NATIONAL BANK OF ROMANIA

ANNUAL REPORT

2003

ISSN 1453 – 3928

Note
Annual Report for 2003 was examined and approved by the Board of Directors of the National
Bank of Romania on 21 June 2004 and was submitted to Parliament pursuant
to Law No. 101/1998 –The NBR Act.
Some of the data for the period covered are provisional and will be updated as appropriate in
the subsequent publications.
Sources of data are mentioned when institutions other than the National Bank of Romania
supplied data.
The drafting, English version and technical co-ordination of the Annual Report for 2003 were
carried out by the Research and Publications Department.
Reproduction of the publication is forbidden. Data may be used only by indicating the source.
National Bank of Romania, 25 Lipscani Street, sector 3, postal code 030031, Bucharest
Telephone: 4 021/312 43 75; fax: 4021/314 97 52

www.bnro.ro

ROMANI A
- Overview -

1. Location

• In the South-eastern part of Central Europe, inside and outside the Carpathians
range, on the lower course of the Danube (1,075 km), with exit to the Black Sea
(coast line 245 km);
• Boundaries: 3,150 km;
• Neighbouring countries: Bulgaria, Hungary, the Republic of Moldova, Ukraine and
Serbia-Montenegro.

2. Area

• 238,391 sq. km (ranking twelfth in Europe);
• Land use: farmland 62 percent (of which 39 percent arable land), forest 28 percent,
other 10 percent.
21.7 million inhabitants on 1 July 2003 (ranking ninth in Europe);
Density: 91 inhabitants/sq. km;
Urban: 52.7 percent;
Ethnic structure: Romanians 89.5 percent, Hungarians 6.6 percent, other 3.9
percent;
• Administrative organisation: 42 counties, including Bucharest Municipality
(enjoying county status); 268 towns (97 municipalities) and 2,698 communes;
• Capital city: Bucharest (1.9 million inhabitants);
• Official language: Romanian.

3. Population




4. Government

• Republic;
• Legislative body: Parliament (Senate and Chamber of Deputies);
• Executive body: government headed by Prime-Minister (appointed by the President,
following returns of general elections);
President elected by universal vote for a five-year mandate.

5. Currency

• Romanian leu (ROL); fractional coin – ban;
• Current account convertibility and partial capital account convertibility;
• Exchange rate set in the interbank forex market on a daily basis;
reference currency – euro.

ABBREVIATIONS
APMSO
BARA
BET
BIS
BSE

Authority for Privatisation and Management of State Ownership
Bank Assets Resolution Authority
Bucharest Exchange Trading Index
Bank for International Settlements
Bucharest Stock Exchange

BSTDB

Black Sea Trade and Development Bank

BUBID

Bucharest Interbank Bid Rate

BUBOR

Bucharest Interbank Offered Rate

EBRD

European Bank for Reconstruction and Development

ECB

European Central Bank

EIB

European Investment Bank

EMU

Economic and Monetary Union

ERM

Exchange Rate Mechanism

EU

European Union

FIC

Financial Investment Company

IBEC

International Bank for Economic Co-operation

IBRD

International Bank for Reconstruction and Development

IIB

International Investment Bank

IMF

International Monetary Fund

ISC

Insurance Supervisory Commission

NBR

National Bank of Romania

NEA

National Employment Agency

OECD

Organisation for Economic Co-operation and Development

PEP

Pre-Accession Economic Programme

PSAL

Private Sector Adjustment Loan

RASDAQ

Romanian Association of Securities Dealers Automated

SME

Small- and Medium-sized Enterprises

VAT

Value Added Tax

CONTENTS
Overview of the main economic, financial, monetary
and foreign exchange developments in 2003 ...........................................................................9
A. Development of macroeconomic indicators .......................................................9
B. Correlation of macroeconomic policies ............................................................12
C. Relations with international organisations........................................................16
D. Banking system development ...........................................................................17
Chapter 1. World economy .....................................................................................................20
A. Overview ..........................................................................................................20
B. Eurozone ...........................................................................................................21
C. Transition economies ........................................................................................22
Chapter 2. National economy .................................................................................................27
A. GDP by origin and expenditure ........................................................................27
B. Prices, incomes and employment......................................................................31
C. Balance of payments and international investment position.............................37
D. Fiscal developments .........................................................................................42
Chapter 3. Monetary policy....................................................................................................49
A. Monetary policy ..............................................................................................49
1. Monetary policy goals and guidelines..........................................................49
2. Implementation of monetary policy .............................................................50
3. External constraint........................................................................................55
4. The impact of fiscal developments ...............................................................57
5. Monetary policy tools...................................................................................58
B. Monetary and financial developments ..........................................................62
1. Money and credit..........................................................................................62
2. Financial markets .........................................................................................66
Chapter 4. Financial stability and prudential supervision ..................................................80
A. The Romanian banking sector – composition, performance and risks .............80
B. Agreements on financial stability and prudential supervision ..........................91
C. Licensing and regulation of credit institutions..................................................92

.......... Development of NBR functions ........159 Main regulations issued by the National Bank of Romania in 2003 ..................128 B.............................................................................................................................................. Management of international reserves of Romania ... Profit and loss account............................................................................................................... Financial statements of the National Bank of Romania as of 31 December 2003 .................................................................... Developments on international financial markets...............................................................................130 Organisation chart of the National Bank of Romania as of 31 December 2003 ....................... Developments in international reserves.......134 Chapter 11........................125 Chapter 9..................................... Currency issue ..... Other activities of the National Bank of Romania ...138 B...............128 A................................104 Chapter 7............. financial and banking areas in 2003 ..................................................................................................124 C...... The Romanian payment system .......................................................................................................... Balance sheet ..............................144 Chapter 12..............................................122 A............. Objectives and guidelines of NBR policies for 2004 ................156 LEGISLATIVE INDEX Main rules and regulations adopted in the economic.................................. Restructuring of NBR activity ...................................................154 National Bank of Romania publications as of 31 December 2003................ Relations with international financial institutions ..............................110 A........................ European integration.......................117 Chapter 8....................138 A........................132 Chapter 10.............................................................110 B.Chapter 5......174 CHARTS SECTION STATISTICAL SECTION ..............................149 ANNEXES Banks in Romania as of 31 December 2003 .......................156 Main papers submitted to Parliament by the National Bank of Romania in 2003 .................................102 Chapter 6................ Management of international reserves ...........122 B............... Challenges of shifting to a new monetary policy strategy ................................ European integration and international financial relations...............

....................................140 Composition of Assets and Liabilities ....................................126 ............................................................................35 Number of Employees and Unemployment Rate in 2003 ....145 Overheads ........................................122 Composition of Forex Reserves by Assets .............................71 Interbank Foreign Exchange Market in 2003 ..........................................62 Non-Government Credit in ROL in 2003 ................................................................................40 Consolidated General Government Balance...........................................77 RASDAQ Market in 2003 .......................148 LIST OF CHARTS Contribution of the Main Supply Components to GDP Growth...........................................................................................................66 Average Interest Rates in 2003 ...........................................................................................................................86 Net Assets and Own Funds as at 31 December 2003 ................................32 Labour Productivity and Real Gross Average Wage in Manufacturing in 2003...............................................................36 Current Account Deficit and Direct Investment ..............................................................................................................................................................................101 Balance Sheet of the National Bank of Romania ................................................65 Gross International Reserves in 2003 ................................................................................................................51 NBR Deposit-taking Operations in 2003......................................................................................77 Bucharest Stock Exchange Indexes in 2003 .....................................................................................................................141 Composition of Assets .....................................................................148 The 2003 Budget ......125 Composition of Government Securities Portfolio by Issuer.............................................................................................................................................................25 Current Account..............38 Current Account Deficit Financing...................................................................................................................................................................144 Profit and Loss Account .............81 Banks and Foreign Bank Branches as a Share in Aggregate Capital.............43 Market Share of Banks and Foreign Bank Branches...............................................................................................................................................................................................................................................................141 Composition of Liabilities .........................................................................................................30 Consumer Prices in 2003 ......................84 Key Prudential Indicators .............73 Forex Market Surplus/Deficit in 2003.........................78 International Reserves ........................................39 External Indebtedness Indicators................................................................................................................................LIST OF TABLES Macroeconomic Indicators of Selected Central and East European Countries...................................................................................................................83 Banks Operating in Romania by Ownership ...........................................................................................................................................................................................................................................................................................................................................................................................41 Policy Rate in 2003...........................................................................................................................................................................................................82 Foreign Participations in the Share Capital of Banks in Romania ....................................................................................................................................................................................................60 Broad Money in 2003 ..........................................................................74 Bucharest Stock Exchange in 2003 ............................................................... 1999-2003 ......27 Contribution of the Main Demand Components to GDP Growth ............................................................................................................142 Banks’ Deposits with the NBR as at 31 December 2003....................................................................66 Net International Reserves in 2003...............................................78 RASDAQ Indexes in 2003 .................

.

stood at 4. as measured by the consumer price index (December/December). Worsening of the current account as a result of stronger domestic demand underscores the need to strengthen the positive trends across the Romanian economy. control over budget deficit. In order to uphold those tendencies and avoid slippages. Hungary. Lithuania. Poland. monetary and foreign exchange developments in 2003 A. Malta.1 months of import cover. Nevertheless. and cut in unemployment. the Czech Republic.1 percent. and – unemployment rate receded further. below the originally planned level of 2. and. originally forecast at 5. Slovakia. Development of macroeconomic indicators In 2003.5 billion at year-end. financial.2 percent and subsequently revised to 4.65 percent of GDP2. 1 Cyprus. – inflation rate. touching 7. The objectives of 2003 economic programme were to a great extent achieved. it is imperative to expedite restructuring at corporate level and maintain the prudent stance at macroeconomic level. as follows: – GDP growth. and Slovenia joined the EU on 1 May 2004. Latvia. boosted by rapid credit expansion. very close to the 14 percent target. – official reserves expanded to EUR 7. disinflation. – balance-of-payments current account deficit rose to 5. higher real wages.Annual Report 2003 Overview of the main economic. to a certain extent. the good performance Romania recorded over the past few years continued in terms of economic growth.7 percent of GDP compared with the initial estimate of 5 percent of GDP amid booming domestic demand in particular. reaching 4. exports were no longer the main driver of economic growth (as in 2002) but domestic demand. 2 According to the methodology developed by the IMF National Bank of Romania 9 . ran at 14.2 percent. by larger arrears. Estonia.3 percent of GDP. – consolidated general government deficit reached 2.9 percent.8 percent. placing Romania third among the 12 EU applicant countries1.

sending the unit value of imports down by 3. Among disinflation-boosting factors. the following deserve mention: – slowdown in nominal depreciation of the domestic currency against the implicit EUR/USD basket3.4 percent in 2003. adversely affecting the credibility of policies pursued by the authorities. a number of factors put pressure on prices: – 3 10 the raise in the gross average wage by 23. the sustainability of such a pace in the medium. This was the result of the interplay of several factors.8 percentage points to inflation. With domestic demand as the prime mover of economic growth. Swift-paced GDP growth is desirable from the perspective of catching-up with the incumbent EU member states. financial. Pay rises were reported by loss-making industries as well.6 percent in nominal terms and 7. from 23.Annual Report 2003 Overview of the main economic. to hit an insufficiently restructured economy where foreign direct investment is still scant. Disinflation carried on in 2003 for the fourth straight year. National Bank of Romania . keeping inflation under control and maintaining external balance pose certain risks.3 percent compared to 2002.5 percent in 2002 to 17. compared with 4. There is an increased likelihood for such risks. some of them entailing positive effects and other negative effects. as follows: 75 percent EUR and 25 percent USD.6 percentage points a year earlier. The best way to ensure deficit financing is through foreign direct investment which. – stable taxation. as it is the case of Romania. and – positive developments in import prices of consumer and industrial goods. alcoholic beverages and liquid fuel) had but a limited impact on inflation. The small package of tax measures (such as the upping of excise duties on tobacco. monetary and foreign exchange developments in 2003 The performance seen in 2003 raised yet again the issue of the tempo and the drivers of economic growth. By contrast. as 60 percent EUR and 40 percent USD. hinting at an improvement compared to financing from public or publicly-guaranteed borrowings. nonetheless. Such developments bring about inflationary pressures both directly. The limited capacity of domestic supply to meet demand caused home market equilibrium and further disinflation to be highly contingent upon larger imports. although higher in 2003. The composition of the currency basket was altered in January 2004. remained relatively low as a share in current account deficit financing. administered prices contributed 3. As a result of such rates of increase. – lower magnitude of adjustment of administered prices.and long-run hinges on the specific features of the economic growth model under implementation. which were secured chiefly via autonomous flows.2 percent in real terms.

7 percent against the EUR. Exchange rate policy was calibrated so as to achieve the goal of curbing inflation. household savings (in ROL) subsided by a real 1. The divergent developments of the two currencies caused the ROL to strengthen by 16.Annuat Report 2003 Overview of the main economic. Nevertheless. as it stirs confusion on the progress of reform. thus leading to higher seasonal inflationary pressures. – the NBR’s official reserves came in at EUR 7. The central bank’s intervention in the forex market was aimed at avoiding excessive exchange rate swings. it is to be pointed out that budget implementation was uneven. – the increase in consumer demand. maintaining a sufficient level of foreign exchange reserves and. particularly in the second half of the year. Over 2003. They covered 4. driven by larger household incomes and the policy of rapid household credit expansion promoted by most commercial banks. the foreign exchange developments were mainly the following: – the NBR was a net seller of foreign exchange for 5 months and a net purchaser for 7 months in 2003. The narrowing of the consolidated general government deficit helped buttress disinflation.3 percent against the USD and weaken by 3. Behind the undershooting of the budget deficit objective stood the satisfactory revenue collection (accounting for 30 percent of GDP as compared with a 30. without putting unsustainable pressure on the balance of payments. With a view to purchasing consumer goods. This drove inflation up both directly. and indirectly.5 billion from EUR 7 billion at end-2002. an adequate level by international standards. financial. monetary and foreign exchange developments in 2003 the ensuing demand cannot be matched by aggregate supply.1 months of imports (versus 4. – the domestic currency exhibited a real appreciation of 3. households proceeded to make borrowings and even cut back on their savings.3 percent in real terms versus the implicit EUR/USD basket. Its net purchases amounted to EUR 523.3 percent of GDP as compared with a 32.2 months in 2002.1 percent target) amid slightly lower expenses (32. 4 Based on transaction date National Bank of Romania 11 .4 million4. at alleviating the appreciation trend of the domestic currency on the background of sustained forex inflows. As a result. with nearly two thirds of the deficit being posted in December 2003.7 percent target). and – continued build-up of arrears. due to faster import growth). leading to an artificial rise in aggregate demand and indirectly entailing adverse selection and moral hazard.8 percent at end-2003 compared to end2002.

the switch to the new reference currency did not cause any tensions in the market. which were broadly correlated in 2003. while its goals were kept unaltered. financial. Considering that the implicit currency basket remained the same. restructuring and privatisation) fell short of expectations. given the prevalence of EUR-denominated commercial transactions. 76/2002. informal sector. spurred by the revival of household consumption. without affecting external competitiveness. on the 12 National Bank of Romania . monetary and foreign exchange developments in 2003 In early 2003. interest rates stayed on the downward trend apparent ever since 2002. monetary policy faced the following main challenges: – notable increase in domestic demand. In the first few months of 2003. the progress of structural reforms (cut in arrears. entailing a tighter monetary stance throughout the year with a view to ensuring macroeconomic equilibria and achieving the inflation target. which brought about additional constraints. the measures taken to boost employment in compliance with the social programme for 2002-2003 and Law No. Behind this development stood the continued GDP growth.4 percent in March 2003) was justified by the sharper downturn in the annual inflation rate. but also other factors such as stepped-up migration. Furthermore. as illustrated by the gap between the decline in the number of the unemployed (by 101. The overall economic situation called for a change in the stance of the monetary policy.2 percentage points in the course of the year to 7. against the background of delayed structural reforms. In 2003.2 percent in December. the composition of external debt by currency.8 thousand). in the context of large swings in the EUR/USD rate.Annual Report 2003 Overview of the main economic. Unemployment rate dropped 1.6 percent in December 2002 to 17. Correlation of macroeconomic policies Unlike the monetary and fiscal policies. B. the NBR decided to switch to the EUR as the reference currency in the forex market.7 thousand) and the increase in the number of employees (by 2. and the requirements for joining the EU. as well as by the lingering risk of speculative capital inflows. The gradual cut in the interest rate on sterilisation operations (from 19. – the need to preclude speculative financial inflows amid the ongoing capital account liberalisation. the wage policy was looser than expected. underpinned also by the cautious implementation of the government budget. – further real appreciation of the domestic currency versus the implicit EUR/USD basket.

5 percent in April. – despite the inconclusive data concerning structural reforms and arrears. It should be pointed out that household lending soared by 214. also helped push domestic demand higher: – the boom in domestic credit. entailed the expansion of imports and the risk of unsustainable worsening of the balance of payments. the clearly-cut trend of current account worsening pointed to certain delays putting pressure on domestic demand. even though the deficit for the year as a whole appeared to be lower than the original forecast. the climb in nongovernment credit was much faster in 2003 (48. especially household lending. to 21. the NBR stopped loosening the monetary stance and starting with Q3 it proceeded proactively to gradually lift its policy rate (in August. each time by one percentage point. constituting some 20 percent of the initial level).1 percentage point lowering in the banks’ average interest rate on ROL-denominated deposits (from 15. The fact that the government budget had been virtually balanced until August hinted at public expenditures going far beyond revenues in the final months of 2003. October and November. which were generally normal and partly desirable. The decision to tighten monetary policy was predicated on the following assessment of the developments in domestic demand: – the hike in the economy-wide minimum wage had entailed higher-thananticipated wage growth amid soft budget constraints at corporate level. and – depressed household interest in saving amid lowering deposit rates5. Banks resorted widely to foreign funds to secure financing for those loans. In addition.5 percent in real terms) than in 2002 (28.6 percent in real terms. given the insufficient elasticity of domestic supply. – an increase in domestic demand at the expense of the budget deficit was expected for late 2003. Despite the steps aimed at tightening monetary policy. the developments in the banking system. the central bank took several prudential steps. financial. monetary and foreign exchange developments in 2003 backdrop of a further stage of capital account liberalisation implemented in January 2003. National Bank of Romania 13 .Annuat Report 2003 Overview of the main economic.2 percentage points (accounting for 11 percent of the initial level) was followed by the 3.6 percent in January to 12. such growth rates may endanger a bank’s financial position because of the credit risk attached.25 percent). In 2003 Q2. Therefore.3 percent). aimed to moderate booming credit and make it 5 The NBR cut in the interest rate on liquidity-absorbing operations by 2. effective in 2004. Underlying this move was the strong growth of domestic consumption which. Although the share of non-government credit in GDP is still low (16 percent).

Bearing in mind that. liberalisation of non-residents’ access to ROL-denominated deposits was delayed for 2005. taking corrective measures before getting unwishedfor effects. the removal of restrictions on capital movements in 2003 left their composition unscathed. short-term loans and credits granted by non-residents to residents and deposits made by non-residents in Romania National Bank of Romania . the transmission mechanism is affected.290 million in 2003). As a result. and the favourable differential between domestic and foreign interest rates. the main instrument the central bank resorted to. in 2003 as well. this appears to be rather the result of a more stable macroeconomic environment. in spite of its obvious improvement. as from 1 January 2003. with the need for long-lasting deepening of financial intermediation remaining high on the agenda. improved investor sentiment. Open-market operations remained. Capital account liberalisation carried on in accordance with the calendar agreed by the Government following talks with the EU on Chapter 4 “Free Movement of Capital”. financial. by the net debtor position of the National Bank of Romania vis-à-vis commercial banks and by their easier access to foreign funds. which lengthens as markets develop.Annual Report 2003 Overview of the main economic. its being used as a substitute runs the risk of limited efficiency and can deliver adverse side effects. Although potentially volatile capital inflows6 were on the rise (from EUR 734 million in 2002 to EUR 1. given the current state-of-affairs in Romania. it can only partly replace some other economic policy measures. the following operations have no longer been subject to NBR licensing: transactions by residents in securities and units of foreign collective investment undertakings. Accordingly. a calendar transposed into Circular No. sureties. monetary and foreign exchange developments in 2003 grow at sustainable rates. other guarantees granted by residents to non-residents. However. and substantiated the proactive stance of monetary policy.e. The developments throughout 2003 underscored the limitations of the transmission mechanism. namely deposittaking operations constituted the sole tool the National Bank of Romania used in its effort to drain excess liquidity. financial loans and credits and personal loans granted by residents to non-residents. this Chapter was subject to provisional closure at the Romania-EU Inter-Governmental Conference on 7 April 2003. their features were partly changed. Beyond general limitations. Moreover. in order to avert speculative inflows. Some of those limitations originate in the very nature of monetary policy: its actions are non-discriminatory. the maximum accepted interest rate started to be 6 14 Inflows comprising portfolio investments (except government and corporate bonds). its effects emerge with a certain timelag. i. 26/2001 issued by the National Bank of Romania. short-term financial loans and credits granted by non-residents to residents.

Annuat Report 2003 Overview of the main economic. However. For the inflation target to be met.3 percent in 2002 to 38 percent share-to-GDP in 2003. The maintenance of the differential between required reserve ratio on ROLdenominated deposits and that on foreign-exchange-denominated deposits was aimed at putting a cap on lending in foreign exchange by influencing relative costs. which caused the primary market for ROLdenominated government securities to lose in depth (due not only to the low deficit but also to the preference for other financing sources) and the yields on Treasury bills to depart from central bank rates. above-inflation-rate increase in social National Bank of Romania 15 . and the maximum maturity of operations was shortened. causing the December shortfall to be equal to two thirds of the annual figure.000 billion. a trend reversal was manifest in late 2003. The choice of leaving required reserve ratio on ROL-denominated deposits unchanged relied on the persistently high excess liquidity in the banking system. the Treasury’s almost exclusive resort to foreign funds hurt liquidity policy as well. after the launch of the Eurobond issue the public authority made an injection of some ROL 5. starting May 2003. The required reserve mechanism retained the features it had exhibited at end-2002. Thus. The total volume of liquidity-absorbing operations rose from 23. the Ministry of Public Finance attached a high priority to cutting interest costs for the budget deficit to stay on track. thereby overburdening the monetary authority’s sterilisation efforts. ran counter to the tight monetary stance focused on cushioning inflationary pressures induced by expansion in consumption.6 percent of GDP. Implementation of monetary policy was made more difficult by the manner in which deficit financing and public debt refinancing were ensured. slowing down the growth of domestic absorption and helping curb inflationary pressures.400 billion. sending domestic demand higher. monetary and foreign exchange developments in 2003 announced when the auction sessions at the new interest rate levels were held. The need to prevent the knock-on effects of a large part of the full-year consolidated general government deficit being recorded in only one month from fuelling inflation caused monetary policy to remain tight until mid-2004. financial. in addition. The consolidated general government deficit was kept at bay. The shift in fiscal policy stance. the NBR took deposits with maturity of one-month alone. but the costs attached thereto slid from one percent to 0. Fiscal policy and monetary policy enjoyed a good co-ordination for most of 2003. The constraints on the central bank’s interest-rate policy left aside. further realignment of pensions. The steps taken in respect of income policy (the raise in economy-wide minimum wage. While in the first half of 2003 the Treasury’s operations materialised in a net absorption of more than ROL 16. monetary policy stance had to be tightened further.

with the NBR having a considerable contribution to the negotiations on Chapter 4.000 billion. privatisation painted a brighter picture in year-on-year comparison. none of the big names of companies subordinated to the Ministry of Trade and Commerce was included in the list of privatisation deals in 2003. financial. This action was delayed for 2004. when Romania was invited to start negotiations for joining the European Union. taking the number of chapters closed to 22 out of 30. Yet. C. Electrica Banat and Electrica Dobrogea.Annual Report 2003 Overview of the main economic. i. with the EBRD and IFC acquiring an equity participation of 25 percent plus two shares in the bank. In this vein. monetary and foreign exchange developments in 2003 transfers. According to the bank’s privatisation strategy. stronger consumer demand could not be met otherwise than by lifting imports. Relations with international organisations Since December 1999. such steps did not endanger competitiveness and therefore the export performance. 79/20017 rose by a real 4. putting pressure both on demand side and supply side. in the tradables sector as a whole. Furthermore. failed to provide an underpinning to disinflation. gross arrears built up by the companies monitored consistent with Government Emergency Ordinance No. the privatisation of Banca Comercială Română made headway. In 2003 H1.e. In the second half of 2003. Chapter 2 “Freedom of movement for persons”. albeit justified from a social perspective. the latter’s role in formulating domestic economic policies has increased steadily. Romania closed provisionally three chapters. National Bank of Romania . Moreover. and preparatory work for privatising two gas distributors – Distrigaz Nord and Distrigaz Sud – is scheduled to begin. are due to be sold. also as a result of taking restructuring and rescaling steps in respect of the companies put up for sale by the Authority for Privatisation and Management of State Ownership. On the one hand. structural reform posted mixed developments. i. On the other hand. pay rises were in line with productivity gains. larger access to various types of social assistance).e. a strategic investor is to take over the majority stake in the coming three years. Chapter 9 “Transport policy” and Chapter 28 “Financial control”. other three chapters were subject to provisional closure. For 2004.8 percent year on year to more than ROL 154. namely Chapter 1 “Free movement of goods”. In 2003. the Romanian authorities aim to complete negotiations on all 7 16 The number of monitored companies fell from 86 to 73. Given that. the negotiations on the chapters of the acquis communautaire were the most significant tool. Chapter 4 “Free movement of capital” and Chapter 10 “Taxation”. when the country’s oil company Petrom and two electricity distribution companies.

Furthermore. Chapter 7 “Agriculture” and Chapter 29 “Financial and budgetary provisions”. Standard & Poor’s improved twice (on 27 February and 17 September) the rating for long-term debt. Moody’s lifted Romania’s ratings for long-term foreign and domestic currency from B1 to Ba3.to BB.e. At the request of the Romanian authorities. two more chapters. Fitch IBCA upgraded the ratings for long-term debt. the year 2003 saw. in the final month of 2003. rating agencies further upgraded Romania’s ratings. the Electronic Payments System. the completion of one of the six stand-by arrangements implemented from 1991 onwards. Romania was included in the IMF/World Bank Financial Sector Assessment Program – FSAP. Likewise in December. i. Launched in October 2001. the Government of Romania signed the 2003 PHARE Financing Memorandum with the European Commission whereby the NBR was granted a EUR 4 million credit line to ensure financing of six subprojects. D. the said arrangement was extended until October 2003. In December. monetary and foreign exchange developments in 2003 chapters. As concerns Romania’s relations with the IMF. In January 2003. the NBR covered all stages with a view to contracting funds worth EUR 4 million through 2001 PHARE National Programme for Romania.to BB and subsequently to BB+. financial. As for Japan Credit Rating Agency. started being implemented. the agency affirmed the positive outlook for Romania. which started in 1998. taking the number of chapters closed to 24. it announced a BB+ rating for domestic currency debt. completion of negotiations to sell a 25 percent equity stake in Banca Comercială Română to National Bank of Romania 17 . titled “National Bank of Romania – Institution Building”. Banking system development It may be asserted that 2003 saw the completion of the process of cleaning up and restructuring of the banking system. for the first time. whilst that for domestic currency debt was improved from BB to BB+. The major steps addressed full harmonisation of the Law on Banking Activity with the provisions of the acquis communautaire. In 2003. In 2003. as follows: the rating for foreign currency debt was elevated from BB. while that for domestic currency debt was raised from BB. when banking legislation was improved. in line with the ones used in the eurozone. namely the rating for foreign currency debt was upgraded from B+ to BB.and subsequently to BB. in December.Annuat Report 2003 Overview of the main economic. were closed. by June 2004.

4 percent in December 2003. As of 1 January 2003. as the ratio of unadjusted exposure from loans and related interest classified under “doubtful” and “loss” and total loans and related interest classified (off-balancesheet items included) fell steadily from 5.7 percent in January 2003 to 3. as banks balanced their net foreign currency position and the lending rate was variable. the last bank whose restructuring commenced in 1998. which translated into a relative increase in the overall risk ratio and the credit risk ratio.7 percent in 2002 to 24. without adversely affecting prudential indicators of the banking system. monetary and foreign exchange developments in 2003 the EBRD and the IFC. The new features of the Romanian banking market required the steady improvement of supervision. Against this background. as well as into a certain decrease of the solvency ratio. Exposure to currency and interest rate risks was low.Annual Report 2003 Overview of the main economic. A quarterly review of the potential weaknesses of the banking system added to the monthly scoring of the system’s stability. and higher demand propelled by the repressed consumption in previous years and the improved perception of the general public on their prospective incomes. In 2003. The considerable resilience of the banking sector to potential shocks is illustrated not only by the developments in prudential indicators calculated by the central bank but also by the outcome of the FSAP. as illustrated by its share in total non-government credit.8 percent in 2003. the banking sector was found to be flexible to potential shocks emanating from market and credit risks. The development of retail banking constituted the main feature of banking activity in the reference year. Rapid non-government credit expansion entailed a higher credit risk across the banking sector. which focused on forecasting and analysis of direct risks and. well above the internationallyacknowledged benchmark. on the ex-post analysis of compliance with the regulations in force. which remained however within adequate limits. on the one hand. the National Bank of Romania introduced new regulations on loan classification and provisioning. the volume of banking activity rose markedly. financial. Based on stress tests using the methodology developed in the context of the FSAP. to a relatively lower extent. on the other. opening of winding-up proceedings against Banca Columna. thereby making headway in catching up with the EU member states in terms of financial intermediation. which rose from merely 11. The increase was driven by a larger credit supply and looser lending terms amid stiffer competition among banks. 18 National Bank of Romania . credit expansion did not cause the loan portfolio to worsen. in line with international practices.

Die Oesterreichische Nationalbank. as well as significant risk management). financial. In 2003. organisation and internal audit of credit institutions. the NBR has been authorising and regulating also savings banks for housing (in May 2004. norms were issued respecting the merger and split-up of credit co-operatives. “know your customer” standards. Starting 2003. full harmonisation of the Law on Banking Activity with EU Directives (by Law No. while the applications for authorisation along with the complaints made subsequently by other co-operative networks were rejected and. In addition. National Bank of Romania 19 . the enlargement of Creditcoop Central House network was approved. the NBR signed such agreements with Bank of Greece and the Federal Financial Supervisory Authority in Germany. it issued the first such authorisation for Raiffeisen Bank Bausparkasse Romania joint-stock company) and credit co-operatives (on the one hand. are subject to negotiations. steps had to be taken to prevent the insurance market from losing stability. 58/1998– The Banking Act) was accompanied by the adoption of a series of regulations with a direct impact on the improvement of supervision (aiming particularly at supervision of own funds on a consolidated basis and on an unconsolidated basis. supervision of solvency and large exposure of credit institutions). The NBR’s concern to enhance the efficiency of supervision materialised into new agreements on the exchange of information with the competent authorities in the countries of origin of the banks holding subsidiaries. domestic banking legislation was further harmonised with the EU provisions. with De Nederlandsche Bank. branches or representative offices in Romania. other three agreements. monetary and foreign exchange developments in 2003 Against the background of accelerating credit to non-government and the banks’ heavy recourse to financial risk insurance. 485/2003 amending and supplementing Law No. the NBR engaged in a steady dialogue with the Insurance Supervisory Commission and proposed the issuance of norms to impose on the companies in this line of business the reinsurance on either domestic or foreign market of a significant percentage of the portfolio of insurance policies related to credit risk. and Commission Bancaire in France. on the other hand. the scope of accounting regulations was extended so as to encompass all credit institutions.Annuat Report 2003 Overview of the main economic. Thus. In 2003. For this reason.

smaller pressure from corporate restructuring in the aftermath of the 2000 stock-market turmoil.6 percent in 2002). as illustrated by the annual rates of economic growth and international trade. labour market conditions showed no sign of improvement as the average unemployment rate moved up 0.5 percent against 3 percent and 3. the annualised growth rate of world economy accelerated to 6 percent.e. Overview World economy advanced faster in 2003. up 1.4 percentage points on the year) combined with the lowering of federal funds rate. investment perked up 3.1 percent. i.2 percentage points year on year to 6 percent.2 percent a year earlier. this increase lagged behind that of imports (4 percent). 20 National Bank of Romania . as well as to better financial conditions. which rose 3. In the latter half of the reported year. the current account deficit reached 4. reaching 3.9 percent of GDP (compared with 4. which was conducive to a negative contribution of net exports to GDP growth (0. Chinese and Japanese economies. the US economy rose at a quicker pace in 2003 Q3 and Q4 (with annualised rates of 8. Under the circumstances.25 percent to 1 percent.1 percent). The increase in defence spending was the prime mover behind the 4 percent rise in government consumption. with the effective nominal exchange rate posting a 9. Even though exports reverted to a positive growth rate (2 percent.8 percent in 2003 due to higher profits. The expansion in economic activity notwithstanding.1 percent of GDP. Against the backdrop of lower uncertainties surrounding the warfare in Iraq and the implementation of stimulative fiscal and monetary policy measures. behind the US economic growth stood the economic policy mix pursued by the authorities. due largely to the performance of the US. pushing the US dollar lower throughout 2003. World economy A. After staying in negative territory for two years.1 percent respectively in 2002. The same as in 2002. accounting for the main driver of growth in the US.2 percent and 4. namely the fresh tax cut (which caused the fiscal deficit to reach a record 5.2 percent depreciation. after two consecutive years of declines). from 1. The US economic growth gained momentum. 3.9 percent and 4. Tax cuts and lower interest rates boosted private consumption.4 percentage points) and a widening trade gap.1 percent in 2003 compared with 2.Annual Report 2003 Chapter 1.

Despite the stronger yen. with the general price level dropping only 0.3 percentage point contribution of net exports. although most of them were affected by the severe acute respiratory syndrome (SARS) in the first half of 2003.3 percent in 2002) in spite of the slowdown in economic growth and the stronger 1 Accounting for 57 percent of GDP in 2002 National Bank of Romania 21 . Inflation rate in eurozone was yet again above the target established by the European Central Bank. the last two quarters of the reference year experienced an economic upturn so that in 2003 as a whole economic growth edged up 0. investment rebounded 0.2 percent) and the weakest performance being recorded by Portugal (down 1. World economy In Japan.1 percent (compared with 2.5 percentage points below the 2002 reading).4 percent (0. posting an annual average of 2.8 percent. Emerging economies in Asia saw an increase of 7. due to improved financing conditions (the ECB cut its refinancing rate twice in 2003 to an all-time low of 2 percent). Even though private consumption failed to give an impetus to economic growth in 2003 Q4. bolstered by the larger external demand for European products in spite of the 1 strong appreciation of the euro.Annual Report 2003 Chapter 1. owing to the upsurge in investment. The deflation that has plagued Japan over the past few years decreased in strength.4 percent quarter on quarter. the 2. Eurozone Unlike the first half of 2003.7 percent rise in the Japanese economy was ascribable to exports.2 percent in 2002.9 percent in the year before. 0.2 percent versus 0. particularly to Asian countries. the resumption of positive growth rate in 2003 Q3. when eurozone was gripped by recession. domestic demand became the main driver of economy (making a 0. with the highest GDP growth being registered by Greece (up 4.7 percentage point contribution to GDP growth).6 percent quarter over quarter.3 percent). up 9 percent from 8 percent a year earlier. as well as to the advance in private investment as a result of improved corporate profitability and the higher turnover on world’s stock markets. After having fallen January through September.e. i. occurred on the backdrop of the rise in exports. in the final quarter of 2003. Underlying this growth rate were the divergent developments in the region. the economy resumed growth after the 0.4 percentage points year on year to 8. B. The slowdown in eurozone economies in 2003 left its mark on the labour market as the jobless rate rose by 0. The Chinese economy was the best performer.2 percent in 2003 against 6. while the robust rise in imports (partly due to companies’ stock replenishment) led to a negative 0.3 percent setback in 2002. Across the eurozone as a whole.

exceeding for the second year in a row the 3 percent threshold set under the Stability and Growth Pact.9 percentage points from 2002. up 0. as well as larger consumption and investment spurred economic growth in the Russian Federation.3 percent). ahead of Romania and Bulgaria whose growth rates amounted to 4. Slovakia and Slovenia.7 percent.2 percent) and Kazakhstan (9.5 percent starting 2003 Q2 (on the wane from 3.5 percent from 6.4 percent compared with 2. The above-mentioned factors also gave an impetus to the economies of the other member countries.6 percent from 5.3 percent of GDP to 2.4 percent in 2002.5 percent).9 percent of GDP) and France (4. The highest deficits were seen in Germany (3.2 percent a year earlier.3 percent versus 4. The members of the Community of Independent States further enjoyed economic expansion as the average pace of real GDP growth stood at 7. Hungary.Annual Report 2003 Chapter 1.4 percent in 2002. This owed much to the performance of the Polish economy.1 percent in 2002).7 percent growth in GDP.7 percent in 2002. World economy euro. the Czech Republic. among which the following recorded notable GDP growth rates: Ukraine (9. Although the inflation differential 2 among Member States in eurozone diminished year over year. it persisted in the context of price growth rates ranging between 1 percent in Germany and 4 percent in Ireland. with inflation rate in this sector staying at an annual level of 2.1 percent and 3 percent respectively. The Baltic countries (Estonia.1 percent of GDP). Poland.9 percent and 4. The main reasons behind the rise in prices in eurozone were seasonal factors which pushed food prices and energy costs up by 2. the largest in the region.e. As for Central European countries. reporting a 3. as well as the uplift in indirect taxes. Transition economies The upward trend in private consumption and exports caused economic growth to speed up in 2003 across transition economies in Central and East European countries. The hike in the oil price on the international market. GDP rose on average by 3. i. Latvia and Lithuania) were still in the lead with GDP growth averaging out at 7. higher wages. against 1. Azerbaijan (11. C. from 2. which brought about a widening of the budget deficit.1 percent in 2002. 2 22 Calculated as a spread between the maximum and minimum inflation rates in EMU members National Bank of Romania . whose GDP picked up 7. Real GDP of these countries grew on average by 3. The weaker-than-expected economic performance made most of the EMU members resort to tax incentives. The low productivity along with the lack of external competition resulted in sticky prices across services.3 percent respectively.9 percent in the reported year.

but became the driving force behind the improved economic performance of Slovakia (contributing 6.5 percent year over year in the former country and from 1.7 percent versus 6.3 percent in the year before) or remained very high.2 percent drop in the general level of prices.5 percentage points to the 4.7 percent of GDP) and Latvia (9.3 percent).1 percent from 5.6 percent respectively).7 percent of GDP from 3. the former recorded an 8 percent growth rate. which caused the current account balance to worsen.8 percent) and Estonia (1. particularly in Estonia (13.9 percent to 2.1 percent growth pace. with the highest increases being detected for Romania (16.7 percentage points). Under the circumstances. with Latvia and Estonia exceeding the year-earlier figures (12.3 percent compared with 4. Poland (0.7 percent of GDP from 3. with most of them posting higher growth rates.3 percent to 8. rather than the demand from the European Union (the main trade partner of those countries).6 percent against 5. Bulgaria (14. Behind the outstanding performance of exports stood their improved composition – as a result of foreign investment in the preceding years. from 17.4 percent in 2002. while Lithuania saw a 1. Central European countries were the top performers.3 percent). from 7 percent in the year before.8 percent).9 percent in the latter country). Slovakia and Latvia were the only countries in the region to face higher inflationary pressures (from 3. which was further sluggish throughout 2003.3 percent and 6 percent versus 0. As for export performance in Bulgaria and Romania. while the latter posted an 11. Inflation stayed on a downward trend in most Central and East European countries. net exports generally depressed economic growth of the ten Central and East European countries seeking EU membership (-0. 4/2003). National Bank of Romania 23 . The lowest inflation rates were reported in the Czech Republic (0. the value of exports of goods and services expanded in Central and East European countries.4 percent a year earlier) and Hungary (5. averaging 4. with an average growth rate of 11.9 percent in the year before.1 percent). Romania (5. World economy 3 In 2003. Exports were also on the rise in the Baltic countries.8 percent in the year before). Imports of goods and services remained on an uptrend.2 percent increase in GDP) and had a substantial impact on GDP growth in Poland (1. particularly owing to the sharp increase in exports of Slovakia (22.Annual Report 2003 Chapter 1.3 percent).6 percent of GDP from 4. Latvia (14.3 percent) and Hungary (10. coupled with a weaker złoty in the case of Poland.1 percent of GDP). The current account deficit as a share to GDP widened in the case of Bulgaria (8.5 percent in 2002) and Poland (13 percent against 4. Except for Poland and Slovakia. the growth rate of imports outran that of exports.7 percentage points).6 percent in 2002. 3 Data referring to exports/imports of goods and services are those disclosed in national accounts (Source: CANSTAT Statistical Bulletin No.7 percent in 2002).

and the still high fiscal deficit in Hungary.6 percent of GDP (in Slovakia).4 percent in 2002). The highest unemployment rates were recorded by Poland (18 percent). As far as the other countries are concerned. Slovakia (15.9 percent of GDP compared with 9.1 percent of GDP versus 3.8 percentage point drop in jobless rate). the average budget deficit increased to 4. which saw a 2.3 percent in 2002). 24 National Bank of Romania .3 percent in 2002. as the stepped-up economic growth translated into a marginal improvement in employment (except for Bulgaria. even though fiscal adjustment was implemented in the reported year (5.6 percent in 2002).6 percent) and Bulgaria (13. tax cuts in Poland (where the deficit reached 4.9 percent of GDP versus 6. World economy Unemployment was still running high across transition economies of Central and East European countries.5 percent).Annual Report 2003 Chapter 1. This was due to the following: the record deficit displayed by the Czech Republic (12.8 percent of GDP from 4. the balance of government accounts ranged between +2. Although most Central and East European countries consolidated their fiscal positions in 2003.6 percent of GDP (in Estonia) and -3.

0 4.3 3.0 15.9 –1.722.338.5 1.4 17.9 55.1 18.4 0.0 10.7 40.1* 45.0 5.9 6.2 37.6 2003 8.8 12.7 23.7 7.5 3.602.1 6.5 10.6 1999 3.3 1.4 11.2 3.0 12.2 2000 5.3 11.395.7 2.4 10.1 8.140.275.9 8.6 15.754.118.6 (change from 2000 5.0 2.6 1.1 2.9 (annual average) 2001 7.712.3 6.0 11.8 % 2002 16.4 14.1 6.7 3.1 –4.3 45.3 8.2 13.0 –1.2 5.3 4.0 9.6 8.3 2.7 –3.5 38.4 4.5 11.4 10.9 4.5 17.6 9.5 10.137.7 9.913.9 –0.0 19.5 16.4 42.2 2001 5.6 1999 2.491.4* * .7 4.749.0 16.8 19.1 5.1 3.2 11.603.0 15.4 9.0 6.8 21.233.0 4.253.9 0.7 19.3 8.836.3 0.079.441.569.4 7.0 58.2 –0.6 26.6 6.5 2003 2.574.2 6.8 4.9* 38.5* 21.1 –3.103.1 10.024.5 5.726.6 0.361.9 11.675.2 2.1 a year earlier) 2002 6.273.9 3.5 5.6 –2.1 –1.0 2.8 7.9 18.4 5.9 2.6 43.5 9.102.4 7.0 Inflation rate 1999 2.0 13.9 31.2 3.441.3 (change from 2001 1.7 38.0 39.0 3.7 6.350.6 18.Annual Report 2003 Chapter 1.1 1.4 % Industrial 2002 5.2 15.8 3.3 1.7 24.0 34.0 1.6 4.6 6.8 4.273.052.0 10.6 5.9 40.970.4 9.8 46.6 6.2 6.251.454.0 15.760.5 1999 4.8 1.4 15.1 18.7 2.426.7 Imports M2 2002 7.164.8 15.858.9 12.803.0 3.7 12.6 4.7 9.2 1.8 6.460.1 31.741.662.9* 21.7 2.2 change) 2002 % 2003 4.4 24.875.6 8.5 3.9 10.192.0 12.9 36.8 1.2 2.363.6 2.2 11.0 14.3 7.6 2.7 4.9 16.0 10.0 rate 2001 17.2 6.4 –1.0 0.8 3.0 1.0 13.0 3.482.4 34.918.1 2.6* 23.8 3.0 9.8 5.0 16.2 2.3 5.600.1 45.0 9.8* 13.1 4.627.9 7.7 5.3 2002 6.5 8.5 2.521.0 8.9 39.8* 5.062.4 1.022.2 53.951.1 8.6 21.0 17.039.094.3 5.4 2003 4.4 18.771.1 2.4 –2.457.4 5.364.6 16.1 1.492.0 Unemployment 2000 17.1* 20.5 2.639.9 6.2* (change from 2000 30.8 8.0 13.3 1.977.697.8 1.1 8.4 1999 16.8 9.1 6.0 2.2003 Bulgaria Czech Estonia Hungary Latvia Lithuania Poland Romania Slovakia Slovenia Republic Population (million) GDP Real GDP Industrial output Labour force Prices 10.132.733.6* 6.8 7.5 output 2000 8.1 3.6 25.4 –8.1* 8.485.081.2 2.8 1.3 –0.2 5.1 37.7 4.0 13.9* National Bank of Romania 25 .1 producer prices 2000 17.4 3.770.1 34.9 5.4 9.733.8 18.0 9.2 1.2 10.026.001.9 4.5 0.6 5.058.0 17.1 4.0 6.5 3.7 3.3 41.8 28.6 6.9 8.0 4.4 3.614.M3 2003 19.1 5.3 2003 13.3 2.3 1.5 44.346.385.0* 38.258.2 3.856.2 Exports 1) EUR mn.4 2.5 13.5 7.424.4 6.6 (average annual 2001 3.7* 3. Foreign trade 8.801.215.8 1999 13.5 6.262.0 7.9 22.6 40.9 4.161.5 3.9 –3.9 6.2 2.2 0.7 7.7 2002 4.537.6 11.7 2.4 4.8 18.8 5.0 8.3 9.0 6.3 11.2 57.7 20.875.4 5.8 10.2 24.0 12.0 7.7 17.277.9 4.7 43.5 5.0 –2.0 2.5 4.9 4.0 7.3 Industrial 1999 –7.8 7.711.7 5. 2001 7.3 3.2 3.4 26.3* % 2002 11.0 7. 1999 .3* a year earlier) 2001 25.7 3.8 45.0 0.3 9.3 7.8 1.3 1) 2000 6.7 5.0 19.4 3.3 8.877.5 7.5 34.7 53.1 3.2 5.3 10.9 2.9 2001 4.6 11.8 –11.7 11.3 a year earlier) % Broad money 2003 1999 2003 6.0 16.6 3.0* 27.2* 46.7 2.8 1.9 16.4 8.568.138.5 –0.3 52. World economy Macroeconomic Indicators of Selected Central and East European Countries.0 19.1 based on CPI 2000 10.427.3 4.0 1.3 5.2 3.181.820.045.5 11.7 12.9 4.533.4* 7.696.2 2.5 2.0 5.5 4.2 5.267.1 5.8 2.8 2.9 5.3 9.5 % 2003 15.0 –0.8 5.8 2.0 49.2 EUR mn.1 11.2 8.349.9 11.1 9.5 8.4 5.714.8 9.2 28.674.0 11.4 2.4 0.9 4.0 14.9 17.8 –1.0 23.9 –2.630.

9 6.645 3.7 –737.095.1 27.413.8 5.04 0.5 989.956 31.882.2 –14.778.5 205.7 955.4 1.50 230.6 82.183.0 21.1 81.101.0 2002 –924.1 –845.1 358.0 –1.6 –1.117.7 16.3 490.937.6 –1.017 4. 2001 11.4 2002 –1.7 –1.647 262.3 11.701.2 EUR mn.9 6.991.1 45.7 5.697.871.113.520.944.366.768. 2002 951.continued - Bulgaria Czech Estonia Hungary Latvia Lithuania Poland Romania Slovakia Slovenia Budget Republic Share of consolidated government budget deficit (-)/ surplus (+) Balance of payments External debt Reserves 0.134.97 0.6 507.494.576.0 –2.8 –9.87 41.701.230.0 Local currency/ 1999 1.723 3.2 balance 2000 –761.887.7 23.956 36.8 –4.3 –3.611.4 1.8 2.614 3.3 –4.0 –2.663.856.22 233.588 4.41 15.314.647 242.786.881.0 –919.373.1 –2.867.920.9 –3.5 1.66 43.390.453 4.3 –6.6 –664.108.2 –2.30 217. 2002 4.409.0 –1.863.3 12.469.8 2003 –1.114.264 4.7 27.92 0.6 –1.0 9.6 6.672.647 256.8 –583.6 –3.1 448.27 32.647 253.719.0 –2.555.0 14.445.2 –7.679.404.12 193.581 3.380.330.647 254.2 270.9 in GDP .0 –2.89 43.252.1 8.334.674 3.904.798.5 644.846.4 –544.7 1.5 direct 2000 1.3 3.51 EUR 2000 1.0 15.6 1.303.179.498.647 235.784.582 3.4 investment 2001 892.234.516.9 5.372.10 15.0 –245.73 41.956 35.194.1 –12.6 2.9 80.854 24.2 exchange 2000 3.0 Official foreign 1999 2.Annual Report 2003 Chapter 1.4 10.1 EUR mn.7 Net foreign 1999 758.2 –375.1 12.88 15.0 13.0 –2.371.495.576 (end of period) 2001 1.255.7 6.5 377.169 18.7 –4.19 2002 1.6 25.1 –1.4 –638.052.357.90 0.179.4 0.203.803.93 211.9 8.626 4.469.0 –1.420.33 0.974.40 197.490.5 4.1 28.3 –3.878.765.380.3 –3.6 –1.5 408.0 –2.0 –1.6 13.4 4.020 34.612.3 2.0 –840.063.320.354.0 debt 2000 11.0 3.867.247.641.900.126.955.648.68 0.94 0.3 836.0 2002 10.1 4.0 –5.026.2 –1.80 15.044. as well as EBRD.84 15.393.0 –3.4 –12.69 EEK HUF LVL LTL PLN SKK 2003 Local currency 1. % 2003 –0.159.5 1.324.7 –4.1 3.5 2003 4.316.208.7 12.2 –11.531.992.1 3.5 EUR mn.398 37.0 –1.379.6 –5.0 –2.247.591.5 10.7 29.043.4 –1.75 42.043.3 1.0 11.0 1.007.295.8 10.60 205.23 0.435.187.4 –2.0 –1.6 –880.553.994.7 2002 –0.608. 2000 –1.8 –1.7 –5.1 –1.907.9 6.733.0 4.669 26.163.7 –2.6 –3.355.0 –5.756. For Romania data are updated consistent with the latest information supplied by the National Institute of Statistics and the NBR.5 –3.9 –1.0 167.6 –3.152.877.453 4.25 42.4 –1.083.647 260.227 16.6 –2.196.9 25.0 16.0 –760.737.9 38. according to balance of payments data.956 35.8 6.0 647.934.490.5 2.453 4.557.5 1.795.41 2002 1.388.734.7 3.2 4.4 251.2 6.1 –1.0 –3.0 –1.717 41.7 927.0 –1.6 9.949.164. 26 National Bank of Romania .0 1.0 –2.554.0 –568.043.317.7 528.3 39.224.63 2000 1.0 –1.3 37.161.6 77.3 –13.848.0 1.4 1.0 –1.05 15.117.695 4.7 –1.0 716.0 –2.793.559 3.038.9 26.5 –4.227.4 –4.7 774.507.5 12.330. Source: Monthly Bulletins and Annual Reports of central banks in the countries listed above.846.025.0 –882.5 –0.19 42.0 EUR mn.0 2003 10.6 –5.654.499.8 reserves 2001 3.3 25.545.4 3.482.707.5 32.507.298.2 –3.856 31.488.423.3 –2.1 2000 –0.9 5.461.4 2003 –2.5 –6.51 0.2 –2.57 44.6 12.146.00 41.4 –1.4 –4.6 5.32 3.4 11.0 1.529.1 2.556 3.9 –230.78 221.1 –5.1 –109.482.2 618.2 –326.647 264.9 4.796.459 3.5 –1.956 31.5 10.1 754.647 246.189.956 34.0 8. IMF and BIS publications.195.014.8 2.691.111.323.956 BGN CZK ROL SIT 1) exports/imports of goods.0 964. World economy .5 74.1 849.077.1 –1.7 –1.9 –773.4 –4.5 –6.0 Gross external 1999 10.1 –8.5 10.956 30.6 –955.6 5.8 –265.1 2.69 226.956 31.1 6.945.279.522 27.4 –2.660.0 EUR mn.5 7. 2001 –1.981.8 –2.307.2 –6.76 42.6 –2.165.5 –3.7 –2.099.012.232.220.6 8.488.0 –980.9 –1.011 19.523 3.0 2001 –1.9 126.752.7 –10.1 –3.7 54.403.9 6.7 –1.647 252.845.9 2003 1.0 1.0 –3.560 3.623.285.2 3.327.70 EUR Exchange rate 1999 2003 1.995.933.956 36. 2) according to ESA95.0 14.272.4 –3.4 –3.955.0 4.8 –1.393.367.1 9.0 751.598.03 (annual average) 2001 1.96 15.6 12.876.07 15.6 –2.0 2001 0.8 –6.1 –1.6 –1.237.1 22.2 –4.8 –1.50 Local currency/ 1999 1.764.0 –772.696.236.747.2 4.652.031.4 5.0 3.836.0 2.0 –1.3 2) Current account 1999 –586.3 –5.8 Trade balance 1999 –1.407.020.1 1.60 15.5 –1.143.918.9 –684.58 15.971.0 1.16 236.312.6 22.9 2.426.6 29.0 5.3 329.349.4 –1.80 0.8 –5.4 914.3 –4.2 65.

1 percent.3 percent year on year to EUR 2.4 percentage points to GDP growth.7 percent) and in the electricity. although their share in GDP was little changed at 10. excise duties and other taxes. causing GDP per capita to move ahead 4. gross value added climbed 4. the Romanian economy stayed on an expansion path for the fourth year in succession. net of subsidies National Bank of Romania 27 .3 billion. a level similar to that recorded a year earlier.890. GDP by origin and expenditure In 2003. In industry. forestry and fishery services –2 –3 –4 2002 2003 Gross value added stood 4. The contribution to GDP growth of net taxes on goods2 dropped 0. Contribution of the Main Supply Components to GDP Growth 4 percentage points 3 2 1 0 –1 industry construction agriculture.9 percent higher year on year. contributing 4. gas and water sub-sector (1.Annual Report 2003 Chapter 2. National economy A. as mirrored by the 4. Nominal GDP stood at ROL 1. heating.3161. while mining output inched down (0.6 percent compared with 2002 amid the above-average increase in output in manufacturing (3. 1 2 Based on data on Romania’s estimated population as at 1 July 2003 Collection of VAT.5 percent.4 percent).6 percent).2 percentage points versus 2002.778.9 percent rise in real gross domestic product. The contribution of private sector to GDP increased to 69.

The expansion in the latter industry was driven by both the still sharp household bias towards durables purchases and larger foreign orders. output in metallurgy and oil processing.6 percent higher. on the back of larger sales. Services were further the largest contributor to GDP formation (44.7 percent.2 percent year on year.e. By contrast. The real increase in manufacturing output surpassed by 0. medical. heating. Gross value added in this sector augmented 5. in order to offset the abrupt cut in electricity output of hydroelectric power plants and of the nuclear power plant. Behind the decline in the output of those sub-sectors stood largely the lower export demand. natural gas and water can be attributed to the considerable expansion in activity of coal-fired power plants (14. The rise in the output of electricity.6 percent. The most sizeable rises. the activities mentioned above could not boost manufacturing output significantly. higher turnover of market services delivered to households. in a range from 15. television and communication equipment and apparatus.6 percentage points the average figure reported by industry as a whole. watches and clocks.1 percent and 9. inter-company arrears. radio. National economy Following the prolonged drought that hit the hydroelectric power system in 2003. Hydrocarbon production stayed on a multi-annual declining trend (down 6.Annual Report 2003 Chapter 2.4 percent.5 percent pick-up in the output of coal mining and preparation sub-sector. 4 Based on output measured in physical units 28 National Bank of Romania . publishing and printing. output of capital goods edged up 3. Due to the large share of the two sub-sectors in the sector’s production. 3 In 2003.4 percent year on year) due to the following causes: oil fields have passed their maturation stage and natural gas reserves shrank after the implementation of policies aimed at doing away with dependence on imports in the early ’80s. including by demothballing of some units. i. rubber and plastic products. transport and warehousing.9 percent to 40.7 percent4).2 percent. were recorded in the following sub-sectors: textiles. total manufacturing output took a severe blow. output of non-durables stood 4. 38 percent. All four main manufacturing groups posted output increases. Nevertheless.7 percent respectively. Thus.6 percent). given their fairly small share3 in the sector’s production. the increased resort to electricity provided by coal-fired power plants was reflected by the 4. that of intermediate goods advanced 3. transport means. as well as improved performance of telecommunications. the cumulative share of those sub-sectors in total manufacturing output reached a meagre 11 percent. nuclear fuel treatment and coal coking contracted year on year by 19. and the far-reaching overhaul of some units. and that of durables shot up 11. precision and optical instruments and apparatus. real-estate transactions.

