ECONOMY

Monetary indicators – April 2023

Monetary indicators – April 2023

At end-April 2023, broad money (M3) amounted to RON 618,680.4 million, up 0.8 percent (0.02 percent in real terms[1]) month on month. In year-on-year comparison, broad money rose by 8.6 percent (down 2.4 percent in real terms).

Table 1. Monetary aggregates*  

INDICATORS

30 April 2023

(RON mill.)

April 2023/

March 2023

(%)

April 2023/

April 2022

(%)

 
M1 (narrow money) 381,901.5 -0.1 -6.5  
Currency in circulation ** 105,699.2 2.6 6.4  
Overnight deposits *** 276,202.2 -1.0 -10.7  
M2 (intermediate money) 618,680.4 0.8 8.6  
M1 381,901.5 -0.1 -6.5  
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) 236,779.0 2.2 46.9  
M3 (broad money) 618,680.4 0.8 8.6  
M2 618,680.4 0.8 8.6  
Other marketable instruments (repurchase agreements, money market fund shares and units, debt securities issued with a maturity of up to and including two years) 0.0 0.0 0.0  
provisional data; ** currency outside banks; *** current accounts, demand deposits  
Table 2. Broad money and its counterpart*  

INDICATORS

30 April 2023

(RON mill.)

April 2023/

March 2023

(%)

April 2023/

April 2022

(%)

 
Broad money (M3) 618,680.4 0.8 8.6  
Net foreign assets ** 283,129.1 -1.6 16.1  
Net domestic assets *** 335,551.4 2.9 3.0      
 provisional data

** after deducting foreign liabilities from foreign assets.

Foreign assets include: loans granted to non-residents; deposits with non-residents; debt securities held (issued by non-residents); shares and other equity with non-residents; monetary gold.

Foreign liabilities include funds raised from non-residents: deposits; negotiable debt securities issued on external markets. Starting January 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; negotiable debt securities held (issued by residents); shares and other equity with residents.

Domestic liabilities (except M3 components) include funds raised from residents: deposits with an original maturity of over two years (including deposits redeemable at notice over three months); negotiable debt securities with an original maturity of over two years issued on the domestic market; capital and reserves.

      -1.5 22.1

At end-April 2023, loans to non-government sector granted by credit institutions decreased 0.2 percent (or 0.9 percent in real terms) from March 2023 to RON 369,900.0 million. RON-denominated loans, representing 67.8 percent of total volume of loans to non-government sector, went down 0.1 percent, whilst foreign currency-denominated loans, holding 32.2 percent of total loans to non-government sector, decreased by 0.3 percent when expressed in RON (0.02 percent when expressed in EUR).

In year-on-year comparison, loans to non-government sector advanced 8.8 percent (down 2.2 percent in real terms), on the back of the 1.6 percent increase in RON-denominated loans (down 8.6 percent in real terms) and the 27.9 percent rise in foreign currency-denominated loans expressed in RON (28.3 percent when expressed in EUR).

Table 3. Loans to non-government sector*

INDICATORS

30 April 2023

(RON mill.)

April 2023/

March 2023

(%)

April 2023/

April 2022

(%)

Loans to non-government sector (total) **

369,900.0 -0.2 8.8

RON-denominated non-government loans:

-households

-other sectors (non-financial corporations and non-monetary financial institutions)

250,813.1

146,027.2

104,785.9

-0.1

-0.4

0.1

1.6

3.2

-0.5

Forex-denominated non-government loans:

-households

-other sectors (non-financial corporations and non-monetary financial institutions)

119,086.9

23,690.9

95,396.0

-0.3

-1.0

-0.1

27.9

-10.1

42.9

* provisional data; ** non-performing loans are also included

 

Credit to general government[2]  increased by 2.9 percent in April 2023 from the previous month, to RON 184,556.7 million. In year-on-year comparison, this indicator expanded by 11.7 percent (0.4 percent in real terms).

Deposits of non-government resident customers grew by 0.5 percent month on month to RON 527,302.0 million, while the annual growth rate was 9.7 percent (down 1.4 percent in real terms).

RON-denominated deposits of residents, representing 67.8 percent of deposits of non-government customers, picked up by 1.7 percent to RON 357,732.3 million month on month. In year-on-year comparison, they rose by 19.3 percent (7.2 percent in real terms).

