 percent when expressed in EUR. At end-March 2014, non-government loans decreased by 2.7 percent (down 3.7 percent in real terms) year on year, on the back of the 4.7 percent increase in RON-denominated loans (3.7 percent in real terms) and the 7.2 percent decline in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans dropped 8.0 percent).
Table 3. Non-government loans*
| INDICATORS |
31 March 2014
(RON mill.) |
March 2014/
February 2014
(%) |
March 2014/
March 2013
(%) |
| Non-government loans (total) |
217,866.1 |
-0.2 |
-2.7 |
| RON-denominated non-government loans: |
88,131.1 |
2.3 |
4.7 |
| - household loans |
35,388.5 |
1.8 |
4.1 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
52,742.6 |
2.6 |
5.2 |
| Forex-denominated non-government loans: |
129,735.0 |
-1.9 |
-7.2 |
| - household loans |
67,055.7 |
-1.6 |
-3.7 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
62,679.3 |
-2.1 |
-10.7 |
*provisional data
Government credit1 contracted by 2.7 percent in March 2014 to RON 81,921.3 million. At end-March 2014, government credit increased by 12.0 percent (10.8 percent in real terms) from the same year-ago period.
Deposits of non-government resident customers decreased by 1.1 percent month on month to RON 214,063.7 million in March 2014.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
31 March 2014
(RON mill.) |
March 2014/
February 2014
(%) |
March 2014/
March 2013
(%) |
| Deposits of non-government resident customers (total) ** |
214,063.7 |
-1.1 |
6.6 |
| RON-denominated deposits of residents: |
138,967.1 |
-1.4 |
9.0 |
| - household deposits |
81,126.2 |
-1.0 |
5.4 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
57,840.9 |
-1.9 |
14.5 |
| Forex-denominated deposits of residents: |
75,096.6 |
-0.7 |
2.4 |
| - household deposits |
49,272.1 |
-1.0 |
0.7 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
25,824.5 |
-0.1 |
5.7 |
*provisional data
**iincludes current accounts, demand deposits and all time deposits, irrespective of maturity
RON-denominated household deposits declined by 1.0 percent to RON 81,126.2 million. At end-March 2014, household deposits in domestic currency increased by 5.4 percent (4.4 percent in real terms) against end-March 2013.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) decreased by 1.9 percent to RON 57,840.9 million. At end-March 2014, RON-denominated corporate deposits rose by 14.5 percent (13.4 percent in real terms) year on year.
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) went down 0.7 percent to RON 75,096.6 million when expressed in domestic currency (when expressed in EUR, forex deposits edged up 0.3 percent to EUR 16,855.6 million). In year-on-year comparison, residents’ forex deposits expressed in RON advanced 2.4 percent (when expressed in EUR, residents’ forex deposits went up 1.4 percent); household forex deposits grew by 0.7 percent when expressed in domestic currency (when expressed in EUR, household forex deposits inched down 0.2 percent) and forex deposits of legal entities (non-financial corporations and non-monetary financial institutions) rose by 5.7 percent when expressed in RON (when expressed in EUR, forex deposits of resident legal entities expanded by 4.7 percent).
1 includes credit to general government (central government, local government and social security funds) in amount of RON 9,601.4 million and marketable securities issued by these institutional sectors running at RON 72,319.9 million (outstanding as at end-March 2014).