7 percentage points. railway and road infrastructure. the construction activity diversified. vegetables and fruit.9 percentage points in 2002). The fast-paced rise in final consumption was propelled by the expansion of private consumption (whose rate of increase more than doubled year on year) and the rebound in government consumption. caused the grain output to decline in a range from 8 percent to 66. accounting for 83. the authorities took steps to impose restrictions on wheat exports and foster imports in an attempt at ensuring fodder and a smooth operation of bakeries.5 percent. The same as in 2002. mostly as a result of government assistance granted to farmers. being eroded by weaker foreign trade figures as the nearly 48 percent pick-up in net imports of goods and services had a notable negative contribution (-2.Annual Report 2003 Chapter 2. The majority privately owned sector increased its share in total construction works to 90.e.8 percentage points compared with +0. Construction was the best performing sector in terms of gross value added. final consumption and gross capital formation. extremely cold winter. Therefore. National Bank of Romania 29 . Bad weather conditions. and prolonged drought. Over the reference year. advances were seen in industrial works (refurbishment and new plants). i. forestry and fishery stood 3 percent higher than in the previous year. Apart from the expanding urban and residential infrastructure. works in the trade sector (large facilities). building of sports facilities). Final consumption grew by a real 6.9 percent. i. Thus. completion of some hydroelectric power plants). up by a real 7 percent. The contribution of domestic demand to GDP growth equalled 7.3 percentage points). the stockbreeding sector had a positive contribution to the development of agriculture amid the rise in livestock numbers and in the supply of products of animal origin. domestic consumption requirements were more adequately met and domestic products of animal origin strengthened their export market share.3 percent of GDP. large temperature variations in spring. The weak performance of this sub-sector was offset by the substantial increase in the output of sunflower. maize. GDP by expenditure illustrates that GDP growth in 2003 was solely driven by domestic demand. posting positive contributions. works in the energy sub-sector (refurbishment of coal-fired power plants. soybean. as well as in the social and cultural field (refurbishment of some schools.6 percent. sending the contribution of this sector to GDP growth back to positive territory (0. National economy Gross value added in agriculture.e. with both its components.

6 percent against a year earlier) and new construction works (5. was the main driver of the increase in the contribution of final consumption to GDP growth. amid considerably larger incomes and readily-available loans. grants-in-aid to farmers.1 percent on the year. Against the backdrop of continued economic growth and the increasingly available domestic and foreign financing resources.2 percent over the year before). public sector investment resumed the upward path. The upsurge in investment was mainly accounted for by the private sector (11. allowances for heating to low-income families.Annual Report 2003 Chapter 2. up to 5. The step-up in accumulation was underscored not only by the development of gross fixed capital formation but also by that of “investment in national economy”. gross fixed capital formation remained the fastest-growing component of domestic demand in 2003 as well (up 9.8 percent). the amounts destined to bridge the healthcare system deficit. capital expenditures were channelled particularly to equipment and transport means purchase.2 percent in real terms). including transport means (12. for compensation payments to former public-sector employees. up 7. National economy Contribution of the Main Demand Components to GDP Growth 6 percentage points 4 2 0 –2 final consumption of households gross fixed capital formation net exports of goods and services –4 2002 2003 Household actual final consumption. in addition. In either case. in the latter half of 2003. The real 4. 30 National Bank of Romania . and to the outlays for organising the national referendum on the Constitution. subsidisation of heating prices. in 2003. mirroring the rise in both purchases of equipment.7 percentage points.6 percent rise in government actual final consumption was mostly ascribed to the sizeable funds intended.

Prices relating to gross value added in agriculture and construction increased more sharply than those in industry and services (25. Hungary. National economy The change in inventories had a zero contribution to GDP growth in 2003. whereas that of natural gas imported from the Russian Federation by 30. 5 output + beginning stocks In 2003. transport means and building materials. coal coking and nuclear fuel treatment. This owed much to sizeable inventory building in metallurgy and oil processing. fixed telephony). behind the rise in prices stood the joint action of domestic and external factors such as loose income policy. as compared to 19. Considering the poor grain harvests. as the share of net imports in GDP added 2. On the background of the pick-up in domestic demand. Prices. In 2003.7 percent. B. According to the Ministry of Agriculture.2 percentage points year on year to 119. the altered excise duty regime.9 percent in 2003.Annual Report 2003 Chapter 2. long-coming restructuring of the energy sector. whose share in total resources5 widened from 4.3 percent in construction. however. exports (up 11. boosted by private consumption and investment. which was offset to a great extent by the faster decline of inventories in mining (chiefly as a result of the impact of bad weather conditions on this industry) and in most manufacturing sub-sectors (chiefly chemicals. short grain crops. due widely to the flat performance of economies of EU member states and to stiffer competition from countries in Central and Eastern Europe (Czech Republic. Poland. costlier commodity imports6.4 percent in agriculture and 20. 6 National Bank of Romania 31 .7 percent in industry and 17. India). incomes and employment GDP deflator slid 4.3 percent). Forests and Rural Development.9 percent. imports of goods and services gathered momentum (up 16.1 percent) failed to match the performance of imports. in January 2004.2 percentage points year over year to 7. the rise of this indicator was driven by the producers’ stocks of finished goods.2 percent. In 2003. the price of imported wheat was nearly 125 percent higher than in the same year-earlier period. Ukraine) and Asia (China.6 percent in 2002 to 4. Romania’s external balance worsened. the weaker ROL versus the EUR. due to stronger domestic and/or external demand). the change of the adjustment parameter for some administered prices (medicines.4 percent.4 percent in the tertiary sector) amid the insufficient domestic production or stronger demand spurred by readily-available loans. the price of Brent crude oil rose on average by 15.

disinflation continued in 2003 thanks to prudent monetary and fiscal policy stance. mostly as a result of higher yields. Disinflation was sharper in terms of services and non-food items. well below those recorded a year earlier. massive additional imports were required. Due to poor grain harvests for the second straight year.7 percent in 2003. A positive impact on the general level of consumer prices had seasonal products.7 percentage points against the year before. Throughout the year. Food prices went up 13. and lowering corporate uncertainties surrounding the business environment. even though their prices rose by 15 percent and 14. keener competition among retailers. and tinned vegetables and fruit). December/December). the real appreciation of the ROL against the USD helped cushion the rate of increase in prices by mitigating the inflationary impact of unfavourable developments on world’s major commodity markets. mainly on the back of goods and services with administered prices. which contributed 3. exemption of grain imports from customs duties) helped bring down costs and ensure the smooth supplying of inputs to bakeries. with the highest price increases being detected for milling and bakery products (34. inflation rate was cut to 14. which posted relatively moderate price rises (5.Annual Report 2003 Chapter 2. the authorities’ steps (resort to the government’s wheat reserves. thereby cushioning the uptrend in prices. above the general level of consumer prices.3 percent respectively. fruit. National economy Consumer Prices in 2003 4 percent percent 3 20 15 percentage change compared to the same year-earlier period (right-side scale) 2 10 monthly change 1 5 0 0 J F M A M J J A S O N D Nevertheless. amid surging grain prices. lower import prices of some goods in high demand domestically (durables in particular). down 3. 32 National Bank of Romania .7 percentage points to the 12-month inflation rate.5 percent).1 percent (falling marginally short of the 14 percent target.3 percent for vegetables. As a result. Moreover.

fuelled chiefly by manufacturing prices. basically as a result of price movements in food industry (26.3 percent in 2003 from 32. on the other.7 percent and those geared to both inflation and exchange rate (via specific methodologies) up 49. In 2003.5 percent to 26.5 percent in 2002. The share of products with administered prices in the CPI basket was raised to 21. National economy In 2003. coffee. which required. Producer prices for the domestic market climbed 20 percent in 2003 (December/December). The small adjustment of producer prices in this sector in 2003 H1 failed to ensure cost recovery. prices of fuel. Producer prices across manufacturing grew at a faster pace year on year. well above adjustment variables because of the strong impact of one-off factors.6 percent in 2002) against the backdrop of dearer raw materials and utilities.4 percent in 2002. The electricity price rose 18.8 percent in 2002). natural gas and water National Bank of Romania 33 .3 percent in 2002) and metallurgy (19.9 percent to the rise in consumer prices (compared with 25. Thus. The energy sector8 saw a slowdown in the rate of increase in producer prices (17.Annual Report 2003 Chapter 2. administered prices contributing 26.7 percent in 2003 from 19. on the one hand. The goods and services whose prices are geared to exchange rate were 11 percent costlier from December 2002. once the effects of drought started feeding through.2 percent over 14. and the move to gradually adjust domestic gas producers’ price with a view to reaching import parity by 2007.1 of a percentage point lower than a year earlier. It notes the 48.4 percent. 8 Electricity and heating. Behind the price increases recorded in the latter sector stood also the notable volume of investment over the past few years for 7 According to the Romanian Electricity and Heating Regulatory Authority.6 percent. due largely to the adjustment of prices for electricity and primary telephony services. particularly in summer7. correction of electricity and heating prices. and alcoholic beverages grew in a range from 7. with prices geared to inflation rising 22.9 percent increase in the price of natural gas following the larger contribution of gas imports to meeting domestic requirements.7 percent against 18.3 percent compared with 18. which went up 21. tobacco. as well as higher costs of raw materials and rail transport. only 0.5 percent over 15.1 percent. the general price level also increased because of the hike in prices of products liable to excise duties. steeper import prices. Termoelectrica raised the production of energy by 31 percent compared with the planned figure. owing to higher excise duties starting January and July.3 percent in 2002 H1).2 percent in 2003 because of the larger volume of electricity produced by coal-fired power plants in order to compensate for the lower volume of electricity produced by hydroelectric power plants. the rate of increase in administered prices equalled 17.2 percent in 2002) amid moderate growth in 2003 H1 (2. in 2003. and to the depreciation of the domestic currency against the euro.

2 percent) was stuck at previous year’s level as the effect of the decelerating rate in prices in the coal mining and preparation sub-sector (by 2. National economy the purpose of retooling. hedge earnings against inflation.000 to ROL 2. reduce poverty. world steel price went up 5. The developments in metallurgy combined with the movements in world prices of steel and products thereof9 hurt producers of road transport means and household appliances.7 percent13.8 percent respectively.Annual Report 2003 Chapter 2.500. and 1383 of 2003 13 Government Decision No. whereas sheet-steel prices shot up 15. sending the prices of such products up by 25. as well as for the reduction in energy consumption and environmental pollution.4 percent.000 per month11.4 percentage points from 2002) was annihilated by the swifter rise in prices in the hydrocarbon extraction sub-sector (14. 10 Government Decision No.8 percent14 caused by the increase in the economy-wide gross minimum wage.5 percent and 20. and child benefits by 16. The increase in prices in the mining sector (14. public-sector wages were raised at an annual real rate of 12. as well as end-of-year bonuses (in January 2003 for the year 2002) and other bonuses.4 percent (December/December).3 percent in 2002). 614.9 percent compared with 12. with the looser wage policy in some sectors (due to union pressure) being offset by staff cuts and hiring freeze. As of 1 January 2003. the authorities were seeking to develop and implement a new labour legislation system.4 percent year on year. Producer prices of wearing apparel surged 26. 9 In 2003. As with household incomes. and strengthen pension and social assistance reform. in nominal terms. 218. indexations (by 6 percent in January and 9 percent in October).750. Above-inflation rises were also applied to social benefits. education and healthcare weighted by the number of employees in those sub-sectors 34 National Bank of Romania . public pension realignment continued along with the 12. thus. resettlement allowances by 41. fuelled by pay rises and higher costs following the increase in the share of domestic collections to the detriment of outward processing trade. the monthly minimum guaranteed income was subject to a 17 percent indexation10. 1037 of 2002 11 Government Decision No. 1360 of 2002 14 Arithmetical mean of net wage in public administration.9 percent. the economy-wide gross minimum wage was raised from ROL 1. Furthermore. lower wage tax.5 percent indexation for the year as a whole performed on a quarterly basis12. unemployment benefits were lifted by 29. 1105 of 2002 12 Government Decisions Nos.7 percent. 1006. The wage costs of the 73 state-owned companies subject to monitoring were more tightly reined in.

metallic construction. economy-wide net average wage increased by 25.2 percentage points to 9. and the implementation of wage and fiscal policy measures. the cut in social security contribution by 2. printing and reproduction of recorded media. In some industrial sub-sectors17 wage growth was not in line with productivity growth. against the same year-earlier period 20 16 12 8 labour productivity real gross average wage (EUR) 4 0 -4 -8 J F M A M J J A S O N D In 2003.2 percent. as the concern to maintain competitiveness prevented the increase in gross minimum wage from passing on to higher wages. but the rise in unit labour cost was merely one percent).5 percentage points to 6. yet the shares of each sub-sector in the value of industrial production ranged from 0. well below productivity growth (11. the cut in the contribution for healthcare by 0.4 percent in nominal terms and by 8. on the other. National economy Labour Productivity and Real Gross Average Wage in Manufacturing in 2003 percent. and the implementation of a new tax scale alongside the raise by ROL 200.7 percent across manufacturing). publishing. 15 Government Emergency Ordinance No.5 percent.8 percent in real terms (annual average). Nevertheless. 147 of 2002 on regulating some financial matters and amending other pieces of legislation 16 Order No. whose share was 6. on the one hand.Annual Report 2003 Chapter 2.5 percent15.6 percent (bar wearing apparel. 1754 of 2002 issued by the Minister of Public Finance on setting the monthly tax base relative to income from wages and pensions 17 Wearing apparel.6 percent).2 percent to 1. leatherwear and footwear. radio. most of the tradables sub-sectors witnessed moderate hikes in the real gross wage (4.000 in the basic tax deduction16. These measures encompassed the rise in the economy-wide gross minimum wage. Behind the rise in real wage stood the continued disinflation and economic growth. television and communication equipment and apparatus National Bank of Romania 35 .

several factors weighed on the labour market. its share in the economy-wide net average wage dropped to 32 percent. furniture and woodworking. machinery and equipment. (iii) higher labour demand in industries or services reporting larger sales (wearing apparel. particularly the new Labour Code which took effect on 1 March 2003. National economy Incomes of pensioners moved ahead as a result of the continued implementation of the half-yearly realignment together with quarterly indexation.300 8 4. One of the factors boosting employment and lowering unemployment was the package of measures taken by the authorities to assist employers in hiring job 36 National Bank of Romania . Although the average social security pension stood 1.6 percent amid the changes to the economy-wide gross minimum wage. education.200 7 4. of which the following deserve mention: (i) legislative changes. real-estate transactions). construction. rubber and plastic products.5 percent higher year on year in real terms. paving the way for absorption of staff made redundant.500 thousand percent number of employees in economy 10 unemployment rate (right-side scale) 4. mining. Number of Employees and Unemployment Rate in 2003 4. In the reported year. (ii) labour shakeout in the wake of either implementing overhaul and reorganisation programmes in state-run sectors (energy.400 9 4. financial and banking activities. which constitutes the calculation base. transport and warehousing) or cutting production costs (metallurgy.100 6 J F M A M J J A S O N D In 2003.Annual Report 2003 Chapter 2. trade. road transport means). unemployment benefits – the main social security benefit granted to the unemployed – picked up on average by a real 12.

the average number of wage earners reported by employers grew by almost 11. C. The average number of pensioners fell to 6. 76 of 2002 on the unemployment insurance system and boosting employment.1 percent from 2002.9 thousand.Annual Report 2003 Chapter 2. National economy seekers or creating jobs18.4 percent year on year). reaching 4.569 persons in 2002 to 1. Balance of payments and international investment position The year 2003 saw the current account deficit widening by 77. External migration further affected workforce.384. 124 of 2002 19 Still below the flat rate of 25 percent 20 Up one percent in wearing apparel and 6 percent in leather products and footwear (based on EURdenominated average wage) National Bank of Romania 37 .7 percent of GDP. The current account deficit equalled 5.3 thousand (annual average). down 1.3 percent against 2002 to as much as EUR 2. as mirrored by the steady downward drift on a quarter-to-quarter basis. stiffer competition on the world’s markets coming mainly from EU candidates and Asian countries) and domestic factors (the uplift of the tax rate related to profit from exportation from 6 percent to 12. pushing the jobless rate lower. the increase in unit labour cost in some industries with a significant share in total exports20).4 percent) due to the action of both external factors (the recession gripping the EU.2 percentage points to 7. Even though exports were further headed upwards (6.9 percent in 2003.306 thousand. as amended and added by Government Emergency Ordinance No. Data released by the Office for Labour Force Migration indicate that in 2003 the number of people who left the country to work abroad doubled year on year to some 40 thousand.7 percent in 2002 to 7. up 2.508 persons in 2003. The dependency ratio (number of pensioners and unemployment claimant count per 1. extending soft loans for creating jobs destined. services. whose share in GDP rose from 5. 18 Law No. Weighing heavily on the current account was the trade gap. Unemployment rate lowered year on year by 1.3 percentage points over the year before.2 percent in December 2003.877 million. in a proportion of 50 percent at least. to hiring the unemployed in industry. or the tourist sector. with the number of people out of work standing at 658.5 percent19. Such measures envisage subsidisation of staff costs attached to hiring job seekers or college graduates. In this context.5 thousand year on year.000 taxpaying employees) slid from 1. their performance weakened from a year earlier (when they had risen by 15.

which called for larger imports of such goods. This was also due to the granting of government guarantees and exemptions from import duties for some capital goods.2 percent (imported vegetal products doubled against 2002). 38 National Bank of Romania .427 5 -488 1. The current account shortfall was aggravated by the 27.7 percent increase in the incomes deficit (to EUR 623 million) because of lower compensation of employees and higher interest payments on foreign debt. such imports climbed 16.614 . causing the energy bill to worsen in 2003.612 19. This development can be ascribed to the following factors: (i) further upgrading and retooling of the economy that boosted import demand for capital goods. domestic appliances and motorcars.net d) Current transfers .5 percent versus 2002. particularly electronics.net c) Incomes . Imports of natural gas soared by 61.752 2003 -3.955 14. National economy Table 1. Thus.5 percent whereas electricity exports dropped more than 30 percent along with the doubling of imports.675 15. (ii) sharper household propensity for durables purchases.Annual Report 2003 Chapter 2.623 -2. making capital goods the fastest-growing group by output stage.8 percent decrease in crude oil imports. The upturn in imports of energy products was partly offset by the 14. Current Account EUR millions 2002 -2. as a result of retrenchment in foreign demand for petroleum products.imports (fob) b) Services . as a result.exports (fob) Behind the worsening of the external balance stood also the growth of imports at a pace faster than that of exports (12.639 Balance of current account -1.569 62 -623 1. led by bigger import volumes. which led to higher imports of consumer goods (13.2 percent year on year).3 percent compared with 2002).877 a) Trade balance (goods) . (iii) poor grain harvests in 2002 and 2003. the surpluses of which moved up EUR 57 million and EUR 27 million respectively.net 17. with net imports of energy goods rising by 42. imports of agrifoodstuffs expanded by 23. (iv) surging contribution of imports to meet domestic consumption of natural gas and lowering hydroelectric and nuclear electricity production. The current account deficit widening was mitigated by the positive performance of services and current transfers balances.3 percent.

due to the nearly 50 percent decline in Eurobond redemptions. construction. Germany. wholesale trade.627 million. the Netherlands and the USA. Italy.8 percent year on year. tourism and agriculture. Citigroup. Foreign direct investment flowed particularly into industry. The largest net flows under this heading were provided by the public issue21 to the tune of EUR 700 million for budget deficit financing and by the redemption of Eurobonds and promissory notes in amount of EUR 150 million and EUR 80. up 26.000 -3. up 34. professional services.7 million respectively.000 -2. with equity holdings and loans granted by foreign companies to the Romanian enterprises they invested in accounting for more than 70 percent of total investment.000 1999 2000 2001 2002 2003 Net direct investment by non-residents in Romania amounted to EUR 1. Data provided by the Trade Register show that at end-2003 the main investor countries (in terms of invested capital) were France.000 EUR millions direct investment current account deficit 1.000 0 -1.Annual Report 2003 Chapter 2. National economy Current Account Deficit and Direct Investment 2. 21 Brokered by Deutsche Bank. retail trade. Direct and portfolio investment by non-residents in Romania covered roughly 75 percent of the current account deficit. JP Morgan and UBS National Bank of Romania 39 .2 percent year on year. transport. Net portfolio investment by non-residents in Romania ran at EUR 515 million.

loans (ST).034 3. National economy Table 2. Current Account Deficit Financing Deficit financing Capital transfers. official foreign exchange reserves managed by the National Bank of Romania added EUR 0. net . net Other capital investment: . net Direct investment.4 billion as a result of EUR 2.413 21 EUR millions 2003 2.895 232 -1.211 2. net Portfolio investment. up 9.595 1.1 billion worth of net inflows from foreign borrowings.034 million.194 406 1. clearing and barter accounts.041.borrowings (MLT) .641 4.5 million and EUR 365 million respectively.591 523 1. deposits.823 1. while proceeds from issues of foreign exchange-denominated bonds on the international capital market and the domestic market ran at EUR 690.4 billion. down 37 percent over a year earlier. the official foreign exchange reserves diminished by the value of payments on external debt service (EUR 1.repayments .8 million).177 -52 349 381 -188 -1. Net inflows from medium. the gains from EUR/USD exchange rate movements 22 40 in respect of settlement date National Bank of Romania .5 billion year on year to EUR 6. The central bank’s net purchases from the interbank forex market amounted to EUR 558 million22.054 2. as a result of the central bank’s purchases from the forex market and inflows from foreign borrowings and foreign exchange-denominated government securities launched by the Ministry of Public Finance. due mainly to the drop in loans taken by non-banks and to losses from EUR/USD exchange rate movements.020 *) includes the following items. in transit accounts.8 percent from end-2002 to EUR 15. By contrast. At end-2003. net .2 percent year on year.loans (MLT).other* NBR's reserve assets ("–": increase) 2002 1.and long-term external debt went up 4. Inflows from foreign borrowings extended by the IMF and the EU equalled EUR 254.623 95 1.and long-term loans and borrowings came in at EUR 1. net: cash and cheques.877 188 1.Annual Report 2003 Chapter 2. Net inflows from short-term loans and borrowings totalled EUR 381 million. In 2003.inflows .2 million. errors and omissions. Medium.6 million) and that of forex-denominated government securities redeemed by the Ministry of Public Finance (EUR 403.

4 percentage points from end-2002 to 72.and long-term external debt.5 percent). Medium. electricity and heating. following their investing in Eurobonds issued by the Ministry of Public Finance and their lending activities. natural gas and water (10 percent).3 percentage points respectively. concurrently with the drop in the share of international financial institutions and bilateral creditors to 33.5 percent and 4 percent respectively.7 percent). while publicly guaranteed debt and private debt dropped 0.4 percent at end-2002. followed by private debt (37.2 billion) and some debt-to-equity swaps (EUR 0. manufacturing (10 percent).5 billion and interest and commission payments to the tune of EUR 0. banking and insurance activities (7. National Bank of Romania 41 . In 2003. In year-on-year comparison. public debt rose by 0. and construction (5.2 percent) and publicly guaranteed debt (20. National economy (EUR 1.6 percentage points and 0.5 percent of total as compared with 59.7 percent).and long-term external debt by maturity followed the preceding years’ trend.9 percent) and some economic activities in the following sectors: transport and warehousing (15. which held 62. public administration (8 percent).2 billion) contained the increase in external debt. of which principal repayments in amount of EUR 2. Composition of mediumand long-term external debt by creditor further illustrates the growing share of private creditors.8 percent of total medium. the share of long-term external debt widened by 3.9 percentage points.7 billion.and long-term external debt service stood at EUR 3. Thus. External Indebtedness Indicators 40 percent percent 100 MLT external debt service / exports of goods and services MLT external debt / exports of goods and services (right-side scale) 30 95 20 90 10 85 0 80 1999 2000 2001 2002 2003 Composition of medium.and long-term external debt by debtor shows the prevalence of public debt (42 percent).2 billion. foreign borrowings were intended to finance the budget deficit (15. Composition of medium.Annual Report 2003 Chapter 2. financial.8 percent).

1 percent. the planned year-on-year increase in revenues (by roughly 0. The major constraint the authorities faced in their effort to concomitantly achieve those targets was precisely their own goal. Fiscal developments Fiscal policy in terms of the 2003 budget was further aimed at underpinning the achievement of several macroeconomic objectives.and long-term external debt service ratio shrank from 21.1 percentage points). to contain the consolidated general government budget at a level similar to that seen in 2002 (2. and to strengthen disinflation. For 2003.e. to lower the development fee incorporated in the electricity price.1 months as a result of larger imports of goods and services. based largely on programmes. As for the medium. i. mirrored the contrary influences likely to be induced by the implementation of social protection measures and the alteration of some duty and tax rates. up 6.and long-term external debt accounted for 33. External indebtedness indicators stayed within normal limits in 2003 as well.65 percent of GDP). at end2003 the euro was in the lead (54.7 percent. Since the budgetary programme was drafted by taking account of preserving the year-earlier consolidated general government deficit as a share of GDP. to raise the economy-wide gross minimum wage and the child benefit. The 2003 draft budget.e. followed by the US dollar (43. to increase gradually profit tax applicable to export activities. the originally planned figures of both revenues and expenditures of the consolidated 42 National Bank of Romania .and long-term external debt service by currency.2 percent. to curtail the social security contributions paid by both employees and employers. Meanwhile.and long-term external debt by currency.9 percent).8 percent) and other currencies (6. down 7. the following measures were envisaged: to further implement the pension realignment stages. the euro also held the largest share (49.2 percent of exports of goods and services. to maintain fast-paced economic growth. D. and to raise excise duties gradually so that they be brought into line with the European ones.4 percentage points share-to-GDP) would have allowed the attendant loosening of public spending. Nevertheless. to contain the current account deficit.3 percent). up 1. on the wane year over year. to cut unemployment rate. followed by the US dollar (38. Medium.4 percent of GDP at yearend and 84. i. amid robust economic growth.6 percent in 2003 owing to higher exports of goods and services.Annual Report 2003 Chapter 2.6 percentage points against end2002).7 percentage points) and other currencies (7.2 months to 4. National economy As for composition of medium. Medium. import cover of the National Bank of Romania’s reserves fell from 4.1 percent in 2002 to 17.

causing the annual balance to post a surplus for the first time in the past few years.7 percentage points share-to-GDP compared with the 0. by worsening of the primary balance. The revision was caused by weaker collection of direct taxes (social security contributions in particular). especially those included in the revised budget (in August 2003).975 0. in 2003 too. primary deficit accounted for 0. National Bank of Romania 43 . The rise in revenues was weaker than anticipated due to larger-than-projected cut in revenues from direct taxes (0. as originally estimated.4 percentage points below the original estimate. unlike in 2002 when the largest shortage had been recorded at mid-year. Despite a slight increase. the 12-month forecasted inflation rate was kept at 14 percent. on the slide for the third year in a row. down 0.2 percent of GDP against a primary surplus of 0.6 -43. as well as non-performance of expenditures by some government institutions benefiting from government budget resources. revenues proved insufficient to cover the outlays which exclude public-debt-related interest payments.Annual Report 2003 Chapter 2.3 percent of GDP.2 percentage point cut envisaged by the revision).769 billion.769 -2. 0. constituting 2.3 percent of GDP.4 -3. Consolidated General Government Balance Structural deficit Primary surplus (+)/ deficit (-) 2002 2003 ROL billions % of GDP ROL billions % of GDP -39. Table 3.827 -2. the consolidated general government deficit as a share of GDP was below the level foreseen for 2003.8 percent. Throughout 2003.2 The consolidated general government budget ended 2003 on a deficit of ROL 43. savings on public-debt-related interest expenditure. 4. Therefore.3 5. The government budget posted its highest monthly shortfall in December. The state social security budget displayed relatively small monthly shortfalls for most of 2003 and the final three months of the year saw a noticeable rebound.e. moreover. The cut in the deficit was accompanied. which turned negative after having recorded a surplus for four years. National economy general government budget proved unsustainable. monthly balances of some consolidated general government budget components saw divergent developments as against 2002. The new projections of budgetary figures were harmonised with the newly-forecasted economic growth level. due to larger savings on public-debt-related interest expenditure and failure to comply with the programme of transfers and capital expenditure. the share of expenditures in GDP remained flat against a year earlier.3 percentage points compared with 2002. i.4 percent of GDP in 2002 and of 0.749 -0. The budgetary figures approved ever since end-2002 (for the second successive year) were subject to revision in August.

375 billion (-1.01) Health insurance fund ROL -7. the consolidated general government balance reflected the influence of developments in its components.769 billion (+0.3 percentage points year on year). and state social security budget witnessed atypical developments from the previous years. down 0. the local budgets.355 billion (-1. This expansion stemmed from both the hike in excise duties on some categories of goods and the inclusion in the total excise duties on mineral oils of the flat excise rate on 44 National Bank of Romania .1 percentage points to 1. with the latter posting the heftiest increase. Moreover.Annual Report 2003 Chapter 2.138 billion (-0.463 billion at end-2003. Consolidated general government revenues amounted to ROL 566.1) Other ROL -12.6 percent of GDP.0) Government budget ROL -29. customs duties. accounting for 30 percent of GDP (up 0. while adjustments (including principal repayments on foreign debt and exchange-rate gains/losses associated with domestic and foreign public debt) accounted for 1. composition of the consolidated general government budget underwent changes arising partly from bringing two special funds within the scope of the government budget.769 billion (-2. This rise was attributed to indirect taxes whose share in GDP increased by one percentage point.1) Local budgets ROL -141 billion (-0. Furthermore. its share in GDP being twice as high as that of a year earlier. health insurance fund.478 billion (+1. Receipts from indirect taxes such as VAT.7) External loans to ministries ROL -35.990 billion (-1.9) Inter-budget transfers ROL 7.17.5 percentage points against 2002.610 billion (+0.827 billion (-0.473 billion (+0.3) ( ) % of GDP National public budget ROL -27.4) Adjustments ROL 29. While in 2002 the government budget showed the largest deficit. in 2003 foreign loans to ministries displayed the widest shortfall. with the first two components closing the year on deficit and the last one on surplus.4) State social security budget ROL 1. The National Road Administration deficit widened markedly.4) Extrabudgetary funds ROL .5) Unemployment benefit fund ROL 2.1 percentage points as a share of GDP. National economy Consolidated General Government Budget ROL -43.003 billion (-1.6) In 2003. and excise duties rose in a range from 0.

payments from direct taxes as a proportion of GDP declined by 0.3 percentage points of GDP respectively. both revenues and expenditures National Bank of Romania 45 .5 percentage points as a share of GDP). For the fifth year in a row. from 6 percent to 12.232 billion at end-2003. shedding 3 percentage points to 52 percent of total revenues. and capital expenditures went up 0.7 percentage points. Government budget deficit neared ROL 29. After having contracting for three years in a row. the same reading as in 2002. transfers. 0.3 percentage points share-to-GDP).7 percentage points compared with 2002.6 percentage points. Therefore.5 percentage points. National economy automotive fuels to ensure public roads financing. behind the cut in spending stood the contraction of public-debt-related interest payments (by 1. and staff costs crept down in relative terms by 0. collections of indirect taxes saw their share in total revenues widening to 74 percent. which was partly offset by the increase in almost all items on the expenditure side. and 0. public-debt-related interest payments. the government budget deficit undershot the target (set at 2. accounting for 32. Consolidated general government expenditures stood at ROL 610. Government budget revenues added 1. The composition of spending changed only slightly as the movements in the shares of various outlays offset one another.003 billion at end-2003.Annual Report 2003 Chapter 2. a gap of roughly ROL 141 billion. Government budget expenditures dropped fractionally from the previous year. This drop was slightly offset by the larger profit tax collections (up by 0. yet it declined compared with the relative value recorded in 2001. from 57 percent to 52 percent as a share of gross wage.9 percent of GDP (up 0. Thus. Collections from social security contributions as a share of GDP went down 1. 1.4 percent of GDP.9 percentage points. the tax burden – calculated as a ratio of tax revenues of the consolidated general government to GDP – increased slightly year on year. Compared with the previous year. half of the previous year’s level. The increase was almost solely driven by collections of indirect taxes amid improved collections of taxes and duties.5 percent (ahead of implementing a standard 25 percent rate in 2004).1 percentage points of GDP respectively.3 percentage points share-to-GDP).3 percent of GDP. and 0.1 percentage points as a result of their 5 percentage point fall. owing mainly to the increase in profit tax paid by export-oriented companies.4 percent of GDP following the revision in the latter half of 2003). while subsidies. for the first time in the past few years.9 percent of GDP. Local budgets displayed. standing at 14. 0. Conversely. outlays on other goods.5 percent of GDP. accounting for 27. i.e.6 percentage points year on year to 13.

Their monthly yields followed a downward path until November. In 2003 too. National economy enjoyed larger shares in GDP.Annual Report 2003 Chapter 2.6 percent. In addition. Externally-supplied funds strengthened their share in total financing.6 percentage points to 6. The fresh ROL-denominated funds provided by non-bank legal entities and individuals in 2003 amounted to ROL 3. Outlays on services and public development. whilst the amount of ROL-denominated government securities redeemed from banks dropped by more than ROL 17.600 billion over the year before. Throughout the year under review. The average interest rate on such issues was 1. social work. Revenues grew mainly on the back of subsidies from the government budget and amounts broken down from income tax. failing however to revert to the level seen at the beginning of 2003.1 percent of GDP (compared to a deficit of 0. or 0. their composition remaining unchanged. Budget deficit financing and public debt refinancing were covered from both external and domestic sources. By contrast. As regards borrowings from domestic sources. in year-on-year comparison. the non-bank sector remained the only provider of fresh funds. Government paper issued in 2003 dropped nearly 15 percent year on year to little more than ROL 59.5 percent. the Ministry of Public Finance launched almost each month (except April) issues of Treasury certificates for individuals. with maturities of three and six months.7 percent of GDP a year earlier). The surplus was the result of contrary movements. the volume of government securities 46 National Bank of Romania . ending the year on a surplus of about ROL 1.700 billion. State social security budget made a breakthrough. This performance can be ascribed to larger subsidies from the government budget. thus ensuring full coverage of the consolidated general government deficit. the Ministry of Public Finance organised weekly auctions to sell ROLdenominated Treasury bills and bonds intended to banks and their clients. foreign funds aimed at bridging the budget deficit consisted of loans extended by international financial institutions to ministries and of the proceeds from Eurobond issues launched on the international capital market.769 billion. transport and communication went up whilst expenditures earmarked for specific purposes were almost halved. when they were raised by one percentage point. while the share of expenditures in GDP narrowed 0. individuals purchased fresh Treasury bills worth ROL 370 billion. but the value of such funds was well below that of redemption of government securities held by banks. down ROL 3.600 billion.2 percentage points to 6. as their share in GDP doubled and to lower payments intended to state social security pensions.800 billion.3 percentage points above the average interest rate on time deposits. the share of revenues in GDP widened 0. Thus. In 2003.

As a result. at an annual interest rate ranging from 4 percent to 5 percent. the latter issue bears. with maturities of three years and one year respectively. The term structure of ROL-denominated government securities diversified in March and November.2 percent and 18 percent – in October.000 billion. since bids submitted for acquiring Treasury bonds with maturities of 2 and 3 years in the latter half of 2003 were entirely rejected. In 2003. over ROL 14.and 5-year maturity respectively were first launched. In order to secure smooth payments from the government budget in the first half of 2003. i. the interest rate on Treasury certificates swung between 14. foreign-exchange-denominated government securities continued to be on offer.Annual Report 2003 Chapter 2.9 percent. The Ministry of Public Finance succeeded in hitting an all-time high as regards redemption of government securities from banks. for the third year in a row.400 billion. for the first time ever. National Bank of Romania 47 . In 2003. government securities with maturity of one year kept their largest share in total government securities issued. The average interest rate on government securities issued contracted year on year by around 11 percentage points to 16 percent. the Ministry of Public Finance raised some USD 337 million and EUR 69 million. The proceeds were used to ensure redemption of maturing government securities that neared USD 463 million (out of which approximately USD 57 million in government paper issued under the bank restructuring programme). a half-yearly CPI-linked coupon. Local public authorities resorted.400 billion were raised. fresh funds provided by bank clients totted up ROL 3. over ROL 9. Apart from USD-denominated issues. interest rates on those bonds remained linked to BUBID and BUBOR rates. the deposits having an average maturity of two days and an average interest rate equal to 18.e. with coupon payment being made either on a quarterly or a half-yearly basis. the 12-month average maturity of government paper expanded by merely 30 days. National economy falling due picked up close to 20 percent from a year earlier. Following the four issues launched in 2003. interest rates on paper with maturity of up to one year surged markedly. the Ministry of Public Finance resorted occasionally to collection of deposits on the money market. yet it remained relatively low (some ROL 465 billion). when issues with 3. the value of such issues nearly quadrupled from 2002. Over the reference period. On the other hand. EUR-denominated ones were floated for the very first time. to the launch of new issues of municipal bonds in order to ensure funding for investment projects. Those changes notwithstanding.

bridge loans – which came in second – saw their share rising 10 percentage points year over year to 31 percent of the total figure. Actual public debt (excluding bridge loans granted from funds in some government accounts) decreased by 1.1 percentage points year on year to 6. Domestic public debt composition is further indicative of the large share of ROLand foreign-exchange-denominated government securities in total public debt. excluding municipal bonds National Bank of Romania .Annual Report 2003 Chapter 2. its share in GDP narrowed by 1. government guarantees underlying domestic loans accounted for about 7 percent of total public debt and government securities issued under special laws took roughly one percent of total. On the other hand. 23 48 As defined in Article 1. down to nearly ROL 79. on the wane for the second successive year.106 billion.942 billion at end-2003. even though this share narrowed by some 11 percentage points against 2002 to 61 percent.5 percentage points share-toGDP year on year. As for the rest. point 3 of Law No. 81/1999 – Public Debt Act.1 percent. National economy Domestic public debt23 came in at ROL 114.

which was predicated on carrying out structural reforms and taking steps to improve the business environment. the policies addressing structural reforms were aimed at extending the scope of influence exerted by monetary policy and enhancing its efficiency. The 2003 economic programme was designed to ensure further fast-paced economic growth and sustainable progress in disinflation. Seen from the central bank perspective. National Bank of Romania 49 . Adding to these were the commitments taken on by the Romanian authorities at the current stage of negotiations for Romania’s integration in the EU (Pre-accession Economic Programme and Position Paper on Chapter 11 “Economic and monetary union”) and the economic programme underlying the second Supplementary Memorandum of Economic and Financial Policies under the latest Stand-by Arrangement with the IMF. with GDP growth of 5. consistent macroeconomic policy mix. Monetary policy 1.Annual Report 2003 Chapter 3. The inflation target set for 2003 was a challenge for the monetary policy. Such a bold programme stemmed from Romania’s need to gain ground in the catching-up process with the EU and to gradually achieve nominal and real convergence with the eurozone economies. mainly by stimulating the response of aggregate supply while fiscal and income policies were intended to support the monetary policy to efficiently manage the aggregate demand.2 percent and 12-month inflation rate of 14 percent (December/December). as well as from the sizable administered price adjustments envisaged for 2003. Monetary policy A. The NBR assumed responsibility for achieving this objective in the context of an economic programme featuring an integrated. Monetary policy goals and guidelines The same as in previous years. An important bearing on assuming the inflation target had the credibility that the central bank and government had gained in 2002 as a result of undershooting the inflation target and achieving the projected economic growth rate. although the simultaneous accomplishment of the two macroeconomic objectives was not risk-free. in 2003 the objectives highlighted in Romania’s Medium-Term Economic Strategy represented the benchmarks of monetary policy goals and guidelines. playing also an essential role in mitigating non-monetary causes of inflation. Additional strains originated from the dismal economic prospects for developed countries.

the NBR had to recalibrate the monetary policy and reformulate the guidelines set at the start of the year. with GDP increasing at a pace close to that projected under the programme. the “traditional” conflict between the two macroeconomic objectives being softened markedly in 2003. the formulation and implementation of monetary policy decisions were consistently aimed at ensuring sustainable deceleration of inflation without jeopardising the short. in a changing environment. the domestic absorption – which entailed the expansion in imports as well – becoming in 2003 the engine of economic growth to the detriment of exports. Towards year-end. Faced with the threat of severe widening of the current account deficit and inflation slippage.and medium-term economic growth. a relatively high level. among which the interest rate played a more significant part due to the improved monetary transmission mechanism. the central bank implicitly acted towards warding off the worsening of external disequilibrium. the NBR honoured one of the commitments assumed by the Romanian authorities under the Pre-accession Economic Programme by adopting the euro as the reference currency for the ROL on 3 March 2003. the shortand longer-term trends of the main macroeconomic indicators and have a prompt and especially an efficient reaction to the possible detraction from the initially established goals was put to trial. In this context. The mix of monetary policy tools was also instrumental in averting too large an external disequilibrium. Substitution among GDP components by expenditure was also supported by the slow economic growth in the developed countries that put a brake on the growth rate of Romanian exports in 2003. the central bank’s strategy and monetary policy stance were instrumental in dampening the step-up in consumer price growth rate.7 percent of GDP. The surge in incomes spurred household consumption and demand for loans. By resorting to a mix of tools. although the current account deficit accounted for 5. Moreover. the relative easing of the monetary conditions in the first quarter of 2003 was followed by a period when the policy 50 National Bank of Romania . Implementation of monetary policy In 2003. in addition.1 percentage points higher than the target. In the pursuit of achieving inflation target. Monetary policy However. the tight fiscal policy pursued for most of 2003 failed to counteract the effect of increase in the minimum wage economy-wide on the aggregate demand. the conditions for monetary policy implementation underwent major changes caused by the domestic and world macroeconomic developments as well as by the structural changes to the Romanian economy. Thus. so that in December it ran only 0.Annual Report 2003 Chapter 3. All through 2003. economic growth was not affected. the central bank’s capability to accurately assess. inflation rate reverted to the envisaged trend. 2.

Relaxation of monetary conditions mainly through the interest rate channel but also due to the smaller real appreciation of the ROL against the implicit currency basket overlapped with an unexpected (and therefore hardly identifiable immediately) upturn in household consumption.0 J F M A M J J A S O N D *) maximum interest rate on one-month sterilisation operations The economic slowdown at the beginning of the year.0 19. an incentive to lower the NBR’s policy rate was the maintenance of a narrow budget deficit. the interest rate on the lending facility was lowered from 45 percent to 30 percent. towards the end of 2002. at the outset of 2003.5 21. Policy Rate* in 2003 22. maximum interest rate on deposit-taking operations was lowered three times by 1. National Bank of Romania 51 .Annual Report 2003 Chapter 3. by gradual tightening of monetary policy stance. which was manifest especially in industry. a warranty and.5 percentage points in all. as well as progress in the downward trend of inflation rate and alleviation of inflation expectations were the main factors which prompted the central bank to cut again. when the policy rate was kept unchanged. Other factors that weighted on pushing down the interest rate on sterilisation operations were the persistency of the risk of attracting speculative capital inflows and the need to narrow the spread between real interest rates on ROL-denominated loans and those on foreign exchange-denominated ones.0 20. thereafter.5 20.0 percent per annum 21.0 18. simultaneously. one of the factors behind this reinvigoration was the rise in the economy-wide minimum 1 During the first three months of 2003. after a short period. Moreover.5 19. The central bank continued to cut the policy rate in the first few months of 2003. its policy rate. although the size and frequency of rate cuts1 declined from 2002 Q4. at the same time. Monetary policy rate was kept unchanged and.5 18.

particularly in the last two years. the NBR made the decision to keep the policy rate unchanged at 18. The main argument in favour of this step was the need to curb the widening of the foreign exchange market deficit and the ensuing adverse effects on the exchange rate and. in particular. as perceived by banks. once rapid increase in imports and widening of the trade deficit were recorded. Since most of this deficit was the outcome of a temporary reversal of capital flows. in the first part of 2003 Q2. to the signal conveyed by the cut in the NBR’s interest rates was evidenced by the demand for loans from companies. This move proved. 2 The main cause of this phenomenon was the relative drop in interest rates on banks’ deposits due to both the cut in interest rate on deposits placed with the NBR and the abrupt decline in the public authority’s resort to domestic resources starting April 2003. against this backdrop. with the lending rates going down faster than the interest rates paid on time deposits. The unfavourable effects of the step-up in the growth rate of ROL-denominated non-government credit on the macroeconomic equilibrium were not revealed instantly. however. insufficient to put a damper on the gradual worsening of macroeconomic conditions. on inflation. Moreover. compared with the same year-earlier period. movements in the forex market led to faster depreciation of the ROL against the currency basket. implicitly. to halt the cut in its interest rates. thus. amid the action of several macroeconomic and structural factors. but the central bank made the decision. Higher competition among banks2 and lower risk of adverse selection.Annual Report 2003 Chapter 3. to changes in the policy rate. nevertheless. thereby entailing a larger depreciation of the ROL versus the euro. banks’ supply of loans to the non-government sector was on the upside. an unexpectedly prompt reaction to the drop in interest rates on ROLdenominated loans and. these operators anticipated further decline in interest rates. as the expectations of these operators became sensitive. 52 National Bank of Romania . Monetary policy wage. the 12-month inflation rate came down to 14 percent). which had a direct contribution to the almost 10 percent real increase in the average net wage during 2003 Q1. and especially from households. Against this background. Fast rebound of bank intermediation due to the surge in the volume of credits in ROL and foreign currency has become a matter of concern for the central bank. the central bank intervened in the forex market selling about EUR 100 million in April and May 2003. stepped up the impact of the cut in the central bank’s policy rate on the behaviour of the main categories of economic operators. against the backdrop of the strengthening of the euro vis-àvis the US dollar. despite swift deceleration in consumer price growth rate (after the first six months of 2003.25 percent for several months.

which put in jeopardy the sustainability of disinflation on medium term and. each time by one percentage point. the central bank tightened the monetary policy stance in a proactive and transparent manner. Monetary policy Thus. the latter playing further an important part in the monetary policy transmission mechanism. by the decline in net financial saving (calculated by subtracting the volume of loans from total saving). thus. the central bank aimed to avoid steep restraint in credit expansion4. the trade deficit widened further as a result of both faster surge in imports and slowdown in exports. households’ optimistic expectations on incomes. real maximum interest rate went up. as well as the restricted room for manoeuvre of the other policies for the management of aggregate demand. Consumption upturn was associated with lower propensity for saving as also reflected by the drop in real growth rate of household gross financial saving3 to a 3-year low and. the central bank raised the maximum interest rate on deposit-taking operations three times. implicitly. of robust economic growth. in an environment where uncertainties surrounding sensitiveness of demand for and supply of credits to the upward revision of the NBR rates prevailed. Given this context. 3 Estimate based on the volume of deposits with banks and Treasury certificates portfolio The dramatic increase in credit was partly justified by the tendency to catch up with the other accession countries in terms of bank intermediation and monetisation of the Romanian economy. The central bank’s decisions to tighten monetary policy were also aimed at minimising the inflationary impact of administered price adjustments in the latter half of the year. which reached a historical low at year-end. the latter triggered chiefly by the dismal economic performance of the main trading partners. Sped-up increase in imports was entailed by the higher growth rate of domestic demand and especially of household consumption and investment rather than by the substitution effect. 4 National Bank of Romania 53 . One possible explanation for the strong reinvigoration of household consumption is the repressed consumption during the last few years. behind the change in propensity for consumption stood mainly the rise in real wage. The change in the monetary policy stance materialised in the use of interest rate and exchange rate levers. During August-November 2003. despite inflation bouts in 2003 H2. and implicitly the undermining of economic growth. It is worth mentioning that in line with preparatory work for shifting to inflation targeting. and looser lending terms. the NBR explained its decisions to the public at the time of their enforcement. unprecedented expansion in the range of loans to households.Annual Report 2003 Chapter 3. By resorting to a gradual increase in its interest rate. this shift in the monetary policy stance was also aimed at running counter to the threat that fast credit expansion could pose to banking system stability. in particular.

implicitly. Given that the NBR rate hike passed through relatively rapidly to the interest rates on time deposits. Monetary policy On the other hand. owing mainly to the beneficial influence of the EUR/USD rate movement on the international markets. implicitly. thus inhibiting also the rebound in inertial component of inflation and of inflation expectations associated with such an economic environment. with inflation rate reverting to the projected trend no sooner than towards year-end. in the last three months of 2003.4 percent (in real terms). required additional costs related to liquidity sterilisation. Another factor upholding this development was the fact that the NBR continued to resort to the informal currency basket as the benchmark for its exchange rate policy and. the ROL posted a real average annual depreciation of 4 percent against the euro (versus 2 percent appreciation in 2002) and an appreciation of 14. In addition. The change in expectations of credit institutions and of various categories of economic operators on monetary policy stance acted to the same end. the supply 5 of and demand for credit reacted slowly and less sizeably to the first increase in the central bank’s policy rate. after several months when disinflation virtually stalled. Against this background. implicitly. for its forex market intervention policy. enhancing its role of implicit antiinflationary anchor. in the first few months of 2004. adjustment of administered prices had a noticeable direct impact on the general level of prices. the firming in the monetary policy stance.7 percent in 2002). the interest rates on loans and. due mostly to lending to households. The central bank’s net forex purchases. However. the exchange rate of the ROL continued to evolve favourably versus the euro and the US dollar from the viewpoint of the policy of underpinning the restoration of the external position. 5 Large substitution of banks’ foreign liabilities for domestic liabilities triggered by mounting external resources was yet another factor behind lower efficacy of the NBR rate hike. The NBR rate hike also had a significant impact on the trajectory of the ROL exchange rate. Tightening of monetary conditions played a more effective role in restraining spillover effects of administered price adjustments.8 percent vis-à-vis the US dollar (compared with a strengthening of 7. the last two moves in the NBR policy rate were needed since the lending rates applied by banks and. 54 National Bank of Romania . albeit less sizable than in the previous year. thus ensuring achievement of sustainable disinflation. the lending process reflected.Annual Report 2003 Chapter 3. the balance of deposits taken by the NBR reaching a new historical high in 2003. the monthly growth rate of ROLdenominated credit decelerated marginally but its annual growth rate hit a record high of 77.

in 2003 H1. Thus. Thus. the strong depreciation of the ROL would have had a marginal effect on the trade deficit.4 percent7 in 2002) due mostly to weak demand from traditional export outlets. because the NBR efforts were aimed at supporting disinflation by softening domestic absorption. Adding to the unfavourable external conditions was the relative competitiveness loss in sectors holding a large share of exports8.4 percent compared with 15. Monetary policy 3. severe drought). thus. footwear. in this specific case softening of the ROL versus the euro could not offset the effects of lower productivity gains and higher wages. international financial market developments exerted a stronger constraint on the monetary policy conduct. at the same time. stemmed from the inadequate cost/benefit ratio implied by using the exchange rate for this purpose. and leather goods 7 National Bank of Romania 55 . The same as in the previous year. deceleration in inflation rate.Annual Report 2003 Chapter 3. Widening of the trade deficit was the primary matter of concern. External constraint In 2003 too. foreign trade and the impact of international financial market developments on the domestic financial market had an important bearing on the monetary policy stance. the high uncertainty and mounting geopolitical tensions deferring economic upturn in the main trading partners. fast growth rate in imports (up 12. rather than at sustaining export competitiveness and depressing imports by forcing the ROL to weaken against the major currencies. export growth rate slowed down (6. with the interest rate serving as an instrument. movements in the balance-of-payments financial account fuelled the difficulties encountered in formulating and implementing monetary policy. Moreover. Such an approach. it would have certainly hindered. recourse to the monetary policy tools to fend off the widening of the trade deficit did not entail a major conflict between the central bank’s objectives and monetary policy implementation. the central bank raised its interest rate as factors entailing the widening of the trade deficit were rooted mostly in the lack of timing between the growth trend in Romania and the economic slowdown affecting its main trading partners. a matter of concern for the central bank was the lower-thanexpected performance of capital account triggered by changes in foreign investor 6 Based on balance-of-payments figures Based on balance-of-payments figures 8 Wearing apparel.3 percent)6 was attributable to strong consumer and investment demand as well as to some incidental factors (such as prolonged winter. at least in the short run. In addition. but. Unlike the previous years. thus.

