At end-December 2014, broad money (M3) amounted to RON 260,331.9 million, up 4.4 percent (4.5 percent in real terms) month on month. In year-on-year comparison, broad money rose 7.8 percent (6.9 percent in real terms).
Table 1. Monetary aggregates*
| INDICATORS |
31 December 2014
(RON mill.) |
December 2014/
November 2014
(%) |
December 2014/
December 2013
(%) |
| M1 (narrow money) |
118,146.6 |
7.6 |
17.8 |
| Currency in circulation |
39,906.0 |
3.0 |
14.7 |
| Overnight deposits** |
78,240.6 |
10.2 |
19.4 |
| M2 (intermediate money) |
260,073.4 |
4.4 |
7.8 |
| M1 |
118,146.6 |
7.6 |
17.8 |
| 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) |
141,926.8 |
1.8 |
0.7 |
| M3 (broad money) |
260,331.9 |
4.4 |
7.8 |
| M2 |
260,073.4 |
4.4 |
7.8 |
| Other marketable instruments (repurchase agreements, money market fund shares and units, debt securities with a maturity of up to and including two years) |
258.5 |
121.7 |
-12.7 |
*provisional data
**current accounts, demand deposits
Table 2. Broad money and its counterpart*
| INDICATORS |
31 December 2014
(RON mill.) |
December 2014/
November 2014
(%) |
December 2014/
December 2013
(%) |
| Broad money (M3) |
260,331.9 |
4.4 |
7.8 |
| Net foreign assets ** |
94,524.1 |
-1.5 |
44.1 |
| Net domestic assets *** |
165,807.8 |
8.1 |
-5.8 |
*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 funds raised from non-residents: deposits, marketable securities issued on external markets. Starting December 2014, according to the new international statistical standards (ESA 2010), the IMF’s SDR allocations are included in foreign liabilities.
***after deducting domestic liabilities (except M3 components) from domestic assets.
Domestic assets include: loans granted to residents; debt 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-December 2014, RON-denominated non-government loans granted by credit institutions went up 8.5 percent (7.6 percent in real terms) from end-December 2013, on account of the 17.4 percent hike (16.5 percent in real terms) in household loans, whereas foreign currency-denominated loans expressed in RON fell by 10.6 percent and by 10.5 percent when expressed in EUR. Non-government loans decreased by 3.1 percent (down 3.9 percent in real terms). Compared with end-November 2014, non-government loans went down 0.9 percent (down 0.8 percent in real terms) to RON 211,652.0 million. RON-denominated loans declined by 1.0 percent (down 0.9 percent in real terms), while foreign currency-denominated loans expressed in RON contracted by 0.9 percent and by 2.1 percent when expressed in EUR.
Table 3. Non-government loans*
| INDICATORS |
31 December 2014
(RON mill.) |
December 2014/
November 2014
(%) |
December 2014/
December 2013
(%) |
| Non-government loans (total) |
211,652.0 |
-0.9 |
-3.1 |
| RON-denominated non-government loans: |
92,623.4 |
-1.0 |
8.5 |
| - household loans |
40,659.1 |
1.9 |
17.4 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
51,964.3 |
-3.3 |
2.4 |
| Forex-denominated non-government loans: |
119,028.6 |
-0.9 |
-10.6 |
| - household loans |
62,126.3 |
0.5 |
-9.5 |
| - corporate loans (non-financial corporations and non-monetary financial institutions) |
56,902.3 |
-2.3 |
-11.8 |
*provisional data
Government credit1 stood 3.7 percent higher in December 2014 at RON 85,501.9 million. At end- December 2014, government credit increased by 6.3 percent (5.4 percent in real terms) from the same year-ago period.
Deposits of non-government resident customers went up 4.8 percent month on month to RON 231,856.0 million in December 2014.
Table 4. Deposits of non-government resident customers*
| INDICATORS |
31 December 2014
(RON mill.) |
December 2014/
November 2014
(%) |
December 2014/
December 2013
(%) |
| Deposits of non-government resident customers (total) ** |
231,856.0 |
4.8 |
7.5 |
| RON-denominated deposits of residents: |
154,879.8 |
6.5 |
9.0 |
| - household deposits |
86,165.2 |
3.7 |
7.6 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
68,714.6 |
10.3 |
10.9 |
| Forex-denominated deposits of residents: |
76,976.2 |
1.4 |
4.6 |
| - household deposits |
51,868.4 |
3.1 |
4.5 |
| - corporate deposits (non-financial corporations and non-monetary financial institutions) |
25,107.8 |
-1.8 |
4.8 |
*provisional data
**includes current accounts, demand deposits and all time deposits, irrespective of maturity
RON-denominated household deposits added 3.7 percent to RON 86,165.2 million. At end-December 2014, household deposits in domestic currency rose by 7.6 percent (6.7 percent in real terms) against end-December 2013.
RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) increased by 10.3 percent to RON 68,714.6 million. At end-December 2014, RON-denominated corporate deposits climbed by 10.9 percent (10.0 percent in real terms) year on year.
Forex-denominated deposits of resident households and corporates (non-financial corporations and non-monetary financial institutions) stood 1.4 percent higher to RON 76,976.2 million when expressed in domestic currency (when expressed in EUR, forex deposits went up 0.2 percent to EUR 17,174.1 million). In year-on-year comparison, residents’ forex deposits expressed in RON advanced 4.6 percent (when expressed in EUR, residents’ forex deposits increased by 4.6 percent; household forex deposits grew by 4.5 percent when expressed in domestic currency (when expressed in EUR, household forex deposits increased by 4.5 percent) and forex deposits of legal entities (non-financial corporations and non-monetary financial institutions) rose by 4.8 percent when expressed in RON (when expressed in EUR, forex deposits of resident legal entities expanded by 4.9 percent).
1 includes credit to general government (central government, local government and social security funds) in amount of RON 9,741.0 million and debt securities issued by these institutional sectors running at RON 75,760.9 million (outstanding as at end-December 2014).