Lending fell in August, while household and corporate savings increased

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At end-August 2016, non-government loans granted by credit institutions inched down 0.3 percent (-0.4 percent in real terms) from July 2016 to RON 215,384.7 million.

National Bank of Romania (BNR) announced in a press release on Friday that RON-denominated loans expanded 0.7 percent (0.6 percent in real terms), whereas foreign currency-denominated loans shrank 1.6 percent when expressed in RON and 1.4 percent when expressed in EUR. At the same time, non-government loans went up 0.7 percent (0.9 percent in real terms) year on year, on the back of the 14.3 percent increase in RON-denominated loans (14.5 percent in real terms) and the 12.5 percent decline in foreign currency-denominated loans expressed in RON (when expressed in EUR, forex loans dropped 12.9 percent).

Government credit contracted by 5.6 percent last month from a month earlier to RON 86,710.7 million. At end-August 2016, government credit added 0.1 percent (0.3 percent in real terms) from the same year-ago period.

Deposits of non-government resident customers increased by 0.5 percent month on month to RON 258,495.8 million in August 2016.

RON-denominated household deposits decreased by 0.5 percent to RON 96,938.7 million. Household deposits in domestic currency rose by 10.5 percent (10.8 percent in real terms) year-on-year.

RON-denominated corporate deposits (non-financial corporations and non-monetary financial institutions) went up 3.6 percent to RON 77,794.5 million. Last month, RON-denominated corporate deposits climbed 21.4 percent (21.7 percent in real terms) y-o-y.

At end-August 2016, broad money amounted to RON 295,711.4 million, up 0.5 percent (0.5 percent in real terms) month on month. In y-o-y comparison, broad money rose 12.7 percent (13.0 percent in real terms).

Central bank data also reveal that forex-denominated deposits of resident households and companies (non-financial corporations and non-monetary financial institutions) declined by 1.1 percent to RON 83,762.6 million when expressed in domestic currency (when expressed in EUR, forex deposits went down 0.8 percent to EUR 18,808.3 million).

In y-o-y comparison, residents’ forex deposits expressed in RON advanced 5.4 percent (when expressed in EUR, residents’ forex deposits rose by 4.9 percent); household forex deposits climbed 6.9 percent when expressed in domestic currency (when expressed in EUR, household forex deposits expanded by 6.4 percent) and forex deposits of legal entities (non-financial corporations and non-monetary financial institutions) went up 2.4 percent when expressed in RON (when expressed in EUR, forex deposits of resident legal entities stood 1.9 percent higher).

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