In addition. Thus. In an attempt to offset the short-term impact of these capital flows on monetary variables. These phenomena eventuated in the short-term imbalance of the demand/supply ratio in the forex market. widening of the differential between domestic interest rates and external interest rates along with fiercer competition among banks (but also between banks and other newly-established credit institutions) and strong demand for loans supported banks’ balance sheet restructuring. However. delaying the rise in interest rates on residents’ deposits. from the viewpoint of efficiency and costs associated with the implementation of monetary policy. Monetary policy sentiment and preferences amid larger exposure of the domestic financial climate to capital flows.7 percent of total liabilities (compared with 7 percent at end-2002) while time deposits in ROL went up only 0. and (ii) lower capital inflows associated mainly with a shift in worldwide capital flows.9 percentage points as a share of broad money (compared with a 4 percentage point increase in 2002). Foreign exchange market conditions rebounded in the latter half of 2003 amid the improved investor sentiment. after having declined by EUR 541. the resumption of capital flows represented a risk factor which the central bank had to assume given that its decisions to hike the policy rate in the latter half of the year led to a wider differential between the domestic interest rates and the interest rates on international markets. thus enabling the central bank to resume foreign exchange purchases aimed at softening the real appreciation of the ROL and building up international reserves9. thereby increasing the balance of deposits taken.5 million in 2003. at the end of 2003. 9 International reserves rose by EUR 482. which materialised in foreign exchange sales that entailed the decline in official foreign exchange reserves.Annual Report 2003 Chapter 3. the central bank had to resort to liquidityabsorbing operations. the upgrading of Romania’s rating by international agencies and the Eurobond issue by the Ministry of Public Finance.2 percent) to finance loans. this state of affairs called for the central bank intervention. the Romanian economy had to grapple with a temporary reversal in capital flows as shown by (i) one-off outflows in 2003 Q2 (profit repatriation and portfolio diversification following liberalisation of some capital account operations. on inflation rate. thereby creating scope for stronger pressure on the ROL exchange rate and. Credit institutions resorted to a larger extent to foreign liabilities (up 82.8 million in 2003 H1. implicitly. in the context of increased unpredictability in the international financial markets. banks’ foreign liabilities accounted for 11. A matter of concern for the NBR was the fact that in 2003 H2 the share of potentially volatile capital inflows increased. 56 National Bank of Romania .

general government final consumption rose by 4. Monetary policy 4. at end-2003. The strategy of budget deficit financing and public debt refinancing was less supportive of monetary policy.Annual Report 2003 Chapter 3. due mainly to large collections of indirect taxes and decline in expenditures associated with interest rates on public debt. in 2003. subsidies. starting October 2003. the volume of bids accepted declining from 104. The same as in the previous years. National Bank of Romania 57 . As concerns budget items. Activity in the primary market for ROL-denominated government securities receded in 2003 H1 as a result of a narrow budget deficit and the use of alternative financing instruments (such as collection of very short-term deposits. The impact of fiscal developments In 2003. when fast increase in general government final consumption10 spurred domestic demand.and three-year bonds with fixed coupon and.3 percent during the first nine months of 2003. fiscal policy supported disinflation. The Ministry of Public Finance also cut gradually the volume of two. Despite this slippage. After being well co-ordinated with the monetary policy stance for most of 2003. and transfers. suspended such issues. the primary aim of fiscal policy was to lower interest-related expenditures as this was a decisive move towards meeting the budget deficit objective. the temporary lack of timing between the fiscal and monetary policies was one of the causes underlying the worsening of the demand/supply ratio in the foreign exchange market at the end of 2003 when higher pressure for a weaker ROL made the central bank revert to the seller position.9 percent in January 2003 to 6. 10 After having increased by 1.8 percent decline in 2002. From this standpoint. the year-end witnessed an increase in budget outlays that put additional pressure on the balance-of-payments current account. Eurobond issue).or EUR-denominated government paper. thereby worsening macroeconomic imbalances. the Ministry of Public Finance decisions had an uneven influence on the liquidity policy and the interest rate policy. Implementation of monetary policy was also hindered by the decisions governing public debt management.6 percent for the year as a whole compared with a 5. fiscal policy loosened suddenly in the last few months of the year. the heftiest increases were recorded by materials expenditure. with budget deficit being kept under a tight rein. consolidated budget deficit was lower than projected. however. thus. To this end. which was aimed at alleviating the potentially-inflationary expansion of domestic demand. the Treasury rejected increasingly the bids submitted by banks to the auction sessions.3 percent in September 2003 as a share of total pre-announced volume. The pro-cyclical stance of fiscal policy was at odds with the gradual tightening of monetary policy stance. issuance of USD.

i. thus contributing to the increase in costs of liquidity-absorbing operations. while the set of tools used for the implementation of monetary policy is expected to be improved 58 National Bank of Romania .Annual Report 2003 Chapter 3. which had been operated in 2002). While in 2003 H1 the Treasury’s operations resulted in a net absorption of more than ROL 16. amid widening of budget deficit and tightening of monetary policy.e. the central bank made efforts to reconcile the two principles that had to be addressed primarily in the operational framework of monetary policy (especially as a result of changes in the minimum reserve mechanism. in 2003 H2 the fiscal authority made liquidity injections of about ROL 5. The imbalance on the primary market for government securities and heavy recourse to external sources to support budget deficit financing and partial refinancing of domestic public debt had a greater impact on the liquidity policy of the central bank. the main reason was the rigid policy pursued by the public authority. the steps taken to this end were aimed at enhancing the effectiveness of monetary policy amid strengthening the role played by interest rate in the monetary policy transmission mechanism. it continued to be higher than that registered at the end of 2002. The same as in 2002. which depressed gradually the activity on the primary market for government securities. Monetary policy Against this background. by publicly announcing and explaining its monetary policy decisions starting August 2003. 5. although the spread between the interest rates on government securities and the interest rates on liquidity-absorbing operations narrowed. which induced the rise in interbank interest rates. Thus. The central bank opted for an intermediate solution. in order to increase the impact of policy rate changes. Unlike the previous years.000 billion (due mostly to the settlement of payments on external debt and the NBR’s maturing government securities).4 percentage points in August. Towards the end of the year. Monetary policy tools The main arguments supporting further adjustment of monetary policy tools were the need to fulfil preconditions necessary to the adoption of inflation targeting strategy and to ensure that monetary policy reacted properly to the evolving environment. the spread (under comparable terms) between the two variables reaching a record-high of 4. the NBR made the decision to conduct a more transparent policy. widening of this spread did not put pressure on the central bank’s interest rate policy decisions. namely to enhance flexibility of monetary policy operations and to absorb structural surplus liquidity in the longer run. Moreover. shortening the maximum maturity of operations and turning the one-month deposittaking operations into the most important monetary policy instrument.400 billion. the yields on short-term government securities diverted from the trend of the central bank interest rates. the Ministry of Public Finance accepted the adjustment of interest rates. with yields on Treasury certificates being no longer seen as benchmarks.

the rise in money supply was almost entirely the result of the increase in monetary base. Moreover. in the latter half of 2003. Given that only market-related instruments were actively used in implementing monetary policy. strains on the foreign exchange market. causing the spread between the two variables to narrow conspicuously in 2003. each time by one percentage point. Higher demand for ROL-denominated loans. Moreover. which ensured the minimisation of banks’ reserve surpluses. Consequently. worsening of the trade deficit. favourable prerequisites for price developments in 2003 Q1 enabled the central bank to prudently resume cutting its policy rate. Given that the NBR retained its position of net debtor to the banking system.Annual Report 2003 Chapter 3. being concerned about the widening of external imbalance amid credit expansion. the central bank pursued a proactive interest rate policy. In 2003. the experience acquired by banks following the more flexible minimum reserve mechanism (since August 2002) and the narrowing of the profit margins as a result of keener competition among banks had an impact on the credit institutions’ demand for reserves and hence on the effectiveness of NBR’s National Bank of Romania 59 . Monetary policy and enlarged in the years ahead in keeping with the developments of financial markets. and changes in the operational framework of monetary policy helped strengthening the role played by the interest rate policy in conducting monetary policy. starting 2003 Q2. Thus. Unlike the previous years. the ceiling of accepted interest rate on liquidity-absorbing operations was raised in August. this decision was implemented by assigning the interest rate channel a more significant part in signalling the NBR stance. The NBR’s interest rates on liquidity-absorbing operations provided however the benchmark for the movements of interest rates on ROL-denominated operations carried out between banks and their clients.5 percentage points. down by 1. the liquidity policy focused on implementing a tight monetary control. the consistently tight monetary control ensured an efficient transmission of the central bank’s interest rate signals to the interbank money market rates. the central bank decided to tighten monetary policy. However. Thus. at year-end the real margin of the ceiling exceeding by far the values recorded in 2003 Q1. October and November. lower fiscal dominance. using particularly this lever in order to react to signals of a potential inflation flare-up. the slight contraction of money multiplier being entailed by the marginal rise in the ratio between currency in circulation and deposits. and slowdown in saving called for bringing to an end the fall in maximum interest rates on deposit-taking operations. banks’ options for reserve management weighted more heavily on the quality of monetary control. although the autonomy and effectiveness of monetary policy were hindered further by the persistent excess liquidity and its uneven distribution in the banking system.

more frequent interventions brought about faster increase in the average daily flow of transactions 11 Following settlement operations via TransFonD. the settlement of which equalled 1. engaging in speculative operations. Autonomous factors were further the main determinants of money creation. starting May. Monetary policy mopping-up operations. the open market operations continued to be the most important monetary policy instrument. NBR Deposit-taking Operations in 2003 ROL billions 80. uncertainties caused by Treasury settlement operations being taken over by the TransFonD11. by expectations on the magnitude and timing of changes in the NBR interest rate.000 20 2. while others took a conservative approach.000 10 1. in 2003.Annual Report 2003 Chapter 3.4 million12. and seasonally-induced sharp swings of some of the autonomous factors of liquidity. the central bank standardised to one-month the maturity of deposit-taking operations. the changes in maximum accepted interest rate started to be announced when the auctions at the new interest rate levels were held. banks received behindhand daily estimates relating to payments performed by the Ministry of Public Finance. 12 In terms of transaction date 60 National Bank of Romania . taking into account that the NBR’s portfolio lacked securities used in performing reverse repo operations.8 percent) slowed down.000 30 40. the only instrument used to absorb excess liquidity in the market consisted in deposit-taking operations. Although the rate of increase in the balance of deposits taken by the NBR (29. while the maximum maturity of transactions was shortened.000 10 0 0 J F M AM J J A S O N D 0 0 J F MAM J J A S O N D In 2003 too. the largest liquidity inflows were engendered by the central bank intervention in the forex market which resulted.1 percent of GDP. some banks made attempts to take full advantage of the opportunities provided by foreign exchange and money markets. in addition.000 percent per annum 40 daily average balance 4.000 interest rate ROL billions percent per annum 40 daily average transactions interest rate 60. their features underwent several changes. in net purchases worth EUR 523. Behavioural changes were driven. However. among others.000 30 3.000 20 20.

The total volume of liquidity-absorbing operations rose to 38 percent of GDP (compared with 23. with amounts ranging from ROL 7 billion to ROL 1.445 billion. Proving an enhanced capacity to manage their resources.7 times higher than that seen in 2002.6 percent of GDP.7 times as high as the average bank holdings on current accounts with the central bank (compared with 1. no more alterations were made in 2003 after the ones performed in late 2002. usually at the end of the maintenance period.4 times in 2002). the average value of deposits was 2. credit institutions resorted less to the deposit facility – the only one used in 2003.3 percent in 2002) while costs associated with these operations dropped from 1 percent to 0. As for the reserve requirement mechanism. reserve ratio on deposits kept in ROL was no longer lowered given the persistently high liquidity surplus in the banking system while the differential between the reserve ratio on deposits in ROL and that on deposits in foreign exchange14 remained unchanged in order to relatively daunt lending in foreign exchange. With a view to ensuring better functioning of the standing facilities. overnight rates fell below 5 percent13 only at the end of the last reserve maintenance period of 2003.Annual Report 2003 Chapter 3. The standing facilities provided to banks duly played their part in setting the bounds of the corridor within which interbank rates fluctuated. Monetary policy (up 105. Thus. the average annual balance of mopping-up operations being 1. Thus. however. The magnitude of sterilisation operations is also reflected by changes to the central bank monetary survey.2 percent). Moreover. Liquidity-absorbing operations were performed as a result of the maturing of most government securities held by the NBR and the repayment of special credit lines equalling more than ROL 1.000 billion by the Bank Deposit Guarantee Fund and Credit Bank. 14 National Bank of Romania 61 . 13 The interest rate on the deposit facility The reserve ratio on deposits kept in ROL was lowered to 18 percent while that on deposits kept in foreign exchange was raised to 25 percent on 24 November 2002. the NBR cut the interest rate on the lending facility from 45 percent to 30 percent in March. 20 banks made recourse to 71 operations to place overnight deposits with the central bank.

Money and credit At end-December 2003. The 2. at an average monthly growth rate of 2 percent.2 percent from end2002.1 percent).8 billion at end-December 2003. the average monthly growth rate of broad money (1. payment of some social benefits.6 percent while during July-December.9 percent.3 percent on the year. thus. up 23. During 2003. broad money expanded at an average monthly growth rate of 0. Monetary and financial developments 1. up 28.259.5 percent in real terms. Broad Money in 2003 500.8 percent) outpacing the average monthly inflation rate (1.Annual Report 2003 Chapter 3. compared with 12. Currency outside banks expanded by 11. thereby resulting in the one percentage point increase in the share of M1 in M2 and the decline in the share of quasi-money. up 27.741. broad money rose by 8. the average monthly growth rate was 2. Monetary policy B. severance payments to people laid off following restructuring.000 demand deposits 30% 20% 100. privatisation.000 70% 60% 50% 40% 200. or winding-up programmes).4 billion. accounting for 12. 62 National Bank of Romania .1 percent average monthly growth rate in M1 exceeded that of broad money (M2).2 percent at end-2002. broad money posted uneven developments.000 ROL billions. in the first half of the year.000 currency outside banks 10% 0 0% J F MAM J J A S OND J F MAM J J A S O N D Currency outside banks equalled ROL 57.3 billion. payment of holiday entitlements) and incidental factors (realignment of pensions.6 percent of broad money at end-2003.978. Narrow money (M1) totalled ROL 113. broad money (M2) equalled ROL 460.1 percent in real terms.000 time and restricted deposits household deposits 300.3 percent from end-2002. Behind the rise in currency in circulation stood both seasonal factors (payment of dividends for 2002. end of period 100% foreign exchange deposits 90% 80% 400.

down 2. due also to the expansion of card operations. followed by privately-owned companies (EUR 1. i. taking the average monthly growth rate to 1.6 percent due solely to the depreciation of the ROL against the EUR.e.4 billion at end-December 2003.5 billion.481. National Bank of Romania 63 . Household savings (in ROL) with banks amounted to ROL 99. companies with majority and fully private capital were accountable for more than 60 percent of the increase in demand deposits.098 million) of total deposits with banks.4 billion at end-December 2003. Credit to non-government sector advanced 69.7 percent). posted the highest growth rate among broad money components. This decline was the result of the EUR 377. accounting for 37. The same as in the previous year. 62.e. household foreign exchange deposits accounted for 50.4 billion).163 million at end-December 2003.690. significant increase being recorded by deposits of companies with fully and majority private capital (up ROL 16. current accounts of households went up at the fastest clip.5 percent in real terms).7 percent higher. Monetary policy In 2003.7 million fall in forex deposits of companies with fully and majority state-owned capital. Residents’ forex deposits expressed in ROL rose by 16. at ROL 347.692.340.6 million while deposits of privately-owned companies rose by EUR 57.5 billion.2 percentage points from end-December 2002.555 billion).4 percent (EUR 2. 54.3 percent) and majority and fully state-run companies (EUR 239. Household forex deposits expanded by EUR 215.8 million.281.9 percent (42. More than three fourths of the increase was attributable to the pick-up in corporate time deposits.2 percent compared with 16.Annual Report 2003 Chapter 3. By depositor.4 percent (ROL 27.6 percent of broad money.3 million or 5.4 percent (ROL 12.7 percent. in total amount of ROL 76. Structural analysis shows that ROLdenominated deposits with banks grew faster than forex deposits (27. When expressed in foreign exchange. reaching ROL 55. deposits dropped by 1 percent to reach EUR 4.8 percent in real terms. Household savings accounted for 21. Quasi-money stood 21.584. Corporate deposits in ROL. up ROL 10.1 percent of broad money.6 percent). at an average monthly growth rate of 4.738 billion.036. i.1 billion).3 million or 28.5 percent (48.178.879.6 billion year on year (12 percent) but down 1.8 percent in real terms) or ROL 2.5 percent to reach ROL 302.8 billion at endDecember 2003. demand deposits picked up 29.

Analysis of non-government credit by term structure reveals that medium.and long-term loans were on the rise. while their share in total non-government credit dropped by 3. When expressed in ROL. at end-December 2003 loans to households accounted for 24.4 percentage points to reach 9.9 percent due also to the nominal depreciation of the ROL against the EUR. ROL-denominated loans grew faster than forex-denominated loans.3 percent).8 percent of total loans. equalling EUR 4.3 percentage points of total bank credit (from 37.8 billion.6 percent at the end of 2002 to 59. their share in total non-government credit declining from 70.1 percent. This state of affairs reflects banks’ reluctance to extend loans to loss-making companies as well as the privatisation programmes.4 percent higher (ROL 68.2 percent.082 million.2 percent at the end of 2003.4 billion. Thus. Loans to households totalled ROL 75.3 billion). Monetary policy In 2003.5 percent of total bank credit.9 percentage points to reach 50.177.Annual Report 2003 Chapter 3. Short-term loans rose by 26.990 billion.1 percent (ROL 53. increasing stunningly by 258.888.and long-term loans climbed 154.4 percent (up ROL 31. up 13.1 percentage points from the previous year.012 billion at end-December 2003.9 percent in nominal terms at an average monthly growth rate of 11. 64 National Bank of Romania . Forex-denominated loans went up EUR 875 million (27. their share expanding by 7. at an average monthly rate of 8. ROL-denominated loans stood 102.311. medium.6 percent at endDecember 2003).6 billion) to reach ROL 135.7 percent.7 percent.3 percent at end-December 2002 to 44. Loans to fully and majority privately-owned companies added 42. Thus.8 billion) to ROL 149.298. their share increasing from the previous year by 16. reflecting the clients’ propensity to resort to loans for investment and purchase of durables. Non-government credit by recipient shows divergent developments. forex loans expanded by 49.040. Loans to majority state-run companies rose by only ROL 5.

000 0 J F M A M J J A S O N D Government credit. The central bank’s net foreign assets edged up 25.2 percent or ROL 16. 2002=100 (in real terms) 140. Dec. (iv) loans granted by the EU 15 gold and holdings of foreign exchange in convertible currencies National Bank of Romania 65 .4 percent). (ii) net purchases from interbank forex market.000 100.023. The development of this domestic credit component illustrates the effect of the following factors: (i) increase in the balance of the General Account of Treasury (in ROL and foreign exchange) opened with the central bank.373.295.493. Monetary policy Non-Government Credit in ROL in 2003 deflated by CPI.1 billion while credit institutions’ net foreign assets dropped by ROL 42.5 billion at end-2002 to ROL 252. which increased from ROL 63.9 billion at the end of 2003. Behind the rise in the monetary authority’s net foreign assets stood mainly (i) funds raised from the Eurobond issue launched on the international capital market. Net foreign assets of the banking system15 expressed in ROL (the foreign exchange counterpart of broad money) rose from ROL 236.3 billion. (ii) the increase in gains from revaluation of foreign assets and liabilities.2 billion at the end of 2002 to ROL 92.936.923. Underlying this development were: (i) the 25.000 60. net reverted from a debit balance of ROL 21.5 billion at end-December 2003. The heading “Other assets.432.Annual Report 2003 Chapter 3.2 billion at end-2002 to a credit balance of ROL 1.4 billion rise in capital accounts. net” continued to record a credit balance.852.000 20.2 percent or ROL 58.000 80.3 billion at end-2003 (by 6.094. (iii) loans granted by the IMF under the Stand-by Arrangement (representing the release of three tranches). (ii) redemption of some government securities launched on the domestic market by the Ministry of Public Finance.000 40.000 ROL billions state-owned sector households private sector 120. (iii) expansion of PHARE funds.

end of period net convertible currencies gold net international reserves 10. 2.404 per gram.132. financial market efficiency was on the mend due to banks’ improved behaviour.000 0 0 J F M A M J J A S O N D J F M A M J J A S O N D The NBR’s gold stock dropped by 236. and the lack of significant shocks. Gross International Reserves in 2003 EUR millions.000 4.000 4.000 2. By contrast.2 million to EUR 1. end of period 10. the beneficial action of the NBR’s tools.88 per ounce at the end of 2003.000 6. 66 National Bank of Romania .Annual Report 2003 Chapter 3.2 kg and the gold price on the international market went down from EUR 334. entailing the decline in the gold stock in terms of value from EUR 1.000 8.34 per ounce at the end of 2002 to EUR 330. Financial markets Banks’ investment strategy was changed under the impact of less arbitrage opportunities and narrower profit margins provided by foreign exchange and money markets.000 2. as a result.118 million (by EUR 14. the volume of transactions recorded a lower growth rate while the interbank market (excluding the NBR) lost in depth.000 Net International Reserves in 2003 EUR millions. The stock of gold was revalued at end-2003 following the rise in the domestic price from ROL 375. as well as by the unprecedented increase in demand for loans and fiercer competition among financial system operators.2 million).351 per gram to ROL 437. Monetary policy (representing the release of the first tranche under the supplementary arrangement concluded in November 2002).000 6.000 banks' reserves NBR's reserves gold 8.

for a short period of time. The volume of funds traded in the interbank market (the NBR excluded) fluctuated all through 2003. the interbank money market witnessed a higher turnover and a gain in depth.2 to 1 in the previous year. As a result of banks taking on a greater liquidity risk by increasing the volume of deposits with the NBR. The increase in interbank transactions was solely due to the step-up in the central bank’s deposit-taking operations. compared with 2. Starting 2003 Q2. demand for short-term resources grew markedly. the average daily volume of transactions in 2003 Q1 (ROL 3. All in all. By contrast. which rose to 38 percent as a share of GDP. when bank-to-bank transactions prevailed. (iv) scarcity of alternative eligible assets.e. the interest rate behaviour continued to improve as reflected by the significant decline in volatility of interest rates and their increased sensitiveness towards movements in the NBR’s rates. as banks channelled their reserve surplus into deposits taken by the central bank. 2003 Q1 witnessed an abrupt surge in turnover and fast increase in interbank rates. as a result of the rise in the level of required reserves and of the central bank’s turning. as a result of keeping the interbank rates at a level close to that of the NBR interest rate.725 billion) being one third higher than that recorded throughout 2003. the ratio between the volume of operations carried out in the two segments of the market struck a balance. 1 to 1. the arbitrage operations through collection of short-term deposits that would be National Bank of Romania 67 . Monetary policy Money market In 2003. i. the volume of funds traded in the interbank market (the NBR excluded) dropped due to the unprecedented stability of interest rates.3 percent in 2002. (iii) depletion of the NBR’s government securities portfolio and considerable drop in government paper portfolios held by banks.Annual Report 2003 Chapter 3. However. (ii) decline in the volume of government securities launched on the primary market. Thus. the money market experienced a relative worsening of its quantitative indicators. the interest-rate tenders into volume tenders. the latter (calculated as the share of total turnover in GDP) hitting a 5-year high in 2003. Shortening of maturity of deposit-taking operations became an additional factor inhibiting arbitrage operations associated with interest rate differential along the yield curve and led to a larger number of banks able to place deposits with the central bank. the volume of bank-tobank transactions edged up merely 4 percent and its share in GDP declined. The rate of increase in interbank transactions (the NBR excluded) declined from the previous year despite the persistently uneven distribution of excess liquidity among market operators. due to the following factors: (i) increase in surplus liquidity in the banking system. compared with 23. Thus.

the interbank rates veered off from the trend as the interbank money market experienced a relatively strained period due to the impact of unpredictability of autonomous factors of liquidity. with more than 50 percent of the average daily rates staying within a 1. thereby entailing the increase in their average maturity to 2. banks’ propensity for longer-term operations led to a 24 percent increase in the average balance of interbank deposits (to a historical high of ROL 5. the share of deposits taken by the ten most active market operators dropped from more than 50 percent to about 35 percent of total demand for resources while the uneven increase in credit institutions’ excess liquidity made the share of deposits placed by the top-three banks rise to almost 50 percent of total supply of resources.Annual Report 2003 Chapter 3. The main factor behind the developments of interbank rates in 2003 was the flexibility of the required reserve mechanism.8 days. Higher predictability of interest rate developments led to the fall in the share of overnight and one-week transactions to 85. the average interbank rates remained steadily below the NBR’s interest rate on deposittaking operations. The interest rates generally fell below the lower bound of the band at the end of the reserve maintenance period when demand for short-term resources was by far exceeded by supply of liquidity.8 percent and 6. Starting April.8 percent respectively. posting opposite developments in terms of demand and supply. Monetary policy subsequently placed with the NBR lost ground. The function of this mechanism to stabilise money market rates contributed decisively to the narrowing of the band within which the rates fluctuated on a daily basis and to the fall in interest rate sensitiveness to liquidity conditions. Moreover. 17 In 2003 H2. The degree of concentration of the interbank money market recorded no significant progress. Thus.268 billion). the interbank money market witnessed the most tension-free period since its opening. the interbank rates on deposits with maturity of up to three 16 The upper and lower bounds of this implicit band were 17. low volatility of interbank rates increased some banks’ interest in trading occasionally funds with maturities of up to six months. the interbank rate volatility hit historical lows while the daily fluctuation band narrowed markedly. Although the average interest rates failed to follow immediately the upward adjustment in interest rates on liquidity-absorbing operations that occurred in the latter half of the year17. moreover. In 2003 Q1.2 days in 2002. 68 National Bank of Romania .2 percentage point band16.11 percent respectively.92 percent and 19. of total interbank trading (the NBR excluded). the resources collected being used for financing the loans to non-bank clients in particular. compared with 2.

the authorised primary dealers had to submit to every auction session bid offers accounting for at least 10 percent of the pre-announced volume. the primary market for government securities recorded a loss of depth. National Bank of Romania 69 . The average maturity of government securities issued rose by only 30 days as bids for 2.4 times in 2002).11 percent. The quantitative indicators of both the primary and secondary markets for government securities declined in 2003. The ratio between the volume of funds traded in the primary and secondary markets was 1 to 6. the central bank. In 2003.300 billion. the average monthly rate was about one percentage point higher than in the first half of 2003. for which the Ministry of Public Finance organised 41 auction sessions.7 percent. The steadily high demand for ROL-denominated government securities exceeded supply three times (compared with 2. 18 Starting 2003 Q2. one-year government securities held the largest share of the government paper issued (accounting for about 35 percent of total. in June. In year-on-year comparison. As a result. As a result of the upward trend of interbank rates in the latter half of the year.95 while that between the NBR rate and BUBOR overnight rate doubled. moreover. for the fourth consecutive year. 9. compared with 47 percent in 2002). The same as in 2002. Thus. the amount on offer exceeded steadily the compulsory level.Annual Report 2003 Chapter 3. but only 12 out of the 132 auction sessions were conducted for the sale of such government securities.5 in 2003 compared with 1 to 8 in 2002. the public authority expanded the maturity spectrum by issuing 3-year bonds and inflationindexed bonds with 5-year maturity.9 percent of GDP in 2002 to 2. Starting 2003. the average annual rate on bank-to-bank transactions edged down by 4. moreover. while turnover on the secondary market fell from 31.4 percent as a share of GDP. The strategy of financing the budget deficit almost solely from externally-supplied funds served the Ministry of Public Finance’s goal to lower the domestic-public-debt interest expenditure but had negative effects on the activity of the primary and secondary markets for government securities.000 billion. the overbidding margin ranging from 116 percent to 493 percent. with the volumes traded declining from 3. redemptions by the public authority exceeded ROL 14. Following the amendments to the Regulation on government securities operations in December 2002. the public authority floated a large volume of one-month Treasury certificates.and 12-month BUBOR rates reaching the turning point in June 2003. Monetary policy months rose simultaneously with the NBR interest rate18.4 percent to 17. worth more than ROL 9. did not engage in trading on the secondary market as most government securities in the NBR’s portfolio reached maturity. an active market player. the correlation coefficient between the NBR interest rate and BUBOR one-month rate reached 0. The most sought-after securities were three-month T-bills. with 6-.9 percentage points to reach 18.and 3-year bonds submitted to auction sessions were rejected entirely in the latter half of 2003.

the average monthly interest rate fluctuated in a range from 14. During 2003.2 percent to 15. reaching 16 percent. except for June.7 percent.9 percent. Bank/client transactions dropped by 52 percent while bank/bank operations rose by 39 percent. the volume of transactions declining by about 27 percent year on year.6 percentage points. the rise in average maturity from 409 days to 1.1 percent to 4. 70 National Bank of Romania . as a result of which funds raised equalled about USD 337 million and EUR 69 million respectively. the public authority organised four auctions (three auctions for USD-denominated bonds and one auction for EUR-denominated government paper). The average yield and maturity of USD-denominated government paper posted opposite developments. but also to the drop in bank/client transactions by almost 9 percent. However. when maximum accepted interest rate on government paper with maturity of one year at most was raised in a range from 1.1 percent in 2002).8 percentage points to 2. Monetary policy The average interest rate on government securities went down 11 percentage points year on year. whereas government securities reaching maturity were worth about USD 463 million. This fall was largely attributed to the central bank’s decision to suspend reverse repo operations. and for the final quarter of 2003.Annual Report 2003 Chapter 3. For most of 2003. when the average yield rose to 17.098 days being accompanied by the drop in average interest rate from 5.7 percent of total transactions (compared with 77. 2003 witnessed the emergence of transactions in EUR-denominated government securities amounting to roughly EUR 26 million. the value of USD-denominated government paper (about USD 687 million) sliding to less than half of that recorded in the previous year. the Ministry of Public Finance launched foreign exchangedenominated government securities changing the issuing procedure from public subscription to auction. In 2003 too.8 percent as a result of the sale of a large volume of one-month T-bills. As a result of these developments. Trading activity on the secondary market for ROL-denominated government securities slackened. Trading on the secondary market for forex-denominated government securities edged down. the share of non-bank transactions expanded to 99.

i. banks reported data on the average interest rates on new loans and deposits. After having dropped at a fast pace in the first half of 2003. albeit to a lower extent and at a certain time-lag. Monetary policy Average Interest Rates in 2003 30 percent per annum 25 20 15 10 lending rate (for non-banks) on interbank transactions on government securities deposit rate (for non-banks) 5 0 J F M A M J J A S O N D During 2003. depending on maturity. Thus. household savings declined by 1. The average interest rate on bank loans posted divergent developments. by contrast. going down by 5. the average interest rate on new medium. the annual real growth rate of household savings was on the wane. the average interest rate on time deposits trended upwards in the latter half of the year.8 percent at end-2003 compared with end-2002. the average interest rate on time deposits came closer to the trajectory of the 12-month inflation rate. with the average interest rate on new deposits19 posting the highest increase as a result of the 3 percentage point rise in the NBR policy rate. falling into negative territory in December.Annual Report 2003 Chapter 3. nonbank clients posted fluctuations. By and large. Given the low interest rate on time deposits in ROL and higher household propensity for consumption.2 percentage 19 Starting May 2003. except for December. the average interest rates applied by banks to non-government.e. Due to this development and as a direct effect of the slower annual price growth rate in the last few months of 2003. the average interest rate on new short-term loans showed a relatively high elasticity to the changes in the NBR’s interest rate and especially to the changes in interest rates on time deposits.and long-term loans – particularly on loans to legal entities – edged down more slowly than that on short-term loans in the first half of 2003 while towards the year-end it virtually stayed put. National Bank of Romania 71 . yet remaining below all through the year. the average interest rate on non-government credit balance in ROL followed the trend in the NBR interest rates and the interest rate on time deposits.

Loans to households posted the largest increase. and expansion in financial transactions.2291). During 2003.3 percent in real terms in December. in 2003 H1. the monthly volume of the balance of payments commercial and financial flows declined and the magnitude of the euro movements in foreign financial markets increased.0642 while in December the average maximum value equalled 1. The behaviour of lending rates had a bearing on the growth rate of non-government credit in ROL. slight advance in current transfers between residents and non-residents. 72 National Bank of Romania . which accelerated following the drop in interest rates in the first half of the year and slowed down only in August-November 2003. In the last two months of 2003. 20 The average daily turnover dropped by 3 percent (EUR 142. (iii) higher volatility and unpredictability of the USD/EUR rate on the foreign financial markets21.Annual Report 2003 Chapter 3. thus. The average interest rate on NBR deposit-taking operations moved upwards within this corridor as a result of its coming closer to the lending rate and departing from the interest rate on time deposits. Foreign exchange market After six years of robust expansion in the interbank forex market.1 percent in 2002). (iv) reduction of the central bank intervention in the interbank forex market. unlike in the previous year. the monthly volumes of supply of and demand for foreign exchange stood below the average for 2002 while July through October they rebounded in the wake of increase in both exports and imports.2 percentage points in average interest rate on fresh loans resulted in the slowdown of the annual growth rate of ROL-denominated loans to households. its turnover fell to 71. the EUR/USD rate posted frequent and sizeable swings (in January the EUR/USD rate reached an average minimum value of 1. the ensuing hike of 1.6 percent share-to-GDP (compared with 77. Forex market operators’ increased sensitiveness to the movements of these factors was mirrored by the relatively large monthly fluctuations in the trading volume. (ii) slow-in-coming growth in direct and portfolio investment inflows and decline in the flow of medium. the real annual growth rate of their balance reaching a record high of 223. Monetary policy points in 2003 H1 but increasing by 0.2 percent in August 2003. The main factors inhibiting the rise in forex transactions20 were the following: (i) relative stabilisation of money market rates.6 percentage points in 2003 H2. thereby depressing interbank trading. 21 In 2003.and long-term financial borrowings.5 million compared with EUR 147 million in 2002). the corridor between the average interest rate on current loans and the average interest rate on time deposits outstanding narrowed by roughly 3 percentage points (December 2003/December 2002). which reached 206.

5 percent on the supply side and 9. the deficit under clients’ transactions hit a record high of 22 In 2003. and December were accompanied by bank clients’ higher demand for foreign exchange. daily data 400 150 300 100 200 50 100 0 0 -50 J F M A M J J A S O N D total volume NBR's purchases.4 percent respectively. The drop in bank-to-bank foreign exchange operations (by 14. Monetary policy Interbank Foreign Exchange Market in 2003 200 EUR millions. In 2003. bank clients’ transactions accounted for 37 percent of total forex supply and 40 percent of total demand for foreign exchange.6 percent and 25. Banks performed operations on their behalf mostly to take advantage of the slight increase in moneymarket rates (during August-October) and restore foreign exchange positions (in November) and only to a lesser extent. National Bank of Romania 73 . Faster rise in clients’ demand for foreign exchange (contributing to a quasi-permanent monthly foreign exchange deficit) reflected widening of the trade balance.6 percent on the demand side) was accompanied by lower interbank market concentration. with five banks making up 51. increase in payments on external private debt23 and. repatriation of revenues from portfolio and direct investment by nonresidents (April).5 percent of total purchases and sales of foreign exchange (compared with 54 percent in 2002). daily average EUR millions. 23 High readings of external private debt servicing (more than EUR 200 million) in April. thus posting a development opposite to that recorded by banks. J F M A M J J A S O N D total volume NBR's purchases. Against this background. net Lower traded volumes in the interbank forex market might be attributed in part to the banks’ cautious approach for most of 2003 as reflected by their lower propensity to engage in highly-risky speculative actions. thus. occasionally. compared with 32 percent of total supply of and demand for foreign exchange in 2002. bank clients had a more salient influence on the interbank forex market given that their supply of and demand for foreign exchange rose by 10. net interbank operations -100 .Annual Report 2003 Chapter 3. October. in an attempt to arbitrage the abrupt exchange rate fluctuations (in July and August). the share of bank clients’ transactions in total turnover widened markedly22.

accounting for at most 3 percent of the total forex trading.e. compared to 2002 when banks conducted one-week transactions. daily average 60 40 20 0 -20 -40 -60 -80 bought from clients sold to clients balance -100 J F M A M J J A S O N D As a result of higher uncertainty surrounding the development of the EUR/USD rate on world markets.014 million and sales worth EUR 4.Annual Report 2003 Chapter 3. forward agreements lost ground. concurrently. banks opted for longer-dated transactions. Non-residents’ transactions rose marginally. and (iii) replenishing foreign 74 National Bank of Romania . agreements with onemonth maturity. the central bank had to intervene in the currency market with a view to: (i) warding off severe imbalances in the demand/supply ratio. The same as in the case of spot transactions. (ii) alleviating the impact of the EUR/USD rate development on the exchange rate of the ROL. i.715 million due also to the fall in individuals’ sales of foreign exchange (EUR 95 million compared with EUR 143 million in 2002) that could have been attributed to the slight drop in compensation of employees. Forex Market Surplus / Deficit in 2003 80 EUR millions. The trend of transactions carried out by exchange bureaux tracked closely that of current private transfers and was also underpinned by high volatility of the EUR/USD rate and the developments in the exchange rate of the ROL.344 million. the interbank forex market continued to be tension-free. forward contracts performed by banks receded. Given the relatively high unsteadiness of the forex market conditions. prompted by record-high net purchases of foreign currency by exchange bureaux (EUR 1. Nevertheless. compared with 8 percent in 2002. up EUR 174 million year on year) and by the central bank’s occasional supply of foreign exchange (EUR 420 million).670 million. with purchases tantamount to EUR 6. reaching EUR 223 million. Monetary policy EUR 1. Volumes traded via exchange bureaux reached all-time highs.

3 percent28 in 2003. Conversely. as a result of the move to the euro reference and increased cautiousness of banks in setting quotations. and December. Thus. the volatility of the ROL/EUR rate lowered markedly. i. The domestic currency appreciated against the currency basket27 by a real 3. The exchange rate of the domestic currency against the euro showed sizeable month-to-month swings in real terms (2. 27 60 percent EUR. May. Monetary policy exchange reserves. The exchange rates on display at non-bank exchange bureaux did not post substantial swings against the exchange rate announced by the National Bank of Romania26.367 million from 2002. 24 In terms of transaction date 0.6 percent strengthening in July). 3. This behaviour was also highlighted by the development of the average relative spread between minimum bid and maximum ask rates of banks.087 in 2002 26 Except for March. which narrowed slightly year on year25. down a massive EUR 1.Annual Report 2003 Chapter 3. November. the central bank increased the supply of foreign currency while in the other months the NBR engaged in net purchases. the Romanian currency strengthened versus the US dollar by 16. 40 percent USD 28 December/December 25 National Bank of Romania 75 .e. in January. real depreciation of the ROL against the euro for 2003 (December/December) was slightly higher than in 2002. when exchange bureaux confirmed the major uncertainties surrounding the short-run developments in the exchange rate of the domestic currency and their bid/ask rates saw spreads as large as 4 percent versus the exchange rate announced by the NBR.3 percent a year earlier.4 million24. due to the easing of the US dollar on foreign financial markets. April.3 percent in real terms (against 10.085 in 2003 versus 0.7 percent in 2003 compared with 3 percent in 2002. which damped down the real strengthening of the ROL against the implicit currency basket.6 percent ROL depreciation in January and 3. The NBR’s net purchases amounted to EUR 523. The exchange rate policy pursued by the NBR continued to attach a significant importance to market decisions concerning the trajectory of the exchange rate of the ROL and to be predicated on flexibility while resorting to less frequent interventions in the currency market. Although the EUR/USD rate posted sharp swings in 2003 and the NBR was less active in the market.5 percent in 2002). compared with 2.

apart from the fact that no new issuer was listed on the BSE. Monetary policy Capital market Performance of the capital market improved clearly over a year earlier. In addition. The still low general awareness related to this field – due also to the delayed adoption of a legislative framework allowing the unification of the two market segments. the diversification of financial instruments unfolded at a slower than expected pace. On the other hand. response to incidental factors such as the release of financial results or setting of dividends. even though the growth rate of some indicators slowed.e. Thus. many of them rising well above their past performance. BSE and RASDAQ – kept investors at bay. The Bucharest Stock Exchange was more active than RASDAQ in 2003 too. capital increase. the Bucharest Stock Exchange saw a strengthening of the previous years’ uptrend. namely the prohibition to increase capital based on revaluation differences and the obligation of the major shareholder with at least 90 percent in total equity to launch the public offering so as to fully take over the company and delist it. nevertheless. In 2003. The positive developments in its indicators were almost exclusively underpinned by the fall in yields on alternative financial investments (ROL. The expansion in market capitalisation was not as spectacular as in previous years – in 2003. had a detrimental impact on this indicator. By contrast. as market architecture remained relatively rigid. stock split. market liquidity29 fared worse than a year earlier (down nearly 5 percentage points). as government securities were still not subject to trading and fresh opportunities only included the marginal expansion of bond dealings.6 percentage points year on year to 10.Annual Report 2003 Chapter 3. the increased potential of the market could not be fully capitalised upon. i. hinting at the headway towards the full-fledged stage of the market.1 percent compared with 137.4 percent in 2002 and 250. Thus. was much calmer. this indicator picked up 33. Its operational parameters improved. the weight of capital market capitalisation in GDP added 0.1 percent in 2001.7 percent at end-2003. due largely to worsening RASDAQ liquidity.or foreign-exchangedenominated deposits and government securities). the alteration of some legislative provisions on the capital market. 29 76 The ratio of turnover to market capitalisation National Bank of Romania .

as their high yields encouraged investors to hold them until due date.000 0 1. for the first time ever. of an issue of corporate bonds. transfers involving FIC shares made up more than 24 percent of total turnover and those in banking shares (BRD-Groupe Société Générale and Banca Transilvania) accounted for 20 percent of the total figure31.6 percent (or 45. the 34.Annual Report 2003 Chapter 3.000 J F MAM J J A S O N D turnover market capitalisation (right-side scale) 1. Therefore. Investors eyed particularly the stocks included in the “Banks and financial services” sector. Public offerings provided an underpinning to market activity.000 0 points 10.000 Bucharest Stock Exchange Indexes in 2003 points ROL billions 200. 30 As a result of the closure of public offerings to buy shares in two Cluj-Napoca-based companies.000 2.500 4.000 1.000 J F M A M J J A S O N D BET index BET-C index BET-FI index (right-side scale) In 2003. 31 Due to the dividend policy pursued by the FICs and to strengthened market shares of the two banks National Bank of Romania 77 .e. dealings in such instruments were seldom carried out. led by Petrom. Romania’s oil company.500 150. The bonds segment witnessed a slightly improved performance (accounting for nearly 2 percent of total turnover compared to below one percent in 2002) owing to the launch of seven new issues of municipal bonds (featuring larger amounts and longer maturities) and the admission to quotation followed by trading. Nevertheless.000 100. “Terapia” and “Turism Transilvania” – dealings in those companies accounted for 78 percent of total turnover in August 2003.500 1.000 2. the same factor caused turnover to hit a record high in August30. i. and Slatina-incorporated ALRO.000 500 50. Monetary policy Bucharest Stock Exchange in 2003 ROL billions 2.4 percent in 2002.3 percent by leaving bonds out of account). Large weights in market turnover held a small number of large-sized companies. With the average daily number of traded shares up 3 percent. with 12 percent and 8 percent respectively.000 7. taking 23 percent of total turnover against 8.6 percent decline in the average daily number of trades is indicative of the prevailing block trades.000 1. the average daily trade in shares and bonds increased by 47.

e. The highest increase. experienced the BET-FI.200 900 600 300 30. in line with the good performance of some indexes in the region. whereas the “Fast moving consumer goods” sector came in third.6 percentage points respectively. i.000 0 300 0 J F MAM J J A S O N D 0 J F M A M J J A S O N D turnover market capitalisation (right-side scale) 32 78 RASDAQ-C RAQ I RAQ II Calculated as the ratio of market price to net profit per share National Bank of Romania . ahead of “Energy” (whose weight was little changed).Annual Report 2003 Chapter 3.2 percent. its weight narrowing by 8. followed by “Services” and.500 1. As for nonresidents’ composition by client. at times.000 1. Non-residents proved more active in 2003 in terms of both sales and purchases. the “Energy” sector came first.1 percent against 9.200 ROL billions ROL billions RASDAQ Indexes in 2003 points 120. Monetary policy During 2003. whereas the BET-C index closed up 287.8 percent). the weights of “Pharmaceuticals” and “Raw materials” increased by 7 percentage points and 7. Stock-market indexes rose to record highs. whereas individuals took a larger weight in total transactions performed by residents.8 percentage points. Throughout the year under review. legal persons had the upper hand.8 points. composition of trades by sector saw little change.1 percent in 2002 as a result of high investor interest in several quoted shares. or 30. Their weight in total purchases grew by some 12 percentage points and their weight in total sales advanced by approximately 7 percentage points. or 26 percent.171.9 points. “Banks and financial services”. RASDAQ Market in 2003 1. The P/E ratio32 climbed by 13. versus end-2002. gaining 512. entailing even their overvaluation.000 600 60. 1. “Banks and financial services” sector further held the largest weight in total (albeit falling from 54 percent to 45. At end-2003.9 percent.000 900 90. the BET index displayed a lifetime high of 2.3 points.999 points or 33. By contrast.

RAQ I jumped 272. i.9 points. 56 percent of total turnover. with RAQ I and RAQ II indexes reaching fresh record highs. hinting at the sharp surge in quotations. even though the number of listed companies decreased by 381 against end-2002.7 percent.Annual Report 2003 Chapter 3.7 percent. or 21. the average daily number of traded shares plunged by nearly 60 percent. or 31. the average number of trades climbed 5.7 percent. The RASDAQ Composite put on 228. or 28 percent. Monetary policy Indicators on trading activity on RASDAQ stock-market saw uneven developments in 2003. Market capitalisation moved ahead roughly 30 percent.e. The weight of offers for sale/tender offers remained broadly unchanged from 2002.6 points. The average daily trade remained virtually unchanged year on year. while market liquidity lost some 25 percent. but their month-to-month developments were uneven. National Bank of Romania 79 .5 points. and RAQ II went up 349.

the banking sector underwent no significant structural changes. In 2003.5 percent) was caused by the growth in bank assets. The Romanian banking sector – composition. The privatisation of the biggest state-owned Romanian bank. The strong growth of the Romanian bank market in terms of volume and complexity of transactions required permanent improvement of supervision.2 percent). Banca Comercială Română (BCR). with the EBRD and IFC was one of the major events of 2003. is deemed to lead to the increase in the market share of private banks by more than 28 percentage points. on 4 November 2003. Methods were developed to analyse banks’ financial performance and to correlate their risk profile with their risk management capabilities. Foreign capital further prevailed in the private sector. reaching 58. initiated in 1999-2000.1 percent in nominal terms) and the rise in shareholders’ equity (26. based on a stress test model. financial and prudential indicators National Bank of Romania . 1 80 Based on a set of economic. foreign exchange risk and interest rate risk. were fully manifest. The monthly analysis1 of banking system stability was supplemented by a quarterly assessment of the vulnerabilities of the system to potential credit risk. yet the expansion of the market share held by banks with majority privately-owned capital (to 62.Annual Report 2003 Chapter 4. amid deposit-taking from non-banks (23. The signing of the sale agreement. Financial stability and prudential supervision A. the clean-up and strengthening of the banking sector. Structural changes In 2003. which focused on the risks incurred either directly or indirectly by banking activity. given the particular significance of BCR in the Romanian banking landscape.2 percent of the aggregate balance sheet assets at end-2003. Specifically. banking supervision was facilitated by an adequate legal framework that provided the basis for regulating banks’ activity in compliance with the rules of sound and cautious banking practice. performance and risks The advance in macrostabilisation corroborated by banks’ endeavours to consolidate their position on the domestic market strengthened the stability and soundness of the banking system.

027.3 percent).6 378.2 25. 154. National Bank of Romania 81 .2 percent to 4.8 37.7 3. Foreign bank branches Banks with majority private capital including foreign bank branches Banks with majority foreign capital including foreign bank branches Total (I+II) 2001 ROL bn.0 604.9 27. did not cause the market share of banks with majority foreign capital to diminish.026.end of period - Banks with domestic capital.878.712.553.5 55.342. 16/2002).705. the bankruptcy of this bank marked the closure of the clean-up of the banking system by concluding the process of removing insolvent banks from the system.0 59.2 percent and 64. % ROL bn.1 189.735.7 230.with majority state-owned capital .3 10.9 43.2 100. Financial stability and prudential supervision The removal of Banca Columna from the system.469.8 percent respectively) by Romanian legal entities entailed the rise in the market share held by the domestic private sector (from 3.5 264.413.2 15.2 56.4 58.220. based on the final decision of the Bucharest Law Court to open winding-up proceedings.6 557.671.476.883.0 7.2 345. Market Share of Banks and Foreign Bank Branches .3 92.Annual Report 2003 Chapter 4.040.0 40.2 % 44. The change in the shareholding of Banca Daewoo and Libra Bank following the purchase of the majority stake owned by foreign investors (56.8 Net assets 2002 2003 ROL bn.337.3 50.2 190.126.9 163.0 435.4 226.5 4.259.0 47.878.9 317. The weight of this sector in total aggregate capital reached 74.321.with majority private capital Banks with majority foreign capital I. Yet.5 100.8 3.9 34.3 percent following the action taken by foreign banks to strengthen their position on the Romanian bank market and the measures taken by the National Bank of Romania for the gradual increase in the minimum capital and own funds requirements to ROL 370 billion (NBR Norms No.5 92. Total commercial banks II.8 62.0 144.207.7 279.6 7. 204.5 58.580.4 % 41.7 100.906. of which: .1 41.806.0 The sizeable share held by the private sector was also manifest in terms of the capitalisation of the banking system.845.3 200.4 352. Table 1.5 7.3 49 305.3 46.5 92. since Banca Columna had ceased operating as early as 1998.751.833.3 469.6 252.

222.1 100. the entry on the Romanian market of some leading foreign banks and the clean-up of the banking sector stirred up keen competition between banks.405.7 percent of total assets. market shares held by domestic banks contracting in favour of foreign banks. 56.273.879.8 percent of total loans and 62.422.750.1 29.747.1 74.370. % ROL bn.093.069.6 26.3 17. In this context.4 33.3 39. Nevertheless.301.6 100.7 25.2 91.3 9. Once the bank market has become fully-fledged.7 3.6 15.6 100.0 5.354.1 31.with majority private capital Banks with majority foreign capital I.144.9 65. CEC and ABN Amro Bank) holding 61.4 2. % 11.end of period - 2001 ROL bn.477.697.9 34.273.3 19.0 The main feature of the Romanian banking system was still its concentration.393.0 22.9 5.6 28.051.3 60.1 66.0 3.9 7. Total commercial banks II.1 13.270. its concentration will change too.1 percent) and France (5. Foreign bank branches Banks with majority private capital including foreign bank branches Banks with majority foreign capital including foreign bank branches Total (I+II) Share capital/core capital 2002 2003 % ROL bn.970.7 39.8 92.0 1.1 29.4 24. Financial stability and prudential supervision Table 2. An alternative for these banks to maintain their viability could be the concentration on specialised products or certain market segments.0 12. of which : . BRD-Groupe Société Générale.0 26. Raiffeisen Bank.9 8.with majority state-owned capital .Annual Report 2003 Chapter 4. Banks with domestic capital.7 1.0 58. Of the 40 countries holding participations in the capital of Romanian credit institutions at end-2003.0 10.7 36.097.657.796. as keener competition requires alterations in the strategy of small.8 55.3 64.0 23.948.2 57. the last three years saw a new trend.4 34. the top three were Austria (21.9 percent).1 18.6 4.7 8.6 percent of total deposits at end-2003.493. Greece (11.204. with five banks (BCR.6 95.2 35. 82 National Bank of Romania .and mediumsized banks – possible mergers or acquisitions – so that they should be able to increase their capital to a reasonable level without major shocks. Banks and Foreign Bank Branches as a Share in Aggregate Capital .3 10.738.9 1.5 percent of total capital).6 70.

95 23.04 1.33 3.93 6.71 0.66 1.97 1.88 0.33 5.87 7.45 11.88 2.98 42.60 7.63 10.84 3.91 4.40 0.13 0.53 8.54 20. Foreign Participations in the Share Capital of Banks in Romania Country Austria Greece France Italy Netherlands USA Turkey Monaco Germany Switzerland Other National Bank of Romania Period 2000 2001 2002 2003 2000 2001 2002 2003 2000 2001 2002 2003 2000 2001 2002 2003 2000 2001 2002 2003 2000 2001 2002 2003 2000 2001 2002 2003 2000 2001 2002 2003 2000 2001 2002 2003 2000 2001 2002 2003 2000 2001 2002 2003 Foreign participation Share Share in total foreign private in total capital capital (%) (%) 7.17 0.37 10.81 13.07 1.47 20.11 0.29 5.97 3.83 6.52 4.81 3.10 1.18 0.23 0.88 0.95 3.11 18.05 4.65 1.01 0.84 6.73 1.29 15.70 7.00 6.Annual Report 2003 Chapter 4.14 5.58 0. Financial stability and prudential supervision Table 3.84 2.01 0.99 11.14 15.36 6.05 8.08 5.53 1.66 3.11 5.97 37.05 16.47 3.62 1.76 3.39 83 .08 0.83 1.88 5.09 4.77 0.45 7.91 8.63 1.92 14.68 4.46 11.39 9.43 0.28 1.65 8.02 21.36 1.19 3.39 7.35 1.20 4.16 39.67 4.33 2.

1 percent at end-2003) and volume of household credit (0. Banks Operating in Romania by Ownership number of banks. the Romanian banking system comprised 38 credit institutions.Annual Report 2003 Chapter 4. Although household credit had a large contribution to the expansion of credit market.majority domestic capital . with a growth rate exceeding by far that recorded by the corporate sector (214. banks with domestic private capital (6) and banks with foreign capital (6).5 percent in nominal terms. Financial stability and prudential supervision The structural changes reshaped the configuration of the banking system in terms of the number of banks and their distribution. whose growth rate in 2003 (69. of which : Fully or majority state-owned capital.6 percent in real terms as compared to 24. The first network of credit co-operatives – Creditcoop – was also included in the banking system.majority foreign capital Foreign bank branches Total 1995 1996 1997 1998 1999 2000 2001 2002 2003 24 31 33 36 34 33 33 31 30 7 7 7 7 4 4 3 3 3 1 1 1 1 1 1 1 1 1 6 17 6 24 6 26 6 29 3 30 3 29 2 30 2 28 2 27 9 8 7 31 14 10 9 40 13 13 10 43 13 16 9 45 11 19 7 41 8 21 8 41 6 24 8 41 4 24 8 39 6 21 8 38 Performance and risks Banking activity stuck to the strong upward trend for the third consecutive year amid the measures taken by the National Bank of Romania for the restructuring of the banking sector starting 1999 and the improvement of the macroeconomic environment. of which : .6 percent). of which : . end of period Banks. Specifically.6 84 National Bank of Romania . The twofold increase in the share of retail banking (to 24. among which stateowned banks (3).8 percent in December 2003) was attributable to the higher attractiveness and diversification of bank products as well as to the larger household demand for consumer credit and real estate loans. The dynamics of the Romanian bank market was bolstered chiefly by non-government credit.fully state-owned capital . at end-2003. subsidiaries (15) and branches (8) of foreign banks. past-due claims on individuals held a small share in both volume of nongovernment credit (0.majority state-owned capital Majority private capital. 48. Household credit saw the sharpest expansion. Table 4.5 percent in real terms) was higher than in 2002.

1 billion). following the coming into force. which had been almost exclusively concentrated in the corporate sector until 2003. Foreign bank branches excluded National Bank of Romania 85 . The large share of short-term loans influenced the composition of assets in terms of liquidity. However.4 percent to 15.6 percent as compared to the prior year. The slower rise in the aggregate net profit of 2003 (6.5 billion).6 percent) following the enforcement of the new regulation on loan classification and provisioning. Although the composition of loans by recipient differs from one bank to another. Nevertheless.2 percent in December and the latter from 8. The speed-up in lending also impacted the aggregate financial result of 2003 (ROL 13. followed by loans for equipment purchase (17 percent). the high growth rate of lending to households might pose some prudential risks. with net interest income holding the largest share. The reference period witnessed the extension of loan maturity as reflected by the faster-paced real growth of long-term loans (148. at year-end 2003 the levels of the two 2 3 Source: Credit Information Bureau which registers only loans in excess of ROL 200 million. these sectors2 accounting for 42 percent and 38 percent respectively given their weight in the economy. the two profitability indicators (ROA and ROE)3 were on the rise (the former from 1.290. the total volume of overdue and doubtful loans further displayed a less-than-one-percent weight (0. which were still prevalent (49.5 percent). showing an acceptable exposure to liquidity risk at year-end 2003. of the new methodology for loan provisioning). and by infrastructure investment made by most banks. In fact.8 percent). Financial stability and prudential supervision percent). liquid assets accounting for 82 percent.and long-term lending led to a change in the term structure of loans.3 percent) in non-government credit (net). on 1 January 2003. industry and services were the main recipients of bank loans. higher than that of 2002 (ROL 12. by the larger provisioning expenses (up 50.498. which started to see banks as reliable partners. at the aggregate level.7 percentage points amid keener competition on the credit market).Annual Report 2003 Chapter 4.6 percentage points to 14. Loans for working capital held 47 percent in total. The coverage of loans to non-banks with deposits taken from them fluctuated in the range from 60 percent to 70 percent. The need to create an infrastructure for medium. mainly regarding diversification of risks.4 percent) and medium-term loans (115. and the improvement in the awareness of the public.9 percent) as compared to that of short-term loans (10.7 percent) was induced by the contraction of the spread of interest rates on operations with non-government nonbank clients (from 17.2 percent in January to 2.3 percent) as compared to that of 2002 (18. The extremely swift growth in household credit had a positive impact on the banking system.

7 38.4 0.Annual Report 2003 Chapter 4.3 0.2 2. IMF and European Commission officials in the reports drawn up on the occasion of the missions to assess the financial system (FSAP4 and Peer review).6 * The indicator was calculated based on NBR Circular No.8 2.3 0.1 -1. Financial stability and prudential supervision indicators were close to those recorded a year earlier (2.7 2.3 0. high liquidity and good supervision.3 percent respectively). 86 National Bank of Romania .8 28.5 2.1 3. the banking system was found to be resilient to potential market risk and credit risk.6 0.5 1.2 0. skilled staff and quality management.5 8.5 3.4 0.9 26. manageable level of bad loans (below 1 percent of banks’ loan portfolio) – illustrated considerable resilience to shocks.6 0.3 15.4 3. Key Prudential Indicators Indicator Solvency ratio 1 (>12%) Solvency ratio 2 (>8%) Leverage ratio (Shareholders' equity / Total assets) . effective since January 2000 The favourable trends of the main indicators for assessing the soundness of the banking system were also pointed out by World Bank.9 50.8 25.1 11. Table 5.2 ROE (Net income / Total equity) 1.2 Doubtful and past-due claims (net) / Equity (from prudential report on own funds) 253.5 35.4 interest. The growth in lending did not weaken the soundness of the banking system.1 2.6 percent and 18.5 40. as the performance of prudential indicators – high solvency ratio (about 20 percent).2 … 15. exposure to currency risk and interest rate risk showing low levels.6 10.6 12.8 18.3 12. 4 The Financial Sector Assessment Program (FSAP) focuses on supporting the countries to identify and correct the vulnerabilities of the financial sector in order to increase its resilience to macroeconomic shocks. except off-balance-sheet items) General risk ratio 53. According to the assessment made by World Bank and IMF experts during the missions using the stress test model.9 23.0 2. According to these assessments.6 31.0 -15.6 2.2 17.5 1.3 2.9 Doubtful and overdue loans / Total loans (net)* … … 0.0 Total doubtful and past-due claims (net) / Liabilities 16.7 42.26 Credit risk ratio (unadjusted exposure from loans and related interest under "doubtful" and "loss" / Total loans and related 58.7 0. with banks balancing their net foreign exchange position and using floating interest rates on loans.1 7.3 Doubtful and past-due claims / Total assets (net) 14.2 3. 6/2000.percent 1998 1999 2000 2001 2002 2003 10.0 21.2 6.2 22. high liquidity (over 3).5 21.7 39.9 18.3 0.5 ROA (Net income / Total assets) 0. the supervisory authority benefiting from adequate administrative capacity. the banking system enjoys good capitalisation.4 0.8 18.