 

Table 4. Deposits of non-government resident customers*

INDICATORS

30 April 2023

(RON mill.)

April 2023/

March 2023

(%)

April 2023/

April 2022

(%)

Deposits of non-government resident customers (total)**

 

527,302.0

 

0.5 9.7

RON-denominated deposits of residents:

– households

– other sectors (non-financial corporations and non-monetary financial institutions)

357,732.3

189,869.8

167,862.6

1.7

2.3

1.0

19.3

20.0

18.4

Forex-denominated deposits of residents:

– households

– other sectors (non-financial corporations and non-monetary financial institutions)

169,569.7

120,452.3

49,117.4

-1.8

-1.6

-2.4

-6.1

-5.2

-8.4

* provisional data ;** it includes current accounts, demand deposits and all time deposits, irrespective of maturity

 

RON-denominated household deposits increased by 2.3 percent to RON 189,869.8 million month on month and by 20.0 percent (7.9 percent in real terms) year on year.

RON-denominated deposits of other sectors (non-financial corporations and non-monetary financial institutions) grew by 1.0 percent (to RON 167,862.6 million) month on month and by 18.4 percent (6.4 percent in real terms) year on year.

Foreign currency-denominated deposits of residents, representing 32.2 percent of the total volume of deposits of non-government customers, went down 1.8 percent against March 2023 to RON 169,569.7 million when expressed in domestic currency (when expressed in EUR, these deposits decreased by 1.6 percent to EUR 34,358.5 million). Compared to April 2022, this indicator declined by 6.1 percent when expressed in RON (or 5.9 percent when expressed in EUR).

Foreign currency-denominated deposits of households decreased by 1.6 percent from March 2023 to RON 120,452.3 million when expressed in RON (when expressed in EUR, these deposits went down 1.3 percent to EUR 24,406.3 million). In year-on-year comparison, the indicator dropped by 5.2 percent when expressed in domestic currency (or 4.9 percent when expressed in EUR).

Foreign currency-denominated deposits of other sectors decreased by 2.4 percent against March 2023 to RON 49,117.4 million when expressed in RON (when expressed in EUR, these deposits went down 2.1 percent to EUR 9,952.3 million). Compared to April 2022, the indicator declined by 8.4 percent when expressed in RON (or 8.2 percent when expressed in EUR).

Notes:

In the monetary balance sheets of monetary financial institutions, the accrued interest receivable/payable related to financial assets and liabilities is recorded under remaining assets/remaining liabilities.

Starting with January 2022, data for preparing monetary indicators are reported by monetary financial institutions in accordance with NBR Regulation No. 4/2021 on reporting statistical data and information to the National Bank of Romania, as subsequently amended and supplemented, Title I, Chapters I and II. Between January 2007 and December 2021, data have been reported by monetary financial institutions pursuant to NBR statistical regulations in force.

The statistical data are provisional and may be subject to periodic reviews. Series of indicators (available from January 2007) can be accessed in various formats (html, xls, xml and csv) in the interactive database http://www.bnr.ro/Interactive-database-1107.aspx. Statistical data series including monetary aggregates and non-government loans expressed as a share of GDP can be accessed here link.

Due to rounding, totals may not add up to the sum of the components or small differences may occur from the percentage changes in the tables.

The next press release on monetary indicators for end-May 2023 will be issued on 26 June 2023.

Press release archive: http://www.bnr.ro/Press-Releases—Monetary-Indicators-4169.aspx

[1] According to Press Release No. 115/12 May 2023 issued by the National Institute of Statistics, in April 2023 the consumer price index was 100.75 month on month and 111.23 year on year.

[2] It includes credit granted to general government (central government, local government and social security funds) in amount of RON 25,004.5 million and debt securities held, issued by these institutional sectors running at RON 159,552.2 million (outstanding at end-April 2023).

 

 

About Nine O’Clock

Nine O’Clock was the first exclusively daily publication to appear in English language in Romania. The first issue of the Nine O’Clock newspaper came out 32 years ago. On October 9, 1991 a group of foreign-policy Romanian journalists came up with the initiative to release, for the first time in Romania’s history, a publication solely in English. From 2023, the new owner of the newspaper is Mihai Manea.

 

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