– on the other hand. which further improved the public perception of the banking system. strengthening of banking system credibility was undermined by further political interference in the winding-up of Banca Internaţională a Religiilor (BIR). market risk.Annual Report 2003 Chapter 4. are capable of misleading the public as regards the real cause for the bank’s going bankrupt. who had initiated a so-called inquiry on the bankruptcy of BIR – unauthorised by the Chamber – and had repeatedly required. disregarding legal provisions. Aggregate prudential indicators stuck to acceptable levels according to international standards amid measures taken in the field of regulation and prudential supervision and the responsible behaviour of shareholders and managers of credit institutions.5 percent. the legal framework for the organization of activity and the internal control system of banks. namely reckless lending corroborated by shareholders’ ineffective control over the bank’s management and of raising suspicion about the real commitment of the authorities to bank restructuring. the discontinuance of winding-up proceedings. continued his attacks on the NBR executive management. However. liquidity risk. in 2003 too. strove to strike a balance between two potentially conflicting objectives: – on the one hand. based on biased. in its capacity of supervisory authority for the banking system. maintaining the financial soundness of the banking system with a view to ensuring sustainable long-term growth. the management of significant risks and the organization and functioning of the internal audit departments of banks was regulated by NBR Norms No. The measures taken by the supervisory authority in the prior years and the substantial improvement in the quality of the shareholders and bank managers caused the number of bank frauds to plummet in 2003. the National Bank of Romania. 15/2003 and 16/2003 respectively. incomplete or fake information. reputational risk) was a major concern of the supervisory authority. The chairman of the Commission for the Investigation of Abuse. The identification of the possible flaws in commercial banks’ management of the main banking risks (credit risk. To this end. Thus. operational risk. Corrupt Practices and for Petitions attached to the Chamber of Deputies. Financial stability and prudential supervision Measures taken to withstand potential banking risk In 2003. loans to non-banks expanded by a real 48. 17/2003. keeping up the high growth rate of bank intermediation to ensure the narrowing of the gap separating Romania from the EU member states in terms of this indicator. These attacks. the legal framework for the containment of risks attached to consumer and mortgage loans was regulated by NBR Norms Nos. National Bank of Romania 87 .

monitoring in particular the composition and quality of the loan portfolio as well as of related collateral. required reserves. as amended and supplemented subsequently) and those on loan classification and provisioning (NBR Regulation No. etc. the inclusion of a new component in the CAMEL (S) assessment – sensitivity to market developments –. In this context. In this vein. Other measures destined to improve supervision consisted in the purchase of new IT applications (software) for the development of the present system of off-site monitoring of banking risks. large exposures to a single debtor). where the severe deficiencies found required such actions. conducted in compliance with the schedule approved by the NBR Board. and 35 were thematic inspections (that focused on the discrepancies in the reports submitted by banks. of which 39 were mandatory annual inspections. foreign exchange position. supervision materialised in 74 on-site inspections at the banks’ head offices. liquidity. Financial stability and prudential supervision The enforcement of regulations on know-your-customer standards (NBR Norms No. As observance of know-your-customer standards has become imperative for mitigating the risks faced by banks and reducing the time period for granting loans. notification letters were sent to the banks that posted high growth rates of lending or large loan shares in total assets. the findings of on. the supervisory authority kept a close eye on the banks for which lending has become a priority.and off-site inspections were included in 66 notification and observation letters (aimed chiefly at the banks’ submitting to the National Bank of Romania their internal regulations brought in line with the new regulation on loan classification.Annual Report 2003 Chapter 4. the progress made by banks in implementing the remedial measures agreed upon during the prior inspections or the verification of the complaints filed by clients or other bodies of the State such as Police. sanctions and measures were taken in the case of 25 banks and 5 foreign bank branches. Prosecutor’s Office. and more frequent talks with the executive management of those banks were held. average position on the money market. as well as the improvement of the early warning system under programmes with PHARE assistance. In 2003. as amended and supplemented subsequently) played a major role in preserving the safety and soundness of the banking system by introducing more exacting requirements.). In the reference period. which are under way. 5/2002. The National Bank of Romania strove to focus on-site inspections on assessing banking risk. at presenting the strategy to fulfil the minimum capital and own funds requirements. 3/2002. The institution will operate as a private 88 National Bank of Romania . As a result. the National Bank of Romania supported the initiative of the Romanian Banking Association to set up a Credit Bureau.

Banca Turco-Română and Banca Columna. Financial stability and prudential supervision entity of public interest. Improvement of some instruments providing indirect support to banking supervision The Bank Deposit Guarantee Fund further paid compensations to depositors of the banks declared insolvent.184 billion worth of compensations due. of which ROL 150. chiefly as regards credit risk and mortgage loans. Credit Information Bureau (CIB) In 2003. the Fund ended the period for the payment of compensations to Bankcoop depositors and in October 2003 to depositors of Banca Internaţională a Religiilor.4 percent of the Fund’s nominal claim). the National Bank of Romania continued to urge credit institutions to interrogate the database of the Credit Information Bureau (CIB) more frequently and even required that the lending norms issued by each credit institution should include this obligation.3 billion in 2003. accounting for 98.320. During 2003. being appointed as official receiver of the banks declared bankrupt.665 (89. Out of ROL 5. of which 362. particular attention is attached to the training of loan officers. by year-end 2003 the Fund handed out compensations worth ROL 5. also had a positive impact on lending. dealing with collecting a large volume of information on individuals and small. The higher number of National Bank of Romania 89 .875 queries to the CIB database (as compared to only 131.6 percent) with the assent of potential debtors.Annual Report 2003 Chapter 4.5 billion (25. In 2003. The queries focused on debtors’ overall risk.897 in 2002). The payment of compensations has been under way for depositors of Banca Română de Scont. In April 2003. namely Banca Română de Scont and Banca Turco-Română. by providing information on the risks it may face when choosing a certain bank or banking product. As a result. loans and past-due debts.8 percent of total payment obligations. compensations paid amounted to ROL 7. The Fund extended its scope of activity in 2002. The share of new debtors for which authorised queries were sent reached about 80 percent in December 2003 as compared to 56 percent a year earlier.8 billion. The amount retrieved by year-end 2003 from the bankrupt banks totalled ROL 1. credit institutions sent 404. Moreover. The development of the banking culture of the public. resort to this instrument increased considerably.120 billion.and medium-sized enterprises that are potential bank clients.

– delays longer than 30 days in loan repayment by individuals. Financial stability and prudential supervision queries to the CIB database contributed to ensuring the quality of banks’ loan portfolio. the National Bank of Romania initiated a project to amend Regulation No. which were made by banks for own account or for account of clients.7 percent in 2003 as compared to 4. and the amounts due increased more than six times. share which is on the wane due to the boom in consumer credit. the National Bank of Romania took several measures to increase the role of the PIB in preventing payment incidents and to ensure the strict enforcement by banks of NBR Norms No. On this background. which are not included in the CIB database. 841. The main alteration to this Regulation consists in enlarging the CIB database by including new information on banking risk which refers to: – groups of debtors evidenced by credit institutions. By maintaining the reporting level at ROL 200 million. In 2003. in compliance with its powers.6 percent of bank loans. the CIB database stores information on almost 81. the number of instruments rejected for payment rose by 6 percent in 2003 as compared to 16. 1/1999 on the organisation and functioning of the Credit Information Bureau within the National Bank of Romania. the value of amounts rejected grew by 15 percent in 2003 as compared to 41 percent in 2002. amid lending posting fast-paced growth. albeit at a slower pace.Annual Report 2003 Chapter 4.5 percent a year earlier. As a result. as amended and supplemented subsequently. The new Regulation aims at integrating information in the Payment Incident Bureau database with that provided by the Credit Information Bureau in order to supply data on: the number of incidents by payment instrument (major incidents are shown separately) and the entire period of being under a ban. – card frauds committed by cardholders.005 a year earlier.2 percent in 2002. The number of accountholders moved up 2. which means that this instrument is becoming effective in strengthening discipline related to payment instruments. The number of debtors and loans entered into the CIB database rose almost five times in four years of operation.925 database queries were recorded in 2003 as compared to 382. – loans to non-resident non-bank legal entities. 3/2002 on know-your-customer standards. Payment Incident Bureau (PIB) The analysis of the PIB database shows that the number of payment incidents and holders that generated them kept increasing. 90 National Bank of Romania .

B. thereby producing major losses to their business partners. a significant percentage of the exposure arising from the insurance of credit risk. The National Bank of Romania’s initiative paid off. Externally. the larger market and the requirements pertaining to its integration into the global market increased the responsibilities of the National Bank of Romania as the authority in the field of banking regulation and supervision. negotiations were sped up to conclude agreements on the exchange of information in the area of banking supervision with the competent authorities in the National Bank of Romania 91 . Greater efforts were made to improve co-operation between the supervisory authorities of the Romanian financial market with a view to rendering this activity more efficient and to securing the sound development of all financial system segments. as in the first half of 2004 two Romanian banks issued such bonds in amount of ROL 1. the National Securities and Exchange Commission and the Insurance Supervisory Commission. corroborated by the diversification of the financial institutions and products. the Insurance Supervisory Commission issued norms on containing underwriting of risks attached to consumer and mortgage loans that entered into force on 30 March 2004. The National Bank of Romania was deeply involved in prompting banks to issue bonds on the capital market as credit institutions’ resort to alternative financing sources is beneficial for the banking sector as well as for the capitalisation and liquidity of the capital market. suggesting the latter to issue norms binding on insurance companies to reinsure. The implications of the banking sector’s leading position. its development placing it ahead of other segments (capital market and insurance market). To prevent the boom in lending from affecting other sectors. for such an endeavour to be successful. the National Bank of Romania co-operated with the National Securities and Exchange Commission and the Bucharest Stock Exchange. the National Bank of Romania has collaborated with the Insurance Supervisory Commission. The co-operation with the other two supervisory authorities. Agreements on financial stability and prudential supervision The banking sector further held the leading position on the financial market with a share of aggregate assets of about 33 percent of 2003 GDP. either on the domestic or external market. was sealed by the signing of a protocol on 3 April 2002. Subsequently.Annual Report 2003 Chapter 4. Financial stability and prudential supervision The National Bank of Romania considers that correct and timely information can put a brake on frauds with payment instruments and can remove from the business landscape the persons that elude the laws in force.880 billion.

Financial stability and prudential supervision countries of origin of banks that have branches. a licensing application was filed with the National Bank of Romania by a bank – Romanian legal entity whose founders were five legal entities registered in the Cayman Islands and Cyprus. in virtue of Law No. which was granted on 31 May 2004. Central Bank of Cyprus. Banca d’Italia. 4/2003 on licensing savings banks for housing. 541/2002 on collective saving and lending for housing and NBR Norms No. Raiffeisen Bank Bausparkasse Romania joint-stock company obtained the incorporation licence and filed the application with the National Bank of Romania. National Bank of Romania . Regulatory and Supervisory Agency in Turkey. 5 92 Co-operation agreements with the last two authorities were concluded in 2003. Licensing of banks – Romanian legal entities In 2003.Annual Report 2003 Chapter 4. 485/2003 amending and supplementing Law No. By year-end 2003. On 1 April 2004. As legal requirements relative to the founders and managers of the bank could not be fulfilled. the representatives of the founders withdrew the licensing application. the licensing application was withdrawn by the founders in order to supplement the documentation and reapply for the licence. Licensing and regulation of credit institutions A strategic objective of the NBR in the field of strengthening the banking system was to ensure a strong shareholding able to exert efficient control over bank management with a view to securing the swift development of banks. accompanied by the related documentation. with a view to obtain the licence. as subsequently amended and supplemented. C. subsidiaries or representative offices in Romania. Bank of Greece and Federal Financial Supervisory Authority in Germany)5 and negotiations with other three authorities (De Nederlandsche Bank. Pursuant to Law No. This objective also envisaged licensing of new credit institutions. Die Oesterreichische Nationalbank and Commission Bancaire in France) are under way. Licensing of savings banks for housing – Romanian legal entities In September 2003. 58/1998 – The Banking Act. the first institution of this type applied for being licensed by the National Bank of Romania. co-operation agreements were concluded with six supervisory authorities (National Bank of Moldova.

the solving of some aspects insufficiently regulated. Starting with the licensing date. Aurora Română. a process which is nearing completion. 146 of Government Emergency Ordinance No. on the other hand. approved by Law No. 58/1998 – The Banking Act envisaged. the National Bank of Romania gave particular attention to the transposition of the acquis communautaire relevant to the banking sector into the national legislation. The main amendments in relation to the first objective are the following: – establishing the scope of the term “credit institution” and limiting the incorporation of credit institutions within the present legislative framework. and Creditul Românesc in virtue of Art. 200/2002.Annual Report 2003 Chapter 4. 485/2003 amending and supplementing Law No. – putting in place the legal framework to ensure freedom of establishment and freedom to provide services by credit institutions in the EU member states on the principle of a sole licence acknowledged by the European Community as well as implementation of the principle regarding supervision of credit National Bank of Romania 93 . approved by Law No. as well as the complaints against the respective decision. Financial stability and prudential supervision Licensing of credit co-operatives In 2003. in line with the European legislation and practices. The three above-mentioned networks of credit co-operatives still have the possibility to reorganise their business and reapply for the license according to the provisions of Law No. At present. on the one hand. The National Bank of Romania rejected the licensing applications filed by Concordia Română. 97/2000 on the organisation of credit cooperatives. these credit co-operatives have been subject to the supervision by the National Bank of Romania and have been governed by the provisions of Government Emergency Ordinance No. the full approximation of national legislation and EU Directives and. Regulation In the process of Romania’s accession to the EU. – including electronic money institutions in the category of credit institutions and the regulation of their incorporation and functioning. The enforcement of Law No. 200/2002. provided they fulfil the requirements of the legislation in force. and by NBR Norms issued in pursuance of the said Ordinance. 97/2000 on credit co-operatives. 122/2004. the licensed credit co-operatives are also covered by the deposit-guarantee scheme. the number of credit co-operatives affiliated to the Creditcoop Central House (the only licensed network) rose by 17 to 565.

50 percent) is to be notified and replacing the prior approval procedure by the notification procedure. establishing the subsequent thresholds for which the intention to acquire a participation (20 percent. – introduction of provisions vesting the National Bank of Romania with the power to determine whether an activity consists in taking deposits or other redeemable funds from the public. With a view to dealing with the insufficiently regulated aspects of the Romanian banking legislation. Financial stability and prudential supervision institutions by the competent authority in the country of origin. – introducing some provisions on the acknowledgement of bilateral netting agreements by the National Bank of Romania for certain categories of operations and. in this context. – defining the terminology required for the implementation of EU Directives and for achieving supervision on a consolidated basis. – introducing provisions regarding the co-operation between the National Bank of Romania and the competent authorities in the EU member states and the requirements to notify them and/or the European Commission. – rendering provisions on professional secrecy more flexible. winding-up or other such proceedings in respect of one of the contracting parties shall not affect the validity of such agreements. – raising the threshold beyond which a person becomes a significant shareholder from 5 percent to 10 percent of share capital. issue of electronic money or it consists in taking and/or management of amounts of money arising from National Bank of Romania . – establishing the activities to be carried out by credit institutions based on mutual recognition. banking activity. the following measures were taken: 94 – introduction of provisions to ensure an adequate legal framework for the National Bank of Romania to issue regulations on internal control in keeping with the Basle Committee principles in the field. the introduction of a new general provision stipulating that the opening of the proceedings on reorganisation. – creating conditions for the implementation of the Principles underlying the organisation and functioning of payment systems acknowledged by the Basle Committee. – increasing the ceiling on investment in non-financial entities from 10 percent to 15 percent of the bank’s own funds and of the overall limit for such investment made by a bank from 50 percent to 60 percent of the bank’s own funds. – setting the powers of the National Bank of Romania in relation to supervision on a consolidated basis.Annual Report 2003 Chapter 4. 33 percent.

– restructuring and supplementation of the section on special administration in order to clearly state the responsibilities of the special administrator and the supplementation of instances where this measure can be taken with the instance where the bank no longer has any Board member or manager. – set the general principles for calculating own funds on a consolidated basis. 12/2003 on supervision of solvency and large exposures of credit institutions ensure full harmonisation with the provisions of Directive 12/2000/EC on supervision on a consolidated and on an unconsolidated basis of solvency and National Bank of Romania 95 . the National Bank of Romania already issued a set of regulations in 2003. Financial stability and prudential supervision partnership with a view to collective saving and lending. – regulation of the regime of banks whose licence was withdrawn (in other cases than upon request. – ensure the flexibility and restructuring of the regulatory framework in the field by removing any explicit connection with the Chart of Accounts and by stipulating the requirements for initial capital and own funds applicable to credit institutions other than credit co-operatives. without being licensed by the National Bank of Romania. In this respect. in compliance with the commitments assumed in the Position Paper on Chapter 3 “Freedom to provide services”. Norms No. saving banks for housing and electronic money institutions. applicable starting 1 January 2005.Annual Report 2003 Chapter 4. in case of winding-up or merger/split-up) by introducing new provisions on their mandatory dissolution and winding-up and a chapter on winding-up. Romanian legal entities. 11/2003 on supervision of own funds on a consolidated and on an unconsolidated basis: – establish the regulatory and supervisory framework of own funds applicable to banks. The full transposition of the acquis communautaire relevant to the banking sector will be implemented by the central bank by means of secondary legislation. take deposits or other redeemable funds from the public or take and/or manage amounts of money arising from partnership with a view to collective saving and lending. Norms No. – harmonise provisions in the field with provisions of Directive 12/2000/EC. the National Bank of Romania’s decision in such cases being mandatory for the interested parties. – introduction of some provisions on sanctioning legal and other entities which.

bearing low credit risk and sufficiently liquid in order to ensure the smooth functioning of the system and to protect electronic money holders. The aim of the commission is to analyse and duly solve the problems arising from the implementation of Accounting Regulations harmonised with Directive 86/635/EEC and the International Accounting Standards. the main audit firms operating in Romania. 5/2003 on specific conditions regarding the functioning of saving banks for housing put in place the licensing and operational framework for this type of dedicated credit institutions. namely IAS 21. IAS 37. IAS 39. These institutions shall implement the said norms in an adequate manner at the level of both entities included in their consolidation scope and ancillary banking services undertakings. 1982/5/2001 issued by the Minister of Public Finance and the Governor of the National Bank of Romania (called Harmonised Accounting Regulations). Norms No. To achieve the said objectives. One of the National Bank of Romania’s steady concerns is the harmonisation of the regulatory framework for accounting of credit institutions with similar provisions in the EU as well as with International Financial Reporting Standards. and provided solutions to problems arising from the enforcement of Harmonised Accounting Regulations 96 National Bank of Romania . IAS 32. the Ministry of Public Finance and the National Bank of Romania. each group having clear-cut and specific objectives and responsibilities. 14/2003 on the investment that can be made by electronic money institutions contain the investment of these entities to certain classes of assets.Annual Report 2003 Chapter 4. Romanian legal entities. approved by Order No. The Commission carries out its activity by working groups. Financial stability and prudential supervision large exposures of credit institutions as well as with the provisions acknowledging agreements on bilateral netting of mutual claims and liabilities arising from interest-rate and foreign-exchange contracts and similar operations with gold. comprising representatives of leading credit institutions. 4/2003 on saving banks for housing and NBR Norms No. Norms No. NBR Norms No. 17/2003 on the organisation and internal control of credit institutions and management of significant risks as well as organisation of internal audit of credit institutions set forth the minimum requirements for the regulated activities and are applicable to credit institutions. the central bank recommended the establishment of a Joint Commission to deal with accounting issues of credit institutions. The Commission was established and became operational in March 2003 and it devised several projects addressing problems relative to the International Accounting Standards specific for credit institutions.

Specifically. (ii) short-term financial loans and National Bank of Romania 97 . The Order provides. starting with 2005. the National Bank of Romania further fulfilled the commitments assumed in the National Programme for the Accession of Romania to the EU as regards the completion of liberalisation of foreign exchange capital transactions by the accession date. similar to that required by the Ministry of Public Finance from economic agents. which materialised in the issue of Order No. among others. starting 1 January 2003. Order No. 188/1/2003 issued by the Minister of Public Finance and the Governor of the National Bank of Romania amended and supplemented the Chart of Accounts applicable to credit institutions as well as the methodological norms for its application. In December 2003. 263/2/2004 of the Minister of Public Finance and the Governor of the National Bank of Romania. 999/3/2003 was issued by the Minister of Public Finance and the Governor of the National Bank of Romania for the approval of the Semi-annual accounting reporting system for credit institutions. all credit institutions had to draw up financial statements in compliance with the Harmonised Accounting Regulations. Order No. In 2003. of financial statements by credit institutions in compliance with International Financial Reporting Standards. 2/2003 was issued by the Governor of the National Bank of Romania on approving the Periodical financial statement models and methodological norms for their preparation and application for credit institutions that are subject to the Harmonised Accounting Regulations. the following transactions were no longer subject to NBR licensing: (i) residents’ operations in securities and units of foreign collective investment undertakings. Starting with 2003 financial year. solutions and provisions regarding the drawing up of the annual financial statements as well as the compulsory preparation. several pieces of legislation being adopted for their appropriate enforcement. In order to collect detailed information on the financial standing of each credit institution applying the Harmonised Accounting Regulations and thus to allow the National Bank of Romania to carry out its supervisory activity and compile monetary statistics. a bill was prepared to amend and supplement some accounting regulations applicable to credit institutions. Financial stability and prudential supervision and International Accounting Standards. intended to facilitate the understanding of the concepts. Therefore.Annual Report 2003 Chapter 4. principles and the overall issues in relation to International Accounting Standards by applying professional judgement. With a view to ensuring statistical information relative to the periodical financial statements of credit institutions. Order No. other than credit institutions.

(iii) financial loans and credits and personal loans granted by residents to non-residents. yielded significant results particularly after the abrogation. This made possible. of Norms on foreign exchange control over receipts from exports and other foreign operations – NRV 9 and of some provisions of Norms on external payments for merchandise imports. The Circular regulates the access of mortgage loan companies to the interbank foreign exchange market to buy foreign exchange with a view to granting mortgage loans to residents. 3/1997 on performing foreign currency operations. Actually. which showed that the high differential between interests on the domestic and foreign markets could generate significant speculative inflows that may be hard to control. such operations have a similar impact as operations effected directly in the money market. Financial stability and prudential supervision credits granted by non-residents to residents. As for the commitment assumed by Romania regarding the liberalisation of operations in deposit accounts in ROL opened by non-residents with credit institutions in Romania.000. which allowed the removal of administrative barriers in the field and rendered the regulatory framework applicable to capital movements more flexible.Annual Report 2003 Chapter 4. In this context. the National Bank of Romania issued Circular No. as well as the purchase of foreign exchange by residents (mortgage loan recipients) in case they do not hold money in their bank accounts for repayments of foreign exchange loans granted by mortgage loan companies. other guarantees granted by residents to non-residents. and (iv) sureties. 3/1997 on foreign currency operations. as subsequently amended and supplemented. 5/2003 amending and supplementing the Regulation on performing foreign currency operations. 18/1994 on the measures taken to strengthen corporate financial discipline. the abrogation of Norms on the use of the printed forms “Foreign exchange external payment order” and “Application for opening letter of credit”– NRV 8. which are due for liberalisation by the date of Romania’s accession to the EU at the latest. For the purpose of liberalising foreign currency operations and harmonising the legislative framework. mention should be made that the transposition delay of about one year was due mainly to the forecasts resulting from the analyses of the impact on the money and foreign exchange markets in Romania. The measures taken by the National Bank of Romania regarding liberalisation of capital movements. the National Bank of Romania issued Circular No. by the issue of Circular No. The Circular sets the minimum requirements for foreign currency liquidities for exchange houses at the equivalent of EUR 75. 39/2003 amending and 98 National Bank of Romania . of Government Ordinance No. which translated into the successive amendments to Regulation No. 31/2003 on amending and supplementing NBR Regulation No. in February 2003. works and provision of services – NRV 4. natural or legal entities. starting 1 January 2004.

In preparing this piece of legislation the following aspects were considered: – furtherance of liberalisation of capital foreign currency operations.Annual Report 2003 Chapter 4. – removal from the norms relative to the regulation on performing foreign currency operations of some provisions that should be regulated by norms issued by credit institutions or that are acknowledged and accepted in banking as international rules and practices. setting general rules regarding the performance of foreign currency operations. National Bank of Romania 99 . – full restructuring of the content of the regulation for a better understanding/enforcement by the entities performing foreign currency operations. whereby the liberalisation of operations in deposit accounts in ROL opened by non-residents was postponed for 10 April 2005. 26/2001 amending and supplementing Regulation No. which is more flexible. concurrently with devising separate statistical and reporting norms. regulation of operations on the forex market. – removal from the regulation of the methodology on monitoring and turning to account of the information on foreign currency operations and foreign exchange transactions. easier to apply and comprises only general rules and principles for the performance of foreign currency operations was prepared in 2003. of the need to get in line with the EU legislation and practice and of the latest changes in the Romanian legislation on financial and foreign exchange discipline. a new regulation on performing foreign currency operations. if need be. Financial stability and prudential supervision supplementing Circular No. – improving the part referring to the meaning of some definitions and terms as well as to some categories relative to capital foreign currency operations. 3/1997 on foreign currency operations. setting specific rules for the performance of foreign currency operations between residents and nonresidents as well as between residents. so that full harmonisation with Directive 88/361/EC on liberalisation of capital movements should be achieved and any interpretation should be avoided. Thus. As a result of last years’ developments in the field of harmonising the legislative framework in keeping with the commitments on liberalisation of capital movements. in compliance with the calendar set by the Position Paper on Chapter 4 “Free movement of capital”. only the situations/operations/elements that require regulation were taken into consideration namely: definition of terms and expressions. classification of foreign currency operations. when a new postponement will be taken into account only after consultation with the European Commission. as subsequently amended and supplemented.

– creation. with the respective institutions applying all the provisions of International Financial Reporting Standards starting with 2005 financial year. by amending and supplementing the legislation in force. in the first half of 2004. The short-term objectives pursued by the central bank in the field of regulation are the following: 100 – supplementation of the regulatory framework in order to implement the supervision on a consolidated basis of credit institutions. The new regulation. of the regulatory framework for market risk. approved by the NBR Board at the end of 2003.Annual Report 2003 Chapter 4. – setting the legislative framework for the amendment of Harmonised Accounting Regulations with a view to transposing into the national accounting regulations applicable to credit institutions the changes in the European accounting directives. the objective represents a priority given the imminent changes in the capital market legislation regarding the permission granted to banks to directly perform operations on this market. – ensuring conditions for the adequate implementation by credit institutions of the provisions of Harmonised Accounting Regulations and International Financial Reporting Standards. Financial stability and prudential supervision – some foreign currency operations are no longer subject to licensing and the documentation and licensing procedure are simplified. was published in Monitorul Oficial al României No. namely the provisions of Directive 2001/65/EC which amends the provisions of Directive 86/635/EEC on annual accounts and consolidated accounts of banks and other financial institutions. 117/10 February 2004 and entered into force on 10 April 2004. National Bank of Romania . by transposing the provisions of Directive 93/6/EEC on capital adequacy. applicable to credit institutions.

4 81.4 0.2 2.4 19.5 2. Romanian International Bank 21.2 1. Banks with majority domestic capital of which: 1.p.6 869.2 376.6 0. Total commercial banks II.V.5 332.1 1.7 455.1 2.7 4.9 2.786.735.8 0.5 0.1 510.429.915.789.492.2 46.3 1.8 2.1 1.172.0 4. Banca Transilvania 2. Banks with majority foreign capital.4 0.4 0.0 21. Banca de Microfinanţare MIRO 20.4 0.7 3.140.819.5 4.a. Casa de Economii şi Consemnaţiuni 1.7 27. 4 37.7 4.7 0.4 7.256.4 40. of which: 1.6 0.0 3. ABN Amro Bank 4.5 2.0 0.8 0.047.748.8 1.5 1.5 0. Cairo 8.529. Eurom Bank 16.046.789.7 598.0 % 3 41.635.4 0.9 0.594. Financial stability and prudential supervision Table 6.3 178.3 2. GarantiBank International N.6 0. Volksbank Romania 13.3 0. RoBank 14.p.0 5.6 1. of which: 1.926.097.7 6.7 40.888.8 1.2 100.6 93.259.1 0.022.538.8 0. Net Assets and Own Funds as at 31 December 2003 Net assets 1 1.2 305.8 5. 2.830. Banca Românească 12.4 0.1 50.2 Banks with majority private capital.7 30.2 3.087.1 2.097.8 4. Banc Post 5.206.4 44.6 1. MISR Romanian Bank.2 16.3 32. 5. Egnatia Bank 19.026.4 186.2 920.553.5 1.1 1.400. Banca Comercială Carpatica 4.9 441.7 842.8 299.2 6.1 92.208.845.341.2 0. Eximbank 1.Annual Report 2003 Chapter 4. 2 252.7 537.187.7 0.7 557.4 5.0 6.3 10.5 6. of which : 1.4 1.0 42.2 0.492.3 423.4 872.7 488. Frankfurt Bukarest Bank AG 7. National Bank of Greece 3.2 1.344.0 7.8 369. Banca di Roma S. Raiffeisen Bank 3.822.383.8 0.0 – 5.3 872.191.2 1. Banque Franco-Roumaine 6.1 2.5 3.4 14.5 0.4 695.100.611.1.700.916.5 1. Banca Daewoo 6.138.9 322.9 442.0 – * equity (for foreign bank branches) National Bank of Romania 101 .8 29.1 0.0 0.0 2. Citibank Romania 9.2 0.7 1. Banca Română pentru Dezvoltare 2.5 1. Emporiki Bank .1 1. Piraeus Bank 11.2 Banks with majority state-owned capital: 1.V.7 545.155.5 2.8 1.2 1.5 2.5 0.0 0. Italy 4.3 37.8 ROL bn.8 1.1 Banks with fully state-owned capital: 1.3 31.6 7.454.0 7.3 0.2 0.7 25. Libra Bank 2.3 604. UniCredit Romania 10.134.061.7 721.5 3.9 2.540.9 835.204.1 4.222.a.1 25.0 6.079.3 2.Romania 18.9 0.5 741.476.366. Nova Bank I.7 21.8 42.759.1 3.478.6 70.733.0 6.6 3.5 100.7 792.1 34.580.6 3.2 0.955.9 0.158.6 2.8 226.1 1. Finansbank (Romania) 15.4 0.1 4.5 33.0 620.6 3.3 0.550.3 1.5 0. ING Bank N.5 260.4 0.406.858.5 13. Foreign bank branches.662.9 2.4 1.1.1 5.705.7 0.5 2.6 400.417. Banca Comercială “Ion Ţiriac” 8.0 25. HVB Bank 7. Banca Italo-Romena S. Banca Comercială Română 2. Romexterra 3.6 % 5 48.6 398.3 6.3 36.788. of which: 1.0 25. Mindbank 5. Alpha Bank 6.3 4.4 75. SanPaolo IMI Bank Romania 17.2 2.7 13.1 State-owned banks.090.8 1.4 6. Italy Total (I+II) CREDITCOOP Own funds* ROL bn.1 6.

the above-mentioned denominations. In order to improve the security of notes. As for the preparations to join the Economic and Monetary Union. mints and the relevant government institutions. The cash output carried on in keeping with the programme approved by the NBR Board.31 May 2004. 10. were replaced by new ones with the same total value.Annual Report 2003 Chapter 5. the polymer-based note with face value of ROL 1. the National Bank of Romania retired from circulation the denominations that it had decided to be no longer used as legal tender. new polymer-based notes were printed and coins were minted in order to replace the defaced and worn-out notes and ensure that cash meets its forecasted growth. as well as the notes withdrawn following the sanitation of cash in circulation. 20 and 50 – years of issue 1990-1993 – during 1-30 June 2003.000. To this end. the National Bank of Romania was further concerned with getting informed and assimilating the latest special printing techniques. the NBR co-operated closely with other central banks.000 – year of issue 1998 – during 5 December 2003 . the National Bank of Romania carried out specific activities related to currency issue by ensuring the cash necessary for the smooth circulation of money in terms of both quantity and composition.000 and additional security elements was issued. the National Bank of Romania enhanced its co-operation with the national central banks in the eurozone and the European Central Bank. as well as the worn-out currency. Thus. 102 National Bank of Romania . The new cash management programme which the dedicated NBR department will implement in association with other departments by end-2004. Furthermore. the drawing-up of the technical specifications of the programme was initiated. Throughout 2003. the following denominations have been withdrawn: – coins with face value of ROL 5. The PHARE-supported application will be implemented with the contribution of the National Bank of Romania and the National Bank of Belgium.000 – year of issue 2000 – and ROL 100. as well as with preventing and fighting against acts of forgery and counterfeiting. In 2003. – paper-based notes with face value of ROL 50. In the year under consideration. is illustrative in this respect. Pursuant to the decision of the NBR Board. Currency issue In 2003.

representing the currency issue “Centennial of the Romanian Numismatic Society” (December 2003). representing the currency issue “International Year of Pure Water – Danube Delta Biosphere Reserve” (November 2003). This way it pays tribute to great spiritual.000 celebrating 625 years since the start of the building of the Bran Castle (October 2003). the NBR launches numismatic issues every year. – the gold coin with face value of ROL 5. – the silver coin with face value of ROL 500 dedicated to the 150th anniversary from the birth of the composer Ciprian Porumbescu (July 2003). In 2003. – the silver coin with face value of ROL 500. – a set of three silver coins with face value of ROL 50 each. Currency issue Moreover. cultural and scientific figures highly regarded both in Romania and abroad and marks historically representative events that occurred in Romania and worldwide. in virtue of its statutory powers. the National Bank of Romania launched the following numismatic issues: – the gold coin with face value of ROL 100 in the series “History of Gold – The Apahida Eagle” (April 2003). – the silver coin with face value of ROL 500 celebrating 500 years from the establishment of the Râmnic Bishopric (September 2003).Annual Report 2003 Chapter 5. National Bank of Romania 103 . – a mint set comprising the “Şuţu Palace Bucharest” silver medal (November 2003).

In qualitative terms. more than 2.000 POSs.000. all these instruments were used concurrently with debit or credit cards. was developed. as illustrated by their larger weight in total payments countrywide as well as their growth in value as compared to 2002. the number of Internet banking and home banking payment instruments increased and a new electronic payment instrument. Therefore. the modernisation of electronic payments is illustrated by the diversification of financial products supplied by companies in this line of business.e. the upward trend in both volume and value of cashless payments in the prior years continued well into 2003. Special mention deserve the efforts aimed at creating a system able to reduce costs and speed up processing of payments. The efforts made by banks to diversify the array of products met with users’ quick response which translated into a number about 12 times larger of accounts from which payments via internet banking can be performed.Annual Report 2003 Chapter 6. the following measures were taken: 104 National Bank of Romania . The Romanian payment system Ahead of the EU integration. by prompting the heavier resort to cards and other electronic payment instruments. at end2003. such accounts exceeded 19. transposing the acquis communautaire in the field of payment systems and implementing the electronic payment system.e. In keeping with the trend of developing cashless payment media in 2003. At the end of 2003. The volume of transactions is supported by an infrastructure that was permanently upgraded in line with the latest developments in the field.000 billion. In 2003. i. Although cash payments are for the time being the most resorted to means of honouring financial obligations (51 percent of M1). In the discharge of the tasks as regards securing the smooth functioning of the payment system with a view to ensuring financial stability.400 ATMs and roughly 10.516 billion. in both absolute and relative terms. electronic payment instruments increased as well. phone banking. there were 15 networks. Another indicator relevant to the development of the payment system as compared to 2002 was the value of operations in financial instruments settled through the national payment system. i. the value of payments with debit or credit cards reached about ROL 7. the Romanian payment system has been facing new challenges as regards the handling of a larger volume of transactions and meeting buyers’ requirements within the context of a single European market. ROL 318.

at present. – Automated Clearing House (ACH).Annual Report 2003 Chapter 6. the processing of funds transfers in relation to the State Treasury as well as of funds transfers in relation to the money and foreign exchange markets (including the primary market for government securities) was taken up by TransFonD joint-stock company. – Government Securities Registration and Settlement System (GSRS). On this background. January 2003 saw the start of the implementation of the electronic payment system that includes: – Real Time Gross Settlement System (RTGS). 1/2002 on the largevalue funds transfer system. 9/2001 on the operation of the National Company for Funds Transfer and Settlement – TransFonD joint-stock company. Moreover. so that credit institutions can invest receipts from funds transfers in relation to the State Treasury on the same day. as the agent of the National Bank of Romania. The Circular also stipulates the acceptance of the State Treasury as a participant in the large-value funds transfer system. On 1 September 2003. mainly by including funds transfers in relation to the State Treasury in the payments and settlements performed by TransFonD joint-stock company on a mandate. Moreover. the Circular stipulates that neither the National Bank of Romania nor the State Treasury may be required to pay a National Bank of Romania 105 . the regulatory framework underwent the following alterations: – NBR Circular No. the pilot test for the three systems is in progress. 2. the procedure to cover the net net debit position of the State Treasury arising from the processing of low-value funds transfers as well as the manner of signing and stamping the documents associated with the settlement and the statements of account issued by TransFonD joint-stock company as the agent of the National Bank of Romania were established. 22/2003 amended NBR Regulation No. stipulating that large-value payments in relation to the State Treasury shall be settled on the banking day on which they were collected by TransFonD joint-stock company and that credit institutions shall have access to the large-value funds transfer system through a single point of entry also as regards large-value payments in relation to the State Treasury. the extension of the time period to collect payments in relation to the money and foreign exchange markets. – NBR Circular No. the system being operated based on a mandate from the National Bank of Romania. The stages defining the operational specifications were covered and. The Romanian payment system 1. 21/2003 amended and supplemented NBR Circular No.

usually religious feast days. thereby ensuring the transposition of provisions of Directive 97/5/EC on cross-border credit transfers and of Recommendation 90/109/EEC into the national legislation. 119/2004. the fact that neither the National Bank of Romania nor the State Treasury are required to pay a commission for the services provided by TransFonD joint-stock company within the low-value funds transfer system as well as the detection and correction of faults found in the handling of low-value funds transfers. 4. During 2003-2004. the manner of processing refusals of collecting low-value payments in relation to the State Treasury and of payments between treasuries. In order to avert any potential disruptions in the economy during national holidays. The Romanian payment system commission for the services provided by TransFonD joint-stock company. the manner in which the bilateral netting of low-value payments in relation to the State Treasury and payments between treasuries should be handled regardless of their amount or net settlement. 10/2003 regarding the maximum time period allowed for the discontinuance of the activity of the payment and settlement system and of money and foreign exchange markets. the ECB further assessed the activity of the payment systems and of the settlement systems for operations in financial instruments. 1/2003 on the settlement of low-value payments in relation to the State Treasury sets forth the acceptance of the State Treasury as a participant in the low-value funds transfer system. These measures led to the inclusion of the State Treasury among the participants in the payment system (which helped reduce technical and operational differences between the State Treasury and the banking system) and represented a crucial stage in preparing the State Treasury for the implementation of the electronic payment system. 3. The Regulation also lays down the time periods for the collection and processing of low-value payments in relation to the State Treasury and of payments between treasuries. within the large-value funds transfer system. 6/2004 regarding cross-border credit transfers. which are to be followed up according to a detailed plan. in furtherance of the provisions of the Labour Code. 106 National Bank of Romania . the National Bank of Romania issued Norms No.Annual Report 2003 Chapter 6. through the low-value funds transfer system managed by TransFonD joint-stock company. – NBR Regulation No. which was approved by Law No. The Romanian Government issued Ordinance No. 5. several recommendations were made to the competent authorities in Romania. the completion of implementation of the electronic system for interbank payments representing the prime stage of the plan.

for the accounts of the clients of credit institutions and of the State Treasury as well as for the accounts opened with the National Bank of Romania. 2560/2001 of the European Parliament and of the European Council of 19 December 2001 on cross-border payments in euro. the National Bank of Romania issued Regulation No. The Regulation ensured the adoption of several payment-related standards and practices acknowledged by both EU and international institutions. Moreover. 2/2004 on the use of IBAN codes in Romania. the full compliance with the client’s transfer instructions) as well as the legal sanctions for failure to meet such obligations. for various institutions that are not credit institutions and are not assigned a Bank Identifier Code. The Regulation lays down the mandatory nature of the creation. The Romanian payment system The Ordinance sets mainly the category of cross-border credit transfers to be governed by its provisions.e. in order to approximate the acquis communautaire. As the electronic payment system was developed to use unique International Bank Account Numbers. BIC code. the interdiction for individuals to provide services of money transfers at their own initiative. their performance on schedule or before the cut-off date. which will be adopted by Romania upon its joining the EU. IBAN codes. ensuring the transposition of Directive 98/26/EC provisions into the domestic legislation – a vital stage in the context of the upcoming implementation of the electronic payment system. i. National Bank of Romania 107 . Specifically. 1 Law No. considering that electronic payment systems require highly standardised information for the automated processing of transfer instructions. in ROL or any other currency. This task will be fulfilled by means of a dedicated department that will analyse the complaints and will make recommendations based on appropriate procedures granting access to mediation. the minimum requirements imposed on the institutions carrying out cross-border credit transfers (regarding the transparency of transfers. the Draft Law1 on settlement finality in payment systems and settlement systems for operations in financial instruments was prepared. Such codes are used to make payments.e. vesting the National Bank of Romania with the power to mediate those disputes.Annual Report 2003 Chapter 6. the Ordinance sets forth the implementation of an alternative procedure for settling disputes. requires the use of IBAN and BIC codes for cross-border credit transfers within the EU. Furthermore. in compliance with the law. i. via payment systems or correspondent banks. use and notification of standardised IBAN codes by credit institutions and the State Treasury for their clients’ accounts. in addition to and regardless of the responsibility incumbent on these institutions according to the common law. EU Regulation No. 253 was passed on 16 June 2004.

to the winding-up proceedings (conditions are specified for the case where the opening of winding-up proceedings has no retroactive effect on the rights and obligations of the participant undergoing the respective proceedings) and to the collateral. after the EU accession. which will help fulfil the prerequisite for risk management in the payment systems of systemic relevance. The law will govern payment systems and settlement systems for operations in financial instruments. In this vein. by law. The law also stipulates that. the most relevant provisions refer to credit transfer and clearing instructions (validity conditions and legal implications are specified). The law also stipulates that the National Bank of Romania selects the systems to be subject to this law and that all the systems which are. authorised by the National Securities and Exchange Commission to effect settlements in financial instruments are subject to the respective law.Annual Report 2003 Chapter 6. In addition. paving the way for the national systems to participate in the EU systems on a level playing field once Romania has joined the EU. The Romanian payment system The implementation of the above-mentioned Directive will reduce sharply the legal uncertainties surrounding the payment and settlement systems in Romania. the payment systems and settlement systems for operations in financial instruments that effect settlements via payment systems of systemic or particular relevance. objectives Romania has to pursue in view of the EU accession. The newly-created real time gross settlement system (RTGS) will thereby be connected to the Trans-European automated real-time gross settlement express transfer system (TARGET). in their capacity as central banks. The law is intended. on a permanent basis. any participant in such systems as well as the collateral pledged in relation to the participation in the system or to the operations performed by the National Bank of Romania and central banks in the European Economic Area. the National Bank of Romania shall inform the European Commission about the systems to be governed by the present law. thereby strengthening the free movement of capital and the freedom to provide services on the single European market. 108 National Bank of Romania . to ensure the cost-efficiency and smooth functioning of cross-border credit transfers and settlement instructions regarding operations in financial instruments. among others. the National Bank of Romania was vested with the power to monitor.

the provision of financial collateral is made by delivery. Government Ordinance No. registering by which the collateral taker or a person acting on the collateral taker’s behalf takes possession of or control over the financial collateral. transfer. which sets the EU regime applicable to financial collateral arrangements. Furthermore. 9/2004 on certain financial collateral arrangements was issued and approved by Law No. whether the collateral consists in cash or financial instruments. This piece of legislation transposes into the national legislation the provisions of Directive 2002/47/EC on financial collateral arrangements.Annual Report 2003 Chapter 6. 222/2004. The Romanian payment system With a view to incorporating the acquis communautaire into the national legislation. The Ordinance also lays down the manner of enforcement of the financial collateral by the collateral taker. The Ordinance establishes the categories to which the collateral provider and the collateral taker belong. National Bank of Romania 109 . holding.

Annual Report 2003 Chapter 7. Romania further made great strides. points out the positive performance of the Romanian economy and the fact that the commitments assumed by Romania in the negotiation process are largely met. European integration and international financial relations A. based on the decisions made by the European Councils held in Copenhagen (December 2002). General aspects In accordance with the objectives pursued in preparing EU accession in 2007. the Report shows that the National Bank of Romania enjoys sufficient skilled staff and adequate management capacity. particularly the headway on the path of harmonising banking legislation with the acquis communautaire and the strengthening of the National Bank of Romania’s institutional capacity. the National Bank of Romania further strove to keep up the institutional. for bringing it in line with EU requirements. During 2003. withstanding competitive pressure and market forces within the EU was still dependent on the existence of a functioning market economy and a stable macroeconomic environment. released by the European Commission on 5 November 2003. According to the opinions of European Commission experts. Thessaloniki (June 2003) and Brussels (December 2003). structural and operational adjustment of the Romanian economy. The Regular Report on Romania’s Progress towards Accession. As with the administrative capacity. 110 National Bank of Romania . in a consistent and efficient manner as regards the overall strategy and in each sector that is preparing to fulfil the accession criteria. Despite this progress. Favourable views were expressed with regard to the development of the banking system. The Report of the European Commission shows that most commitments assumed in respect of the negotiation chapters pertaining to the National Bank of Romania’s activity were met. the National Bank of Romania continued to be directly involved in observing the commitments assumed by Romania under the Europe Agreement and during the accession negotiations on the chapters relevant to the banking system. but efforts were still needed to fully transpose the acquis communautaire into the national legislation. European integration 1.

Chapter 4 “Free movement of capital” and Chapter 11 “Economic and monetary union”. the Romanian authorities envisaging the provisional closure of this chapter by endJune 2004. – preparations for taking part in the negotiation of the EU Accession Treaty. European integration and international financial relations 2. the following objectives are to be fulfilled: – strengthening of the central bank’s institutional capacity in line with the standards required by the National Bank of Romania’s participation in the European System of Central Banks (ESCB) starting with the date of Romania’s EU accession. – introducing the dedicated departments in the National Bank of Romania to the content and requirements of the Growth and Stability Pact which Romania will join upon EU accession. As for banking services.and medium-term objectives of the National Bank of Romania related to the European integration policy The short-term objective focuses on meeting the commitments assumed under the accession negotiations on Chapter 3 “Freedom to provide services”.Annual Report 2003 Chapter 7. The stage of accession negotiations relative to the chapters regarding the National Bank of Romania’s activity Chapter 3 “Freedom to provide services” Negotiations on Chapter 3 were opened on 20 December 2002 and are under way. In 2003. – preparing the National Bank of Romania’s participation in drawing up the accession strategy and the negotiation of requirements to join ERM2. and the Action Plan for the implementation of recommendations in the Report of the peer review mission that took place between 2-6 December 2002. 3. In the medium run. the National Bank of Romania was involved in drafting the Complementary Position Paper on Chapter 3 in response to the EU Joint Position. – identification and scheduling of the prerequisites for preparing the participation in the third stage of the EMU (adoption of the single currency – the euro). – further strengthening of the National Bank of Romania’s supervisory capacity. Short. Mention should be made that the progress in fulfilling the recommendations National Bank of Romania 111 . the results achieved by the Working Group in monitoring the barriers to freedom of establishment and freedom to provide services. the document presents the progress made by the banking sector during July 2002-June 2003.

According to the commitment assumed in the Complementary Position Paper. In order to remove the barriers identified in those pieces of legislation. On 1 September 2003. The reform of the payment system continued. 485/2003 amending and supplementing Law No. in January 2004. The Central Bank’s endeavours to liberalise capital operations. 5/2003 amending and supplementing Regulation No. most of the barriers to the freedom of establishment and the freedom to provide banking services identified in 2002 were removed and the groundwork was laid for amending the banking regulations in compliance with the commitments assumed in the Position Paper on Chapter 3 “Freedom to provide services”. Chapter 4 “Free movement of capital” was provisionally closed. Chapter 4 “Free movement of capital” At the Intergovernmental Conference on Romania’s accession to the European Union held on 7 April 2003. 3/1997 on foreign currency operations. the legal framework was put in place for the transposition of EU Directives on financial collateral arrangements as well as on the reorganisation and winding-up of credit institutions. 3/1997. in terms of the commitments assumed by the National Bank of Romania in the EU accession process. 34/2003 on measures regarding the financial and foreign exchange corporate discipline). of Government Ordinance No. European integration and international financial relations included in the Action Plan was one of the objectives of the second peer review mission held during 2-5 December 2003.Annual Report 2003 Chapter 7. which translated into the successive amendments of Regulation No. This measure paved the way for the National Bank of Romania to issue Circular No. were fully successful only after the abrogation. identification by the Working Group of barriers to the freedom of establishment and the freedom to provide services carried on in 2003. the processing of funds transfers in relation to the State Treasury was fully taken over by the National Company for Funds Transfer and Settlement – TransFonD which carries 112 National Bank of Romania . that most of the relevant provisions of the acquis communautaire were incorporated into the national legislation. 58/1998–The Banking Act ensured. Specifically. 18/1994 on measures to strengthen corporate financial discipline (by Government Ordinance No. The coming into effect of Law No. at the outset of 2003. the Romanian legislation was analysed based on the decisions of the European Court of Justice concerning the infringement of Articles 43 and 49 in the EU Treaty. thus removing several administrative barriers in the field. In addition. the institutions concerned set time limits for the amendment of the legislation in the coming period and the list was sent to the European Commission in November 2003.

Moreover. of the Protocol on the Statute of the ESCB and of the ECB as well as with the provisions of other EU regulations on central banking in the EU member states. Chapter 11 “Economic and monetary union” On the strength of the negotiations papers on Chapter 11 “Economic and monetary union”. The draft law on the Statute of the National Bank of Romania was sent to the Ministry of Public Finance on 2 February 2004. In keeping with the stages and time limits set forth in the calendar for the amendment of Law No. the National Bank of Romania was notified on the comments and recommendations made by the two European institutions and proceeded to review the draft law accordingly. two technical assistance agreements were concluded and are under implementation to provide guidelines for the project and to ensure the quality of IT services and products. with a view to bringing it in line with the provisions of the Treaty on European Union. Along with the implementation of the electronic payment system. The measure enabled the integration of the State Treasury among the participants in the payment system (thereby reducing technical and operational differences between the State Treasury and the banking system) and represented a prime stage in preparing the State Treasury for the implementation of the electronic payment system. 101/1998. In this context. In October 2003. the draft law on the Statute of the National Bank of Romania was submitted to the European Commission and the ECB. the Romanian authorities committed themselves to amend. After receiving the endorsement of the Ministry of European National Bank of Romania 113 . implementation of the electronic payment system was initiated as all the preparatory stages required by the European Commission had been covered before the end of 2002. included in the Supplementary Information Paper on Chapter 11. 6/2004 on crossborder credit transfers vests the National Bank of Romania with the power to resolve disputes related to cross-border credit transfers. In virtue of this provision. 101/1998 – The Statute of the National Bank of Romania. European integration and international financial relations out this activity based on a mandate from the central bank. by year-end 2004 at the latest. The Ordinance sets forth the establishment within the National Bank of Romania of a specialised division with tasks in this field. On 14 January 2003. Government Ordinance No. As for the newly passed legislation in this field. the joint working group Ministry of Public Finance – National Bank of Romania worked out the bill to amend Law No. 101/1998. 3/2004 on mediation of disputes in relation to cross-border credit transfers was issued. the final version was also based on the conclusions of the talks with experts from Banque de France. which will also set the regulatory framework and implementation procedures stipulated in Directive 97/5/EC. in August 2003. Law No.Annual Report 2003 Chapter 7. NBR Regulation No.

(vi) upskilling of the NBR staff. worth EUR 4 million. the National Bank of Romania covered all the stages of contracting funds allocated under the 2001 PHARE National Programme and completed this process in November 2003. personal and financial independence of the National Bank of Romania. In 2003. (iv) technical infrastructure in relation to the IT cash management system. – prohibition of direct financing of the public sector by the National Bank of Romania.Annual Report 2003 Chapter 7. 101/1998 on the Statute of the National Bank of Romania was amended and supplemented mainly in the following respects: – establishment of the primary objective of the National Bank of Romania. includes the following subprojects: (i) implementation of the acquis communautaire relative to Chapter 3 “Freedom to provide services” and Chapter 4 “Free movement of capital”. via twinning light procedures. including investment in infrastructure. (v) greater effectiveness of banking supervision and accounting operations. the draft was approved by Government in its meeting of 7 April 2004 and was submitted to Parliament for approval. (ii) strengthening of the supervisory function of the National Bank of Romania. – prohibition of privileged access of the public sector to financing from financial institutions. These subprojects are unfolding.and medium-term objectives of the National Bank of Romania regarding the European integration policy. as appropriate. technical assistance and/or purchase of IT equipment and software. PHARE assistance PHARE assistance managed by the National Bank of Romania in 2003 proved to be a useful tool in ensuring further transposition of the acquis communautaire and sustainability of short. (iii) implementation of a new balanceof-payment system. Law No. European integration and international financial relations Integration and the Ministry of Justice. 4. including the related technical infrastructure. – ensuring institutional. The 2001 PHARE Project “National Bank of Romania – Institution Building”. the following technical assistance agreements were completed: agreement with Banque de France to approximate legislation related to Chapter 3 “Freedom to provide services“ and Chapter 4 “Free movement of capital” as well as the 114 National Bank of Romania . In 2003. namely ensuring and maintaining price stability.

Particular attention should be attached to the twinning project “Harmonisation of legislation and improvement of the administrative capacity of the National Bank of Romania”. (ii) implementation of European standards in the field of financial account statistics. a consortium comprising Banque de France (leader). i. the IT cash management system. Banca d’Italia and De Nederlandsche Bank was selected as partner in the implementation of the project. agreements were concluded for the purchase of IT equipment and/or software necessary for the new balance-ofpayment system. (vi) completion of the subproject “Computerisation of the National Bank of Romania’s Accounting System” (carrying on of the subprojects financed under the 1998 PHARE and 2001 PHARE programmes in order to develop an integrated accounting system in line with the national accounting system and the European Accounting Standards). an agreement with Ernst & Young and Siveco for the improvement of the early warning and bank rating system and another agreement with Interprojects Company (Germany) in respect of upskilling of the NBR staff were concluded. Following the assessment by the NBR officials of offers from central banks in the EU member states. (iv) further harmonisation of the banking legislation. In November 2003. European integration and international financial relations agreement with De Nederlandsche Bank for the implementation of the new balance-of-payment system. technical assistance and/or purchase of IT equipment and software. the 2003 PHARE Financing Memorandum was signed by the Government of Romania and the European Commission whereby the National Bank of Romania was granted a credit line of EUR 4 million for the following subprojects: (i) enhancement of banking supervision. (v) harmonisation of the internal audit in the National Bank of Romania with the practices used by central banks in EU member states with a view to preparing NBR’s joining the ESCB.e. the need to carry on some projects already initiated or completed by allocating funds under the 2003 PHARE financing project and the need to implement new projects. The document presents each activity from the standpoint of the present state of affairs and of the objectives and means of achieving them by specifying (where appropriate) the projects carried out with PHARE financial support. In December 2003. (vii) automation of market operations (computerisation of front and middle office activities to facilitate data processing and risk management). These subprojects are to be carried out during 2003-2006 by means of twinning procedures. In 2003. the integrated accounting system of the National Bank of Romania and the early warning and bank rating system. training of legal advisers. National Bank of Romania 115 . at year-end 2003.Annual Report 2003 Chapter 7. the Strategy of the National Bank of Romania (2003-2006) that lays down the National Bank of Romania’s recommendations for financing under the 2003 PHARE Programme was prepared. (iii) upskilling of the NBR staff.

as follows: – Pre-accession Economic Programme (PEP). banking activity made significant progress. 116 National Bank of Romania . – Addendum to the 2003 Report on the Progress in Preparing the Accession to the EU (September 2003). A new peer review mission will take place in July 2004. Capital Movements and Statistics”. The European Commission experts periodically assess the progress in fulfilling the commitments assumed by Romania in preparing accession to the EU.Annual Report 2003 Chapter 7. analyses and inspections. Banking supervision improved in all respects. – Report on the Progress in Preparing the Accession to the EU (September 2002June 2003) based on which the European Commission provides periodical assessments of Romania’s preparedness to join the EU and the progress achieved. 4 “Economic and Monetary Issues. – Documents presented by Romania at the periodical meetings of the RomaniaEU Association Committee. The aim of the mission was to assess the progress in the transposition and implementation of the acquis communautaire in the field of financial services and the implementation of the recommendations made during the first peer review mission in December 2002. namely issuance of regulations. a basic programming document on the medium-term economic policy. European integration and international financial relations 5. which were included in the “Financial Services Action Plan”. Within this context. The experts of the mission contend that in the period elapsed from the first peer review mission (December 2002). and the recommendations made in the Report of the first peer review mission were implemented in a satisfactory manner. The National Bank of Romania’s contribution to preparing the national documents required for Romania’s accession to the EU and to compiling reports on the fulfilment of the commitments assumed In 2003. the National Bank of Romania took part in formulating the sections pertaining to its field of competence that were included in the programming and reporting documents Romania submitted to the European Commission. Association Subcommittee No. special mention deserves the major contribution of the National Bank of Romania to the successful carrying out of the second peer review mission by the European Commission in the field of financial services in Romania during 2-5 December 2003. which focuses on the measures to be taken in order to meet the Copenhagen criteria. 2 “Internal Market” and Association Subcommittee No.

the third and the fourth reviews of the progress made in implementing the programme outlined in the Memorandum on economic and financial policies pursued by the Government of Romania in 2001-2002. Relations with international financial institutions International Monetary Fund (IMF) Romania has been a member of the International Monetary Fund (IMF) since 1972. in an IMF account opened with the National Bank of Romania. – Legislative priorities of the Government of Romania in the context of Romania’s efforts to prepare accession to the EU and integration with NATO and with a view to achieving several objectives of the Governmental Programme submitted in the first ordinary session of 2004 (February-June 2004). out of six such arrangements that have been concluded since 1991. At present. and the second and third purchases totalling SDR 82. together with the Romanian authorities.030. – Financial Services Action Plan. The schedule of purchases under the abovementioned arrangements was the following: the first purchase worth SDR 52 million on 5 November 2001. During 10-21 February and 14 July-1 August 2003.2 million. which underlined the approval of the Stand-By Arrangement worth SDR 300 million on 31 October 2001. B.375 million in ROL. of which SDR 243.666 million on 3 September 2002. The year 2003 saw the completion of the first Stand-By Arrangement. European integration and international financial relations The National Bank of Romania focused on the close monitoring and compliance with all the time limits set for the fulfilment of the commitments assumed in preparing Romania for EU membership referred to in: – Priority Action Plan for EU Accession (November 2002-December 2003 and December 2003-December 2004). – Legislative Programme for 2004 H1. – Programme on fulfilling the criteria for the existence of a functioning market economy.Annual Report 2003 Chapter 7. Romania’s subscription quota (subscribed and paid-up capital) in the IMF share capital is SDR 1. an IMF mission in Bucharest carried out.825 million in gold and foreign currencies and SDR 786. National Bank of Romania 117 .

The assessment was carried out in 2003 H1 via two IMF-WB joint missions in Romania: (i) a preliminary mission (10-17 March 2003) and (ii) the main mission (12-23 May 2003). increased liquidity and manageable levels of bad loans.111 million (nearly USD 76 million) under the agreement in force on 30 April 2003. Romania initiated the subscription to the Special Data Dissemination Standard (SDDS). Moreover. Romania is an active participant in the General Data Dissemination System (GDDS). the IMF’s Executive Board completed the fourth and final review of the Stand-By Arrangement. social and demographic data that are deemed essential for the transparency of both policies used and the macroeconomic performance. the IMF and World Bank experts drew up the Financial System Stability Assessment (FSSA). The objective of the report is to identify the main vulnerabilities of the Romanian financial sector and to provide recommendations with a view to correct these weaknesses. Solvency indicators point to high capital adequacy ratios. Following the discussions with the Romanian authorities. Based on the analysis of capital composition. On 15 October 2003.223 million (about USD 158 million) was made on 17 October 2003. interest rate risk and exchange rate risk show that the banking system is highly resilient to shocks. The report was submitted to the IMF’s Executive Board on 15 October 2003 and published on the IMF website. 118 National Bank of Romania . European integration and international financial relations The IMF’s Executive Board approved on 25 April 2003 the extension of the StandBy Arrangement until 15 October 2003 and the release of the fourth tranche worth SDR 55. At the request of the Romanian authorities. Furthermore. corporate finance and potential weaknesses of the banking system. The conclusion of the FSAP mission was that the Romanian authorities had made remarkable progress towards the stabilisation of economy and financial sector over the past few years. whereby greater transparency on compiling and disseminating statistical data is ensured. thus. financial. banks were deemed capable of coping with considerable shocks from the corporate sector. which periodically provides the public with comprehensive economic. IMF and World Bank officials decided to include Romania in the IMF/WB Financial Sector Assessment Program (FSAP). stress tests for credit risk. the last purchase in amount of SDR 110.Annual Report 2003 Chapter 7.

862. principal repayments were worth SDR 79. This is the eighth strategy approved for Romania and each document of this kind was drafted for a period of nearly two years. after the Russian Federation and Poland.947.309 billion. the sixth instalment worth EUR 1.148 million. the EBRD Board of Governors approved the Strategy for Romania – 2004-2005.89 million were performed. From 1992 until end-2003.608.097. On 30 June 2003.255.274 million were used out of the non-redeemable funds. disbursements worth USD 520. the National Bank of Romania credited the IBRD account with ROL 111. out of which EUR 592. while USD 6. European integration and international financial relations In the context of the policy pursued by the IMF in order to protect the Safeguards Assessments resources and taking into account the fact that Romania uses IMF resources.571 in net interest on SDR allocations-holdings. Romania remained the third largest recipient of EBRD financing. On 15 April 2003.5 million (25.334 and the interest payments amounted to SDR 8. data on the IBRD-Romania relation were indicative of a portfolio including 30 operations worth USD 1.606. – 10 grants in amount of USD 25. National Bank of Romania 119 . the National Bank of Romania took measures that ensured the implementation of recommendations outlined in the report prepared by IMF representatives on 13 May 2002.Annual Report 2003 Chapter 7. EBRD signed 110 loan agreements with Romania totalling EUR 2.603.350. representing the financial obligation arising from the preservation of the value of Romania’s subscription quota in the IBRD share capital. In 2003. the National Bank of Romania is and will be subject to IMF assessment until the full repayment of IMF loans. International Bank for Reconstruction and Development (IBRD) At end-2003. of which: – 20 projects financed by IBRD tantamount to USD 1.000 of Romania’s subscription quota in the EBRD increased capital was paid. In 2003. Out of total loans.4 million. of which SDR 1.173.4 million. European Bank for Reconstruction and Development (EBRD) In 2003. On 25 November 2003.6 percent) were allotted to support the financial sector.

or 21 percent). the EBRD estimates it may get involved in the medium run in restructuring and privatisation of BCR. European Investment Bank (EIB) The EIB stands for a supplementary financing source. including privatisation/sale of public utilities in energy and transport sectors. At end-2003. ensuring just conditions to take action. 120 National Bank of Romania .908. along with EU programmes. Romania was allotted EUR 3.68 million. Black Sea Trade and Development Bank (BSTDB) At end-2003.140 million) after Poland (EUR 6.34 million.8 million. covering 50 percent at the most of a project cost. loan agreements signed with these countries amounted to EUR 21. – private sector development. – further strengthening of the financial system (including non-banks) and of small.306 million. amounting to USD 70. European integration and international financial relations According to the strategy.001.and medium-sized companies (mortgage facilities.Annual Report 2003 Chapter 7. 49 loan agreements were signed with Romania.and medium-sized companies. guarantees). co-financing and higher grade turning to account of EU funds related to pre-accession via institution building.5 million (14 percent) of this amount. or 29 percent) and the Czech Republic (EUR 4. According to the financial standing on 15 October 2003.664. the BSTDB had already signed 10 loan agreements with Romania. and completion of privatisation. the EBRD financing focuses on the following sectors: – infrastructure development. ranking third along with Hungary (EUR 3. – support of leasing companies via long-term financing. – new products for households and small. CEC and Eximbank. The EIB operations are aimed at meeting the objectives set in the Corporate Operational Plan in all the 13 countries seeking EU accession. including improvement of investment environment. of which six were concluded in 2003. Three objectives are envisaged in respect of the financial sector: – privatisation and strengthening.

the Balkans and Central Asia took place in Bucharest and Sinaia. aspects related to IIB resuming lending and IECB resuming commercial operations were discussed. At the bi-annual meetings of the two banks. 764/2003 and 770/2003 issued by the Government of the Russian Federation. National Bank of Romania 121 . Other international activities The National Bank of Romania took part. Furthermore. International Economic Co-operation Bank (IECB) and International Investment Bank (IIB) In 2003. along with other institutions.200.000. strengthening of the institutional capacity of the banking system and the relevance of communication with the public in order to ensure the efficiency of monetary policy. The Governor of the National Bank of Romania chaired the meetings. which is due to last until year-end 2004. The debates resulted in a useful exchange of information on inflation targeting. the National Bank of Romania (the borrower’s agent) and the European Community (the lender) concluded on 11 November 2002. representing dividends on the 8. capital flows and ensuring convergence of economies in the area with EU criteria. the National Bank of Romania’s account opened with the Bank for International Settlements was credited with CHF 3. In 2003. in drafting the National Plan for NATO Membership. the 9th and 10th Meetings of the Governors Club of the Black Sea Area. the first sub-tranche worth EUR 50 million of the second tranche of the loan was released. In May and October 2003. administrative and legal actions were completed in order to obtain the title-deeds on the buildings of the two banks.000 shares the National Bank of Romania holds in BIS. as a result of meeting the structural criteria provided by the Supplemental Loan Agreement between Romania (the borrower). 426/2002.Annual Report 2003 Chapter 7. and in devising the calendar of economic reforms assumed by Romania with a view to preparing NATO integration. European integration and international financial relations Bank for International Settlements (BIS) Following the decision taken at the BIS Annual Meeting held in Basle on 30 June 2003. as well as on the role of the central bank in the functioning of payment systems. the activity of the two institutions focused on debt rescheduling for the Russian Federation (the largest debtor to the two banks) pursuant to Decisions Nos.

end of period 7. Developments in international reserves In 2003. international reserves stayed within the optimum range. as well as by the maintenance of required reserves in foreign exchange by commercial banks. of which EUR 6. Management of international reserves of Romania A.7 percent respectively.5 billion.1 billion in gold (the equivalent of 105.Annual Report 2003 Chapter 8. although their growth rate slowed down from the previous year.3 percent and 14. international reserves came in at EUR 7.000 2. accounting for 85.000 EUR 4. the payments and receipts in foreign exchange resulting from the policy of the Ministry of Public Finance on the financing of budget deficit and the repayment of public debt and publicly guaranteed debt.000 EUR millions.000 0 1999 122 2000 2001 2002 2003 National Bank of Romania .000 6. International Reserves 8.000 USD 3.4 billion in foreign exchange and EUR 1. At the end of 2003.1 tonnes of gold).000 Other currencies 5. The level of the foreign exchange reserves was influenced by the monetary policy operations of the NBR.000 gold 1.

In addition. in amount of EUR 12.. of which EUR 690. Management of international reserves of Romania 1. whose gold content had been included in total gold reserves were sold. the recovery of some foreign exchange claims by the BARA. d) other payments related to currency issue.145 million. b) disbursement of the last tranches under the Stand-By Arrangement with the IMF worth EUR 204 million. Outflows1 a) repayments of public debt and publicly guaranteed debt worth EUR 1. Their total exceeded EUR 1.Annual Report 2003 Chapter 8.3 tonnes at end-2002.25 million. f) surrender to the forex reserves tantamount to EUR 28 million. amounting to EUR 385 million.1 tonnes versus 105. b) sales on the domestic forex market.485 million. as a result of both further retrocession (in compliance with legal provisions in force) and purchases on the domestic market.5 million came from Eurobond issue. and the receipts of foreign exchange from privatisation deals. Following 1 Based on settlement date National Bank of Romania 123 . e) revenues from the management of the international reserves to the tune of EUR 177 million. Inflows 1 a) inflows of foreign exchange into the Ministry of Public Finance accounts opened with the NBR following the issues of foreign exchange securities on the domestic and foreign markets. following the intervention in the domestic forex market. c) purchases in amount of EUR 943 million. c) payments of subscription quotas to international financial institutions in total amount of EUR 6 million. various bills etc. the gold reserve experienced slight fluctuations reaching 105. Throughout 2003. 2. the NBR holdings of alloys of precious metals (gold and platinum). d) the rise by EUR 390 million in banks’ required reserves in foreign exchange.

on the other hand.Annual Report 2003 Chapter 8. the forex reserves increased USD 14. gold) towards shares and corporate bonds was noticed. Thus. 1 percent in the USA. the development of financial markets was hallmarked by the escalating geopolitical tensions. from USD 342. the fears expressed by the Federal Reserve on a possible faster-than-desired decrease in inflation rate or even emerging signs of deflation. Mention should be made that the recovery of gold from alloy. rising by almost 22 percent.58 million. Nevertheless. Furthermore. the gold mined worldwide rose 0. a migration of capital from assets deemed to be the safest (government bonds. The USD-expressed gold price reached a 7-year high. The uncertainty-plagued environment induced an extreme volatility. Developments on international financial markets At the outset of 2003.25 per ounce at end-2003. a group of large gold producers decided to reduce the volume of forward sales and even buy back some amounts sold in the preceding periods under the general policy of output and financial risks management. on the one hand. From the economic viewpoint. Moreover. and the slow growth rate of the European economies.75 per ounce at end-2002 to USD 417. owing to the perception that the state of war would be short-lived and the coalition would have a good chance for success.5 percent in the United Kingdom.e. culminating in the outbreak of the war in Iraq. representing the equivalent of the precious metals recovered from alloys. entailed further interest rate cuts in developed countries. while the gold reserve decreased accordingly. its melting down into ingots and the transport in the country or abroad in order to confide it to a depositary would have been far costlier and would have lacked economic justification. Behind this performance stood mainly the step-up in the demand for physical gold on the European and Asian markets. 2 percent in the EMU and 3. B. As far as the supply is concerned. i. the reference interest rates reached minimum post-war levels. the central 124 National Bank of Romania . as a result of the weaker US dollar. the official sector continued to pursue its policy of reducing gold reserves.4 percent. The demand for investment gold expanded on the backdrop of international political tensions and stronger fears on rekindling inflation in the main developed countries as a result of loose monetary and fiscal policies adopted by the authorities in order to spur economic growth. thereby affecting the well functioning of the markets. after the outbreak of the war. Management of international reserves of Romania this operation.

liquidity and realising incomes from investment. Composition of Forex Reserves by Assets 100% securities 80% 60% time deposits 40% 20% demand deposits 0% 2001 National Bank of Romania 2002 2003 125 . usually remunerated at a lower level.7 percent annual return to the average balance of international reserves invested. by considering the rating and financial statement of issuers and by diminishing swiftly the exposure to doubtful entities.1 percent) stood the fast increase in the price of gold. Management of international reserves of Romania banks of Portugal. particularly owing to its implications on the large producers’ financial behaviour. Greece. Canada. The foreign exchange and gold reserves were invested in safe instruments issued by governments. Total revenues collected from the management of international reserves amounted to EUR 177 million. thus ensuring the fulfilment of the three basic principles underlying the management of international reserves. which brought about a 2. government agencies or international organisations.Annual Report 2003 Chapter 8. Behind the dramatic fall in interest rates on short-term gold deposits (to less than 0. namely security. the NBR aiming at maintaining an optimum level in the current accounts. The amounts necessary either to make payments falling due or to intervene in the domestic market were steadily available. and Switzerland were among the banks which made such operations public. Management of international reserves In 2003. C. the strategic objectives approved by the NBR Board were accomplished.

investments were made only in securities issued by the US Government. The suggestion was accepted along with the decision to decrease the share of the US dollar from 40-50 percent to 35-45 percent of foreign exchange reserves. by governments of the EU member states. one of the US mortgage agencies was involved in an argument regarding the accuracy of accounting records. and supranational institutions. measure and estimate financial risks. as follows: the share of securities issued by agencies and supranational institutions went down. while the share of government securities went up. government agencies or agencies sponsored by the governments of the EU member states.Annual Report 2003 Chapter 8. Management of international reserves of Romania By issuer. external debt composition and trade flows. in compliance with the strategy approved. significant progress was made towards acquiring and applying some modern techniques to manage fixed-income securities portfolios and some new methods to monitor. According to the initial strategy for international reserve management. the NBR Board decided a forex composition in which the euro would account for 55 percent at most. and suggested the NBR Board to change the strategy so as to raise the share of the euro in total foreign exchange reserves to 60 percent at most. Composition of Government Securities Portfolio by Issuer Government agencies 100% 80% 60% Supranational entities 40% 20% Governments 0% 2000 2001 2002 2003 In the reported year. the International Reserve Management Committee made an assessment of the new coordinates of monetary policy. 126 National Bank of Romania . This approach proved to be profitable as in the second half of 2003. as well as of the developments of international financial markets. government agencies or agencies sponsored by the US Government. The shares of such categories of instruments in total portfolio underwent changes depending on the conditions of the fixed-income securities market. In September 2003. which depressed the price of its securities.

Management of international reserves of Romania Starting from the appraisal of the state of affairs over the past 2-3 years. National Bank of Romania 127 . This is an ongoing process but the inference is that higher revenues from management of international reserves can be obtained provided that additional risks are assumed. with the observance of the prudential approach to the risks taken. the International Reserve Management Committee took steps to get information on the possibilities to improve returns on international reserves by finding new investment instruments or opportunities.Annual Report 2003 Chapter 8. and upon the request of the executive members. namely of the international climate featuring low interest rates.

as follows: – on 1 September 1999. is part of the central bank’s long-term strategy. whereas 22 branches and 19 agencies (resulting from former branches) were established countrywide. Several types of central bank organisation structures can be found in Europe. – overmanning in terms of auxiliary staff and non-college graduates.e. on the other. several drawbacks and disruptions came to the fore. 357 at the head office and 668 countrywide. Development of NBR functions A. a sufficiently flexible and efficient structure. 1 2 128 Comprising the ECB and the national central banks of EU member states. which started in 1999. as follows: – a relatively large number of staff – more than 4. considering that a number of roughly 20 branches could ensure. As a result.000 inhabitants).800 employees (roughly 2 central bank employees per 10. National Bank of Romania . i. 1. on the one hand. After a critical analysis of the NBR organisation structure was made in 1998.025 positions were axed.Annual Report 2003 Chapter 9. The National Bank of Romania chose to adopt an intermediary type. – a large number of branches (41) whose staff was mainly engaged in activities which could be contracted out (payments and settlements) or rendered more efficient by implementing modern technologies. Comprising the ECB and the national central banks of the member states which adopted the euro. Restructuring of NBR activity The restructuring of NBR activity. the opposites being Banque de France (with a very large number of branches and a remarkable presence across the country) and Bank of England (with a modest number of branches and many of its activities subject to outsourcing). The restructuring of NBR activity featured several stages. above the European average. the number of departments in the NBR head office was cut to 15. the adequate coverage of the 42 counties and. The National Bank of Romania is poised to become a constituent of the European System of Central Banks 1 in 2007 and a member of the Eurosystem2 at the horizon of 2011-2013.

as of 1 January. Development of NBR functions – on 1 September 2000. was established. In the wake of outsourcing or reorganisation of the activities mentioned above. including 15 posts.e. and Hunedoara. the major steps taken to further increase the efficiency of NBR organisation were the following: – the dissolution. In early 2004. Harghita. out of the total figure of 3. and the treasury operations conducted by the other branches being subject to a two-stage dissolution. along with the accompanying staff. Moreover. The department is essential for the preparations ahead of shifting to inflation targeting. staff numbers were cut by 469 posts against year-end 2002. i.e. National Bank of Romania 129 . on 1 April and 1 September respectively. with treasury operations resting with four regional centres.Annual Report 2003 Chapter 9. the restructuring programme featured the following: – 343 posts shifted to TransFonD joint-stock company (24 posts from the head office following the dissolution of Settlements Division and 319 posts from the branches following the dissolution of Bank Settlements Offices). of which 111 at the head office and 288 countrywide. following the outsourcing of bank payments and settlements.804 posts 399 were axed. – the Macroeconomic Modelling and Forecasting Department. a vital body for information dissemination and modelling public expectations with a view to shifting to inflation targeting. Alba. of which 86 at the head office and 781 countrywide. Also in 2001. new divisions were established. the Settlements Division within the Bank Operations Department (with 27 positions taken over from the Payment and Settlement Office) and Press Relations Division. – on 1 May 2001. – the endowment of treasuries with efficient systems for the processing and destruction of notes. – the disposal of two holiday homes owned by the central bank. – the transfer.405 posts 867 were axed. out of the total figure of 3. as of 1 September. of three branches in counties with poor bank network. i. of the activity of assaying and hallmarking of precious metals to the National Authority for Consumer Protection (along with the related 41 positions). The year 2002 saw the establishment of European Integration and International Relations Department (having 15 positions taken over mostly from the Monetary Policy Department) in order to bring under the same umbrella the operations of monitoring the commitments assumed by the NBR ahead of Romania’s joining the EU. the agencies were subject to dissolution. In 2003.

in step with the requirements of the European Central Bank. Given the circumstances. – communication with the public. Secretariat Department. during 1-9 April 2004. an IMF/World Bank mission proceeded to the analysis of the central bank’s preparedness with a view to shifting to inflation targeting. etc. at present. fiscal deficit financing or the curtailment in unemployment) recede to the background. appropriate width of the target band. – organisation and management of resources at both head office and branches. Challenges of shifting to a new monetary policy strategy Considering the technical difficulties faced by the current strategy. optimum time horizon. The basic features of inflation targeting encompass a high degree of monetary policy transparency. above all. at the request of the NBR executive management.). i. monetary aggregate targeting. full-fledged financial system. and transition countries. It may be asserted that. – incorporation of forecasts into monetary policy decisions (the response function of the central bank). higher external competitiveness. National Bank of Romania . the National Bank of Romania has a sufficiently flexible and efficient structure. precedence of the inflation target. and Security Division. Inflation targeting implies. Poland and Hungary. The efficacy of inflation targeting hinges on the fulfilment of several institutional prerequisites (central bank independence in using monetary policy tools. B. This is a strategy used by central banks in developed countries such as Canada. namely the Czech Republic.Annual Report 2003 Chapter 9. viable inflation forecasting models. the United Kingdom. the non-equivocal commitment to price stability as the overriding objective of monetary policy while the other traditional objectives (economic growth. The team’s recommendations envisaged the following: 130 – the modelling and forecasting capacity of the National Bank of Romania.e. as communication with the public is vital for the successful implementation of such a strategy. Sweden. Accounting Department. Development of NBR functions – 34 posts were added to Statistics Department. harmonisation of fiscal and monetary policies. possibly from 2005. the increase in central bank accountability for attaining the inflation target and taking monetary policy decisions based on forecasts generated by a macroeconomic model. the National Bank of Romania opted for shifting to inflation targeting. flexible exchange rate mechanism) and on satisfying some technical requirements (the choice of an adequate price index. New Zealand.

Moreover. (Working Papers No. Cristian Popa Ph. 9. prepared in 2004 by a task group within the Research and Publications Department.D. Development of NBR functions In light of the above-mentioned recommendations. Mugur Isărescu Ph. For inflation targeting to be successfully implemented.. the surveys on inflation expectations of businesses. several papers focusing on this issue were edited. – “Direct Inflation Targeting: A New Monetary Policy Strategy for Romania” coordinated by Cristian Popa Ph.D. Thus. the role played by this publication in keeping markets informed and anchoring inflation expectations is envisaged to be enhanced by expanding the section dealing with the outlook for inflation. As for the enhancement of the central bank’s inflation forecasting capacity. the NBR Board is to take decisions to pave the way for the implementation of the new monetary policy strategy. – “Towards a New Monetary Policy Strategy: Inflation Targeting”. 3 Comprising papers presented at the workshop conducted by the National Bank of Romania National Bank of Romania 131 . October 2003. September 2003. the National Bank of Romania branches will help implement the inflation targeting strategy. May 2000).D. as follows: – “Ţintele alternative în orientarea politicii monetare”. – “Ţintirea directă a inflaţiei în Republica Cehă. April 2002). (Working Papers No. Once the new monetary policy strategy has been implemented.Annual Report 2003 Chapter 9. in the future. capable of capturing the monetary policy transmission mechanism and conducive to medium-term projections. special attention has been attached to the development of a structural model of the Romanian economy. 10. The National Bank of Romania has been long concerned with the preparations to shift to inflation targeting. volume 32. Their contribution consists in conducting the monthly business surveys and. Polonia şi Ungaria: implementare şi performanţe”. – “Ţintirea directă a inflaţiei”3 in “Biblioteca Băncii Naţionale” collection. which encompasses univariate models for inflation forecasting by CPI components and semi-structural models. This will add to the present toolkit. the half-yearly “Inflation Report” (whose first edition was 1/2001) is yet another important element.

ORGANISATION CHART OF THE NATIONAL BANK Audit Committee BOARD OF GOVERNOR Monetary Policy Committee International Reserve Management Committee DEPUTY GOVERNOR Cristian Popa FIRST DEPUTY GOVERNOR Emil Iota Ghizari MONETARY POLICY DEPARTMENT Director Teodor Buftea MARKET OPERATIONS DEPARTMENT Director Lia Rodica Tase —Monetary Analysis Division Dorina Florenţa Antohi —Monetary Forecasting Division Elena Alinta Neamţu EUROPEAN INTEGRATION AND INTERNATIONAL RELATIONS DEPT. —Monetary Policy Operations Division Şerban Matei —State Treasury Operations Division Mihail Orbonaş —International Reserve Management Division Cristian George Muntean Director Cezar Boţel —European Integration Division Gabriela Mihailovici —International Relations Division Niculina Brebenel RESEARCH AND PUBLICATIONS DEPARTMENT Director Surica Rosentuler —Research Division Elena Iorga —Publications Division Aurora Petrean —Documentation and Library Division Ion Soare STATISTICS DEPARTMENT Director Marian Mustăreaţă Deputy Director Constantin Chirca BANK OPERATIONS DEPARTMENT Director Ionel Niţu —Issuance Division Petru Horia Ozarchevici —Market Operations Performance Division Simona Şerbănescu —Settlements Division ACCOUNTING DEPARTMENT Director Iulia Stanciu —Financial Division Emilia Mihăilă —Accounting Division Gabriela Mateescu —Financial Control Division —Statistical Reporting Division Emil Vasile —Data Processing Division Anica Lepădatu —Statistical Information and Analysis Division Virgil Barbu Ştefănescu IT DEPARTMENT Director Ovidiu Dragomir —IT Systems Division Simona Chiochiu —Network Administration Division Tiberiu Pârvulescu Note: Colour patterns show the 132 .

as of 31 December 2003 Statutory Audit Commission DIRECTORS Mugur Isărescu Supervision Committee DEPUTY GOVERNOR Mihai Bogza REGULATION AND LICENSING DEPARTMENT Director Petre Tulin Deputy Director Emilian Antonescu —Analysis and Strategy Division Veronica Răducănescu —Prudential Regulation and Payment Systems Division Oana Iuga —Licensing Division Ana Cengher —Banking Risk Division Adriana Neagoe —Accounting and Foreign Currency Regulation Division Vasile Holobiuc SUPERVISION DEPARTMENT Director Nicolae Cinteză Deputy Director Adrian Cosmescu —Synthesis Division Rodica Popa —Inspection Division I Bogdan Viorel Marin —Inspection Division II Lucreţia Niculina Păunescu —Inspection Division III Elena Georgescu LEGAL DEPARTMENT Director Mihai Gheorghe Ionescu Deputy Director Ianfred Silberstein —Legal Documentation and Advisory Opinion Division Rodica Bădoiu —Contract Assistance and Disputed Claims Division Maria Ponepal BRANCHES (19) INTERNAL AUDIT DEPARTMENT Director Ion Păduraru —General Audit Division (for departments and branches) Radu Melica —IT Audit Division Ioan Muntean HUMAN RESOURCES DEPARTMENT Director Cristian Păunescu —Human Resources Management Division Gabriela Florica Arieşan —Professional Training Division Gabriela Magdalena Ursoiu SECRETARIAT Director Ion Drăgulin Deputy Director Cristian Bichi —Board Secretariat Division Bogdan Mădălin Mihai —Secretariat and Branches Co-ordination Division Cornelia Mariana Chirindel —Protocol Division Dumitru Răţoiu —Banking Correspondence Division Stere Paris —Archives and Museum Division Mihaela Tone —Public Information Division Romulus Palade —Press Relations Division Mugur Gabriel Şteţ LOGISTICS DEPARTMENT Director Dan Spiridon Florescu Deputy Director Mihai Dăscălescu —Acquisition and Procurement Division Ghica Sasu —Transport Division Dumitru Iordan —Logistics Division Cătălin Alexandru Barbu —Running Repair and Maintenance Division Bogdan Ion Cazacu —NBR Security Division Traian Pometcu —NBR Club Management Division departments' co-ordination 133 .OF ROMANIA .

the rescaling of personnel that was aimed at matching the organisational structure with the objectives and the tasks of the central bank. Staff upskilling was based on a programme approved by the NBR Governor. In 2003. removal of posts related to the processing of forex receipt/payment forms. The priorities of the central bank translated into the drafting and implementation of this programme which focused mainly on strengthening the Romanian banking system and bringing it closer to European requirements. This was part of the efforts made towards the harmonisation with the domestic legislation and further structural reforms in order to strengthen the NBR institutional capacity ahead of joining the European Union. Other activities of the National Bank of Romania Human resources management In 2003 as well.Annual Report 2003 Chapter 10. training programmes offered by both domestic institutions (especially the Romanian Banking Institute) and foreign institutions (the central banks in the EU member states and international financial institutions) 134 National Bank of Romania . along with staff upskilling and motivation of employees were the priorities of human resource policy implemented by the NBR. began working with the NBR head office. as well as on their potential detected during the selection. as well as on fulfilling the convergence criteria and introducing the euro. In order to achieve staff upskilling. such as bank inspections. of which 50 university graduates. in conjunction with the reduction in the number of related posts – 469 positions were axed off the central bank’s staff scheme as compared with end-2002 – stood the following: transfer of the activities of assaying and hallmarking of precious metals to the National Authority for Consumer Protection. entailed higher demand for staff. closure of three branches in counties with poor bank network. Behind the relinquishment or retrenchment of some activities. unification of technical services of the National Bank of Romania’s head office and the Bucharest Branch. The readjustment of personnel scheme following the broadening of the scope of activities or their growing more complex. Where the redistributed staff was not sufficient to cover demand for personnel. concentration of treasury operations in four regional centres and their removal from 18 branches. 22 examinations were organised and 74 persons. candidates from outside the bank were recruited and selected. based on their training and expertise.

Operations personnel accounted for more than 85 percent of the skilled staff. In 2003. To this end. most of them having an English version (both in paper-based and electronic format) in order to facilitate the access to information of foreign institutions and foreign natural and legal persons.000 times per day. On this occasion.Annual Report 2003 Chapter 10. the NBR was viewed as a more reliable and complex data source. thereby ensuring ready access to information and statistical data. At present. as well as to provide information on the developments in the financial and banking system and the domestic and international economic environment. the improvement of the contents. Press releases concerning monetary aggregates. workshops or book releases. In June 2003. Thus. at the initiative and with the support of the Romanian Economic Society (SOREC) and under the aegis of the Romanian Academy and the National Bank of Romania. 19 papers dealing with aspects of Romanian economy from a European and international perspective were National Bank of Romania 135 . Communication with the public The National Bank of Romania increased its efforts to ensure greater transparency of the monetary policy stance and its moves. as well as their diversification. the National Bank of Romania issues and disseminates 10 different publications. the balance of payments current account and international reserves have been disclosed on a monthly basis. being accessed nearly 50. Moreover. made their role as a communication tool gain in significance. the central bank focused on organising conferences.and long-term strategies have been included in the publications released by the National Bank of Romania and posted on its website. The NBR website became the prime communication tool of the central bank. the page on European Integration was added and papers discussed at press conferences organised by the NBR or the papers delivered by the NBR representatives on the occasion of different workshops or international conferences were published. In order to improve communication with and increase awareness of the public at large. The NBR website is also available in English. structure and layout of its publications. part of the economic studies and analyses prepared by the NBR staff and used in taking monetary policy decisions and laying out medium. Other activities of the National Bank of Romania were resorted to. a workshop was organised for young Romanian researchers who graduated abroad. The National Bank of Romania has been providing the public with daily information on the key financial market indicators and weekly analyses on the developments in those indicators.

Annual Report 2003 Chapter 10. including the head offices of commercial banks. 544/2001 on the free access to information of public interest. Furthermore. the NBR organised a workshop in co-operation with a group of economists from the International Monetary Fund and the Reserve Bank of New Zealand. In 2003. which at present interconnects all NBR departments and branches. the Credit Information Bureau. Information technology The National Bank of Romania would fail to achieve its objectives without a safe and efficient IT support. the Payment Incident Bureau. In 2003. The most significant projects envisaged the computerisation of accounting activity at the National Bank of Romania’s head office and branches. in September 2003. The said papers were subsequently gathered in a volume titled “New Economists on the Transition in Romania”. the reading room of the NBR archives was opened subsequent to the drawing-up and approval of the Regulation on the access to the NBR archival documents. Other activities of the National Bank of Romania debated. Internal audit The high significance of internal audit as a tool to analyse and assess all the activities of the bank. a significant number of queries and petitions were settled and solved. Amid preparations for inflation targeting. In 2003. the Bank Register and the Credit Cooperative Register. The National Bank of Romania also took into account other ways of communication with the public. whose papers were published in a volume titled “Ţintirea directă a inflaţiei”. steps were taken to make the National Bank of Romania’s archival documents known worldwide. as well as other institutions of public interest. The central bank has developed a complex system of local-area networks (LAN) and applications. 136 National Bank of Romania . pursuant to the provisions of Law No. Such networks are interconnected via encrypted communication channels in a wide area network. mainly from the perspective of adequate risk management. shift to the newest platforms and adoption of volume licensing models for the software packages in use. the IT sector development followed the guidelines of the NBR Computerisation Strategy approved in 2002 and focused on the following: replacement of obsolete servers and workstations. translated into the organisation by the dedicated department of a larger number of audit missions as compared with the previous year.

methodological guidance of the bank’s organisational structures. in the former case. organisation and performance of the central bank’s purchases. training of Internal Audit Department staff. in the latter case. and 38 licensing files. were reviewed and endorsed. the departmental audit missions were carried out at several NBR departments and at the Bucharest Branch with focus on checking the main activities in relation to the associated risks. National Bank of Romania 137 . thematic or IT audit – and their findings and recommendations were assumed by the departments subject to auditing. As for the NBR relations with international financial institutions and the strengthening of the banking system. In order to assess periodically the harmonisation of the Romanian banking legislation with the EU Directives in the field. 21 draft agreements. the co-operation with the European Central Bank has grown tighter for the purpose of completing some related papers or drafting the Regular Report. For the purpose of developing the internal audit. Moreover. the bank’s independent auditor. co-operation with the Audit Committee.Annual Report 2003 Chapter 10. the achievement of commitments taken with a view to strengthening the administrative capacity of the NBR and the harmonisation of regulations on credit institutions with the acquis communautaire led to the expansion of the legal activity in both quantitative and qualitative terms. implementation of the International Monetary Fund’s recommendations on internal audit. conventions and other international documents. The thematic audit missions checked the compliance with working procedures used in preparing the monetary survey. several specific activities were performed within the central bank such as preparation of the Methodological Norms on carrying out internal audit within the NBR. co-operation with KPMG. In the year under consideration. The Legal Department endorsed 88 draft legislative acts initiated by the NBR and 22 draft legislative acts submitted by other institutions. Legal activity In the context of Romania’s joining the EU. as well as documents to impose penalties. Other activities of the National Bank of Romania The audit missions focused on different types of audit – departmental. IT audit missions were carried out with a view to analysing and checking the activity of some organisational structures from the viewpoint of information technology and communication. surprise audit of treasury operations.

The balance sheet of the National Bank of Romania as of end-2003 was compiled in accordance with the accounting principles regarding prudence. – The Chart of Accounts and the Methodological Norms specifying the use of the National Bank of Romania’s accounts. 138 National Bank of Romania . regulations issued by the NBR. intangibility of the opening balance sheet and non-setoff of assets against liabilities. For taxation purposes. 82/1991 – The Accounting Act. 101/1998 – on the Statute of the National Bank of Romania. commercial banks operating in Romania and other financial organisations are regulated by laws. Government decisions. the deduction of certain expenses (such as social and protocol expenses) is limited to the percentage of profit set by law. as subsequently amended and supplemented. consistency. The balance sheet items as of end-2003 match the data recorded on the same date in the trial balance of synthetic accounts. bilateral conventions and agreements. monetary and payments institutions. which are in line with the findings of stocktaking. Financial statements of the National Bank of Romania as of 31 December 2003 A. ongoing concern. The National Bank of Romania’s relations with the central and local public authorities. the State Treasury. matching. and – Guidelines of the Ministry of Public Finance regarding the actions to be taken at the end of the financial year. international financial. Balance sheet The annual financial statements of the National Bank of Romania were compiled based on the provisions of the following pieces of legislation: – Law No. banking. orders issued by the Ministry of Public Finance. – Law No.Annual Report 2003 Chapter 11. ordinances and emergency ordinances.

No depreciation is calculated for fixed assets in progress.profit tax (80 percent of taxable profit). Interest accrued or due. j. duties and charges due. an independent audit company. Precious metals are revalued based on the last AM fixing quotation on the London market of precious metals and on the ROL/EUR exchange rate set on the same date with that of the balance sheet. . 44 of Law No. f. All tangible fixed assets. except for land. Assets for which depreciation and provisions were calculated are disclosed at net value. as appropriate. Tax expenses concern: . Separate disclosure of assets and liabilities. Thus. SDRs. 403/2000 on the revaluation of buildings. Pre-paid expenses and accrued revenues are disclosed as assets and liabilities respectively. consistent with the accrual accounting. Stocks of gold and other precious metals are disclosed at book price. in the “Adjustment account” of the balance sheet. The revaluation methodology in relation to the International Monetary Fund was changed as of end-2002 in compliance with the recommendation of KPMG. National Bank of Romania 139 . recorded and paid to the government budget in conformity with tax regulations in Romania. c. Fixed assets are disclosed at updated value pursuant to the revaluation performed on 31 December 2001 based on Government Decision No. foreign exchange-denominated assets and liabilities are recorded in the revaluation adjustment account. g.wage tax. which increases or decreases the special revaluation account at year-end (pursuant to Art. the SDRs are revalued at the exchange rates released by the International Monetary Fund on 30 April and 31 December. constructions for special purposes and land. Stocks are recognised at cost and are written off by applying the weighted average cost or the FIFO method. b. d. while refurbishment is capitalised by adding the value of the renewal to the book value. i. k. Interest revenues and expenses are recognised in the period they refer to. Foreign exchange-denominated assets and liabilities are revalued on a monthly basis at the exchange rate set on the last working day of the month. Financial statements of the National Bank of Romania as of 31 December 2003 Underlying principles for drawing up the annual financial statements a. All differences resulting from the revaluation of gold. 101/1998). . Maintenance and repair of tangible fixed assets are recorded as expenses. are depreciated according to their useful lives. receivable or payable.Annual Report 2003 Chapter 11. h. Commissions and fees charged to customers are recorded as revenues when the transactions are performed. e. m. is disclosed next to the balance sheet item it is calculated for. Taxes are calculated. l.other taxes. The National Bank of Romania uses the straight-line depreciation method.

change 53.1 2.4 12.7 -71. Loans granted to banks Interest receivable Specific provisions for credit and interest losses 6.7 1.3 LIABILITIES 1.0 40.2 370.7 48.800.5 -18.2 -52.7 94.6 5.8 11.9 1. Interest payable – total 6.1 136.0 81.8 89.1 370.151.1 45.0 20. Foreign assets Interest receivable on gold deposits Interest receivable on demand deposits Interest receivable on time deposits Interest receivable on securities 4.5 203.1 10.413.190.860. Balance Sheet of the National Bank of Romania ASSETS 1.8 75.0 2.3 162.4 40.0 -40.086.9 -99.9 1.9 -9.1 1. Other liabilities 7.9 23.898.220.8 22.305.709.2 -402.6 307.3 14.8 -7. Interest receivable .0 5.247.5 8.1 5.905.4 -152.7 14.3 52. Other loans Interest receivable 7.055. Banks' deposits with the NBR Interest payable on required reserves Interest payable on demand deposits Interest payable on bank deposits 5.7 20.0 7.2 47.2 65.566.148.1 -0.2 -152.2 1.347.Annual Report 2003 Chapter 11. Foreign liabilities Interest payable on borrowings Interest payable on SDR allocations by the IMF 3.133.308.6 -91.9 47. funds and reserves Total 140 National Bank of Romania .5 12.8 -99. Securities Interest receivable 5.1 1.6 96.607.1 707.2 18. Precious metals and stones 3.894.3 3.2 359.0 4.3 2.413.2 41.8 -15. Financial statements of the National Bank of Romania as of 31 December 2003 Table 1.4 870.0 12.6 56.6 -49.643. Notes and coins in circulation 2.3 -27.5 0.9 92.136.1 1.479.6 -20.6 2.6 -3.4 0.8 751.493.633. Deposits of State Treasury Interest payable 4.0 -30.7 5.281.5 5.4 43.2 0.3 66. Capital.825.1 4.total 8.6 -13. Cash and similar items 2.0 66.2 307.1 -445.600. Other assets Provisions for other assets Total 31/12/2002 31/12/2003 2003/2002 % ROL bn.1 -16.5 1.905.9 -37.8 70.6 -16.4 293.8 49.9 37. ROL bn.871.

9 97.6 22.3 295.1 20.3 percent. % in total 307.474.898. while time deposits fell by ROL 78.613.in foreign exchange .9 billion. Interest receivable 7. Table 2.7 -28.8 2.800.905. Composition of Assets Total assets 1.2 100. i.1 95.0 -99.0 0.3 359.757.1 4. foreign assets increased by ROL 66.006.7 percent.e.3 22. Loans granted to banks 4.1 10. given that: – monetary gold stock consisting of ingots and coins at international standards grew by 16.4 0.7 241.1 95. Fixed assets.652.0 359. Foreign assets held the overwhelming share in total assets.8 billion.9 97.8 1.4 0.0 -21.7 41.Annual Report 2003 Chapter 11.7 5.148. Precious metals 5.9 100.566. larger than that of foreign liabilities in total liabilities.4 -37.2 2.6 billion.1 percent.6 percent owing to revaluation of the gold stock at the price of ROL 437.7 2003/2002 change (%) 20.3 12.in foreign exchange .0 293. % in total change (%) 370.2 0.7 0.in ROL Liabilities .4 billion due to payment of interest and commissions on borrowings from the IMF.9 100.905.8 20.2 -30.e.0 66.8 1.5 4.086.8 1.6 751.9 2.in ROL 31/12/2002 ROL bn.413.1 79.5 In 2003.9 100.6 -6.4 billion. Foreign assets 2.105. 307.3 78.2 14. i. 97. or 22. Composition of Assets and Liabilities Assets . National Bank of Romania 141 . Financial statements of the National Bank of Romania as of 31 December 2003 Balance sheet as at 31 December 2003 As at 31 December 2003.8 307.148.0 293.308.2 100.5 0.347.9 21.649.4 Balance sheet assets Table 3. % in total 370.9 370.2 1.633. total assets of the National Bank of Romania amounted to ROL 370.0 0.0 20.6 31/12/2003 2003/2002 ROL bn.305.413.7 0.404 per gram at end-2003. stocks 6.8 1. Securities 3.302.1 3.413.0 2.0 75. – demand deposits went up ROL 752.0 0. 20.2 0.600.2 100.3 2. Other assets 31/12/2002 % in total ROL bn.648. – SDR holdings with the International Monetary Fund dropped by ROL 67.1 22.3 31/12/2003 ROL bn.413.905.800.8 2.

4 billion.474. specific provisions for credit and interest losses totalled ROL 402.2 52.0 43. Notes and coins in circulation 2.001 percent at end-2003.2 1.1 6.5 40. At end-2003.2 15.5 billion.8 percent at end-2002 to 0.860.7 billion to ROL 2. The National Bank of Romania had equity stakes in the International Monetary Fund.8 56. Banks' deposits 5. owing to the coming to maturity of most securities in the NBR portfolio. 261/2001. land.413. Capital.7 8. their value shrinking from ROL 2.151.2 billion. Deposits of State Treasury 4. Fixed assets and stocks (such as buildings.585.8 20.6 13. the International Bank for Reconstruction and Development.8 percent year on year due mainly to sales of gold in the form of alloys and gold scraps on the foreign market.347. stocks and other assets) diminished as a share in total assets from 0. In 2003.0 65.7 National Bank of Romania . Balance sheet liabilities Table 4.8 17. Financial statements of the National Bank of Romania as of 31 December 2003 – foreign securities were worth ROL 237.9 100.0 307. Multilateral Investment Guarantee Agency and the International Financial Corporation.825.2 66.5 12.8 percent in 2002 to 0.6 -40.6 percent in 2003.Annual Report 2003 Chapter 11.247.3 5.8 136. Their value contracted year on year from ROL 2.9 21. % in total 370. Composition of Liabilities Total liabilities 1.4 162.302.643. the European Bank for Reconstruction and Development. the Bank for International Settlements.0 1. The share of the item “Securities” in total assets edged down from 0.905.8 2. transport means. Foreign liabilities 3.5 37. – foreign equity investment stood at ROL 52.5 31/12/2003 ROL bn. up 31 percent from 2002. funds.0 17. % in total 100.6 1. NBR’s operations related to lending to banks consisted only of tracking the unfolding of contracts previously concluded with the Bank Deposit Guarantee Fund and Credit Bank.898.3 0.1 billion at end-2003.8 billion.6 18.220.7 2003/2002 change (%) 20.3 23.7 251.3 44.5 billion to ROL 5.871.805. Other liabilities 142 31/12/2002 ROL bn. up 6.350.136.308. reserves 6. as well as to retrocessions of gold to individuals in accordance with Law No.7 percent year on year.402. Precious metals dropped 30.6 75.

of which ROL 1.395. deposits and other holdings.117. or 1.Annual Report 2003 Chapter 11. “capital.6 billion in foreign exchange deposits (EUR 94.6 billion. – the pick-up in child benefit. – redundancy payments. Banks’ deposits with the NBR in the form of required reserves.6 million and USD 7 million). – demand deposits taken from central banks (ROL 1. held 43. reserves” and “foreign liabilities”.678.8 percent of total liabilities.9 billion).4 billion due to the drawings effected and the SDR/ROL exchange rate movements. Financial statements of the National Bank of Romania as of 31 December 2003 The central bank’s liabilities expanded mainly on account of increases under “banks’ deposits with the NBR”.8 billion against the beginning of the year resulted mainly from the large volume of cash payments generated by: – the rise in economy-wide minimum gross wage on 1 January 2003.4 billion in ROL deposits and ROL 4.136 billion.6 billion).4 percent of total liabilities. At end-2003.9 billion).6 percent of total liabilities.303. funds.378. Notes and coins in circulation accounted for 17. taken by the central bank for monetary policy purposes.8 billion.041. – the increase in public sector wages in January and October 2003. – deposits of the IBRD (ROL 815 billion) and of the Multilateral Investment Guarantee Agency (ROL 4. deposits of State Treasury came in at ROL 5. up ROL 8.018. The growth of notes and coins in circulation by ROL 12. – borrowings from foreign banks (ROL 127. – the indexation of the minimum guaranteed income by nearly 17 percent. The financial obligations of the NBR towards the international financial institutions were primarily the following: – SDR-denominated borrowings from the IMF equivalent to ROL 69. National Bank of Romania 143 . – SDR-denominated allocations from the IMF totalling ROL 3.

9 8.955.5 thousand and EUR 11.814.734.244. net revaluation gains tantamount to ROL 24. Share capital.5 41.4 71.151.2 43.2 57.675.954.2 percent of total liabilities.239.766 billion.8 125.Annual Report 2003 Chapter 11. the respective amounts were entered in a settlement account.8 thousand as at end-2003. The NBR share capital came in at ROL 172.0 31. 27.5 18. 101/1998. 3 Twenty-seven banks held deposits with the NBR as at end-2003 2 The special revaluation account showed a balance of ROL 47. The profit and loss account was compiled based on accounting records of realised incomes and incurred expenses. ROL bn.7 billion were used to cover the operational loss in amount of ROL 9. 144 National Bank of Romania .0 13. 44 of Law No.4 billion at end-2003.029.6 billion recorded in 2003.805. whose balance was transferred to the Treasury’s General Account on 5 January 2004.2 161.392 billion covering the 29-31 December 2003 period. 45 para.3 136. Banks' Deposits with the NBR as at 31 December 2003 Balance as at 31/12/2002 Banks' reserves1 Required reserves in foreign exchange2 Banks' deposits3 Insolvent banks' accounts Reserves blocked by the Court of Law TOTAL Balance as at 31/12/2003 2003/2002 % change ROL bn.1 66. Financial statements of the National Bank of Romania as of 31 December 2003 Table 5. Profit and loss account 1.5 1 Thirty-nine banks had accounts opened with the NBR as at end-2003 Tantamount to USD 1.042.6 21. including the revaluation performed at end-2003 pursuant to Art. reserves and own funds held 15.3 -91. the remainder being transferred to the Special Revaluation Account in accordance with Art.6 18. B. Pursuant to the agreement concluded between the National Bank of Romania and the Ministry of Public Finance.5 162. “Other liabilities” consisted primarily of State Treasury collections in amount of ROL 5. (2) of Law No.3 33. 101/1998.418. At end-2003.871.

5 63.5 10.5 65.7 521.8 -0.1 781.7 228.4 1.7 1.1 579.II) IV.5 17.Annual Report 2003 Chapter 11. Profit/loss (I .2 -10.2 360.6 9.8 20.675.1 -1.7 0.6 -27.1 9.1 415.8 6. Financial year result 10.0 0.5 -12.8 693.5 -0.242. Operating expenses Interest paid to banks and State Treasury Interest and commissions on IMF loans Interest and commissions in foreign exchange for NBR borrowings from other sources and other expenses in foreign exchange Expenses for operations with forex-denominated securities Expenses for operations with ROL-denominated securities Currency issue expenses Expenses for operations with precious metals Losses from non-recoverable non-provisioned claims Other expenses 2.5 675.228.7 12.7 12.0 -16.416.1 24.675.0 0.7 12.0 118.219.576.731.6 2.0 15. Profit and Loss Account Balance Balance Balance 2003/2002 31/12/2002 31/2/2002 31/12/2003 change** ROL bn.e.783.0 43.0 371.1 1.6 1.4 10.5 458.2 1. ROL bn.506.1 57.5 -93.8 300.1 1.7 444. ROL bn.3 -23.3 percent ** column 3/column 2x100-100 *** of which commissions paid to TransFonD in amount of ROL 648.3 691.3 385.263.2 504.4 billion.5 409.6 181.9 780. **** net gains tantamount to ROL 24 805.194.0 -12.108.171.339.601.9 664.7 502. National Bank of Romania 145 .350.4 -23.576.7 -100.4 21.6 19.385.0 166.8 676.796. Other incomes I.8 55.7 -20.8 -21. Financial statements of the National Bank of Romania as of 31 December 2003 Table 6.971.6 billion were used in accordance with Art. TOTAL EXPENSES (1+2) III.7 10.456.9 19.373.3 103. Operating incomes Interest on credit lines Incomes from commissions and fees Incomes from ROL-denominated securities operations (interest on government securities) Interest and other incomes in foreign exchange Incomes from operations with forex-denominated securities Incomes from operations with precious metals Incomes from provisions 2.8 153.1*** 1.7 -19.6 677.885.9 149.941.9 10.7 billion.7 -9.7 -20.163.1 -9.7 -63. 45 para.8 779. i. of which ROL 9.0 0.694.0 198.2 586.5 -2.7 5.2 12.3 0.3 47.488.194.6 -20.6 23.9 157.7 901.081.2 1.0 -19.176. 2 of Law No.444. TOTAL (1+2) EXPENSES 1.3 151.887.8 18.929.5 3.2 767.3 452. 101/1998.230.5 1. Revaluation gains**** V.7 268.6 6.675.8 16.6 884. following revaluation at end-2003.2 -5.339.0 * updating coefficient based on average consumer price index for 2003. Overheads Staff costs Other overheads II. (%) updated*) (1) (2) (3) (4) INCOMES 1. 15.4 1.7 -34.

and • interest paid on the Treasury’s General Account deposits.7 percent. or 12.537.163. which increased following the expansion of reserves.3 percent. of total expenses.2 billion.5 percent of total incomes). down 23 percent in real terms against 2002. or 64.8 billion.7 billion) and other incomes in foreign exchange (ROL 88. – interest on government securities in the portfolio of the National Bank of Romania (ROL 149. the following deserve mention: – incomes from operations in foreign exchange-denominated securities (ROL 6.8 billion) and incomes from operations with precious metals (ROL 487. According to the data shown in the profit and loss account as at 31 December 2003. Such expenses encompassed the following: 146 • interest paid on required reserves. and – incomes from operations with precious metals (ROL 504 billion) consisting of collected interest in gold (ROL 16.2 percent in real terms against 2002.5 billion. – incomes from interest on loans as well as from commissions and fees related to interbank settlements (ROL 1.339 billion. Financial statements of the National Bank of Romania as of 31 December 2003 2.444. The main operating expenses incurred by the National Bank of Romania in 2003 were the following: – interest paid to banks and State Treasury worth ROL 15. exchange rate gains (ROL 281.2 billion).219. interest on SDR holdings (ROL 38. – incomes in foreign exchange (ROL 1. while overheads stood at 7.2 billion. Analysis of incomes and expenses As regards realised incomes.5 billion.4 billion. Operating expenses (relating to banking activity) accounted for 92. or ROL 1.1 percent of total incomes) consisting of interest on forex deposits (ROL 810. or 82.8 billion).488. National Bank of Romania .2 percent of total incomes).2 percent of total incomes) consisting of collected interest and gains from sales of foreign exchange-denominated securities purchased at a lower price.Annual Report 2003 Chapter 11.2 billion). • interest paid on banks’ deposits with the NBR.8 billion). or 1. – incomes from provisions (ROL 43 billion) stemming from the drop in provisions set up for the loan to Credit Bank by the amount repaid in 2003. or ROL 18. total expenses fell by 20.6 percent of operating costs. or 15.

or 1.8 billion. amounting to ROL 779. or 3.7 percent of operating costs. protocol.3 billion. commissions. material and procurement costs. or 2.1 billion.5 billion.3 billion for interest on external borrowings.9 billion.9 billion.2 percent of operating costs.8 billion.9 percent of total expenses and 54 percent of overheads respectively.6 percent of operating costs.5 percent of operating costs. representing the expenses incurred by the central bank to recognise the fourth of the five tranches set forth by the NBR Board’s Decision based on Government Emergency Ordinance No. Such outlays include depreciation charges. or 3. or 0. larger payments for maintaining the subscription quota in domestic currency in IBRD capital (ROL 111. or 3.Annual Report 2003 Chapter 11.7 percent to ROL 664. and other costs.9 billion.4 billion according to the agency contract. expenses for works and services provided by third parties. – losses from non-recoverable claims in amount of ROL 268.7 billion. advertising and publicity expenses. 49/2000 according to which the obligation Banca Agricolă had to repay the loans granted by the NBR and to pay related interest was wiped off. or 2. exchange rate losses. – other operating expenses worth ROL 675. – expenses on forex-denominated securities operations equivalent to ROL 300. of which commissions paid to TransFonD totalled ROL 648. taxes. – other overheads dropped by a real 1.6 percent of operating costs). National Bank of Romania 147 . Financial statements of the National Bank of Romania as of 31 December 2003 – foreign exchange payments to the tune of ROL 691. or 1. – foreign exchange interest and commissions paid on borrowings from the IMF equivalent to ROL 458. – expenses on operations with precious metals in amount of ROL 409.5 percent of operating costs. Overheads posted the following developments: – staff costs and related expenses remained relatively flat in real terms. or 2 percent of operating costs.4 percent of total expenses. – expenses arising from note printing and coin minting worth ROL 371.

7 percent of the figure set in the 2003 budget (ROL 11.other expenses except depreciation and taxes .0 8. As at end-2003.7 99. According to Art.6 99.276.9 1.237.238. (2) of Law No.0 11.108.3 111. on the one hand.0 100.4 Achieved/ Projected % 120. Table 8.056.7 billion. the National Bank of Romania posted net gains from revaluation amounting to ROL 24. The 2003 Budget INDICATORS TOTAL INCOMES.1 1.9 99.0 100.government securities Incomes from operations in foreign exchange and with precious metals Incomes from banking operations Operating incomes Incomes from provisions TOTAL EXPENSES.3 452.1 15.9 151.841.263.staff costs and related expenses .675. ROL bn.8 60.0 123.1 9.275.8 *) by deflating the nominal change with the annual average inflation of 15.211.9 1.9 99.2 -9.420.1 268.2 -0.4 10.4 100. of which : Interest expenses in ROL .056.9 99.0 ROL bn.4 43.1 300.deposits of State Treasury Expenses for operations in foreign exchange and with precious metals Expenses for banking operations Operating expenses Losses from non-provisioned claims PROFIT/LOSS Projected Achieved 8.444. 6.853. and the projected developments in consumer prices.163.1 212.6 1.current accounts .805.depreciation and taxes Total Nominal value ROL bn.5 149. this amount was used to cover the ROL 9.2 779. accounting for 84.850.420.3 1.3 107.5 228. 2002 2003 677.9 1.0 19.335.2 66. In drawing up the 2003 budget.5 -19.3 percent in 2003.7 15.4 71. Financial statements of the National Bank of Romania as of 31 December 2003 Table 7.8 99.6 1. 148 National Bank of Romania .650.9 151.2 -11.164. on the other.8 % change in real terms* (2003/2002) -0.420.9 billion).9 358.783.6 billion.7 The 2003 financial year ended on a loss of ROL 9.444.0 1.0 100. 45 para. of which : Interest incomes in ROL .5 2. Overheads INDICATORS .loans .9 96.7 19.8 268.5 61.675.5 149.6 99.9 1.4 1.6 billion loss resulted from the difference between incomes and expenses.Annual Report 2003 Chapter 11.662.486.banks' deposits .0 1.498.1 2. 101/1998 – The NBR Act.2 300.675.9 11.650.8 1.0 84. the NBR Board took into consideration the achievement of all NBR objectives set for the year in question.

The primary objective of macroeconomic policies for 2004 is to achieve an inflation rate of 9 percent (December/December) that will pave the way for further curbing inflation to 5 percent in 2006. National Bank of Romania 149 . the NBR has embarked upon a large-scale process with focus on strengthening its institutional capacity to accomplish integration of the central bank into the European System of Central Banks. 393/2004. in terms of both the preparatory work for taking part in negotiations relating to ERM2 membership and the necessary measures to participate in Stage Three of EMU (introduction of the euro).5 percent of GDP and increase in the NBR’s official reserves so as to ensure an adequate level of months of import cover. In 2004. the central bank will continue to be involved in the effective transposition of the acquis communautaire into the Romanian legislation. – real decline in arrears and improvement of financial discipline. In addition. – moderate increase in the economy-wide minimum wage from ROL 2. the NBR will take the final steps to carry out the re-denomination of the domestic currency in 2005. Furthermore.5 million to ROL 2. The economic policies will provide an underpinning to fulfilling this objective. the National Bank of Romania Strategy (2003-2006) was adopted. the NBR is to lay the groundwork for adopting inflation targeting. This document sets out the guidelines needed to ensure the improvement of institutional and operational framework of monetary policy and the development of a sound banking system able to achieve successful integration into the EU financial market and capable of introducing the European single currency. In 2004. 79/2001. the central bank will provide human and material resources with a view to implementing the electronic payment system.8 million and wage restrictions in the 72 state-owned companies monitored in accordance with Government Emergency Ordinance No. as follows: – containment of the consolidated general government deficit to 3 percent of GDP (subsequently revised to 2. The NBR has been considering the strategic options concerning the switch to the euro. – reduction of balance-of-payments current account deficit to less than 5.Annual Report 2003 Chapter 12. Objectives and guidelines of NBR policies for 2004 In June 2003. Moreover.1 percent of GDP). as amended by Government Decision No.

possibly in 2005. the Romanian authorities and the European Commission will assess if another extension is necessary. communication with the public. In order to avoid the risk of speculative capital inflows driven by the still large differential between the interest rates on ROL. the National Bank of Romania decided to delay the liberalisation of operations in ROL-denominated deposit accounts opened by non-residents for April 2005.and foreign-exchange-denominated deposits. The major risks monetary policy might face in pursuit of disinflation are the following: – notable worsening of the balance-of-payments current account that might be attributed to several factors (such as record-high oil prices. first steps for privatisation of Distrigaz Nord and Distrigaz Sud. further weak economic growth in Romania’s main EU partners. With a view to improving its forecasting capacity. SNP Petrom. the National Bank of 150 National Bank of Romania . The main recommendations address some aspects relating to macroeconomic modelling.e. the central bank established the Macroeconomic Modelling and Forecasting Department which became operational in April 2004. etc. the authorities asked for IMF support. poor harvests. which materialised in an Aide-mémoire drafted by an IMF mission in April 2004. Electrica Banat. failure to obtain the formal EU recognition for the functioning market economy status) or external factors (bleaker global perception of transition economies).e. – financing of current account deficit from external borrowings amid steady or even declining flows of foreign direct investment in the case the main abovementioned companies fail to be privatised. i. and implementation of inflation targeting. To this end. – downgrade of the country rating because of either domestic factors (failure to conclude a new arrangement with the IMF. completion of privatisation of several state-owned companies in the portfolio of the Ministry of Economy and Commerce.Annual Report 2003 Chapter 12. the NBR opted for switching to inflation targeting. Electrica Dobrogea.). i. and strengthened ties with the other central banks that have already adopted inflation targeting. – loosening of fiscal policy and/or wage policy in the context of the election year alongside insufficient efficacy of instruments used to alleviate the pace of growth in non-government credit. Given the poor efficacy of the monetary targeting strategy (caused by high volatility of money multipliers and money velocity). Objectives and guidelines of NBR policies for 2004 – final steps for privatisation of state-owned companies included in the portfolio of the Authority for Privatisation and Management of State Ownership and its merger with the Bank Assets Resolution Agency. After the cut-off date.

which ensured that Directive 2001/24/EC on the reorganisation and winding-up of credit institutions was transposed into Romanian legislation. as follows: – Regulation No. personal and financial independence for the central bank. ensuring institutional. Several pieces of legislation weighing heavily on the activity of credit institutions were issued in early 2004. The proposed amendments ensure full transposition of the provisions of the acquis communautaire in the field and reinforcement of the institutional framework needed to implement the new monetary policy regime. changes in both organisational and institutional terms are needed to allow. 101/1998 on the Statute of the National Bank of Romania was passed. i. which lays down that licensing of some foreign currency operations is no longer required. on foreign currency operations. issued by the National Bank of Romania. 263/2/2004 issued by the Ministry of Public Finance and the National Bank of Romania. Objectives and guidelines of NBR policies for 2004 Poland and the Czech National Bank. – Ordinance No. The following significant pieces of legislation are to be issued later in the year: – the Norms regulating market risk. National Bank of Romania 151 . once the amendment of Law No. – Order No. which will ensure that the provisions of Directive 93/6/EEC on capital adequacy of investment firms and credit institutions are transposed into Romanian banking legislation. namely unequivocally setting the statutory objective of the NBR. In addition. for instance.Annual Report 2003 Chapter 12. the task group comprising professionals of the Ministry of Public Finance and the National Bank of Romania formulated in 2003 the draft law amending Law No.e. and that the procedure and documents required for licensing are simplified. 101/1998 on the Statute of the National Bank of Romania. In the context of negotiations on Chapter 11 “Economic and Monetary Union”. Thus. the Romanian central bank will be operating within a system compatible with that of the European Central Bank and the European System of Central Banks. price stability. 1/2004. applicable to credit institutions. the staff of NBR branches to get involved much more actively in assessing and influencing inflation expectations of the general public in a transparent manner. prohibiting direct financing of public institutions. which stipulates that credit institutions must draw up financial statements in compliance with the provisions of International Financial Reporting Standards starting with 2005 financial year. 10/2004 issued by the Government of Romania on winding-up and legal reorganisation of credit institutions.

In order to preclude a bout of inflation likely to be triggered by the rounding up of prices. Once the electronic payment system has become operational. logistics. and the government securities registration and settlement system. after 1 January 2007. Objectives and guidelines of NBR policies for 2004 – the Norms on principles of supervision on a consolidated basis of credit institutions. The draft law sets forth that re-denomination starts on 1 July 2005 and the conversion rate is set at 1:10. the two types of legal tender shall enjoy dual circulation for as long as 1½ years. the bill provides for the dual display of prices. the Ministry of Public Finance and the National Bank of Romania prepared a draft law that was approved by Government on 18 May 2004 and subsequently submitted to Parliament. for a given timeframe. it will be one of the most state-of-the-art payment systems in Central and Eastern Europe and will be fully compatible with similar systems of EU member states. namely the real time gross settlement system for large-value payments. The newly-developed payment system will encompass three components. which has as shareholders the NBR and commercial banks. Furthermore. and communication with the general public. The electronic payment system to be completed in 2004 Q4 will be operated by TransFonD joint-stock company. As for the re-denomination of the domestic currency. conditional on the progress towards achieving nominal and real convergence. in an effort to stifle certain negative psychological effects on the public at large. with one third and two thirds of share capital respectively. Romania might join ERM2 in the time-horizon 2009-2011 and introduce the euro between 2011-2013.000. the process of laying-out the possible scenarios for joining the euro zone has entered the focus of attention of NBR experts. the change of “old” notes shall be made solely by the NBR without any time limit.Annual Report 2003 Chapter 12. Re-denomination will imply an all-out effort in terms of organisation. the automated clearing house for small-value payments. 152 National Bank of Romania . Moreover. and will mark the end of the high-inflation era. Thus.

Annexes .

14 ABN AMRO Bank (Romania) Bucharest. World Trade Center.1 Banca Comercială Română Bucharest.25. Str. sector 5 majority foreign capital 1991 I. Carol I nr. bl.bnro.9 Finansbank (Romania) Bucharest. Bd. Bd. sector 3 majority foreign capital 1991 I.10 Banca Românească Bucharest.11 Alpha Bank (Romania) Bucharest.18-22. Bd.8. Libertăţii nr. 103.15. 1-7. Lipscani nr. P3. sector 4 majority foreign capital 1993 I. sector 1 majority foreign capital 1994 I. sector 1 majority foreign capital 1996 I. bl. sector 1 I.44. sector 1 majority foreign capital 1991 I. Bd.12 Banca Transilvania Cluj-Napoca. VI.5. the name and shareholding of some banks were changed (Bank Register. Unirii nr. P-ţa Montreal nr. M17.5 Banca Comercială "Ion Ţiriac" Bucharest. sector 4 majority foreign capital 1996 *) It refers to the initial licensing data. unit.59.7 Eurom Bank Bucharest. bl. majority state-owned sector 3 capital 1990 I. Bd. bl. sector 1 majority foreign capital 1995 I. Bd. "1 Decembrie 1918" nr. Bd. Bd.102. Aviatorilor nr. sector 1 I. Nerva Traian nr. Splaiul Unirii nr. 154 National Bank of Romania . Bd. sector 3 majority foreign capital 1995 I.Annual Report 2003 Banks in Romania as of 31 December 2003 No.8 Banca de Export-Import a României (EXIMBANK) Bucharest. Splaiul Independenţei nr.12.35.34-36. Str. Mircea Vodă nr. Ion Mihalache (BRD) nr. A3.10. et. 93 majority domestic private capital 1994 I. 45.23.2 Raiffeisen Bank Bucharest. B6. Dimitrie Cantemir nr. sector 3 Capital Type Licensing Date * state-owned capital Central Bank of Romania I BANKS . 237B. sector 2 majority foreign capital 1995 I. Bd. Regina Elisabeta nr. sector 3 majority foreign capital 1993 I. Iancu de Hunedoara nr.4 Banca pentru Mică Industrie şi Liberă Iniţiativă (MINDBANK) Bucharest.2.16 Piraeus Bank (Romania) Bucharest. tronson II.13 Banca de Credit şi Dezvoltare ROMEXTERRA Târgu Mureş. Bank National Bank of Romania Head Office Bucharest. 8 majority domestic private capital 1994 I. George Bariţiu nr. bl. bl. tronson II.3 Banca Română pentru Dezvoltare Bucharest.3.ro). Calea Dorobanţilor nr. 104. Str.24.15 Banca Comercială ROBANK Bucharest. Unirii nr.18 NOVA BANK Bucharest. sector 3 majority foreign capital 1990 majority foreign capital 1990 majority domestic private capital 1990 I.17 Citibank (Romania) Bucharest. Bd. M101. www.2.6 Banc Post Bucharest. Calea Griviţei nr.ROMANIAN LEGAL ENTITIES (joint-stock companies) I. sector 5 majority state-owned capital 1992 I.

4.Bucharest branch - Bucharest.Annual Report 2003 Banks in Romania as of 31 December 2003 Capital Type Licensing Date * I. General Constantin Budişteanu nr.Bucharest branch - Bucharest. 37.V.Bucharest branch - Bucharest. Treviso. 6. Bd. sector 4 1996 II.Bucharest branch - Bucharest.Bucharest branch - Bucharest. Grigore Mora nr.20 Banca Română pentru Relansare Economică LIBRA BANK Bucharest. sector 1 majority foreign capital 1998 I. K2.V. Şos. Italy .66.p. sector 1 majority foreign capital 1998 I.11-13.88 majority foreign capital 1996 I. sector 5 2000 *) It refers to the initial licensing data. Str.24 HVB Bank (Romania) Bucharest.K3. Cairo . bl.29 Volksbank (Romania) Bucharest. Arad. sector 4 majority foreign capital 1997 I.2 MISR Romanian Bank. Str. Unirii nr.3 Banque Franco-Roumaine.28 Banca Comercială Carpatica Sibiu. 75. bl. Berzei nr.19 Banca Comercială SANPAOLO IMI Bank (Romania) No.FOREIGN LEGAL ENTITIES (branches) II. 2. Str. Athens . Frankfurt am Main . Bd.a. Staicovici nr. Paris . Str. Bd. Mihai Bravu nr.21 EMPORIKI BANK (Romania) Bucharest. sector 1 1990 II. the name and shareholding of some banks were changed (Bank Register.1 Frankfurt Bukarest Bank AG.bnro. sector 2 1979 II. bl.Bucharest branch - Bucharest. sector 1 majority foreign capital 1996 I. Str. B3.. Str.5 National Bank of Greece. Revoluţiei nr. Amsterdam . 1. sc. E4a.42 majority domestic private capital 1999 I. Bd. Str.3-5.34-36.16.Bucharest branch - Bucharest. bl. Calea Victoriei nr.22 Banca Daewoo (Romania) Bucharest. 55. Bd. tronson 1.27 Casa de Economii şi Consemnaţiuni (CEC) Bucharest. Bd.Bucharest branch - Bucharest.ro).23 UniCredit (Romania) Bucharest.30 Banca de Microfinanţare (MIRO) Bucharest. Paris nr. sector 1 1998 II. Unirii nr.19. Făgăraş nr.a.. www. bl.p. Italy . sector 4 1996 II.25 Romanian International Bank Bucharest. Dimitrie Cantemir nr. sector 1 majority foreign capital 1996 I. Mihai Viteazu. P-ţa Charles de Gaulle nr. bl. 28C. sector 3 1987 II. Dr.30.13. tronson 2-3. National Bank of Romania 155 . sector 3 state-owned capital 1999 I. Splaiul Unirii nr. sector 3 majority foreign capital 1997 I.6 Banca Italo-Romena S. P+1.8 Banca di Roma S. sector 3 majority foreign capital 1998 I. sector 1 1994 II. Aviatorilor nr.26 Egnatia Bank (Romania) Bucharest. sector 1 majority foreign capital 2002 II Bank Head Office BANKS . 68. 171.7 GarantiBank International N.. . Splaiul Unirii nr. Kiseleff nr.46. Şos. B2.4 ING Bank N. Carol I nr. Unirii nr. Bd. sector 2 majority foreign capital 2000 I.

Annual Report for 2002 2. National Accounts 7.Annual Report 2003 Annexes National Bank of Romania publications as of 31 December 2003 1. Inflation Report 4. Monthly Bulletin 5. “Cristian Popişteanu” Banking History and Civilisation Symposium Main papers submitted to Parliament by the National Bank of Romania in 2003 1. Business Survey 6. Annual Report on Balance of Payments and International Investment Position of Romania 3. Annual Report on Balance of Payments and International Investment Position of Romania for 2002 156 National Bank of Romania . Working Papers 8. Monthly Bulletins for 2003 3. Annual Report 2. Restitutio 9. Occasional Papers 10.

Legislative index .

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financial. 52/22 January 2003 issued by the Minister of Public Finance sets the annual tax schedule and the basic tax deduction to calculate the annual income tax for fiscal 2002 (Monitorul Oficial al României No. 78/6 February 2003). 41/24 January 2003). Government Decision No.Annual Report 2003 Main rules and regulations adopted in the economic. and banking areas in 2003 Government Decision No. 64/23 January 2003 approves the budget-funded grantin-aid mechanisms for the implementation of the Export Drive Programme under the management of Foreign Trade Department (Monitorul Oficial al României No. Government Decision No. Government Ordinance No. Order No. 54/16 January 2003 approves the Methodological Norms for the enforcement of Government Ordinance No. It puts in place the general framework for preparing the implementation of the data collection e-system and National Bank of Romania 159 . 19/30 January 2003 stipulates the obligation of implementing and using the data collection e-system. 83/11 February 2003). 107/20 February 2003). Order No. 97/17 February 2003).and home-banking applications (Monitorul Oficial al României No. signed in Bucharest on 13 October 1999 (Monitorul Oficial al României No.5 million. 16/24 January 2003 issued by the Minister of Communications and Information Technology sets the endorsement procedure for remote access payment instruments such as Internet. 7/2001 on income tax (Monitorul Oficial al României No. 99/18 February 2003). 74/23 January 2003 sets the level of subsidised insurance premiums granted to farmers (Monitorul Oficial al României No. Government Decision No. 67/23 January 2003 approves the amendment agreed upon through the exchange of letters made in Bucharest on 23 September 2002 and in Zagreb on 11 October 2002 between the Government of Romania and the International Bank for Reconstruction and Development for the funding of the Mine Closure and Social Impact Mitigation Project worth USD 44.

Annual Report 2003 Legislative index sets the institutions and their responsibilities in this field (Monitorul Oficial al României No. 61/1 February 2003). 68/2 February 2003).795. 77/6 February 2003). in the natural gas sector (Monitorul Oficial al României No. Order No. Government Decision No. Order No. 121/20/12 February 2003 issued by the President of the National Regulatory Authority in the Natural Gas Sector and the President of the National Agency for Mineral Resources approves the regulated prices. 162/13 March 2003). natural entity. 36/30 January 2003 ensures correlation between some provisions in the financial and tax legislation (Monitorul Oficial al României No. Press Release of 6 February 2003 issued by the Bank Deposit Guarantee Fund raises the ceiling on the guaranteed household deposits with credit institutions – banks and credit co-operatives – from ROL 109. 93/14 February 2003).000 to ROL 118. 188/1/11 February 2003 issued by the Minister of Public Finance and the NBR Governor approves the change and supplementation of Accounting Regulations harmonised with Directive 86/635/EEC and the International Accounting Standards applicable to credit institutions. as well as the change and supplementation of the Chart of Accounts for banks and the methodological norms for its use (Monitorul Oficial al României No. Government Ordinance No. 227/4 April 2003). 160/13 February 2003 approves the Action Plan for 2003 and 2004 of the Government Programme (Monitorul Oficial al României No. 199/17 February 2003 issued by the Minister of Public Finance approves the Instructions on prevention and control of money laundering. 35/19 February 2003 issued by the Minister for Small. Order No.and Mediumsized Enterprises and Co-operation approves the Procedure for Implementation of the Multiannual National Programme for 2002-2005 supporting small. Order No.469.and 160 National Bank of Romania . 143/5 March 2003). through the units of the State Treasury (Monitorul Oficial al României No.000 per depositor. The ceiling is valid for 2003 H1 (Monitorul Oficial al României No. effective 1 March 2003.

187/20 February 2003 approves the budget-funded grants-in-aid to be extended to farmers in the vegetable sector in 2003 in order to increase output and quality indexes of farm produce (Monitorul Oficial al României No. 222/3 April 2003). as well as investment for streamlining/retooling of small. 144/5 March 2003). 245/10 April 2003). 178/21 March 2003). 193/26 March 2003). 76/12 March 2003 changes and supplements the provisions of Law No. 218/27 February 2003 stipulates the indexation of pensions in the public sector pension scheme. Order No. Thus. of military pensions and of some household incomes as from March 2003.5 percent indexation (Monitorul Oficial al României No. as from 1 April 2003. 32/2000 concerning insurance companies and the supervision of insurance (Monitorul Oficial al României No.and Medium-sized Enterprises and Co-operation approves the Implementation Procedure of the National Multiannual Programme for 2002-05 to underpin investment of newlyestablished enterprises and micro-enterprises. the interest rate on one-month deposits shall be 9 percent per annum while the interest rate on three-month deposits shall be 10 percent per annum (Monitorul Oficial al României No. 146/6 March 2003). Law No. 1/2003 on authorising securities trusts as financial investment services companies (Monitorul Oficial al României No.Annual Report 2003 Legislative index medium-sized enterprises to boost exports (Monitorul Oficial al României No. Government Decision No. 387/27 March 2003 issued by the Minister of Public Finance sets the interest rate on time deposits with the State Treasury. Government Decision No. National Bank of Romania 161 . 7/10 March 2003 issued by the President of the National Securities and Exchange Commission approves Instructions No. Order No.and medium-sized enterprises (Monitorul Oficial al României No. 51/4 March 2003 issued by the Minister for Small. Order No. The value of a “pension point” shall be subject to a 3. 133/28 February 2003).

73/4 April 2003 issued by the Minister for Small. 248/10 April 2003).and Medium-sized Enterprises and Co-operation regarding the approval for the Implementation Procedure of the National Multiannual Programme for 2002-05 to underpin the access of small.and Medium-sized Enterprises and Co-operation alters the provisions of Order No. 10/31 March 2003 issued by the President of the National Electricity and Heating Regulatory Authority approves the prices for electricity delivered to lock-in consumers. Government Emergency Ordinance No. 454/4 April 2003 issued by the Minister of Public Finance sets at 14 percent per annum the interest rate on Treasury certificates converted into time deposits with the State Treasury as from 7 April 2003 (Monitorul Oficial al României No. Order No.and Medium-sized Enterprises and Co-operation regarding the approval for the Implementation Procedure of the Multiannual National Programme for 2002-2005 to support small. enforceable via Order No. 35/2003 issued by the Minister for Small. 74/4 April 2003 issued by the Minister for Small. and the wholesale market management price applied by the companies active in the energy sector. 23/10 April 2003 alters and supplements the provisions of Law No. average prices for transport and distribution services. the free reserve paid-up fund of insurers. 261/15 April 2003).and Medium-sized Enterprises and Co-operation alters the provisions of Order No. 239/8 April 2003). Order No. 246/10 April 2003). 3106/17 April 2003 issued by the President of the Insurance Supervisory Commission alters and supplements the provisions of the Norms on the lower bound for paid-up capital. Order No. 6/2002 issued by the President of the Insurance Supervisory Commission (Monitorul Oficial al României No. The new prices shall be effective as from 13 April 2003 (Monitorul Oficial al României No. and alters Articles II and III of Government Emergency Ordinance No. 259/14 April 2003). 9/2003 (Monitorul Oficial al României No. i. 36/2003 issued by the Minister for Small. 19/2000 concerning the public pension system and other social security benefits.Annual Report 2003 Legislative index Order No. Order No. 162 National Bank of Romania .e. 276/19 April 2003).and medium-sized enterprises in boosting exports (Monitorul Oficial al României No.and medium-sized enterprises to training and consulting services (Monitorul Oficial al României No.

Government Decision No. Accordingly. as well as the deadlines on fulfilment of tasks (Monitorul Oficial al României No.C. Order No.Annual Report 2003 Legislative index Government Emergency Ordinance No. The issue shall be managed by a consortium of investment banks comprising Citigroup. 3/2003 on licensing and functioning of investment companies. 586/21 May 2003 approves the 2003 Action Plan for development of the business environment in Romania. Government Emergency Ordinance No. the Authority for Privatisation and Management of State Ownership is vested with the power to sell equity stakes in Banca Comercială Română – joint-stock company to the European Bank for Reconstruction and Development and the International Financial Corporation. investment trusts and depositories (Monitorul Oficial al României No. 289/25 April 2003). 553/21 May 2003 alters and supplements the Statute of the Savings Bank (C. 23/20 May 2003 issued by the President of the National Securities and Exchange Commission approves Regulation No. Government Decision No. as approved by Government Decision No. Government Decision No. The Plan encompasses the steps to be taken and sets forth the institutions in charge of implementing them. 571/21 May 2003 refers to government borrowings. as well as to the Employees Association of Banca Comercială Română – joint-stock company (Monitorul Oficial al României No. Deutsche Bank. by the agency of the Ministry of Public Finance. 370/30 May 2003). organisation and operation of the Romanian Agency for Foreign Investment (Monitorul Oficial al României No.) joint-stock company. JP Morgan. 34/17 May 2003 alters and supplements Law No. 1602/2002 (Monitorul Oficial al României No. 390/2002 on the establishment. 317/26 May 2003 issued by the Minister of Industries and Resources sets the calculation method for the average weighted purchase price for natural gas National Bank of Romania 163 . 370/30 May 2003). 354/23 May 2003). and UBS Warburg (Monitorul Oficial al României No. Order No. 387/5 June 2003). open-end investment trusts. 28/18 April 2003 lays down the procedure for selling equity stakes in Banca Comercială Română – joint-stock company. in amount of EUR 500 million by launching a 7-year Eurobond issue at discount on the international capital markets.E. 437/19 June 2003).

via the NHA.C.8 billion. Transports and Housing shall grant. a subsidy of up to 4 percentage points from the interest rate charged to mortgage loan recipients who purchase houses built under NHA programmes. 53/12 June 2003 sets the interest-rate subsidy related to mortgage loans for houses built via the National Housing Agency (NHA). as well as the Additional Memorandum on Economic and Financial Policies and the Additional Technical Memorandum of Understanding. Government Emergency Ordinance No. 392/6 June 2003).Annual Report 2003 Legislative index imported in 2002. 396/9 June 2003).643.7 percent (Monitorul Oficial al României No. 614/29 May 2003 sets the indexation of public system pensions. agreed through the Letter of the Romanian party dated 17 October 2001 and the Decision of the IMF’s Executive Board on 31 October 2001. The value of a “pension point” is index-linked by 2. 38/29 May 2003 ratifies the amendments to the Stand-By Arrangement between Romania and the International Monetary Fund. 376/2 June 2003). Government Emergency Ordinance No. 251/10 June 2003 approves the ceiling on domestic public indebtedness of Romania for 2003 to the amount of ROL 34. 498/76/16 June 2003 issued by the President of the National Authority for Regulation in the Natural Gas Sector and the President of the National Authority for Mineral Resources approves the prices and sets the regulated prices for natural gas effective 1 July 2003 (Monitorul Oficial al României No. and some household incomes as from June 2003. Law No. applicable at sale of domestically-produced natural gas in 2003 (Monitorul Oficial al României No. pensions of the military. 452/25 June 2003). through the Letter of the Romanian party dated 9 April 2003 and the Decision of the IMF’s Executive Board on 25 April 2003 (Monitorul Oficial al României No. to the limit set forth in this respect by the annual government budget (Monitorul Oficial al României No. agreed in Bucharest and Washington D. The Ministry of Public Works. 424/17 June 2003). which may be raised by adding the amounts left unused from the ceiling on external public indebtedness for 2003 (Monitorul Oficial al României No. Government Decision No. as amended and supplemented subsequently. 164 National Bank of Romania . 414/13 June 2003). Order No.

pork. 772/3 July 2003 approves the Privatisation Strategy for Banca Comercială Română joint-stock company. and alcoholic beverages. as well as the equity interests to be acquired National Bank of Romania 165 . Government Decision No. 1 in Government Decision No. Government Emergency Ordinance No. 815/2 July 2003 issued by the Minister of Public Finance approves the Accounting Reporting System for businesses as of 30 June 2003. tobacco products. 479/2002 (Monitorul Oficial al României No.31 December 2003 (Monitorul Oficial al României No. 456/26 June 2003). 710/20 June 2003 alters Art. review and centralisation of businesses’ accounting reports as of 30 June 2003. 724/28 June 2003 alters the Appendix to Government Decision No. the correlation within and between accounting reporting forms as of 30 June 2003 (Monitorul Oficial al României No. 571/2003 as regards borrowings from the international equity markets. 494/9 July 2003). as approved by Government Decision No. 1493/2002 concerning the exemption and temporary rebate of import duties on some goods. 479/4 July 2003). as well as other pieces of legislation. 158/2001 on the excise regime. 467/30 June 2003). and mineral oils are subject to alteration (Monitorul Oficial al României No. Government Decision No. Government Decision No. Order No. 518/17 July 2003). Accordingly. It encompasses methodological norms governing preparation. 461/28 June 2003). as well as cattle and swine entrails. Thus. the Government of Romania by the agency of the Ministry of Public Finance will launch a 7-year Eurobond issue to the amount of EUR 700 million (Monitorul Oficial al României No. 731/28 June 2003 lays down the implementation of the fourth stage of public pension realignment in July 2003 (Monitorul Oficial al României No. 762/3 July 2003 amends the Regulation on organisation and operation of the National Office for Prevention and Control of Money Laundering. It sets the procedure and the privatisation method to be resorted to. spirits. The provisions are in force during 1 July . Government Decision No. 57/25 June 2003 alters and supplements Government Emergency Ordinance No. excise duties levied on alcohol. Subject to alteration are customs duties levied on some varieties of beef.Annual Report 2003 Legislative index Government Decision No.

bar EU member states.000 to ROL 125. the average annual number of points relative to the public pensions paid out or due on 31 December 2003. The export drive shall be paid for the merchandise delivered and paid for until 31 December 2003. Water and the Environment and the Minister of Public Finance approves a ROL 4. The ceiling is valid for 2003 H2 (Monitorul Oficial al României No. Government Emergency Ordinance No.000 tonnes (Monitorul Oficial al României No. 506/14 July 2003). Law No. 520/18 July 2003). Order No. Forests. Thus. Order No. 184/2002 for amending and supplementing Law No. 507/15 July 2003). 524/21 July 2003).000 per depositor. Press Release of 21 July 2003 issued by the Bank Deposit Guarantee Fund regarding the raising of the ceiling on the guaranteed household deposits with credit institutions from ROL 118.22 December 1989 and for laying down the measures to accelerate its entering into force as well as the enforcement of Emergency Ordinance No. 94/2000 on the retrocession of buildings 166 National Bank of Romania .Annual Report 2003 Legislative index by either legal or natural persons in Banca Comercială Română joint-stock company (Monitorul Oficial al României No. 500/2002 on public finance referring to the limits on lowering budget revenues and raising budget expenditures (Monitorul Oficial al României No.500 export incentive for each kilogram of poultry of some ranges for all destinations. 506/14 July 2003). to the amount of 5. as from 1 January 2004. 67/10 July 2003 lays down the increase in public pensions resulting from the farmers’ social protection scheme. 540/28 July 2003). 4/24555/5 August 2003 issued by the Governor of the National Bank of Romania and by the President of the National Institute of Statistics sets the official ROL/USD exchange rates for 1945-1989 pursuant to Emergency Ordinance No. shall be raised by 100 percent (Monitorul Oficial al României No.222. 388/41874/18 July 2003 issued by the Minister of Agriculture. as arising from the farmers’ social protection scheme. 10/2001 on the legal regime of some buildings abusively seized during 6 March 1945 . 15 of Law No.469. 829/10 July 2003 establishes a 45 percent import duty as a safeguard measure for pork imports from the Polish Republic (Monitorul Oficial al României No. 314/8 July 2003 alters the provisions of Art. Government Decision No.

Government Decision No. the adjustment of prices for the transport of domestic and foreign crude oil and petroleum products through the main pipelines. 614/29 August 2003). Order No.65 percent indexation (Monitorul Oficial al României No. international basic postal services and medicines for human use shall be made based on the average ROL/USD exchange rate in the first 20 days of the month for which the adjustment is required. Government Emergency Ordinance No. 72/22 August 2003 lays down an aid worth ROL 2 million per hectare for farmers in the 2003-2004 agricultural year for each plot of farmland smaller than or equal to 5 ha (Monitorul Oficial al României No. The value of a “pension point” shall be subject to 2. and of some household incomes starting September 2003. 76/28 August 2003 amends Emergency Ordinance No. 24/26 August 2003 issued by the President of the Romanian Electricity and Heating Regulatory Authority approves the heating prices applied by “Termoelectrica”. pensions of the military. 36/2001 governing the regime of regulated prices set upon sanction from the Competition Council. calculated on the basis of data supplied by the National Bank of Romania. 594/141/7 August 2003 issued by the Presidents of the National Regulatory Authority in the Natural Gas Sector and of the National Agency for Mineral Resources approves natural gas prices and sets the regulated tariffs effective as from 1 September 2003 (Monitorul Oficial al României No. 602/25 August 2003). 618/30 August 2003). and its branches as from 1 September 2003 (Monitorul Oficial al României No. Government Ordinance No. National Bank of Romania 167 .Annual Report 2003 Legislative index that were owned by religious denominations in Romania (Monitorul Oficial al României No. Order No. 22/20 August 2003 issued by the President of the Romanian Electricity and Heating Regulatory Authority approves the prices for electricity delivered to lock-in consumers as from 1 September 2003 (Monitorul Oficial al României No. Order No. 576/12 August 2003). the electricity and heating production company. Thus. 610/28 August 2003). 586/18 August 2003). 1006/22 August 2003 sets the indexation of public sector pensions. international basic telephony services.

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Moreover, the price of “heavy water” shall be adjusted consistent with the
consumer price index (Monitorul Oficial al României No. 619/30 August 2003).
Government Ordinance No. 87/28 August 2003 on 2003 government budget
revision. Accordingly, revenues shall be raised by ROL 5,288.4 billion and
expenditures by ROL 1,225.7 billion (Monitorul Oficial al României No. 623/31
August 2003).
Government Ordinance No. 88/28 August 2003 on 2003 social security budget
revision (Monitorul Oficial al României No. 620/30 August 2003).
Order No. 104/28 August 2003 issued by the President of the National Agency for
Small- and Medium-sized Enterprises and Co-operation approves the
implementation of UNCTAD/Empretec Programme supporting SMEs development
in 2003 (Monitorul Oficial al României No. 642/9 September 2003).
Order No. 666/155/15 September 2003 issued by the Presidents of the National
Authority for Regulation in Natural Gas Sector and the National Agency for
Mineral Resources amends Order No. 594/141/2003 approving and setting
regulated tariffs in the natural gas sector (Monitorul Oficial al României No.
660/17 September 2003).
Government Emergency Ordinance No. 81/18 September 2003 alters some legal
provisions on granting heating allowances and ensuring the necessary funds to
supply heating and natural gas to households, as well as on some measures to
strengthen financial discipline (Monitorul Oficial al României No. 685/29
September 2003).
Order No. 768/169/9 October 2003 issued by the Presidents of the National
Authority for Regulation in Natural Gas Sector and the National Agency for
Mineral Resources amends Order No. 594/141/2003 approving prices and setting
regulated tariffs in the natural gas sector. The Order approves the administratively
regulated prices, effective 1 November 2003, for natural gas delivered to lock-in
consumers (Monitorul Oficial al României No. 709/10 October 2003).
Government Decision No. 1199/9 October 2003 alters and supplements
Government Decision No. 1005/2000 concerning the measures for granting
financial inducements to local entrepreneurs via the National Agency for

168

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Development and Implementation of Mining Areas Reconstruction Programmes
with a view to hiring and training the jobless resulting from the disruption of
mining and ancillary activities (Monitorul Oficial al României No. 731/20 October
2003).
Government Emergency Ordinance No. 99/14 October 2003 alters and
supplements Law No. 541/2002 on saving and lending via housing savings banks
(Monitorul Oficial al României No. 747/26 October 2003).
Government Decision No. 1228/14 October 2003 alters and supplements
Government Decision No. 1211/2001 regarding the establishment of the SMEs
Loans Guarantee National Fund (Monitorul Oficial al României No. 760/29
October 2003).
Order No. 1426/14 October 2003 issued by the Minister of Public Finance
approves the Instructions for the set-up, management and use of the risk fund for
state guarantees backing domestic and foreign borrowings (Monitorul Oficial al
României No. 802/14 November 2003).
Government Emergency Ordinance No. 111/24 October 2003 sets the manner in
which proceeds from privatisation and the recovery of non-performing bank assets
are used. The proceeds the BARA collected from the recovery of non-performing
bank assets, after the deduction of outlays envisaged by the institution’s budget,
shall be used for redemption of government securities in order to lower public debt
(Monitorul Oficial al României No. 748/26 October 2003).
Government Decision No. 1272/4 November 2003 approves the Ministry of
Public Finance’s borrowings up to EUR 300 million by reopening a EURdenominated Eurobond issue on the international capital markets (Monitorul
Oficial al României No. 796/12 November 2003).
Order No. 1250/6/13 November 2003 issued by the Minister of Public Finance
and the Governor of the National Bank of Romania lays down the procedure to be
followed by banks – Romanian legal entities – and the banks’ branches in Romania
– foreign legal entities – as concerns the submitting of information on their
accounts opened and/or closed by their holders (Monitorul Oficial al României No.
32/15 January 2004).

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Law No. 485/18 November 2003 amends and supplements the provisions of Law
No. 58/1998 on banking activity (Monitorul Oficial al României No. 876/10
December 2003).
Law No. 496/20 November 2003 ratifies the 2003 Annual Financing Agreement
between the Government of Romania and the Commission of the European
Communities regarding the Special Accession Programme for Agriculture and
Rural Development in Romania, signed in Brussels and Bucharest respectively, on
31 July 2003 (Monitorul Oficial al României No. 843/26 November 2003).
Government Decision No. 1383/27 November 2003 sets the indexation of public
sector pensions, of pensions of the military, and of some household incomes
starting December 2003. The value of a "pension point" shall be subject to a 3.1
percent indexation (Monitorul Oficial al României No. 856/2 December 2003).
Government Decision No. 1387/27 November 2003 approves the cut in both
spending and government deficit, as well as the supplementation of spending and
of the deficit of the 2003 Unique National Healthcare Social Security Fund budget
(Monitorul Oficial al României No. 868/5 December 2003).
Law No. 507/28 November 2003 sets the volume and composition of revenues by
chapter and subchapter, as well as of expenditures by beneficiary and major
government institutions involved in resource allocation for government budget and
the Unique National Healthcare Social Security Fund budget for 2004 (Monitorul
Oficial al României No. 853/2 December 2003).
Law No. 519/3 December 2003 lays down the amount of revenues and
expenditures, as well as their components, for the social security budget, the
unemployment budget, and foreign borrowings in 2004 (Monitorul Oficial al
României No. 864/4 December 2003).
Government Decision No. 1431/4 December 2003 sets the indexation of the
monthly minimum guaranteed income for 2004, as follows: ROL 1,480,000 for 2member households; ROL 2,057,000 for 3-member households; ROL 2,547,000
for 4-member households; ROL 3,041,000 for 5-member households; and ROL
205,000 for any other additional household member (Monitorul Oficial al
României No. 894/13 December 2003).

170

National Bank of Romania

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2003
Legislative index

Government Decision No. 1433/4 December 2003 sets forth the implementation
of the fifth stage of public pension realignment in January 2004 (Monitorul Oficial
al României No. 897/15 December 2003).
Government Emergency Ordinance No. 123/11 December 2003 provides for the
wage increases for public sector employees in 2004 (Monitorul Oficial al României
No. 919/22 December 2003).
Law No. 536/15 December 2003 approves and amends the provisions of Government
Ordinance No. 76/2003 amending Government Emergency Ordinance No. 36/2001
on the regime of administered prices and tariffs set upon endorsement of the
Competition Council (Monitorul Oficial al României No. 911/19 December 2003).
Law No. 537/15 December 2003 approves and amends the provisions of
Government Emergency Ordinance No. 53/2003 regarding subsidised interest on
mortgage loans for housing via the National Housing Agency (Monitorul Oficial al
României No. 911/19 December 2003).
Government Decision No. 1515/18 December 2003 sets the gross minimum
guaranteed wage at ROL 2,800,000 per month for a full-time programme of 172
hours, on average, in 2004 (Monitorul Oficial al României No. 920/22 December
2003).
Government Decision No. 1521/18 December 2003 sets the temporary exemption
and reduction of import duties on some agricultural and industrial products in 2004
(Monitorul Oficial al României No. 937/24 December 2003).
Government Decision No. 1526/18 December 2003 sets forth the general regime
of exports and imports of goods from and within Romania’s customs territory
(Monitorul Oficial al României No. 937/24 December 2003).
Government Decision No. 1563/18 December 2003 increases the openness of the
power market to 40 percent of final consumption in 2002 as from 31 December
2003 (Monitorul Oficial al României No. 22/12 January 2004).
Decision No. 1076/18 December 2003, issued by the President of the National
Authority for Regulation in the Natural Gas Sector, increases the openness of the
domestic natural gas market for 2004 to as much as 40 percent of domestic final

National Bank of Romania

171

Annual
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Legislative index

consumption in 2003, i.e. 18,251.9 million cubic metres (Monitorul Oficial al
României No. 915/20 December 2003).
Decision No. 1078/18 December 2003, issued by the President of the National
Authority for Regulation in the Natural Gas Sector, approves the criteria and
methods for approving prices and setting administered tariffs in the natural gas
sector (Monitorul Oficial al României No. 40/19 January 2004).
Law No. 571/22 December 2003 on the Tax Code sets forth the legal framework
for taxes and fees representing revenues to the government budget and local
budgets, mentions the taxpayers liable to payment of such taxes and fees, as well as
the manner in which they are calculated and paid (Monitorul Oficial al României
No. 927/23 December 2003).

172

National Bank of Romania

1/12 February 2003 amend and supplement the provisions of NBR Norms No.6 percent per year for January 2003 (Monitorul Oficial al României No. and the Accounting Regulations harmonised with Directive 86/635/EEC and the International Accounting Standards applicable to credit institutions. 96/17 February 2003). the Financial Accounting Models for banks and the Methodological Norms on their preparation and use. Circular No. 1982/5/2001 issued by the Minister of Public Finance and the NBR Governor (Monitorul Oficial al României No.75 percent for reserves in USD (Monitorul Oficial al României No. 6/20 February 2003 amends and supplements the Chart of Accounts for banks and the Methodological Norms on its use. it National Bank of Romania 173 .Annual Report 2003 Main regulations issued by the National Bank of Romania in 2003 Circular No. 111/21 February 2003). 9/10 January 2003). 2/13 January 2003 sets forth the interest rates on required reserves for 24 January – 23 February 2003 maintenance period at 6.2 percent per annum (Monitorul Oficial al României No. Circular No. 2/12 February 2003 approves the Periodic Financial Statement Models and the Methodological Norms on their preparation and use by credit institutions subject to the Accounting Regulations harmonised with Directive 86/635/EEC and the International Accounting Standards applicable to credit institutions. 1/7 January 2003 sets the reference rate of the National Bank of Romania at 19. Order No. 83/11 February 2003). Moreover. Circular No. Norms No. 5/13 February 2003 amends and supplements the provisions of NBR Regulation No.25 percent for reserves in ROL and at 0. 3/1997 on performing foreign currency operations. 228/4 April 2003). 45/28 January 2003). as amended and added subsequently (Monitorul Oficial al României No. as approved by Order No. 10/2002 on derivatives (Monitorul Oficial al României No. 3/3 February 2003 sets the reference interest rate of the National Bank of Romania for February 2003 at 19. Circular No.

of a gold coin with face value of ROL 100. Circular No. Circular No. in the issue “History of Gold – The Apahida Eagle” (Monitorul Oficial al României No. shall be drafted in EUR equivalent from 1 May 2003 onwards (Monitorul Oficial al României No. 181/24 March 2003). 7/3 March 2003 sets the reference rate of the National Bank of Romania for March 2003 at 18. Circular No. 8/26 March 2003 sets the National Bank of Romania’s interest rate on the lending facility at 30 percent per annum. 12/7 April 2003 on putting into circulation. 252/11 April 2003). Circular No. Romanian legal entities. 11/4 April 2003 stipulates that the reports prepared by credit institutions in USD equivalent. Circular No. 174 National Bank of Romania . 2/21 February 2003 govern the methodology to determine and report the average lending and deposit rates applicable to banks. for numismatic purposes. 222/3 April 2003). 9/26 March 2003 sets at 45 percent per annum the penalty rate on ROL-denominated required reserve deficits starting with 24 April . 226/3 April 2003). to the branches of foreign banks – foreign legal entities – operating in Romania.23 May 2003 maintenance period (Monitorul Oficial al României No. Circular No. Norms No. 10/1 April 2003 sets the reference rate of the National Bank of Romania for April 2003 at 17. 237/8 April 2003). effective 31 March 2003 (Monitorul Oficial al României No. 327/14 May 2003). 3/5 March 2003 supplement the provisions of Norms No. 160/13 March 2003). consistent with the regulations in force issued by National Bank of Romania. 222/3 April 2003). Norms No.Annual Report 2003 Legislative index sets the measures relative to credit institutions’ closing the accounting period (Monitorul Oficial al României No. 139/4 March 2003). 2/1999 on bank licensing issued by the National Bank of Romania (Monitorul Oficial al României No.4 percent per annum (Monitorul Oficial al României No. and to the central houses of credit co-operatives (Monitorul Oficial al României No.4 percent per annum (Monitorul Oficial al României No.

15/17 April 2003 amends the deadline related to prudential supervision reports prepared by banks. starting 1 June 2003. 298/6 May 2003). Romanian legal entities. 11/2002 on making investments in securities that are not listed on regulated markets. 445/23 June 2003). specific to these entities (Monitorul Oficial al României No. 541/2002 on saving and lending for housing and with banking laws. Norms No. 277/19 April 2003). 445/23 June 2003). 330/15 May 2003). Circular No.2 percent per annum (Monitorul Oficial al României No. 17/2 May 2003 sets at 17. Norms No. 4/13 June 2003 stipulate the licensing conditions by the National Bank of Romania for savings banks for housing which are established and operate consistent with Law No. issued by the NBR Governor. including the guarantees for some dealings in such securities (Monitorul Oficial al României No. After 30 June 2003. the above-mentioned coins cease to be legal tender (Monitorul Oficial al României No. 2/2003. subject to Order No. Norms No. Circular No. Circular No. 18/2 June 2003 sets the reference rate of the National Bank of Romania for June 2003 at 18.Annual Report 2003 Legislative index Circular No. performing their activities based on the licence released by the National Bank of Romania (Monitorul Oficial al României No. 6/13 June 2003 set forth the conditions and the procedure for granting preliminary approvals by the central house and the National Bank of Romania for National Bank of Romania 175 . 16/17 April 2003 regulates the withdrawal from circulation. ROL 20 and ROL 50 issued subsequent to 1990. 390/5 June 2003). of the metal coins with face value of ROL 5. 5/13 June 2003 regulate the specific operating conditions for savings banks for housing and set prudential regulations. regarding approval of Periodic Financial Statement Models and the Methodological Norms on their preparation and use by the credit institutions implementing the Accounting Regulations harmonised with Directive 86/635/EEC and the International Accounting Standards applicable to credit institutions (Monitorul Oficial al României No. Circular No. 13/9 April 2003 repeals the provisions of Circular No.9 percent per annum the National Bank of Romania’s reference rate for May 2003 (Monitorul Oficial al României No. 269/17 April 2003). ROL 10.

566/6 August 2003). inter-treasury payments. 447/24 June 2003). Regulation No. 1/2002 issued by the National Bank of Romania regarding the large-value funds transfer system (Monitorul Oficial al României No. Circular No. Circular No. 506/14 July 2003). 7/13 June 2003 amend and supplement NBR Norms No. as the National Bank of Romania’s agent (Monitorul Oficial al României No. 527/22 July 2003). 450/25 June 2003). Circular No. 20/1 July 2003 sets at 18. Circular No. and net settlement via the National Company for Funds Transfer and Settlement – TransFonD joint-stock company. regardless of value. 24/1 August 2003 sets at 18. 22/3 July 2003 alters the provisions of Regulation No. 476/3 July 2003). as well as the licensing conditions by the National Bank of Romania for newly-established credit co-operatives resulting from mergers/split-ups (Monitorul Oficial al României No. Circular No. 23/11 July 2003 sets at 6 percent per annum the interest rate on required reserves in ROL starting with 24 July 2003-23 August 2003 maintenance period (Monitorul Oficial al României No. as the National Bank of Romania’s agent (Monitorul Oficial al României No. 21/3 July 2003 amends and supplements Circular No. for numismatic purposes.2 percent per annum the reference rate of the National Bank of Romania for July 2003 (Monitorul Oficial al României No. 1/2001 on bank liquidity (Monitorul Oficial al României No. Norms No. of a silver coin with face value of ROL 500 occasioned by the 150th anniversary of the birth of the composer Ciprian Porumbescu (Monitorul Oficial al României No. 532/24 July 2003). Circular No. 1/3 July 2003 sets the principles and the manner of bilateral netting for small-value payments to the State Treasury. 176 National Bank of Romania .Annual Report 2003 Legislative index mergers/split-ups of credit co-operatives within the same credit co-operative network. 546/30 July 2003). 519/18 July 2003). 19/17 June 2003 on putting into circulation.2 percent per annum the reference rate of the National Bank of Romania for August 2003 (Monitorul Oficial al României No. 9/2001 issued by the National Bank of Romania on the operation of the National Company for Funds Transfer and Settlement – TransFonD joint-stock company.

Circular No. as amended and supplemented subsequently (Monitorul Oficial al României No. 3/1997 – Currency Regulation. the fund comprising deposits of their members. Circular No. as far as credit co-operatives are concerned. 3/2000.23 June 2003 until the end of the 24 November 2003 . falls out of the required reserve calculation base (Monitorul Oficial al României No. abiding by the provisions of NBR Regulation No.000 celebrating 625 years since the start of building works at Bran Castle (Monitorul Oficial al României No. 97/2000 on credit co-operatives. 25/1 September 2003 sets at 19.11 percent per annum the reference rate of the National Bank of Romania for September 2003 (Monitorul Oficial al României No. 27/9 September 2003 governs the putting into circulation of a numismatic silver coin with face value of ROL 500 celebrating 500 years of Râmnic Bishopric (Monitorul Oficial al României No. 28/17 September 2003 supplements Regulation No. 6/2002 regarding required reserves. 682/26 September 2003). in keeping with Government Emergency Ordinance No.25 percent per annum the reference rate of the National Bank of Romania for October 2003 (Monitorul Oficial al României No. 568/7 August 2003). 781/6 November 2003). 11 and Appendix 4 of Norms No. 8/2001 and 6/2002. starting with 24 May 2003 . Circular No. Accordingly. Circular No. 580/14 August 2003). 8/1 August 2003 alter the provisions of Art. Circular No. 8/1999 issued by the NBR on the mitigation of credit risk of credit institutions.23 December 2003 maintenance period. 628/2 September 2003). as amended by Orders Nos. as amended and supplemented subsequently (Monitorul Oficial al României No. Order No. 649/12 September 2003). Circular No. the validity of Order No. 30/14 October 2003 on the putting into circulation of a numismatic gold coin with face value of ROL 5. 6/2002 on required reserves (Monitorul Oficial al României No. 5/8 August 2003 issued by the NBR Governor extends. 2/2001. 727/17 October 2003).Annual Report 2003 Legislative index Norms No. National Bank of Romania 177 . 698/6 October 2003). 31/31 October 2003 amends and supplements the provisions of NBR Regulation No. 29/1 October 2003 sets at 19.

Norms No. for numismatic purposes. Norms No. Circular No. 867/5 December 2003). Circular No. as well as the methodology for calculation and. 781/6 November 2003). 36/2 December 2003 sets at 20. at four successive calendar days (Monitorul Oficial al României No. Circular No.41 percent per annum the reference rate of the National Bank of Romania for December 2003 (Monitorul Oficial al României No.000. and of the foreign exchange and money markets.000 (Monitorul Oficial al României No. 37/10 December 2003 on the putting into circulation. of a silver coin with face value of ROL 500 in the series "Centennial of the Romanian Numismatic Society" (Monitorul Oficial al României No. 32/3 November 2003 sets at 20.000 – year of issue 1998 – and the putting into circulation of the polymer banknote with face value of ROL 1. 35/24 November 2003 concerns the withdrawal from circulation and the cessation to be legal tender of paper banknotes with face value of ROL 50. 867/5 December 2003). Norms No. as well as the reporting to the central bank of the composition of their mortgage claim portfolios (Monitorul Oficial al României No. Circular No. 33/17 November 2003 on the putting into circulation of a set of three numismatic silver coins with face value of ROL 50 each representing the coin issue “International Year of Pure Water – Danube Delta Biosphere Reserve” (Monitorul Oficial al României No. on a consolidated basis and on an unconsolidated basis. 850/28 November 2003). 9/9 December 2003 govern the transmission by mortgage credit undertakings of documents attesting establishment and registration with the Trade Register for notification to the National Bank of Romania. 896/15 December 2003). where appropriate.19 percent per annum the reference rate of the National Bank of Romania for November 2003 (Monitorul Oficial al României No. 11/15 December 2003 regulate the minimum level of initial capital and own funds. for reporting of initial capital 178 National Bank of Romania . 10/9 December 2003 set the maximum period for cessation in operation of the settlement and payments system. 896/15 December 2003).Annual Report 2003 Legislative index Circular No. 901/16 December 2003).000 – year of issue 2000 – and of ROL 100.

3/2002. 921/22 December 2003). issued by the National Bank of Romania. 190/1999 on mortgage credit for real estate investments (Monitorul Oficial al României No. 26/2001. Romanian legal entities. 17/9 January 2004). 51/21 January 2004). as subsequently amended and supplemented (Monitorul Oficial al României No. 39/18 December 2003 amends and supplements the provisions of Circular No. Norms No. 921/2 2 December 2003). issued by the National Bank of Romania and the National Securities and Exchange Commission. 939/24 December 2003). 3/2000 on the application of Law No. 3/1997–Currency Regulation. 13/15 December 2003 amend and supplement the provisions of Norms No. Norms No. 38/18 December 2003 lays down the settlement procedure for transfers of funds through the current accounts of credit institutions and of the State Treasury during the period of closing the 2003 financial year (Monitorul Oficial al României No. National Bank of Romania 179 . 920/22 December 2003). 928/23 December 2003). amend and supplement the provisions of Methodological Norms No. Circular No. Norms No.Annual Report 2003 Legislative index and own funds by banks. Norms No. 14/15 December 2003 set the types and amount of investment permitted to electronic money institutions (Monitorul Oficial al României No. and electronic money institutions (Monitorul Oficial al României No. 15/18 December 2003 set measures to mitigate credit risk attached to consumer credit and set forth the conditions for granting. 940/29 December 2003). regarding “know your customer” standards (Monitorul Oficial al României No. 16/18 December 2003. Circular No. Norms No. savings banks for housing. amending and supplementing Regulation No. 12/15 December 2003 regulate the oversight of solvency and large exposures on a consolidated basis and on an unconsolidated basis of credit institutions (Monitorul Oficial al României No. collateralising and monitoring of such loans starting 1 February 2004 (Monitorul Oficial al României No. issued by the National Bank of Romania.

as well as the organisation and performance of internal audit in credit institutions (Monitorul Oficial al României No. 47/20 January 2004). 17/18 December 2003 regulate the general framework for the organisation and the internal audit of credit institutions and the management of material risks.Annual Report 2003 Legislative index Norms No. 180 National Bank of Romania .

Charts .

This page is left blank intentionally. .

........................................................................... Broad Money (Annual Data)............................................................................................................................... Interbank Money Market (Monthly Data)................................................................................................................................. Banks with Majority Domestic Capital by Ownership... Payment Incident Bureau (PIB)........................................................................................................................................... Interbank Forex Market (Daily Data). Share of the Private Sector / GDP.......................................................................................................................... Credit Risk Bureau............................................................................................................. Overdue Loans............................... Interbank Money Market (Daily Data)........................................................................... Average Reserve Money Multipliers..... MLT External Debt and External Debt Service......................................................................................... Consumer Prices and Interest Rate......................................................................................................................................................................................... Consumer Prices................................. Accountholders Registered with PIB ............................ Real GDP ....................................................................... Prudential Indicators............................. Broad Money........................................................................................................................................................................................... Average Exchange Rate..................................................................... RASDAQ Electronic Stock Exchange (Daily Data)......................................... Gross International Reserves.................................. Banks by the Five Composite Ratings............................................................................................................................................ Foreign Exchange Market Operations............... MLT External Debt/ GDP.................................................................................................. Non-government Credit...................................... MLT External Debt Service/ Exports of Goods and Services........................................ Share of Consumption and Investment / GDP............................................................................................................................................................................................................................................................................................................................................................ Broad Money and GDP Deflator............................................ Bank Loans Structure......................................................................................................................................... Doubtful and Past-due Claims of Banks..................................................................................................................................................................................................................... Composition of Banks by Ownership......................................................................... Consumer Prices and Interest Rate........ Non-bank Client Operations................................................................................ Bucharest Stock Exchange (Daily Data)..................................................................................................................................................................................................................................................................... 185 192 192 192 193 193 193 194 195 195 196 196 197 197 198 198 198 199 199 200 200 200 201 201 202 202 203 203 204 205 206 207 207 207 207 208 209 210 210 211 211 212 212 213 213 213 214 214 214 ..................................................................................................... Deposit-taking Operations...................................................................... Money Velocity...................... Current Account Balance.... Rejected Debit Payment Instruments ............................................................. Foreign Trade by Group of Countries........ Prices in Economy................................................................................................................................................................................................................................................................................................................................................................... Current Account Deficit / GDP............................................................................... Profitability Indicators...................................... Trade Balance................ Foreign Exchange Deposits.................................... Broad Money (Monthly Data)............................................................ Reserve Money Counterpart.............................................................................................................................................................................. Consolidated Government Budget Deficit / GDP.......................................................................................................................................................................... Balance of Payments.............List of charts Main Macroeconomic Indicators........................................................... Commodity Composition of Foreign Trade................................................................................................ Net International Reserves................................................................................................. Share of Exports and Imports / GDP.....................

.This page is left blank intentionally.

Annual
Report
2003

Charts

Main Macroeconomic Indicators

percent
2002
2003

5.0
Real GDP (annual change)
4.9

17.8
Inflation rate (Dec./Dec.)
14.1

8.4
Unemployment rate
7.2

-2.6
Fiscal deficit / GDP
-2.3

-3.4
Current account balance / GDP
-5.7

Direct and portfolio
investment / GDP

3.3
4.2

33.8

External debt (medium- and
long-term) / GDP

Net real average
salary earnings

33.4

2.4
8.8

Source: National Institute of Statistics, Ministry of Public Finance and National Bank of Romania

National Bank of Romania

185

Annual
Report
2003

Charts

Real GDP
annual percentage change
7.1
3.9

5.7

5.0

4.9

2001

2002

2003

3.9
2.1

-1.2

-6.1

1994

1995

1996

1997

-4.8

1998

1999

2000

Source: National Institute of Statistics

Current Account Deficit / GDP
percent

-1.4

-4.0

-3.4

-3.7

-5.0

-5.5

-6.0

-5.7

-6.9

-7.3

1994
1995
1996
1997
1998
Source: National Institute of Statistics, National Bank of Romania

1999

2000

2001

2002

2003

Consolidated Government Budget Deficit / GDP
percent

-1.8

-1.9
-2.6

-2.6
-3.5

-3.3

-3.6

-3.9
1994

1995

1996

-2.3

-4.0
1997

1998

1999

2000

2001

2002

2003

Source: Ministry of Public Finance, National Institute of Statistics

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National Bank of Romania

Annual
Report
2003

Charts

Share of Consumption and Investment / GDP
percent
100
90
final
consumption

80
70
60

gross investment

50
40
30
20
10
0
1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

Source: National Institute of Statistics

Share of Exports and Imports / GDP
percent
50
40
net exports

30
20

exports

10
imports

0
–10
–20
1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

Source: National Institute of Statistics

Share of the Private Sector / GDP

percent

60.6

62.0

63.7

65.6

68.0

68.9

69.1

2001

2002

2003

54.9
45.3
38.9

1994

1995

1996

1997

1998

1999

2000

Source: National Institute of Statistics

National Bank of Romania

187

Annual
Report
2003

Charts

Balance of Payments

20,000
18,000

millions of EUR

exports fob
imports fob

16,000
14,000

trade balance
current account balance

12,000
10,000
8,000
6,000
4,000
2,000
0
-2,000
-4,000
4,000
net capital inflow
2,000
0
-2,000

3,000

2,000

net direct and portfolio
investment

1,000

2,000

0
reserve assets (NBR)

1,000

0

–1,000
1994
1995
1996
Source: National Bank of Romania

188

1997

1998

1999

2000

2001

2002

2003

National Bank of Romania

Annual
Report
2003

Charts

Current Account Balance
millions of EUR; cumulative data
500

0

-500

-1,000

-1,500

-2,000

-2,500

-3,000
1999

2000

2001

2002

2003

Source: National Bank of Romania

Trade Balance
millions of EUR; monthly data
2,500

2,000

1,500

1,000

500

trade balance

imports fob

exports fob

0

–500

–1,000
1999

2000

2001

2002

2003

Source: National Institute of Statistics

National Bank of Romania

189

footwear 50% 50% chemical and plastic materials 40% 30% 40% 30% base metals 20% 20% other 10% 10% 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 2003 2002 2001 2000 1999 1998 1997 1996 1995 0% 1994 0% Source: National Institute of Statistics 190 National Bank of Romania . equipment and transport means mineral products 90% 80% 90% 80% 70% 70% 60% 60% textiles. apparel.Annual Report 2003 Charts Foreign Trade by Group of Countries exports fob 100% imports cif 100% European Union 90% 90% 80% 80% 70% USA and other developed countries 70% 60% CEFTA 60% 50% 50% Russian Federation 40% 30% 40% 30% developing countries 20% 20% other 10% 10% 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 2003 2002 2001 2000 1999 1998 1997 1996 1995 0% 1994 0% Source: National Institute of Statistics Commodity Composition of Foreign Trade imports cif exports fob 100% 100% machinery. apparatus.

000 NIR net convertible currencies 7.000 Source: National Bank of Romania National Bank of Romania 191 .000 1998 3.000 1995 5.000 2002 2.000 1999 1.000 8.000 2000 2.000 8.000 2001 3.000 1995 6.000 1994 6.000 1997 4. end of period) monthly annual 9.000 1998 4.000 1999 3.000 2002 1.000 1994 5.000 2003 2002 2001 2000 0 1999 0 2003 1.000 2003 2.000 9.000 gold 2003 2002 0 2001 0 2000 1.000 Source: National Bank of Romania Net International Reserves (millions of EUR.000 gold 6.000 1999 4.000 2000 3.000 7.Annual Report 2003 Charts Gross International Reserves (millions of EUR.000 2001 2.000 1997 5.000 1996 4.000 NBR's reserves banks' reserves 7.000 1996 5.000 7.000 8. end of period) monthly annual 8.000 6.

000 2.2 27. end of period 14.6 16.9 21.000 MLT debt service 8.Annual Report 2003 Charts MLT External Debt and External Debt Service 16.0 1994 1995 1996 Source: National Bank of Romania 192 1997 1998 1999 2000 2001 2002 2003 National Bank of Romania . National Bank of Romania MLT External Debt Service/ Exports of Goods and Services 30.9 12.5 10.6 29.7 19.9 percent 22.000 millions of EUR.4 32.4 19.000 10.1 8.000 4.000 0 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 Source: National Bank of Romania MLT External Debt/ GDP 33.4 18.1 17.6 15.000 6.7 27.3 percent 26.000 MLT external debt 12.8 33.3 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 Source: National Institute of Statistics.3 33.

=100 200 190 total 190 180 food items 180 170 non-food items 170 160 services 160 150 150 140 140 130 130 120 120 110 110 100 100 1999 2000 2001 2002 2003 Source: National Institute of Statistics indices. previous Dec. previous Dec.Annual Report 2003 Charts Prices in Economy annual indices 280 CPI (average) 260 240 220 200 PPI (average) 180 160 140 GDP deflator 120 100 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 Source: National Institute of Statistics 200 Consumer Prices indices.=100 200 200 190 190 total 180 180 administered 170 170 seasonal product 160 160 150 150 140 140 130 130 120 120 110 110 100 100 90 90 1999 2000 2001 2002 2003 Source: National Institute of Statistics National Bank of Romania 193 .

000 30% currency outside banks 100.000 200.Annual Report 2003 Charts Broad Money (Annual Data) ROL billions.000 50% 40% demand deposits 150.000 300.000 70% 60% household savings 250.000 80% time and restricted deposits 350. National Bank of Romania National Bank of Romania .000 90% 400.000 20% 50.000 10% 0 0% 1999 2000 2001 2002 2003 1999 2000 2001 2002 2003 Source: National Bank of Romania Broad Money and GDP Deflator Money Velocity annual indices times 300 8 7 250 6 200 5 150 4 3 100 velocity of M2 (average) GDP deflator 2 velocity of M2 (end of period) M2 (average) 50 1 M2 (end of period) Source: National Institute of Statistics. end of period 500. National Bank of Romania 194 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 2003 2002 2001 2000 1999 1998 1997 1996 1995 0 1994 0 Source: National Institute of Statistics.000 100% foreign exchange deposits 450.

000 50% 200.000 0 1999 2000 2001 2002 2003 Source: National Bank of Romania National Bank of Romania 195 .000 corporate deposits 1.000 10% 0% 0 1999 2000 2001 2002 2003 1999 2000 2001 2002 2003 Source: National Bank of Romania Foreign Exchange Deposits millions of EUR.000 30% 100.000 4.000 0 millions of EUR.000 1.000 90% time and restricted deposits 400.000 80% household savings 350.000 time deposits 4.000 60% currency outside banks 250.000 3. end of period 5. end of period 500.000 demand deposits 2.000 40% 150.000 100% foreign exchange deposits 450.000 2. end of period 5.000 household deposits 3.Annual Report 2003 Charts Broad Money (Monthly Data) ROL billions.000 20% 50.000 70% demand deposits 300.

Annual Report 2003 Charts Broad Money. National Bank of Romania Non-government Credit. National Bank of Romania 196 National Bank of Romania . compared to the same period of previous year percent per annum 80 consumer prices M2 ROL deposits 60 60 average interest rate on time deposits (right-side scale) 40 40 20 20 0 0 2000 2001 2002 2003 Source: National Institute of Statistics. Consumer Prices and Interest Rate 120 percent per annum percent. Consumer Prices and Interest Rate 80 percent. compared to the same period of previous year 80 consumer prices non-government credit (total) non-government credit (ROL) 90 60 average lending rate for non-government non-bank clients (right-side scale) 60 40 30 20 0 0 -30 2000 2001 2002 2003 Source: National Institute of Statistics.

000 0 –50.000 50.000 net foreign assets (excluding gold) net credit to government 150. end of period 300.Annual Report 2003 Charts Reserve Money Counterpart ROL billions.000 –100.000 reserve money 200.000 –150.000 1999 2000 2001 2002 2003 Source: National Bank of Romania Average Reserve Money Multipliers 6 5 4 3 multiplier for M2 2 multiplier for M1 1 0 1999 2000 2001 2002 2003 Source: National Bank of Romania National Bank of Romania 197 .000 net refinancing 100.000 250.

000 80 3.000 2000 2001 2002 ROL billions 2003 percent per annum daily average interbank deposits 70.000 100 4.000 percent per annum 160 ROL billions 7.000 20 0 0 1999 80.000 140 daily average transactions volume 6.000 80 30.000 40 1.000 160 120 50.000 60 2.000 40 10.000 140 average interest rate (right-side scale) 60.000 60 20.000 100 40.Annual Report 2003 Charts Interbank Money Market (Monthly Data) 8.000 120 average interest rate (right-side scale) 5.000 20 0 0 1999 2000 2001 2002 2003 Source: National Bank of Romania 198 National Bank of Romania .

000 20 60.03 Apr.03 Oct.000 25 20.03 Jul.03 Mar.03 Apr.000 15 10.03 Apr.Annual Report 2003 Charts Interbank Money Market (Daily Data) 30.03 Dec.03 Dec.000 0 Feb.03 Aug.000 ROL billions percent per annum 30 daily average transactions volume average interest rate (right-side scale) 25.03 percent per annum 30 daily average interbank deposits average interest rate (right-side scale) 100.03 May.03 Mar.03 Jun.000 15 40.03 Jun.03 Jul.03 Jun.000 20 15.000 5 0 Jan.03 Sep.03 Jul.03 Dec.03 ROL billions Nov.03 Mar.000 10 20.03 Oct.03 120.03 Sep.03 Sep.03 May.000 25 80.03 May.03 Source: National Bank of Romania National Bank of Romania 199 .03 Oct.000 10 5.03 40 0 Feb.03 Aug.03 Aug.03 Nov.03 Nov.000 5 0 Jan.03 percent per annum BUBOR (overnight) 30 BUBID (overnight) 20 10 0 Jan.03 Feb.

500 140 average interest rate (right-side scale) 3.000 80 30.500 100 2.000 40 500 20 0 0 1999 2000 2001 2002 2003 Source: National Bank of Romania 200 National Bank of Romania .000 60 20.Annual Report 2003 Charts Deposit-taking Operations ROL billions percent per annum 80.000 40 10.500 60 1.000 20 0 0 1999 2000 2001 2002 2003 Source: National Bank of Romania 4.000 140 daily average outstanding 60.000 ROL billions percent per annum 160 daily average transactions 3.000 100 40.000 120 2.000 160 70.000 120 average interest rate (right-side scale) 50.000 80 1.

03 Oct.03 Oct.03 Jun.03 Apr.03 Aug.03 Oct. net 400 300 200 100 0 –100 Jan.03 May.Annual Report 2003 Charts Interbank Forex Market (Daily Data) Foreign Exchange Market Operations 600 millions of EUR daily volume (total) 500 interbank operations NBR's purchases.000 Jan.03 Dec.03 Sep.03 Apr.000 36.03 Jul.03 Jul.03 Source: National Bank of Romania National Bank of Romania 201 .03 Aug.03 Average Exchange Rate 30.03 May.000 ROL/EUR 40.000 32.03 May.03 Aug.000 34.03 Mar.03 Nov.03 Jul.03 Non-bank Client Operations 150 millions of EUR purchases from clients sales to clients net balance 100 50 0 50 100 150 Jan.03 Feb.03 Jun.000 ROL/USD 38.03 Nov.000 42.03 Apr.03 Nov.03 Feb.03 Mar.03 Sep.03 Sep.03 Dec.03 Mar.03 Feb.03 Dec.03 Jun.

03 Jul.03 Sep.03 May.03 Aug.03 Dec.314.03 2.000 2.Annual Report 2003 Charts Bucharest Stock Exchange (Daily Data) 5.03 Oct.000 200 1.03 Mar.03 Source: Bucharest Stock Exchange 202 National Bank of Romania .000 number ROL billions 1.500 6.03 Aug.03 Nov.03 300 0 Feb.03 Mar.000 BET-FI index (right-side scale) 0 Jan.03 Mar.03 May.9 500 turnover 400 4.03 0 Feb.03 number (millions) Apr.000 180 90.000 4.000 100 0 Jan.03 Nov.03 May.03 Jul.000 8.03 Oct.03 Dec.03 Jun.000 0 Jan.000 BET index BET-C index 500 2.000 120 60.000 300 2.500 0 Feb.03 Jul.000 shares traded market capitalisation 240 120.03 Apr.03 Dec.000 number of trades 3.03 Jun.000 60 30.03 Oct.03 points Nov.6 150.000 1.8 615.03 ROL billions 375.03 Jun.03 Sep.03 points 10.03 Apr.000 1.03 Sep.03 Aug.

600 0 Feb.03 Jul.03 Dec.03 Jun.03 Apr.03 Aug.03 Dec.03 Source: RASDAQ National Bank of Romania 203 .03 Jul.03 May.03 Apr.03 points RASDAQ-C index RAQ-I index 1.03 Sep.000 market capitalisation 40 80.500 number 845.000 200 750 150 500 100 250 50 0 0 Jan.000 20 40.03 Jun.03 Dec.03 Mar.03 Feb.03 Oct.03 Oct.03 1.03 May.03 ROL billions 120.03 Aug.03 number (millions) Nov.000 800 600 Jan.9 ROL billions 300 turnover 250 1.03 May.03 Aug.03 Mar.400 RAQ-II index 1.03 Oct.250 number of trades 1.03 Jun.000 0 Jan.000 30 60.03 Nov.Annual Report 2003 Charts RASDAQ Electronic Stock Exchange (Daily Data) 1.03 Apr.000 shares traded 50 100.03 Jul.03 Sep.03 Nov.03 Sep.03 60 Feb.000 10 20.200 1.03 Mar.

Annual Report 2003 Charts Prudential Indicators percent 60 50 overall risk ratio (risk-weighted net assets* / total assets*) 40 1st solvency ratio >12% (total own funds / risk-weighted net assets*) 30 20 2nd solvency ratio >8% (tier I capital / risk-weighted net assets*) 10 leverage ratio (tier I capital / net assets) 0 1999 2000 2001 2002 2003 *) including off-balance-sheet items Source: National Bank of Romania Profitability Indicators percent percent 4 40 3 30 2 20 1 10 ROA (net income/total assets) 0 0 ROE (net income/own capital) (right-side scale) -1 -10 -2 -20 1999 2000 2001 2002 2003 Source: National Bank of Romania 204 National Bank of Romania .

Annual Report 2003 Charts Banks by the Five Composite Ratings 100% weight in total assets RATING 1 80% RATING 2 60% RATING 3 40% RATING 4 20% RATING 5 0% 1999 2000 2001 2002 2003 Source: National Bank of Romania Doubtful and Past-due Claims of Banks percent percent 4 40 total past-due and doubtful claims (net value)/bank liabilities 3 30 total past-due and doubtful claims (net value)/total assets (net value) total past-due and doubtful claims (net value)/own capital (according to prudential reports on own funds) (right-side scale) 2 20 1 10 0 0 1999 2000 2001 2002 2003 Source: National Bank of Romania National Bank of Romania 205 .

Annual Report 2003 Charts Composition of Banks by Ownership weight in total net assets 100% 80% 60% 40% 20% 0% 1999 2000 2001 2002 2003 foreign banks' branches majority foreign capital majority domestic capital Source: National Bank of Romania Banks with Majority Domestic Capital by Ownership 100% weight in total net assets 80% 60% 40% 20% 0% 1999 2000 2001 2002 2003 majority state-owned capital majority private capital Source: National Bank of Romania 206 National Bank of Romania .

000 800 600 400 200 Nov.03 May.03 May.000 2.02 May.00 Jul.03 Jan.01 May.01 Nov.00 Mar.03 Nov.400 promissory notes cheques 1.02 Jul.03 Sep.500 2.02 Jul.Annual Report 2003 Charts Payment Incident Bureau (PIB) Rejected Debit Payment Instruments ROL billions 1.200 1.01 Jul.02 Nov.00 Sep.02 Mar.02 Sep.01 Sep.00 Jul.01 May.03 Mar.02 Jan.03 Jul.000 500 Nov.03 Sep.00 May.01 Mar.02 Sep.01 Jan.03 Mar.03 Jan.00 May.00 Jan.01 Nov.01 Mar.01 Sep.500 3.00 0 Source: National Bank of Romania National Bank of Romania 207 .00 Jan.02 Nov.01 Jan.00 Sep.03 Jul.000 entities that generated payment incidents risky entities 1.03 Nov.000 3.02 May.00 0 Accountholders Registered with PIB 4.00 Mar.01 Jul.600 bills of exchange 1.500 entities under a ban 1.02 Jan.02 Mar.

fishery 3% Industry 44% Source: National Bank of Romania 208 National Bank of Romania .Annual Report 2003 Charts Credit Risk Bureau Overdue Loans 400. Mar.overall risk overdue loans 300. May Jun.000 50. forestry. Nov. Aug. Apr.000 250.000 150.000 ROL billions 350. Oct. Dec. Jul.000 100. Bank Loans Structure (31 December 2003) USD 32% EUR 38% Other 1% ROL 29% Services 39% Other 8% Construction 6% Agriculture.000 200.000 total loans . 2003 Feb.000 0 Jan. Sep.

Statistical Section .

This page is left blank intentionally.

Table of Contents
1.
2.
3.
4.
5.
6.
7.

8a.
8b.
8c.
9a.
9b.
10a.
10b.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22a.
22b.
23a.
23b.

Main Macroeconomic Indicators.............................................................................................
Gross Domestic Product..........................................................................................................
Consumer Prices And Industrial Producer Prices....................................................................
Balance of Payments...............................................................................................................
Romania's International Investment Position..........................................................................
Romania's International Investment Position Key Indicators..................................................
Money Market Indicators........................................................................................................
Interbank Operations..........................................................................................................
Government Securities (New and Roll-over Issues)...........................................................
Open-Market Operations Performed by the National Bank of Romania.................................
Standing Facilities Granted to Banks by the National Bank of Romania................................
Required Reserves...................................................................................................................
Interbank Foreign Exchange Market.......................................................................................
Activity of Foreign Exchange Bureaux...................................................................................
Capital Market - Bucharest Stock Exchange...........................................................................
Capital Market - RASDAQ ....................................................................................................
Reserve Money........................................................................................................................
Broad Money...........................................................................................................................
Domestic Credit......................................................................................................................
Consolidated Monetary Survey...............................................................................................
Monetary Balance Sheet of the National Bank of Romania....................................................
Aggregate Monetary Balance Sheet of Credit Institutions......................................................
Average Interest Rates Applied by Credit Institutions
(ROL Transactions).................................................................................................................
Average Interest Rates Applied by Credit Institutions............................................................
Loan Classification..................................................................................................................
Key Prudential Indicators........................................................................................................
Credit Risk Information...........................................................................................................
Loans Granted and Commitments Assumed by Credit Institutions.........................................
Loans Granted by Credit Institutions.......................................................................................
Rejected Debit Payment Instruments......................................................................................
Accountholders that Generated Payment Incidents.................................................................

212
214
215
216
217
218
219
219
219
220
221
221
222
223
224
225
226
227
228
232
235
242

Methodological Notes.............................................................................................................

274

... = missing data
– = nil
0 = less than 0.5 but more than nil
x = it is not the case
p.a.= per annum

255
256
262
264
266
267
270
272
273

Annual
Report
2003

Statistical Section

1. MAIN MACROECONOMIC INDICATORS
Period

Gross domestic product
Annual rate GDP deflator GDP per capita

Total

Total

Final consumption
Annual rate
Share in
GDP

3.9
7.1
3.9

(annual %)
239.1
135.3
145.3

(ROL thou.)
2,189.7
3,180.4
4,817.8

(ROL bill.)
38,452.4
58,662.4
89,939.4

252,925.7
373,798.2
545,730.2
803,773.1

–6.1
–4.8
–1.2
2.1

247.3
155.2
147.8
144.3

11,218.2
16,611.2
24,300.0
35,826.4

2001 1,167,687.0
2002 1,512,616.8
2003 1,890,778.3

5.7
5.0
4.9

137.4
123.4
119.2

1994
1995
1996

(ROL bill.)
49,773.2
72,135.5
108,919.6

1997
1998
1999
2000

Period

Industrial
output 1)

(%)

Industrial
producer
prices 1)

(%)

Labour
productivity
per employee
in industry 1)

3.8
10.8
7.0

(%)
77.3
81.3
82.6

(ROL bill.)
10,095.7
15,424.9
24,998.5

(%)
20.7
6.9
5.7

(%)
20.3
21.4
23.0

218,619.8
337,468.6
484,361.4
692,532.9

–4.3
1.1
–2.5
1.4

86.4
90.3
88.8
86.2

53,540.1
67,919.9
96,630.4
151,947.2

1.7
–5.7
–4.8
5.5

21.2
18.2
17.7
18.9

52,109.4
994,737.1
69,402.7 1,243,106.9
86,996.3 1,574,536.3

6.3
2.4
6.9

85.2
82.2
83.3

241,153.6
322,382.9
425,916.7

10.1
8.2
9.2

20.7
21.3
22.5

Agriculture
output 1)

Domestic trade
Commercial
Retail sales
share of
services
1) 2)
private sector
delivered to
population 1)
(%)
(%)
(%)
8.5
71.1
22.1
29.0
74.3
21.0
15.3
79.6
5.0

share of
private
sector

Average wage 1)
net nominal
net real

1994
1995
1996

3.3
9.4
6.3

(%)
140.5
35.1
49.9

(%)
14.7
13.7
7.5

1997
1998
1999
2000

–7.2
–13.8
–2.4
7.1

152.7
33.2
44.5
53.4

–1.8
–7.4
11.3
13.8

3.1
–7.6
4.0
–14.8

–12.1
20.6
–6.4
–7.0

86.9
95.4
96.8
97.7

2001
2002
2003

8.4
6.0
3.1

40.3
24.5
19.6

6.9
6.5
11.2

22.7

1.9
7.9
5.7

97.5
98.7

Balance of
current
account

Foreign debt

93.8
83.4
76.6

(EUR mill.)
–360.1
–1,371.8
–2,051.7

(EUR mill.) (EUR mill.) (EUR mill.) (EUR mill.)
3,806.2
2,560.2
1,322.9
489.7
4,284.0
2,051.4
1,078.5
261.1
5,811.8
2,534.9
1,279.7
440.0

Period

1994
1995
1996

4)

4)

Foreign trade
Balance
Exports fob Imports fob

(EUR mill.) (EUR mill.) (EUR mill.)
5,166
5,509
–343
6,112
7,327
–1,215
6,453
8,426
–1,973

(%)

(%)

Gross fixed capital formation
Total
Annual rate Share in GDP

0.2
4.5
1.3

Coverage of
imports through
exports
(%)

(%)
54.0
58.9
60.3

(%)
137.7
48.9
51.9

–20.5
–11.7
1.0
12.4

62.1
74.5
83.4
85.7

3)

96.8
64.9
46.1
62.8

–22.8
3.6
0.2
11.7

–5.6
7.7
4.9

87.4
89.3

4)

41.2
25.5
25.4

4.9
2.4
8.8

Total

Gross international reserves
NBR
Total
of which:
convertible
currencies

(%)
0.4
12.6
9.5

4)

Banks

(EUR mill.)
1,237.3
972.9
1,255.2

1997
1998
1999
2000

7,469
7,400
7,977
11,273

9,222
9,718
9,164
13,140

–1,753
–2,318
–1,187
–1,867

81.0
76.1
87.0
85.8

–1,864.0
–2,591.8
–1,355.0
–1,494.0

7,767.2
8,054.3
8,756.4
11,113.4

4,226.3
3,247.0
3,638.3
5,205.1

2,769.6
1,968.8
2,482.4
3,643.7

1,984.7
1,177.3
1,519.8
2,654.8

1,456.7
1,278.2
1,155.9
1,561.4

2001
2002
2003

12,722
14,675
15,614

16,045
17,427
19,569

–3,323
–2,752
–3,955

79.3
84.2
79.8

–2,488.0
–1,623.0
–2,877.0

13,507.1
14,648.3
15,379.0

7,230.9
8,051.3
8,251.6

5,509.0
7,009.0
7,491.6

4,445.2
5,876.8
6,373.6

1,721.9
1,042.3
760.0

Source: National Institute of Statistics, Ministry of Public Finance, and National Bank of Romania.
1) Annual change; 2) Starting 1998, except for motorcars and motorcycles, included under sale, maintenance and repair of cars and motorcycles, retail trade
of car fuels; 3) According to the National Institute of Statistics' specifications, the average net wage adjusted was used in order to ensure compatibility with
the previous years levels; 4) Annual averages calculated based on monthly data published by NIS.

212

National Bank of Romania

Annual
Report
2003

Statistical Section

1. MAIN MACROECONOMIC INDICATORS
(continued)
Period

Inflation rate
average 5) end of period
6)
(%)

Revenues

Government budget
ExpendiDeficit(–)/
tures
Surplus(+)

61.7
27.8
56.9

(ROL bill.)
8,860.2
12,888.3
18,372.8

(ROL bill.)
10,930.4
15,858.0
23,732.0

(ROL bill.)
–2,070.2
–2,969.7
–5,359.2

Percentage of
gov't budget
balance in GDP

Reference rate
7)

Average interest rates
of credit institutions
(non-bank clients)

–4.2
–4.1
–4.9

(% p.a.)
65.30
39.60
35.00

lending rate
(% p.a.)
91.40
48.60
55.80

deposit rate
(% p.a.)
58.90
36.50
38.10

1994
1995
1996

(%)
136.7
32.3
38.8

1997
1998
1999
2000

154.8
59.1
45.8
45.7

151.4
40.6
54.8
40.7

43,834.5
67,215.5
93,239.8
120,342.3

52,896.6
77,616.6
106,886.7
149,167.8

–9,062.1
–10,401.0
–13,646.9
–28,825.5

–3.6
–2.8
–2.5
–3.6

47.22
38.00
35.00
35.00

63.70
56.90
65.90
53.48

51.60
38.30
45.40
32.74

2001
2002
2003

34.5
22.5
15.3

30.3
17.8
14.1

148,203.1
179,205.5
252,447.3

184,012.2
226,823.6
281,450.7

–35,809.1
–47,618.1
–29,003.4

–3.1
–3.1
–1.5

35.00
8) 20.40
18.85

45.13
35.16
25.43

26.40
18.69
10.83

Money velocity
Broad money
end of period average (for
money
end of period
average
velocity)

Period

(%)

Foreign assets in convertible
currencies (including gold) 8)
gross

net

Domestic credit 8)
of which:
Total, net
to nongovernment

1994
1995
1996

(ROL bill.)
10,648.7
18,278.1
30,334.6

(ROL bill.)
6,652.2
13,085.0
22,184.8

(times)
4.7
3.9
3.6

(times)
7.5
5.5
4.9

(ROL bill.)
5,490.4
6,263.8
12,175.8

(ROL bill.)
2,482.4
2,469.9
–683.1

(ROL bill.)
9,183.4
17,399.0
31,450.0

(ROL bill.)
9,484.5
16,435.4
26,841.4

1997
1998
1999
2000

62,150.4
92,529.9
134,114.3
185,060.0

44,934.3
69,925.4
106,279.5
149,229.1

4.1
4.0
4.1
4.3

5.6
5.3
5.1
5.4

40,143.4
42,499.7
68,333.7
127,977.7

15,935.3
16,162.1
41,380.8
92,911.7

47,432.0
79,919.4
101,340.4
112,885.5

35,900.7
59,086.5
57,719.5
75,007.1

2001
2002
2003

270,512.0
373,712.5
460,741.3

212,700.3
299,770.1
393,179.3

4.3
4.0
4.1

5.5
5.0
4.8

204,530.8
284,628.2
343,458.6

168,511.7
236,923.5
252,094.3

143,244.7
200,221.2
300,942.9

118,254.5
178,728.0
302,879.4

Period
annual
average 9)

Exchange rate on forex market
end of period
annual
end of period
9)
average

Total
population

Total

Employment 8)
of which:
of which:
Employees private sector

Unemployment 8)

Unemployment rate 8)

1994
1995
1996

(ROL/EUR)
1,967.14
2,629.51
3,862.90

(ROL/EUR)
2,134
3,299
5,005

(ROL/USD)
1,655.09
2,033.28
3,082.60

(ROL/USD)
1,767
2,578
4,035

(thou.pers.)
22,730.6
22,681.0
22,607.6

(thou.pers.)
10,011.0
9,493.0
9,379.0

(thou.pers.)
6,201.0
6,048.0
5,894.0

(thou.pers.)
1,111.4
1,364.0
1,332.0

(thou.pers.)
1,223.9
998.4
657.6

(%)
10.9
9.5
6.6

1997
1998
1999
2000

8,090.92
9,989.25
16,295.57
19,955.75

8,867
12,788
18,331
24,118

7,167.94
8,875.55
15,332.93
21,692.74

8,023
10,951
18,255
25,926

22,545.9
22,502.8
22,458.0
22,435.2

9,023.0
8,813.0
8,420.0
8,629.0

5,399.0
5,182.0
4,659.0
4,646.0

1,531.0
1,760.0
2,299.0
2,492.0

881.4
1,025.1
1,130.3
1,007.1

8.9
10.4
11.8
10.5

2001
2002
2003

26,026.89
31,255.25
37,555.87

27,881
34,919
41,117

29,060.86
33,055.46
33,200.07

31,597
33,500
32,595

22,408.4
21,794.8
21,734.0

8,563.0
8,329.0

4,613.0
4,615.0
4,333.8

2,606.0
2,744.0

826.9
760.6
658.9

8.8
8.4
7.2

5) Average year on year; 6) December current year/December previous year; 7) Until January 31, 2002, discount rate; 8) End of period; 9) ECU until December 1998.

National Bank of Romania

213

Annual
Report
2003

Statistical Section

2. GROSS DOMESTIC PRODUCT
GDP Formation
Period

TOTAL
of which:

Industry

Construction Agriculture, Transport
Telecomforestry,
and
munications
fishery
warehousing and postal
services

1996
1997
1998
1999

108,919.6
252,925.7
373,798.2
545,730.2

36,181.5
78,093.8
98,212.8
135,343.8

7,067.4
13,230.0
19,029.2
27,376.7

2000
803,773.1
2001
1,167,687.0
2002 a) 1,512,616.8
2003 b) 1,890,778.3

219,479.7
323,046.8
428,858.7
537,173.5

39,287.1
62,333.7
84,265.3
108,464.8

89,014.5
156,179.2
171,130.6
221,110.5

ROL billion (current prices)
20,949.2
7,658.9
2,145.8
45,532.8
17,270.7
5,394.6
53,772.9
23,862.3
11,664.7
72,805.2
33,982.6
20,306.6

1996
1997
1998
1999

100.0
100.0
100.0
100.0

33.2
30.9
26.3
24.8

6.5
5.2
5.1
5.0

19.2
18.0
14.4
13.3

2000
2001
2002 a)
2003 b)

100.0
100.0
100.0
100.0

27.3
27.7
28.4
28.4

4.9
5.3
5.6
5.7

11.1
13.4
11.3
11.7

3.9
–6.1
–4.8
–1.2

6.9
–8.0
–5.3
–1.5

0.8
–19.3
–4.5
–2.3

–4.2
–1.3
–10.4
3.3

6.3
11.1
7.6
7.0

–18.1
28.1
–7.0
3.0

1996
1997
1998
1999

2000
2.1
5.9
2001
5.7
4.4
2002 a)
5.0
6.0
2003 b)
4.9
4.6
1) Included in "Transport and warehousing".

Trade,
Immovable
Financial,
tourism,
dealings and banking and
hotels and other services insurance
restaurants
services
12,722.3
28,767.5
50,403.2
74,598.8

5,871.1
25,860.1
42,454.2
69,557.0

Government
sector

3,243.1
4,298.7
6,622.6
9,499.9

3,355.2
6,763.3
12,833.7
18,275.3

30,305.5
101,406.7
104,378.9
12,363.5
1)
x
131,230.7
156,554.4
23,006.5
––––––————— 682,929.4 —————––––––
––––––————— 843,483.8 —————––––––
composition (%)
7.0
2.0
11.7
5.4
3.0
6.8
2.1
11.4
10.2
1.7
6.4
3.1
13.5
11.4
1.8
6.2
3.7
13.7
12.7
1.7

34,599.7
42,486.9

50,047.9
116,813.2

6.2
10.0

3.8
12.6
13.0
1.5
1)
x
11.2
13.4
2.0
––––––————— 45.1 —————––––––
––––––————— 44.6 —————––––––
annual change (%)
0.8
31.8
12.5
14.9
–14.2
–11.7
–1.6
–10.8
–6.8
–22.6
–13.7
1.8
4.1
–0.1
1.9
–4.9
0.1
0.4
3.8
0.6
4.9
1.1

4.3
1.1
7.0
2.1
3.4
1.5
0.8
32.0
––––––————— 6.4 —————––––––
––––––————— 5.2 —————––––––

3.1
2.7
3.4
3.3
4.3
3.6

–7.1
–3.2
–3.4
–4.1
19.8
–9.2

GDP Utilization
Period

Final consumption
General
Private non- Households,
government
profit
effective *)
institutions
ROL billion (current prices)
89,939.4
75,288.8
14,273.9
376.7
x
218,619.8
186,238.2
30,999.8
1,381.8
x
337,468.6
x
x
x
310,922.7
484,361.4
x
x
x
453,308.0

Gross fixed
capital
formation

Change in
stocks

108,919.6
252,925.7
373,798.2
545,730.2

24,998.5
53,540.1
67,919.9
96,630.4

3,161.4
–1,368.7
–1,586.4
–8,889.9

2000
803,773.1
2001
1,167,687.0
2002 a) 1,512,616.8
2003 b) 1,890,778.3

151,947.2
241,153.6
322,382.9
425,916.7

4,543.9
22,294.8
33,432.4
40,062.7

692,532.9
994,737.1
1,243,106.9
1,574,536.3

1996
1997
1998
1999

Total

1996
1997
1998
1999

100.0
100.0
100.0
100.0

23.0
21.2
18.2
17.7

2.9
–0.5
–0.4
–1.6

82.6
86.4
90.3
88.8

2000
2001
2002 a)
2003 b)

100.0
100.0
100.0
100.0

18.9
20.7
21.3
22.5

0.6
1.9
2.2
2.1

86.2
85.2
82.2
83.3

3.9
–6.1
–4.8
–1.2

5.7
1.7
–5.7
–4.8

x
x
x
x

7.0
–4.3
1.1
–2.5

2000
2.1
5.5
2001
5.7
10.1
2002 a)
5.0
8.2
2003 b)
4.9
9.2
Source: National Institute of Statistics

x
x
x
x

1996
1997
1998
1999

214

Total

Households

x
x
x
x
composition (%)
69.1
73.6
x
x
x
x
x
x
annual change (%)
8.0
–3.7
0.3
x

Exports, net
General
government,
effective *)
x
x
26,545.9
31,053.5

–9,179.7
–17,865.5
–30,003.9
–26,371.8

x
x
x
x

x
x
x
x

634,590.4
917,185.7
1,151,355.9
1,451,166.3

57,942.5
77,551.4
91,751.0
123,370.0

–45,250.9
–90,498.5
–86,305.4
–149,737.4

13.1
12.3
x
x

0.3
0.5
x
x

x
x
83.2
83.1

x
x
7.1
5.7

–8.4
–7.1
–8.0
–4.8

x
x
x
x

x
x
x
x

79.0
78.5
76.1
76.7

7.2
6.6
6.1
6.5

–5.6
–7.8
–5.7
–7.9

1.5
–8.5
1.8
x

20.3
30.2
65.1
x

x
x
x
–1.1

x
x
x
–19.1

x
x
x
x

0.2
6.8
3.1
7.1

20.4
–0.2
–5.8
4.6

x
x
x
x

1.4
x
x
x
6.3
x
x
x
2.4
x
x
x
6.9
x
x
x
a) Semi-final data; b) Provisional data. *) Based on ESA 1995

National Bank of Romania

8 118.2 1.4 1.1 142.7 2. 1.7 113.5 2.5 124.5 1.8 110.2 127. May Jun.9 102.4 143.7 Oct.8 121.1 0. 0.4 129.0 123.8 132.8 3.2 4.8 110.1 136.6 Jul.1 119.5 103.3 133.1 2001 Jan.0 3.6 2.5 101.2 134.2 125.9 2.5 128. May Jun.9 113.3 2.1 2.8 1.1 0.8 114.7 152.9 2.8 3.2 2.0 143.1 5. 2) Reporting base: 2000.0 154.0 142.8 131.1 126.6 2.8 150.5 128. Sep.8 104.1 113.4 103.1 113.8 129.8 2.1 139.4 161.0 153.5 2.2 135.4 2.4 Dec.2 150.2 102.2 3. Mar.4 107.3 106.3 1.4 123.0 140.7 1) 103.0 109.8 2000 Jan.6 108.0 1.5 145.8 2.7 2.4 1.7 145.0 115.1 –1.4 113.5 1.8 127.7 0.4 2.4 Jul.6 132.3 107.1 102.5 1.3 124.4 2.8 Apr.3 0. Sep.9 123.3 109.7 114.8 1. Sep.1 120.3 2.1 Apr. Nov.3 104.3 116.4 1.8 2.0 4.6 137.9 3.8 1.3 140.6 109.3 1.2 127.8 2.9 144.8 116.0 132.0 121.9 108.0 123.8 155.1 1.6 –1.8 1.9 136.0 144.0 123.8 137.5 153.0 1.7 2. 3.9 140.7 1.6 145.6 112.0 3.0 112.8 118.5 115.4 107. CONSUMER PRICES AND INDUSTRIAL PRODUCER PRICES Period Monthly change Industrial Consumer prices food non-food servproducer Total items items ices prices Index as compared to the end of previous year Industrial Consumer prices food non-food servproducer Total items items ices prices *) .6 110.1 0.3 150.7 152.4 114.8 2.2 2.0 5.2 101.8 1.4 1.1 134.2 1.6 4.1 2.4 2) 103.5 106.8 140.1 127.6 123.5 130.3 2.9 3.7 1.3 1.3 115.1 125.4 114.5 118.2 3.5 142.9 101.2 130. May Jun.9 144.0 3.5 1.5 115.0 116.1 103.1 125. 1.6 127.9 137.1 1.0 118.5 1.3 131.6 0.7 2.9 1.7 119.6 2.2 124.5 2.1 131.5 1.3 133.6 124.8 123.5 103.1 113.5 103.7 112.2 0.2 1.3 1.1 Oct.0 1.4 2.0 116.0 140.0 156.1 127.3 0.6 2.4 121.5 3.7 160. 2.9 3.4 109.0 115.8 Apr.3 125.6 3.9 118.1 108.2 2.2 1.4 117.2 123.8 116.6 141.0 108.5 105.3 2.3 115.8 117.0 119.3 131.5 137.7 127.5 137.8 119.0 8.3 1.2 107.3 1.4 0.7 115.6 131.3 1.3 117.1 2.3 119.1 116.8 132.2 1.2 2.8 105. Feb.3 142.1 134.7 129.6 120.8 130.4 118.5 0.9 111.7 143.0 107.3 102.1 2.8 110.8 146.4 137.6 108.1 2) 144.9 1.9 134.3 143.9 122.0 101.4 1.4 1.7 103.6 125.7 107.6 148.0 132.0 131.1 1.2 103.2 0.1 –0.7 114.2 128.0 129.4 145.8 114.7 130. 2.0 109.5 120.9 149.4 2.6 145.2 0.2 127.3 105.3 0.1 2.6 115.5 127.3 140.1 0.9 2.1 2.8 115.5 150.6 0.4 104.2 1.7 115.3 122.0 2.5 116.6 1.9 137.4 109.0 114. Feb.8 141.3 104.8 114.3 132.2 115.2 2002 Jan.7 116.7 105.4 3.7 137.4 117. 1) 2.2 137.4 162.1 112.4 1.7 111.3 0.4 124.5 0.9 116. Mar.3 1.1 126.8 2.3 2.0 114.8 100.0 3.1 104.6 133.8 1.5 118.3 129.4 115.0 119.6 115.1 160.7 144.0 2003 Jan.3 141.1 106.4 121.8 188.8 105.1 0.2 1.9 3.5 3.1 Oct.5 0.8 118.1 1.4 126.3 103.9 112.1 114.2 1.5 110.7 111.3 1.6 130.8 120.7 106.9 128.4 123.5 127. 1. May Jun.6 142.4 109.8 7.9 2.4 110.3 117.9 108.9 143.3 109.0 128.3 1.9 150.1 146.0 114.8 0.0 3.7 101.4 121.8 113.0 1.7 132.5 1.1 3.5 122.8 114.2 115.8 117.8 107. 3.2 186. Aug.2 2.6 115.3 129.9 111.7 135.1 126.2 109.3 2.7 1. Mar.9 134.3 1.3 3.0 National Bank of Romania 215 .9 0.6 117.8 2.7 2.3 117.2 137.2 112.1 120.3 144.4 1.8 2. 1.9 103. Aug.7 119.9 128.4 135.5 137.0 0.4 1.6 4.0 115.9 148.1 137.0 129.0 120.7 117.9 150.1 129.7 141.4 1.1 131.6 113.7 118.7 129.9 141.0 111.1 116.4 155.6 136.6 130. Mar. 2.6 142.7 102.0 1.1 1.3 114. Feb.3 106.6 120.9 102. 114.0 119.6 120.4 130. 1) Reporting base: 1998.6 127.1 1.9 2.0 142.0 2.2 123.7 0.8 114.2 115.1 120.4 3.2 Source: National Institute of Statistics *) Calculated on the basis of data published by National Institute of Statistics.4 112.7 117.5 104.3 1.6 118.7 114.0 115.7 129.5 131.4 107.1 2.1 114.7 149.9 1.4 113.5 0.9 118.8 110.5 105.0 141.8 119.5 109.3 139.6 120.5 147.5 0.3 2.8 116. Feb.8 102.3 117.2 134.6 1.5 119.4 129.5 145.5 115.8 145.6 Apr.4 140.4 4.6 2.3 127.3 1.1 1.0 132.5 2.7 1.3 115.5 110.6 133.2 140.4 1.9 2.7 102.5 120.2 125.3 109.2 111.2 1.2 136.2 103.4 1.1 Jul.5 150.0 0.6 1.1 131.4 3.3 138.7 1.0 106.2 104.3 194.8 127.0 126.1 3.5 0.2 117.6 108.8 140.5 124.8 1.3 120.6 131.8 112.9 1.5 120.3 114. Dec.1 108.4 137.6 1.8 2.8 5.7 1.1 184.2 103.8 102.0 103. 1.5 1.8 139.5 0.7 1.6 0.7 132.7 134.6 1.0 133.8 6. Nov.5 122.8 134.9 118.6 117.2 2.7 2.0 133.7 102.3 2.6 114.8 116.7 114.7 0.9 1.6 148.6 119.5 131.7 Oct.1 147.4 109.8 110.6 3.7 2.1 136.5 1.4 112.8 1.5 119.1 132.7 2.5 132. 1.7 115.6 2.4 136.0 0.9 121.2 104.7 2.0 109.0 114.7 117.5 1.3 109.7 126.7 113.2 113.0 0.9 121.1 121.3 1.6 3.3 116.6 129.0 122.3 134.7 137.0 121.6 120.8 2.1 105. Sep.3 118.3 106.9 1.9 106.7 5. Nov.0 1.1 152.7 2.4 144.2 116.5 104.6 116.1 101.8 114.9 111.Annual Report 2003 Statistical Section 3.3 146.7 125.8 146. 6.6 182.0 145.3 114.0 2.9 115.0 1.4 0.1 112.1 118.2 162.6 107.7 Jul.6 118.9 128. Dec.7 2.2 121.5 132.0 106.8 114.0 109.6 111.6 163.0 140.9 112.8 145.0 150.4 114.2 1.7 1.7 1. 2) 3.1 4.7 111.7 4. 2.5 2.7 1.0 2.0 137.0 156.4 116.1 3.percent Index as compared to the same period of previous year Industrial Consumer prices food non-food servproducer Total items items ices prices *) 1999 2000 2001 2002 2003 *) *) *) *) *) 4.7 130.3 122.4 112.0 142.0 2.5 120.5 103.5 115.5 0.1 117.6 107.9 115.0 104.0 108.1 1.6 103.4 134.1 3.2 117.1 99.5 Nov. 2.0 1.0 114.2 114.6 1.0 0.7 148.0 2.2 1) 162.5 106.2 143.6 138.9 147.1 117. Aug.6 113.4 122.2 1.7 106.8 189.9 135.8 111.9 127.7 118.5 108.5 2. 2. Dec.3 107.2 107. Aug.7 0.0 109.8 0.1 140.7 120.4 114.2 102.8 142.1 115.8 113.3 127.0 103.9 136.6 1.4 131.2 115.7 105.7 113.8 2.

Capital account a.140 2.EUR millions 2003* Debit Balance 23.838 7 1.183 11.333 629 2.427 2.185 6.398 1.294 657 –8 665 1.896 308 1.045 2.037 2 5 – 1.591 –36 1.654 – 163 –15 –15 – 8 7 –1.539 –30 1 –3 – 2.952 1.704 300 36 264 1.526 63 37 26 390 11 379 2.675 2.080 –3.301 304 34 270 1.905 2 5 – 1.457 53 1.405 968 8 960 6.666 –5 –7 – –1.166 –2.474 2002 Debit Balance Credit 21. CAPITAL AND FINANCIAL ACCOUNTS A.043 739 4.666 5 7 – 1.Annual Report 2003 Statistical Section 4.248 –60 8.402 819 503 1. Services – Transportation – Tourism – Other services 13.428 –2.077 279 67 215 – 1.672 8.627 523 8 515 1.178 19.016 302 38 225 – 948 415 –6 –27 – 36 – – – 54 27 15 – 15 – – – 26 – – – 49 35 1.609 997 423 1.175 108 1.030 – 191 66 65 1 17 8 – – – – – – 28 81 80 1 9 1 1. Portfolio investment – Assets – Liabilities c. NET ERRORS AND OMISSIONS *) Provisional data.893 –3.588 284 18 266 1.939 235 1.551 . Incomes – Compensation of employees – Direct investment income – Portfolio investment income – Other capital investment C.308 –57 86 20 22 303 56 682 16 – 16 4.020 – 2 – –1.103 19. Barter and clearing accounts f. BALANCE OF PAYMENTS Item 2001 Debit Balance Credit 19.729 322 98 261 – 1.176 254 61 193 562 8 554 3.194 –18 1.022 – 92 – 92 816 – 816 – 870 –870 – 294 –294 National Bank of Romania .995 12.576 –2.955 62 66 –27 23 358 102 8 112 136 662 5 77 81 499 –304 97 –69 31 –363 510 126 17 200 167 825 4 131 118 572 –315 122 –114 82 –405 435 146 12 193 84 923 6 212 188 517 –488 140 –200 5 –433 327 98 10 153 66 950 6 224 228 492 –623 92 –214 –75 –426 1.173 527 41 486 4.824 107 2.566 1.030 – 10 – – – 5 –8 –1.772 456 34 218 – 2.322 1. Direct investment – Abroad – In Romania b.672 716 8. Current transfers – Public administration – Other sectors 2.434 132 –52 –4 1 105 –126 –24 40 – 40 1.171 348 40 149 – 1.742 75 126 29 87 169 127 404 5 – 5 2. In transit accounts e. CURRENT ACCOUNT Credit 14.612 290 1.091 –443 7.583 282 1.448 43 1.285 15.212 406 – 406 2.898 – 138 38 38 – 14 7 –1.381 947 1.676 6.722 2.402 7.404 1.616 249 68 212 – 1.895 –2 5 – –1.488 19.463 881 416 1.527 1.273 925 405 943 18.747 –2.147 137 30 107 1.910 689 393 828 15.189 –3.889 65 48 70 53 227 5 332 4 – 4 3. Other capital investment 1.354 – 402 –15 –15 – –9 9 –1.097 –1.468 1.447 16.620 255 94 224 – 1.623 20.022 –2 10 – –1.303 22 1.601 108 –6 69 – 2.212 22.890 1.956 8 25 21 14 231 23 353 27 – 27 4.671 1.898 – 402 10 10 – 44 10 337 – 5 – 332 – – 25 25 – 53 1 1.031 1.983 1. Assets – Medium.222 694 5.430 469 2.452 –3.102 1.716 2000 Debit Balance Credit 16.344 1.182 1.534 17 74 25 88 274 1 380 45 – 45 3. Goods fob b.493 8.494 17.224 51 1.704 98 –52 2 1 –12 –7 131 2 –1 3 1. Liabilities – Credits and loans from the IMF – Medium and long–term loans and credits – Short–term loans and credits – Long–term outstanding imports bills – Short–term outstanding imports bills – Currency and cheques – Non–residents' deposits in Romania – Other liabilities – long–term – short–term d.639 199 1.867 –260 7 –73 –194 14.890 17.170 682 466 1.171 39 39 37 2 1 1 – 1 38 38 37 1 120 120 106 14 14 14 12 2 106 106 94 12 102 102 82 20 7 7 – 7 95 95 82 13 197 197 102 95 9 9 – 9 188 188 102 86 B.281 4.357 – 3 – 1.183 2.770 106 –108 15 –8 23 –3 –329 –33 – –33 1.629 887 5. 216 – – – – – – – – – – – – 5. Goods and Services a.323 –129 106 –98 –137 17.067 238 32 206 937 76 861 1.534 5. Financial account a.312 18 1.161 14 1.279 248 1.370 3.961 104 19 11 2 176 25 498 –15 – –15 1. Reserve assets (NBR) – Monetary gold – SDRs – Reserve position with the IMF – Foreign exchange – Other assets 3.310 13.013 352 1.574 1.143 14.109 67 4 37 – 3.877 1.273 1.210 –1.414 1.063 396 1.304 123 156 55 61 204 8 661 37 – 37 1.and long–term loans and credits – Short–term loans and credits – Long–term outstanding exports bills – Short–term outstanding exports bills – Currency and cheques – Residents' deposits abroad – Other assets – long–term – short–term 2.127 –1.862 1.364 1.569 2.541 5. Capital transfers – Public administration – Other sectors b.022 –2.752 5 132 –64 –63 18.929 4.848 145 35 110 646 30 616 3.528 205 77 19 13 243 30 222 25 1 24 2.964 717 32 198 – 2. Purchases/Sales of non-produced – non-financial assets B.361 247 43 204 370 7 363 3.614 2.831 893 15 878 5.088 A.654 – 189 136 136 – 38 8 10 – 10 – – – 51 98 98 – 24 1 1.917 112 67 9 20 127 31 184 31 – 31 2.440 5.

2 19.3 683.2 308.563. 8.8 148.133.0 169.482.short-term .9 140.7 3.757.3 24.0 450.564.3 9.3 3.0 12.loans and credits .929.1 269.0 1.840.9 7.5 167.898.766.9 189.7 23.7 30.1 13.0 140.5 3.4 83.9 3.3 167.4 962.446.4 2.478.0 69.519.long-term .debt securities 2.9 577.562.0 12.7 5.6 595.965.debt securities .216.9 12.2 779.3 B.participating interests .166.7 Net position Assets Liabilities FOREIGN ASSETS of which: A.5 298.909.142.5 5.0 168.6 7.0 1.7 33.5 152.530.0 555.7 5.1 13.639.0 38.643.7 0.2 152.0 1.8 12.0 27.876.4 303.244.7 420.361.7 492. Other investment .8 1.1 4.8 4.9 675. Other investment .medium.593.loans and credits .4 2.7 379.2 561.373.275.182.863.056.and long-term .9 10.491.currency and deposits .199.7 3.320.1 229.3 0.5 15.516. Direct investment of non-residents in Romania .3 0.3 148.193.5 3.7 181.8 532.464.9 6.4 0.6 3.9 4.4 68.4 143.072.0 1.421.5 523.4 0.129.445.991.7 6.8 256. end of period 2002 2003* 1999 2000 2001 –7.7 1.7 0.654.short-term .3 48.730.0 427.7 11.4 391.6 495.6 418.6 5.482.654.1 228.7 7.5 11.short-term 5.7 10.939.102.money market instruments 1.0 2.7 437.7 429.5 1.1 7.9 328.696.2 7.equity securities .0 251.foreign reserve .8 683.4 12.4 272.6 594.527.0 43.093.220.9 1.063.1 C.6 1.8 4.long-term .664.with other monetary authorities .9 2.4 35.currency and deposits .579.470.8 637.206.7 36.9 C.9 0.5 4. Portfolio investment .656.1 87.participating interests B.2 1.025.2 143.6 8.373.598.7 989.1 12.879.6 279.2 5.752. Portfolio investment .4 5.other liabilities .185.7 18. Direct investment of residents abroad .8 496.2 154.016.263.short-term *) Provisional data.009.498.7 549. Reserve assets (NBR) .8 –11.7 D.6 1.218.8 10.2 11.118.0 8.and long-term .608.5 186.8 12.3 A.medium.9 6.649.0 –10.4 9.132.9 8.1 3.0 2.108.2 32.3 8.4 126.8 148.717.1 3.3 3.276.666.250.2 171.1 1.7 422.778.1 7.1 12.0 2.4 –9.8 199.debt securities FOREIGN LIABILITIES of which: National Bank of Romania 217 .409.currency and deposits .181.4 201. ROMANIA'S INTERNATIONAL INVESTMENT POSITION Item .5 132.6 11.395.286.9 369.EUR millions.4 6.0 6.7 2.4 1.8 143.883.other capital 5.725.Annual Report 2003 Statistical Section 5.0 10.0 3.with other foreign banks .4 7.216.594.509.4 720.5 1.1 1.monetary gold .9 1.122.1 132.3 0.069.other assets .3 –14.994.0 6.2 434.6 9.0 3.506.

9 225.7 157.2 1.2 Credit lines Other private creditors *) Provisional data.6 6.6 23.085.5 3.5 28.7 486.EUR millions.648.1 170.4 129.4 150.3 14.6 4.5 102.4 11.6 215.4 193.2 71.844.8 26.0 12.1 1.0 300.0 125.199.3 3.0 – 120.1 821.0 – 789.0 107.756.7 8.0 – – – 2.2 1.0 33.0 – 306.7 7.9 280.0 National Bank of Romania .0 1.639.236.2 225.0 1.9 205.0 170.574.3 46.0 600.8 125.357.0 600.6 Portfolio investment of which: Petrom-BNP Paribas Luxembourg BCR-Merrill Lynch SNCFR-Marfa joint stock company-Deutsche Bank 118.8 4.8 223.074.651.0 – 80.2 567.6 406.0 109.1 8.9 3.8 1.0 48.0 228.0 600.2 4.8 10.4 125.8 290.7 5.2 220.0 306.0 28.6 66.9 31.4 19.4 12.5 2.3 408.8 2.1 12.472.033.0 850.300.5 179.5 1.625.0 50.006.7 5.273.6 89.428.141.0 – – 280.9 5.5 1.113.2 62.390.1 3.469.1 760.8 152.748.4 1.4 3. Publicly guaranteed debt Multilateral institutions of which: IBRD EBRD Nordic Investment Bank Portfolio investment Other private creditors III.0 22.2 123.0 225.4 829.465.4 272.750.715.907.4 474.2 553.379.4 – 764.9 3.040.8 434.171.3 140.5 107.688.3 40.7 3.6 268.726.8 2.7 3.3 269.358. end of period 2001 2002 2003* 4.4 33.2 389.4 13. 218 15.9 11.924.6 2.8 – – – 27.0 300.043.0 182.7 74.and long-term external debt I.5 437.9 Bond issues of which: Credit Deutsche Bank AG ING Bank Schroeder Salomon Smith Barney CS First Boston Switzerland CS First Boston Germany Merrill Lynch Nomura Securities 622.711.598.0 4.5 10.3 143.6 148.8 201.2 2.507.4 1.2 414.9 2.5 54.9 – 28.736.8 16.7 394.9 65.5 182.7 Total MLT claims Medium.0 6.9 35.1 2.3 82.3 – – – 306.7 3.233.6 – – – 29.9 2.8 122.6 4.7 4.8 217. Private debt (non-guaranteed) 2.1 26.8 337.5 367.9 21.1 14.119.0 – – – – 49.0 103.728.1 Bilateral institutions of which: Japan USA KFW Eximbank Korea Germany (convertible clearing account) 408.8 339.4 138. ROMANIA'S INTERNATIONAL INVESTMENT POSITION KEY INDICATORS 1999 3.553.3 – 30.4 454.8 – – 1. Public debt Multilateral institutions of which: IMF IBRD EIB EBRD EU CE .552.356.7 215.7 183.0 150.6 21.3 21.5 3.8 24.9 25.0 260.2 393.6 336.096.3 2.2 3.1 460.001.0 0.9 33.0 300.5 344.5 2000 4.3 33.8 8.0 Multilateral institutions of which: EBRD EIB Black Sea Bank Nordic Investment Bank IFC 703.9 .0 – 120.0 1.050.8 150.1 287.400.1 5.710.4 7.3 – – – 158.8 914.4 60.Annual Report 2003 Statistical Section 6.989.SDF Private banks Other private creditors II.6 119.5 2.

4 – x – x 72.131.5 53.0 3.659.2 6.3 380.501. 64.3 40.3 49.189.0 47.7 5.0 5.90 Oct.5 x x 34.8 5.429.046.9 1.) (% p.0 – – – x x x Jul.8 20.0 38.9 28.5 15.030.7 31.564.333. Sep.332.9 7.) (ROL bill.824.0 5.883.7 34.8 1.928.0 1.835.5 37.354.624.6 21.9 31.8 34.5 9.263.0 – – – x x x – 159.9 12.6 22.9 1.746.9 18.0 39.3 3.3 34.0 47.0 49.0 16.0 64.) (USD mill.5 56.5 32.0 4.0 – – 4.8 34.3 40.5 15. 22.53 24.) (% p.8 6.a.6 31.560.0 – – – x x x Apr.100.6 3. Mar.3 4.8 1.6 49.0 5.436.65 14.3 3.4 1.245.0 5.7 41.6 30.1 35. Aug.629.0 5.768. 67.7 19.0 30. Aug.9 47.11 14.2 32.5 47.8 49.119.527.7 1.0 5.693.44 Jul. 49.286.0 61.7 69.0 37.098. May Jun.) (% p.8 2.2 25.0 – – 49.2 49.629.8 21.378.8 15.600.6 – 12.3 2.69 2002 Jan.9 29.749.177. 61.0 59.3 3.3 nominal average average nominal average value interest rate yield value interest rate (% p.533.913.8 7.2 41.4 48. MONEY MARKET INDICATORS Period Interbank operations Transactions Deposits 2000 Jan.7 45.532.923.8 29.0 7.7 184.97 25.292.7 2.1 66.5 46.9 2.502.0 5.340.20 14.5 17.6 42.0 205.5 3. Feb.521.5 19.8 36.Annual Report 2003 Statistical Section 7.2 27. Dec.1 614.828. Nov.45 13.5 5.5 38.9 5.5 1.1 18.1 48.0 2.8 69.1 19.5 33.1 33.843.8 1.9 22.3 18.9 70.1 2. Feb. Mar.0 4.4 20.850.8 5.8 39.2 34.2 41.0 20.621.0 18.5 14.95 15.3 21.0 – x – x 58.2 41.5 38.194.1 38.3 2.87 Apr.7 5.2 14.4 29.6 7.8 19.500. 74.0 4.7 43.2 50.0 – – x x x Apr.971.3 4.699.1 49.5 97.445.2 18.7 4.598.7 14.7 4.8 24.0 18.8 18.1 47.0 2.5 35.3 42. Sep.8 19.865.7 22.752.9 16.6 35.9 46.516.9 22.3 4.7 2.000.024. Aug.7 2.900.8 40.4 17.4 46.5 14.3 47.4 19.4 2.0 0.0 – – – x x x Oct.248. 4.1 17.6 8.7 64.871.9 43.2 15.962.622.5 30.0 5.7 49.0 1. of which: Discount T-bills Interest-bearing Treasury Interest-bearing bonds bonds daily average daily average average interest rate nominal average interest rate average interest rate (% p.0 5.517.0 5.8 2.0 360.4 20.8 0.0 1.981.3 5.688.4 42.518.2 5.6 23.574.0 17.6 6.8 30.024. Nov.7 44.3 43.820.0 2.8 20.6 50.015.202.852.6 4.049.0 19.7 20.9 15. Mar.0 3.7 20.4 10.679.5 52.795.5 59.0 5.) 5.3 15.3 0.690.477.612. Feb.5 1.0 37.1 5.9 58.4 34. Sep.3 33.6 33. 60.3 3.0 5.8 2.95 Jul.250.92 Oct.8 26.7 29.0 5.4 24.302.8 57.0 2.900.8 48.0 1.4 18.002 5.313.0 730.59 x x 2001 Jan.0 1.4 40.832.4 35.0 5.048.9 61.5 29.623. 1-week BUBID 1-week BUBOR Government securities (new and roll-over issues).7 119.2 35.2 5.000.5 1. 20.3 6.4 45.6 5.8 35.1 17.8 6.902.6 39.686.6 37.926.8 1.3 41.0 5.617.70 14.0 5.605.7 19.3 31.6 17.2 7.1 6.0 35.a.8 27.3 5.2 4.4 16.2 18.552.330.0 18.1 3.7 7.0 – – – x x x Oct.801.2 18. Aug.005.7 4.7 39.0 505.20 2003 Jan.081.5 28.0 5.500. Dec. May Jun.077.4 19.596.4 33.5 62.6 37. 30.9 1.626.0 1.9 55.4 42.5 19.3 48.3 2.5 1.9 5.7 7.8 29.5 34.006.2 4.3 Dec.127.109.5 44.450.0 27.2 3.974.4 42.383.4 178. May Jun.4 3.) value (ROL bill.9 33.0 16.3 4.259.3 1.0 8.9 36.0 15.1 33.1 3.0 25.1 51.5 4.8 18.0 21.2 17.0 32.0 4.674.02 13.823.6 46.7 31.98* 219 .80 23.8 3.1 3.9 44.227.1 50.1 38.3 14.0 19.710.2 23. Feb.1 29.875.2 1.841.2 1.1 28.4 5.8 43.7 34.644.6 28.3 1.0 1.8 5. Mar.7 3.1 2.400.000.687.5 36.0 8.8 45.746.0 5.9 20.6 1.a.3 0.000.5 *) Bid margin (included in the calculation of CPI-indexed interest rate).0 4.6 39.4 34.921.0 National Bank of Romania x 5.9 46. 5.159. Nov.063.7 1.6 32.2 100.a.1 36.7 10.8 44.812.4 37.5 35.7 14.5 15.5 5.3 6.292.1 19.1 6.1 17. Sep.8 20.297.3 36.693.2 2.1 25.3 1. May Jun.0 – – – x x x Jul.378.2 47.4 28.0 1.5 6.3 24.0 34.8 38.475.0 10.3 3.4 5.462.9 25.1 x 25.7 44.599. 71.5 4.0 5.3 1.643.3 19.0 19. Dec.9 2.0 5.4 14.2 Nov.776.314.) (ROL bill.9 23.977.8 3.a.) (ROL bill.0 4.500.4 2.2 35.7 x x 5.0 6.6 20.4 20.4 45.017.930.8 3.1 35.1 34. 42.9 0.0 25.6 6.3 68.0 634.0 3.511.2 35.4 17.5 409.0 – 600.0 20. 20.1 6.5 17.7 33.5 35.5 0.605.90 13.6 47.360.000.7 3.0 44.0 17.1 7.1 2.7 1.7 31.229.4 17.) (% p.4 40.5 5.2 58.133.0 763.4 4.3 3. 11.813.7 6.1 44.8 18.2 51.6 – – 16.4 1.3 1.a.9 3.233. 71.1 1.6 42.) 74.3 50.766.4 1.2 19.2 17.7 21.7 27.9 23.00* 4.939.6 42. 3.410.2 10.0 5.5 2. 7.346.805.7 19.4 18.8 20.7 233.7 – – – x x x 351.4 0.0 3.0 – x – x Apr.0 4.1 16.5 x 5.

6 19.3 27.0 35.8 20.0 35.8 34.558.592. 35.644.1 20.0 57.6 49.031.0 26.3 35.) Repo Flow Stock daily interest daily interest average rate average rate (ROL bn.6 178.0 34. Sep.9 33.539.414.338.1 49.7 34. 35.1 2.0 47.0 31.0 550.5 1.2 229.0 1.6 – – 55.2 33.4 65.674.852.7 24.6 1.41 – *) Until January 31. Nov.6 54.3 – – – x x x – – – x x x 1.) (% p.0 35.6 56.835.704.0 45.4 17.2 18.0 35.6 – x 31.0 323.1 49.6 x 42.805.9 34.8 – – 139.4 47.0 657.847.6 Apr. 2002.122.8 37.4 50.219.232.4 29.0 2.0 – – – x x x – – – x x x 686.7 35.5 49.557.0 33.3 27. May Jun.754.3 37.0 – 323.) (% p.3 4.5 54.7 5.2 434. 17.072.0 35.6 47.3 664. Dec.9 18.2 Jul.9 34.) (ROL bn.673.6 8.4 25.817.1 47.194.3 824. Aug.952. May Jun. Feb.) (ROL bn.1 79.795.909.696. 20.0 191. 28.251.808.0 – – – x x x – – – x x x – – – x x x – – – x x x 222.4 – – 277.4 17.8 40.0 8.0 474.9 47.3 67.8 19.926.007.2 3.7 22.751.207.19 – Dec.2 25.7 3.0 144.4 183.6 37. 23. 20.9 34.826.2 145.8 27.4 34. Sep.0 33.8 47.8 Apr.897. 35.6 20.6 255.1 49.2 33.0 35.3 3.1 1.144.0 35.4 1.8 4.531.5 – 20.0 35.8 5.) 2000 Jan.6 49.8 33.4 19.1 x x 50.2 30.2 4. 18.4 30.4 4.0 – – 960.3 x 43.8 46.3 374.2 20.a.1 16.3 62.6 49.0 35.351.2 42.6 4. 35.2 368.971.9 63.6 34.927.2 53.4 33.3 – 21.8 35.0 Oct. 35.923.4 – 18.5 46.4 309.2 2001 Jan.060.3 Jul.0 x 50.9 2.6 – 3.716.0 35.115.0 – – – x x x – – – x x x – – – x x x – – – x x x 274.7 49.8 49.475.8 49.2 3.0 21.7 31.2 Jul.a.7 20.8 287.8 836.2 763.3 17.778. 19. 35.398.4 33.734.7 34.0 49.7 1.1 48.9 27.0 x – 92.7 49.5 1.5 – x 31.0 58.4 19.0 52.3 60.5 18.280.9 21.0 49.2 18.1 38.318.7 135.6 79.) (% p.0 35.199.7 35.659.5 241.7 4.0 35.0 48.147.1 x x 42.2 49. Feb.7 28.9 35. 34.3 46.4 43.8 – – 4.0 34.0 x 1.1 424.2 18. Mar. Dec.9 138.525.2 20.972.048.0 35.6 59.9 x x 38.0 6.9 2002 Jan.1 48.2 49.0 23.6 34. 19.4 x 42.747.8 18.1 283.0 459.6 40.775.9 63. 35.2 18.a.) Reverse repo Flow Stock daily interest daily interest average rate average rate (ROL bn.7 3. Feb.7 2.25 – Nov.3 31.4 37.7 31.9 2.0 35.7 18.3 18.4 5.9 35.703.619.Annual Report 2003 Statistical Section 8a.3 896.2 20.798.2 2. 35.a.5 2.2 18.9 35.0 204.0 35.8 45.1 34.3 27.3 49. Nov.1 700.1 34.2 1.116.8 32.9 43.6 49.0 65.3 57.5 145.2 – – – x x x – – – x x x – – – x x x – – – x x x 2.0 17.a. Feb.3 x 482.3 1.5 35.3 4. Mar.8 2.0 x 1.9 34.706.143.0 41.7 20. 35.5 4. Nov.3 304.2 x x x – – – x x x – – – x x x – – – x x x 3. OPEN-MARKET OPERATIONS PERFORMED BY THE NATIONAL BANK OF ROMANIA Period Reference rate* (% p.3 34.0 – – 40.292.6 Apr.1 26.0 – – – x x x – – – x x x 1.5 467.2 25. Aug.5 159.7 19.0 29.1 37.3 – 39.9 18.6 15.1 26.5 1.8 1.9 33.8 – 36.5 23.9 33.6 42.602.1 59.0 2.676.11 – – – x x x – – – x x x – – – x x x – – – x x x 2.6 435.0 22.4 – – – x x x – – – x x x – – – x x x – – – x x x 2.0 349.781.2 889.0 262.654.7 26.1 x 41.6 290.3 566.4 34.2 24.735.3 34.8 958.1 5.607.9 49.4 42. Mar.7 11.0 35.8 4.0 419.0 4.925.8 33.9 923.2 21.3 3.3 19.3 2.1 17. Mar.076.4 45.7 39.015.0 1.783. May Jun.662.8 22.0 19.1 34. Aug.7 54.1 19.6 33.2 – – 55.2 64.2 26.7 32.7 3.3 152.0 35.729.1 9.5 26.2 x x 668.1 32.9 60.106.3 47.) (ROL bn.3 46.0 Oct.8 49.3 – – 51.2 Apr.0 47.139.5 18.2 19.6 1.079.9 Jul.3 17.0 x x 38.) (% p.8 42.842.0 x x 152.3 229.7 34.4 21.6 33.590.0 x x 160.138.4 2.2 – 42. Aug.a.a.0 34. Dec.221.9 33.3 Oct.2 256.9 58.7 20.7 30.0 45.3 21.2 22.8 2003 Jan.) (% p.0 73.5 47.448.) Deposit taking Flow Stock daily interest daily interest average rate average rate (ROL bn.0 959.3 x x 42.4 28.844.0 7.3 3.5 Oct.618.946.5 49.3 986. Sep. May Jun.8 719.) (% p.4 400.9 268. Sep.6 33.4 37.6 19.8 46. discount rate 220 National Bank of Romania .878.1 35.0 57.6 5.

0 82.70 2.) rate (% p.0 5.0 20.00 27.0 25.5 717.0 6.00 24.0 25.) 2000 Jan.0 1.00 22.40 3. – – – 75. May Jun.0 6.0 75.10 2. Aug.00 1.0 45.0 Oct.5 6.20 30.00 8. Feb.10 30.0 18.0 5.0 20.0 23.00 1.0 20.0 6. May Jun.00 18.0 45.10 30. – – – 95.0 73.0 5.0 75.25 0.00 1.0 30.0 5.117.0 22.50 2.329.75 1.00 1.0 22. May Jun.0 5.00 1.0 75.25 6. Feb.0 22. Nov.00 1.75 1. Sep.0 – – – x 5.0 6. – – – 75.555.0 1) 65.40 3.0 1.75 0.00 10.0 percent until August 19. Mar.00 30.0 20.0 percent until August 19.25 6.10 30.0 75. May Jun.0 6.139. 2002.0 25.0 Oct.0 22.0 Jul.0 5.0 27.10 2.0 20.00 1.0 25.00 18. Mar. 2) 6.00 1.0 2003 Jan.00 0.50 3.0 851.0 22. – – – 75. – – – 65.0 20.00 1. Aug.10 3.0 221.0 Apr. Sep.00 23.0 20.75 0.0 75. REQUIRED RESERVES Deposit volume interest (ROL bn.0 5.00 2.75 1.0 25.0 25.0 20.0 18. – 120.0 22.0 15. – – – 30.00 1.0 20.0 20.0 foreign currency 20.00 18.0 22.0 18.00 2.0 6. – – – 75.90 2.0 75.0 25. Mar.0 6. – – – 65. Dec.0 41.0 75.75 0.10 2. Mar.00 1.0 Apr.0 20.0 107.0 28.0 20.50 25.0 20.0 25.0 10.50 2.0 5. 440.75 0.6 5.0 871.0 – 5.0 6.0 *) 18.0 382.0 2002 Jan.0 *) 25.0 – – – x x x 31.0 18.00 1. Nov.0 20.0 45.0 75.0 5.0 25.0 75.0 95. Dec. 2002.10 3.0 25.0 5.00 *) 8.0 552.00 1.0 8.00 1.1 6.00 1.a.0 320.0 20.00 1.00 2.0 20.20 2.0 30.0 5.) 8c.0 18.50 3.75 0.0 30.0 25.0 Jul. 2003.0 20.5 5.0 2.070.0 – 33. – 68.0 5. – – – 45.0 1) 45.00 1.0 30.75 1.10 2.00 1.00 1.0 25. – 30.0 25.0 percent since March 31.0 30.00 3.00 25.0 30.10 3.0 65.0 20.0 5.5 958.0 493.0 40.0 30.0 300.0 18.00 26.5 607.10 2.0 20.00 1.50 11.0 Apr.00 1.00 1.0 20.0 65.40 3.0 6.0 5.10 2.00 2.0 30.10 2.0 27.10 2.75 1.00 30.25 6. – – – 30.90 2.0 5.0 30.0 20.00 6.00 1.00 17. Dec.0 20. Aug.0 20. – 30.00 1.0 Apr.00 1.0 – 65.0 5.0 5. Feb.0 30.00 0.0 5.0 1.0 *) Starting period the 24th of current month .00 1.00 1.0 6.0 6.00 15.0 *) 6.25 0.) rate (% p.0 1. Sep.0 20. – 30.0 20.0 30.10 3. 5.25 6.) Interest rate on banks' reserves (% p.0 25. – – – 65.5 – 122.20 1.00 *) 7.0 – 2. Sep.00 0. Feb.0 25.0 5.0 30.0 percent since August 20.00 3.0 150.50 11.0 5.0 25.75 1.0 Jul.0 25.0 98.5 – 1.10 3.0 95. 221 . 2002.0 25.5 825.0 65.Annual Report 2003 Statistical Section 8b.20 2.00 1.0 3) 45. National Bank of Romania ROL USD EUR Reserve ratio (%) ROL 6.10 3.0 6.00 2.00 19.0 5.the 23rd of following month.0 Nov.00 25.0 8. – – – 95.50 25.50 2.0 75.00 18.0 30.0 – 45. Aug.0 25.0 25.0 75.00 1.00 18.00 31.534.0 75.00 22.a.0 12.0 1.0 65.00 2.0 5. STANDING FACILITIES GRANTED TO BANKS BY THE NATIONAL BANK OF ROMANIA Period Lending volume interest (ROL bn.0 11.0 75.0 Oct.0 20.00 15.0 65.0 65.00 22.00 3.0 20.0 75.0 25.0 18.50 26.0 30.0 5.10 2.00 2.0 22.00 1.50 1.0 30.0 5.0 22.0 30.549.0 127.10 2.0 315. Nov.0 5.3 5.50 25.70 1.0 Jul.0 30.00 30.50 25.00 23.00 0.00 18.00 6.80 2.75 0.0 5.a.296.0 980.0 22.00 25.40 2.10 2.0 Oct. 3) 30.00 25.00 1.00 25.0 2001 Jan.0 – – 5.0 20.0 Dec.0 30.0 2) 5.00 1.00 2.0 5.0 22.

0 Apr.68 20.295.134.878.5 25.05 27.8 23.5 26.9 National Bank of Romania .894.6 30.317.773 28.18 21.3 16.8 1.48 37.240 38.815.901 33.2 2.65 40.500 33.8 33.50 31. 2.595 33.130 33.1 Apr.09 2.852.4 32.564 21.6 18.9 2.052.215 33.8 13.140 32.209 32.87 28.3 -0.448.7 3.591.015 31.073 27.698.25 21.3 34.850 25.1 3.9 33. Feb.5 20.9 28.84 5.76 6.332.Annual Report 2003 Statistical Section 9a.50 -0.533.0 24.673.5 29.793 34.480.1 41.970 27.296 29.838.0 3.8 25.4 18.1 7.94 24. Aug.7 37.3 44.507.6 8.61 23.5 17.508 32.4 17.301 20.420.710.320.204.5 1.446 33.565.986.883.409 18.2 34.493.07 -1.0 63.8 29.3 -1.127.358 19.3 6.00 32.79 24.393.8 13. Nov.892 19.164.359.5 4.392.118 27.2 1.96 30. May Jun.160 27.3 Oct.6 32.538.6 2003 Jan.555.2 28.533 33.7 Apr.9 0.9 23. May Jun.295. 2.555.097.6 2.14 33.7 16.242.5 32.460.243. Feb.5 8.597 29.32 -2.887 32. 38.74 42.04 33.10 8.4 2.34 31.592.4 -1.121.7 19.4 20.5 42.3 Jul.0 26.55 -1.865.270 24.765.2 20.0 31.912.4 -3.9 43.066. 3.6 25.0 26.621 18. 3.532 31.90 14.235.102. 1.0 7.67 32.67 33.9 2.) end of period Exchange rate (ROL/EUR) Exchange rate (ROL/USD) average average end of period ROL/EUR percentage change ROL/USD percentage change as compared to: as compared to: end of same period of end of same period previous year previous year previous year of previous year 16.05 26.200.544.7 19.0 20.17 34.653.1 18.5 8.806. Sep.5 20.684 28.8 32.986 24.55 18.5 Oct.75 26.6 23. 1.774.9 26.71 19.616.245 20.4 2.27 8.799.2 19.932.8 2.671 36.623 30. 2. Mar.597 30.14 4.05 4.5 2.2 29.732.107.168 35.7 13.8 18.059 27.919 41.9 4.9 2.919 32.718 36.6 9.7 18.2 6. 2.5 1.434 18.117 2000 Jan.442. 3.40 19.1 8.1 35.0 3.8 22.6 -2.0 1.3 33.004.34 18. Feb.224 19.1 -3.9 39.599 32.161 37.156 33.4 1999 2000 2001 2002 2003 1.702. 3. 2.0 3.5 4.2 2.014 33.255.0 32.445 33.31 32.807. 2.5 33.3 41.4 31.078 24.1 18.9 -0.238.101.52 9.62 23.909.2 18.923 25.71 1.38 22.48 8. INTERBANK FOREIGN EXCHANGE MARKET Period 222 Turnover* (EUR mill.952.0 3.4 32.77 33.912. 1.86 25.835.154.085 33.6 10.26 21.9 -0.9 11.8 15.758.95 37.566 26.1 3.2 2002 Jan.299.115 18. Sep.577.233.2 22.331 24.365.84 30.3 18. May Jun.1 21.7 39.0 2.2 24.398.30 27.500 33.1 20.77 15.879.4 42.569 33.6 30.169 21.9 12.8 2.053.05 2.973 24.492.64 9.676.280.7 2.890 22.729.1 Apr.71 32.9 6.2 25.8 22.5 33.28 28.7 2.548.408 24.501.3 11.6 43.315.2 20.465 18.82 28.3 39.25 28.808.3 40.3 6.7 23.110.060. May Jun.97 27.1 13.910.0 9.696 24.50 20. Mar.6 31.7 17.084 37.1 2.117 *) Annual data are monthly averages.04 20.2 7.277 20. Nov.62 35.000. Feb.4 2.881 34.480 18.860 35.22 16.692.9 18.955.08 11.881 27. Aug.603.9 9.769.1 1.7 37.848. Dec.7 24.214 32.65 20.5 24.001.89 22.549.1 Oct.124.012.979.5 4.86 23.924.076 20.93 70.513 27.595 33.04 32.3 16.6 2.80 33.0 33.8 -3.601.0 26.32 29.011.95 33.8 28.152 31.960 27.3 46.0 2.24 38.729.823. Dec.952 38.36 28.3 13.0 43.364.157.700.693.7 2.465 29.785.8 14.352.91 24. 3.7 6.4 15.8 41.052.2 1. 2.48 39.559.3 34.193 Dec.214 28.67 15.6 31.721.754 29.523 32.9 0.71 20.2 18.77 25.727.8 16.1 2.25 4.055.183.713.6 1.701.4 20.309.87 18.896 21.316.57 31.1 20. 3.6 33.4 24.3 2001 Jan.2 2.108.74 18.395.594.199. Dec.2 32.183.952 32.537.8 21. Mar.3 18.3 1. 3.456 Nov.7 61.43 0.1 39.062.298.752.2 36.1 17.346 34.16 2.2 22. Nov.5 Jul.421.5 18.5 15.189 33.9 42.9 21.5 4.165.207.53 7.481.524 33.794.118 21. Sep.0 34.4 22.2 34.184 32.6 2.537 27.899.055 32.4 36. Mar.121 33.2 23.629.22 2.4 20.0 14.09 26.841.657 24.6 14.3 33.4 -0.5 33.569.645.3 1.635.364 25.40 33.7 2.214 28.697 21.7 37.6 1.0 29.9 72.4 17.9 2.9 0.3 3.1 33.9 32.926 21. 2.026.4 19.6 11.61 33.393.8 9.9 6.13 32.00 24.02 3.05 13.75 18.8 19.30 32.8 33.4 33.8 41.7 Jul.18 35.70 37.926 24.30 0.833. Aug.5 2.7 21.9 11.9 16.065.55 21.601.044 30.7 24.9 32.1 35.888 33.939 24.3 Jul.917.490.722 32.1 Oct.22 33.116.018.5 2.7 22.778.83 36.0 -2.030.255 15.4 22.266.8 35.6 52.972.307.6 13.0 1.46 6.2 14.95 33.619.970.5 25.8 19.981.466 37.093.617.477 33.4 12.57 47.8 27.1 5.59 33. Sep.6 3. Aug.3 24.093.3 3.7 -1.8 18.8 18.07 34.

173.535.168.8 75.5 360.4 62.4 Total 1.0 180.538.453.931.639.810.1 181.2 186.9 771.343.9 2002 Jan.602.738.2 388.190.207.5 181.9 236.770.7 180.3 325.1 Oct.334.761.6 264.565.473.628.9 200.634.2 56.622. 481. 256.423.6 259. Sep.1 4.2 107.4 58.2 298.6 131.868.394.935.1 214.440.878.6 343.5 175.2 160.908.4 347.0 735.880. Aug. Sep.175.0 62.138.851.145.4 167.972.676. Feb.7 206.740.069.6 58.3 141.3 166. Mar.304.6 133.6 35.8 44. 230.1 2000 Jan.430.326.644.217.4 385.463.898.9 277.159.9 282.7 175.1 230.306.390. Mar.371.3 Apr.962.504.827.268.1 220.019.2 109.220.531.8 34.3 351.1 Apr.7 189.2 44.6 336. May Jun.3 85.4 22.4 149.618.4 70.1 53.4 81.583.016.4 322.815.2 Apr.4 247.254. 381.870.2 46.844.682.9 357.335.3 169.938.049.092.2 224.699.5 340.2 670.924.6 463.2 463.7 166.658.126.6 1.6 320.7 222. Dec.796.3 212.1 4.2 315.3 150.0 106.2 366.8 165.118.744.6 667.8 Jul.911.209.829.7 384.6 223.782.671.767.124.3 236.6 31.8 208.930.750. Sep.442.710.306.403.9 440.3 71.449.005.859.381.5 55.566.0 256. Aug.397.8 251.582.248.3 255.6 488. Nov.0 246.688.072.012.945. 178.104.347.224.582.374.7 350.345.656. 207.021.9 46.257.8 90.236.052.648.9 235.610.963.9 176.5 254.9 149.296.284.431.454.053.7 2.8 193.088.904.8 365.714.434.3 130.468.0 184.0 193.212.174.0 225.590.274.2 246.7 282.983.6 58.617.977.3 227.971.963.134.275.802.541.1 169.823.755.701.7 230.730.3 272.142.8 51.051.485.7 45.727.037.6 735.331.706.090.6 2.994.996.626.984.148.595.9 165.5 Jul.2 69.617.888.700. Aug.0 91.9 82.159. 205.0 Apr.2 559.0 401.816.0 Oct.776. Dec.378.440. 483.3 3.089.847.415.057.9 165.2 2.930.0 303.490.493.3 317.2 227.4 343.223.437.467.599.691.119.7 187. 327.1 236.4 196.2 168.0 51.148.998.711.654.3 166.2 6.3 225.567.525.7 3.8 318.4 104.8 2.172.623.813.723. Mar.6 92.1 312.436.233.751.112.1 176.757. May Jun.8 231.220.0 463.858.228.387.8 254.013.800.335.340.1 226.396.7 318.015.247.440.9 3.5 286.9 171.050.383.292.7 Oct.951.797.404.335. Mar.455.894.3 254.2 300.157.703.0 2.311.7 149.6 234.5 287.0 340.8 99.552.625.478.1 43.4 455.861.3 314.7 379.1 2001 Jan.128.3 221.5 219.0 314.4 214.3 553. Feb.078.690.477.7 227.5 410.111.145.2 188.3 81.6 171.671.5 2.3 175.5 245.2 Purchases Banks 710.9 220.6 273.147.622.517.497.4 226.469.930.6 117.968.563.428.604.983.100.8 205.1 210.2 191.8 369.380.5 190.9 307.1 78.353.248.8 142.189.015.9 75.4 38.8 255.4 223.538.104.533.338.958.9 553.175.085.9 176.295.902. 482.4 185.5 149.183.427.879.927.9 204.1 1.6 99. Aug.283.6 216.3 149.894.605.4 441.2 233.3 242.0 2.193.356.8 168.835.6 247.641.3 54.802. 683.071.2 173.482.2 117.786.456.826.1 48.8 281.2 225.111.1 165.497.3 97.9 86.385.039.811.315.1 233.1 384.829.0 100.2 518.701.1 349.307.1 89.4 36.5 401.711.3 417.6 111.818.230.7 57.780.5 84.3 Sales Banks 372.544.826.2 44. 202.0 155.368. Nov. Sep.4 205.020.500.990.4 138. May Jun.7 137.922.9 124.931.0 243.9 1.281.940.779.7 1.580.151.2 274.1 149.479.628. Dec.341.804.2 3. Nov. ACTIVITY OF FOREIGN EXCHANGE BUREAUX . Feb. Dec.860.843.8 101.2 200.1 42.8 89.061.1 525.6 212.5 52.2 259.202.733.7 24.7 99.4 174.3 318.2 38.7 215.Annual Report 2003 Statistical Section 9b.655.1 3.241. Feb.4 220.7 318.483.968.793.053.2 278.531.824.591.6 142.843.0 51.0 35.596.1 Other 1.5 428. May Jun.791.667.6 158.2 129.6 210.619.410.0 Jul.169. Nov.118. 2003 Jan.7 205. 651.9 454.123.142.6 1999 2000 2001 2002 2003 National Bank of Romania 223 .1 56.0 65.8 212.9 218. 264.2 544.0 450.5 62.830.7 2.802.613.5 86.USD thousands Period Total 2.5 35.4 288.403.4 384.9 46.1 Oct.615.9 133.7 270.4 273.1 294.422.7 134.6 321. 380.9 57.9 256.360.7 Other 1.758.205.446.4 241.796.152.499.7 320.7 362.2 83.593.9 218.636.479.8 258.828.237.2 27.1 363.3 72.9 Jul.5 62.572.598.

591 110.083.3 1.3 6.BUCHAREST STOCK EXCHANGE Period Number of shares traded (thousand) Number of trades 2000 Jan.332.385 1.015. Aug.046 2.288.4 1.876.185 94.533 271.087 106.337.6 1.0 1.7 4.877.9 493. Sep.560.960 39. May Jun.226.278 37. 118.3 2.911 17.5 Turnover (ROL bill. 244.147 68.949 51.9 x x x Apr.441 59.169 60.744.655.8 502.6 1.895 105. Aug.759 41.1 554.390. Feb.9 5.644.966 124.3 572.446 1.7 1.8 494.7 2. 65.179 450 767 98.978 34.) Market capitalisation (ROL bill.4 6.823 702 1.797 10.677. 41.9 1.580 43.8 1.572 136.6 828. Mar.8 2001 Jan.8 522.875.842.212 316.2 1.3 Apr.423 10.636 665.103.584 37.8 504.2 564.1 608.394 38.241.3 535.241 182 131 106 8.210 53.8 4.1 Apr.2 National Bank of Romania .4 6.7 4.725 42.058 477.784.961 38.550 36.211.405. 385.388 236. 589.700.357.232.5 488.896 42.042 200.405 128 725 103 23.417 723 121.171.184. 432.069 91.335 33.014.7 2002 Jan. Mar.6 1.747 537 465 470 64.7 2.3 Oct.069.793 34.056 16.655 55.8 476. Mar.056.) BET index (points) BET-C index (points) BET-FI index (points) Oct.410 35.379 19.6 1.866 2.827 65.135 1.908 758 110. Mar.810 603. Aug.8 486.580 1.036.2 558.207 77.345 390 435 1.4 1.745 37.111 238.7 510.162 1.602.569 766. 325.4 1.223 24.5 583.2 Nov.8 516.1 539.260.139.2 2003 Jan.4 4.100 39.3 2.471 40. Feb.823.429 142.714 191.249.3 1.292.973 528.821.208 11.638.338 25.2 794. Dec.531 668. 234.3 1.4 Jul.8 8. 188.542 1.513 64.9 506.9 7.3 1.8 x x x Oct.8 1.294 87 175 529 8.532 1. Sep.0 648.124 126.2 832. Nov.929 21.5 1.000.970 1.466 29.171.947 32. 142.092.015 52. CAPITAL MARKET .124.088 25.532 97.365 21.385. Dec.5 927.044. 238.836 244.9 6.644 98.0 967.365 211.2 616.0 6.254.366 61.712 560.008 8.582 91 100 97 8.9 Jul.996 169.295.078 159 72 121 10. Sep.389 25.4 Source: Bucharest Stock Exchange (BSE) Note: Data concerning market capitalisation.3 1.539 43.680 75.7 797.970 769.1 2.162.9 2.957 61.2 570.304.142. 121.016 41. BET.3 7.825 8.134 31. Dec.5 527.Annual Report 2003 Statistical Section 10a.437 511 214 238 23.812.9 5.4 1.8 Jul.750 157.0 1.787 77.7 464. Nov.245.2 561.127 23.236.9 501.573 712.7 776.065 52.466.356.735 605. Nov.200.9 1.480 33.414 29.0 Oct.019 528.113 6. 137.123 44.686 99.3 1.6 754.564 573.285 22.787 731 107.9 471.8 472.0 476.6 1. Aug.0 1.774. May Jun.785 69.0 1.092 505.717 23.758.057 8.701 30.507 45 660 420 17.560 129.571 1.6 1. 224 6.8 1. BET-C and BET-FI index refer to the last trading session of the month. Feb.478 136.333 581 630 989 95.493.243 214 265 289 37.184. 114.573 346.5 1.5 1. Feb.503 81.086 240 236 263 41.3 1.905.6 464.264 43.3 Apr.812 93.773 594.868 86.8 879.181 109.9 5.630 1.4 5.447.042 86.281.0 1.427 98.8 2.473 91.5 844.994 39.1 1.3 505.6 545.9 466.2 6. 200.393.890 378.3 5.808 766 119.1 6.424.233 562.3 757.9 1.918 32.5 486.7 598.8 1.1 713.377. May Jun.141.205.2 1.964.4 475.9 2.093.909.0 5. May Jun.065 33.105.318 8. 328. Sep.3 490.2 Dec.7 517.835 27.2 544.398 356 98.043.870.8 x x x Jul.921 29.9 1.659.188 12.357.766 281. 286.

734 4. 69.519 1.636 67.910 38. 118.299 165 445 217 21.2 National Bank of Romania 225 .4 1.5 1.085 69.9 1. Nov.0 x x x x x x 2001 Jan.2 699.8 677.850 1.025 61.804 6.934 23.1 x x x x x x Oct. May Jun.3 714. 65.1 x x x x x x Apr.952 127.101.3 1.249 26.003.5 687.5 1. Feb.456 59.997 122.072 301 74.125.795 5.4 Oct. 34. 85.5 Apr.670 4.247.022.9 1.9 838. Dec.051. Sep.680 58.523 165 79.300 8.0 1.8 x x x x x x Jul.825 13.911 237 195 399 65. 119.372 6.4 1.056.530 5.107 30.) Market capitalisation (ROL bill.062.226 12. 66.4 x x x x x x Apr.662 263 230 59. 23.963 89.004 6.493 6.7 1.056.343 35.094.3 689.2 850.114 161 104 245 30.3 698.3 Source: RASDAQ Note: Data concerning market capitalisation and all RASDAQ indexes refer to the last trading session of the month. Nov.170 26.271.045.9 1.248 6. 112.4 850.553 10.7 1.1 1.509 37.068. 98.8 776.426 37.9 1.063 1.902 4.047 152. Aug.3 824.520 30.412 56.495 32.0 785.895 24.5 744.055.127. Feb.643 61.3 x x x x x x Jul.9 855.0 x x x x x x Oct.657 5. 67.063 247 314 128 66.705 4.3 829.694 22.294 167 224 297 29.327 42.1 x x x x x x Jul.476 4.871 174 139 366 38.417 119.683 814.4 Jul.2 2003 Jan.074 1.736 700.208 9. 54.299 7.094 50.280.340 20.428 8.3 701.885 717.6 887.992 1.041 78.028. Dec. May Jun. Mar.1 827.335. 51.040 828.104. Nov.188. 51.728 297.172 5. 1.444 5.642 171.142 6. Sep.124 35.415 9.802 33.546 19.Annual Report 2003 Statistical Section 10b.494 6.722 5.572 1.740 232 78.864 10.0 1.155.273.565 434 380 1.3 1.934 4.2 1.1 974.470 7.843 4.469 17.225 109 129 239 22.479 66.164.195 1.993 6.096.1 1.7 Nov.126.6 831.731 90.380 145.4 x x x x x x Apr.102. 64.749 162 269 176 21.277 94.253 66.408 287 304 468 18.945 682.057 49.6 1.579 690. May Jun.RASDAQ Period Number of shares traded (thousand) Number of trades Turnover (ROL bill.0 1. Mar.657 45.4 688. Sep.510 43.060 6.735 6.1 x x x x x x Oct.452 6.593 291 147 150 33.041 47.234.4 771.219 5.783 704.315 10.117 13.253 41. CAPITAL MARKET .718 5.454.053.858 15.1 x x x x x x 2002 Jan.078 75. Mar.110.9 1.519 47.588 75.189 7.708 10.1 1.4 804.220 284 622 136 23.355 254 166 156 19.1 1.128.106 6.5 996.314 4.) RASDAQ-C (points) RAQ I (points) RAQ II (points) 2000 Jan.802 8. Mar.188.204 23.078 1.135 68.205.327 73.905 18. May Jun.252 6.8 Dec.1 814.038 68.405 6.2 1.1 1.195 127.909 11.020.074. Aug.4 1.143.765 18. Sep.771 79.696 57. Aug.9 1.8 1.118 20.8 727.3 1.7 1.690 61. Dec.003.650 195 143 455 46. Feb.962 734.588 21. Feb.899 809. 62.860 29. 1.873 62.129.160 64. Aug. 126.756 823.8 718.051 814.289.3 886.3 961.0 1.

213.6 94.934. Mar.604.913.73 0.498.8 33.6 36.186.249.7 33.833.868.2 60.74 3.274. Aug.9 41.2 58.7 35.140.8 61.657.320.943.566.1 36.1 65.8 55.004.3 4. 2003 Jan.5 end of period 35.3 23.0 21.86 0.95 0.41 3.706.168.4 43.420.080.227. Apr.1 24.8 21.9 42.613.4 23.498.590.276.3 26.0 75.5 28.239.7 17.59 4.8 30.308.473.590.73 0.682.017.6 2.322. Dec.8 39.777.027.7 41.3 81.5 21.44 4.1 32.4 3.80 0.3 2.3 34.06 4.92 4.6 Reserve money (ROL bn.3 33.772.88 0.416.71 0.363.87 0.0 2.2 1.2 31.052.902.045.743.) daily average end of period 13.100.85 0. Sep.94 4.68 0.824.7 5.5 44.8 51.73 0.224.8 82.194.872.0 26.1 1.329.2 33.4 1.70 3.176.518.7 22.612.748.031.8 1.2 105.8 31.212.0 33.77 0.39 3. Dec.36 3.7 25.288.6 57.170.099.139.76 0.7 4.73 0.89 0.170.8 27.72 4.860.7 30.4 41.2 33.82 0.08 4.4 39.10 0.5 33. Jul.140.498.19 3.6 4.614.606. Nov.1 23. Mar.338.048.3 1.6 22.9 70.6 35.316.77 0.888.194.7 29.322.779.07 4.101.02 0.804.448.791.83 0.9 45.2 21. Oct.5 15.827.9 39.42 3.75 0.0 3.258.7 30.7 43.97 1.49 3.258.686.080.0 1.144. 226 Vault cash (ROL bn.593.5 1.2 75.2 36.3 95.779.041.0 4.557.46 4. Mar.23 4.14 4.4 57.6 16.17 4.8 58.486.0 32.6 26.95 0.6 20.96 1.4 4.3 5.978.8 32.650.454.243.032.308.574.42 4.004.418.6 37. Mar.955.398. May Jun.11 4.414.158.97 4.83 0.8 2.909.978.049.9 5.99 1.02 4.139.84 0.95 0.5 2.7 80.194.143.257.1 23.638.561.6 1.12 4.627.0 58.7 30.82 0.1 20.59 3.231. Feb.411.3 3.587.485.3 2.945.8 50. Feb.460.9 50.68 3.370.794.480.314.8 46.061.13 0.577.6 56.263.303.949.4 20.9 4.5 21.4 23.910.774.00 3.27 3.9 1.169.78 0.3 46.4 21.96 0. May Jun.3 59. Aug.353.0 1.3 32.8 73.8 1.074. Apr.27 4.363.618.2 45.Annual Report 2003 Statistical Section 11.88 0.0 35.4 22.) daily average 24.326.4 2.2 35.411.625.8 99.398.780.263.542. Feb.59 3.2 42.7 42.0 32.5 3.66 4.2 67.076.1 22.743.02 1.256.99 3.18 4.363.373.3 16.6 34.8 1.84 0.5 31.088.539.82 0.265.140.6 3.75 0.4 18.707.4 24.415.627.95 4.021.5 33.256.5 32.042. Jul.4 22.1 20.5 57.483.646.52 3.9 57.635.770.31 3.765.8 22.0 1.682.127.69 0.3 25.5 63.3 45.9 28.6 41.627.1 3.399.504.009.3 35. Sep.1 Currency outside banks (ROL bn.920.721.892.4 23.52 3.615. 2002 Jan.0 76.90 0.7 1.273.8 27.6 104.415.24 4.6 29.815.5 2.34 3.1 57. Aug.1 33.697.565.630.10 4.2 37.4 25.203.953.982.67 3.475.40 3.434.0 2.50 3. Dec.03 3.090.446.0 80.72 4.0 2.92 1.7 1.1 84.791.89 0.376.5 65.938.3 1.810.1 21.21 3.7 2.2 98.0 31.433.1 3.8 89.8 45.6 3.26 4.00 1. Aug.795. Dec.037.91 4.95 0.6 21.226.284.457.099.17 4.9 18.0 90.39 3.5 2.71 3.547.90 0.353.0 31.9 100.0 29.2 42.87 0.0 4.2 2.454.283.326.07 end of period 0. Nov.793.06 4.94 1.1 7.720.009.4 4.505.1 27.098.614. Nov.699.5 50.688.0 41.0 26.88 3.993.261.9 81.92 0.3 40.4 29.442.9 17.6 39. Feb.0 2.660.334.512.602.197.2 27.91 4.221.189.76 3.4 100.4 44.10 1.748.39 3.043.773.78 0.32 4.716.70 0.6 41.502.589.4 22.025.5 5.327.04 4.151.4 51.10 4.851.0 16.95 1.95 0.6 2.151.9 25.854.50 4.820.5 67. Nov.6 1.989.9 75.66 3.89 0.82 3. Oct.59 3.15 4.437.879.624.86 0.959.4 30.375. Apr.5 56.2 60.835.79 0.7 36.891.8 41.63 3.9 79.520.74 0.46 3.4 45.7 1.1 91.754.4 1.4 19.28 4.8 22.060.371.7 31.249.0 43.9 66.04 0.461.047.317.061.0 22.6 1.485.093.2 23.094.3 31.239.0 67.322.570.336.0 51.867.078.1 77.511.1 1.496.787.1 33.64 3.1 35.7 35.1 58.95 0.2 56.164.558.3 28.835.472.9 32.76 3.704.317.98 0.483.6 25.896.8 64.1 25.069.82 0.561.031.468.261.2 45.7 23.359.485.451.99 4.89 0.946.91 1.93 0.1 26.577.) daily average 9.3 22.6 59.076.83 3.7 2.32 end of period 3.051.631. Sep.835.556.534.0 46.2 21.31 3.8 23.856.8 21.529.141.09 3.142.3 35.6 2.213.100.4 2.7 46.76 0.320.40 4.164.40 4.2 25.1 35.8 1.543.2 24.835.3 32.66 4.98 0.693.150.8 43.689.77 0.8 2.108.5 30.297.8 85.8 4.81 0.6 2.967.025.56 3.8 81.76 0. Sep.9 19.198.986.02 4.0 52.87 0.47 3.650.0 7.355.318.074.4 21.3 end of period 17.981.1 54.189.0 22.6 4.2 1.028.9 1.639.9 77.6 19.5 51.835.5 27.22 3.418.131.8 69.365.9 2.741.891.8 3.722. Oct.83 0.74 0.322.088.674.899.795.960.70 0.146.77 0.3 35.730.4 2.81 0.8 27.77 0.565.973.3 35.403.87 0.15 Reserve money multiplier (m2) average 4.0 29.754.911.59 3.00 1.659.1 3.828.752.3 52.9 4.81 0.3 38.438.7 1.3 3.6 47.4 19.76 0.1 7. RESERVE MONEY Period 1999 2000 2001 2002 2003 2000 Jan.2 93.2 45.7 27.233.22 4.3 28.5 28.134.96 4.1 33.7 23.645. Jul.68 National Bank of Romania .82 0.357.89 0.7 end of period 1.3 77.4 28.7 77.5 1.7 30.59 3.273.802.6 32.7 61.1 3.3 60.7 21. Jul.0 2.8 1.3 25.0 102.7 26.08 1.5 30.483.86 0.5 4.480.7 45.968.6 34.71 0.87 0.8 1.3 47.6 27.741.84 0.790.978.7 3.0 2.1 80.223.95 1.5 47.75 0.152. 2001 Jan.99 3.) daily average 810.435.794.3 1.752.6 82.1 37.7 55.420.8 68.5 2.0 2.8 28.7 1.76 0.5 25.749.4 Banks' deposits with NBR (ROL bn.65 3.2 31.47 3.332.66 3.90 3.250.6 88.8 2.635.77 0.023.465.931.851.2 1.99 1.48 4.8 5.9 1.0 75.197.867.2 50.180.2 65.389.839.5 23.81 0.829.4 15.2 1.3 57.10 0.1 27.4 27.1 Reserve money multiplier (m1) average 0.686.12 4.752.6 4.996.1 26.91 0.7 57.4 29.9 29.592.878.405.4 33.140.661.543.280.1 1.54 3.021.556.635.645.0 84.2 31.85 0.2 30.0 2.4 30.6 90.85 0.62 3.55 3.488.4 4.0 51.9 27.555.74 3.97 4.461.40 3.4 38.839.324.69 0.0 22.039. May Jun.0 50.876.951.6 19.1 15.8 27.933.439.77 0.516.693.686.1 18.589.0 51.1 1.711.8 42.661.94 0.3 43.7 57.810.964.455.0 100.227.9 66.718.437.02 0.6 53.7 20.783.415.51 3.921.8 20.0 49.587.2 57.5 3.096.2 4.73 0.14 4.910.508.0 1.99 4.15 0.063.468.5 58.76 0.0 35.670.808.212.8 34.105.4 4.6 36.8 34.66 4.84 0.444.1 1. Apr.4 16.320.4 45.4 92.7 98.396.049.2 70. May Jun.996. Oct.202.8 33.6 50.46 3.757.833.0 7.4 39.437.4 74.7 28.011.73 3.835.5 59.1 60.

7 71.5 12.9 44.5 184.3 50.738.9 78.828.996.2 43.1 17.8 National Bank of Romania % 22.7 23.6 23.9 100.0 75.0 119.4 78.1 7.911.089.6 38.2 12.3 77.371.1 28.215. May Jun.978. Apr.4 146.9 146.837.712.6 76.038.072.357.8 95.923.6 101.691.0 77.443.2 8.2 178.0 38.2 20.0 10.8 13.1 15.4 16.0 171.5 9.697.5 146.6 49. Apr.6 58.8 % 29.894.7 78.2 13.3 13.0 126.583.9 14.8 12.7 26. Oct.5 40.4 41.810.2 11.726.2 99.5 37.123.3 21.253.2 212.3 143.8 40.536.673.2 12.7 45.1 16.461.896.3 21.5 22.1 43.4 39.1 93. Aug.534. Aug.1 79.8 21. Apr.1 7.3 12.5 37.6 93.4 43.8 208.468.693.8 73.645.489.760.6 ROL bn.2 18.2 51.5 % 77.4 39.8 21.324.741.801.259.0 347.4 21.8 24.594.512.327.897.642.8 8.4 12.150.7 12.6 80.805.5 43.5 46.105.080.786.1 12.497.5 14.8 347.235.0 50.4 29.4 45.3 20.5 16.2 54.9 11.281.5 112.2 9.0 43.548.0 43.8 152.714.4 13.0 111.2 99.3 37.1 29. Mar.6 19.9 79.854.8 54.331.5 76.114.1 83.9 19.2 44.9 26.142. Nov.619.1 122.5 407.1 14. Mar.381.487.3 186.5 379.241.271.1 8.610.5 10.668.4 14. Feb.589.9 43.4 25.3 39.5 41.3 93.509.3 8.543.6 216.3 8.6 146.757.6 414.701.939.784.9 19.354.1 12.969.742.158.6 460.9 78.4 21.0 ROL bn.543.8 8.7 22.2 297.3 10.4 219.420.4 9.9 29.2 12.7 22.3 35.0 45.0 79.894.end of period Period Total M2 M1 QUASI-MONEY Currency outside Demand deposits Total banks Total 1999 2000 2001 2002 2003 2000 Jan.481.1 19.0 30.8 31.8 64.3 41.5 37.2 83.753.090.4 12.3 19.355.1 25.5 75.637. ROL bn.245.8 88.5 52.3 245.3 9.0 36.2 25.1 40.889.7 35.8 44.0 373.6 43.3 24.7 78.8 198.318.947.1 44.9 12.7 21.8 43.331.8 77.1 25.0 13.889.4 44.241.8 39.711.5 76.9 75.164.364.175.3 106.9 13.366.326.4 25.089.8 13.407.0 286.348.6 31.1 169.7 127.9 78.110.4 78.909.0 148.920.3 41.427.6 300.3 23.9 9.073.8 39.1 186.097.0 117.6 21.4 14.7 21.5 25.6 14.355.832.7 171.6 16.624.578.7 97.5 22.467.589.673.3 55.6 30.4 20.0 13.1 8.925.8 9.2 12.032.5 25.114.945.617.4 42.101. Dec.0 259.134.8 13.502.7 82.203.9 18.0 54.5 79. Nov.5 27.0 8.246.2 75.548.3 13.108.750.6 ROL bn.2 14.0 22.481.9 58.8 388.9 9.1 42.4 20.6 23.415.8 92.1 12.808.7 64.1 24.4 42.584.3 209.6 25.3 ROL bn.7 21.7 77.072.4 25.6 113.0 334.557.986.905.070.4 367.221.933.7 41.3 129.1 21.7 12.3 19. Nov.377.5 12.4 10.9 10.5 22.2 20.326.7 46.481.7 42. Aug.3 50.475.0 378.752.9 11.6 245.9 8.9 31. Sep.3 40.7 21.0 12.9 26.8 12.8 79.978.3 78.774.2 102.0 70.7 12.5 289.613.318.4 9.9 46.7 42.7 46.125.363.9 10.4 23.4 79.388.2 53.1 168.712.690.290.1 21.569.940.0 34.653.304.0 23.3 60.508.4 21. May Jun.516.5 99.Annual Report 2003 Statistical Section 12.3 78.372.3 52.738.3 185.4 38. Jul.7 22.4 39.174.030.2 162.3 43.8 115.3 42. Jul.363.5 326.5 110.9 22.2 85.749.8 23.9 17.0 45.107.142.9 21.6 71.0 64.8 15.7 78.458.741.5 50.8 22.8 48.2 72.5 11.7 49.856.599.1 17.6 314.3 39.3 11.5 20.9 24.197.411.3 37.6 139.9 12.7 32.706.5 106.145. Mar. 50.545.5 373.5 77.4 14.0 23.5 9.0 150. May Jun.811.0 12.765.258.9 51.7 14.112.961.6 42.5 290. Oct.0 24.773.752.510.2 25.336.231.1 37.8 163.7 145.7 13.0 22.988.6 123.6 79.0 180.172.3 13.6 25.845.534.327.632.9 22.1 94. 14.826.7 23.857.930.7 14.220.6 78.670.6 9.2 20.3 69.287.3 12.726.435.015.7 29.3 39.7 157.381.1 67.1 20.3 78.905.1 146.6 41.7 70.377.712.5 8.4 12.3 21.426.795.233.4 9.8 261. Sep.9 35.3 45.395.308.5 10.8 25.6 49.0 78.2 24.899.3 25.3 76.4 65.579.9 42.721.5 74.9 43.3 78.8 79.407.336. Feb.3 77.9 78.7 369.3 20.402. Feb.6 59.8 158. 104.445.446.774.8 8. Feb.5 355.205.628.5 206.6 22.7 28.828.8 19.151.797.6 39.1 7.6 39.4 13.3 40.733.4 40.620.1 25.209.220.268.3 11.308.150.2 25. Sep.513.9 8.065.3 39.382.0 36.852.158.535.728.0 152.8 80.0 8.5 8.293.4 307.2 9.990.9 13.5 45.7 49.6 19.6 21.6 19.8 23. Jul.688.1 13.919.7 225.8 41.635.6 10.264. 2001 Jan.9 32.5 13.323.7 78.5 49.7 131.096.497.607.3 115.412.9 13.1 199.7 34.8 42.316.508.0 312.6 13.1 227 .3 156.7 22.2 89.6 39. Dec.8 303.694.3 159.978.0 41.341.1 20.3 7.7 22.3 7.3 252.258.2 12.5 31.1 94.9 9.6 78.150.932.261.7 124.0 60.8 50.2 7.332.021.4 107.3 57.7 13. 134.829.3 60.331.158.385.3 78.755.1 24.2 8.0 226.8 87. Nov.4 24.060.4 10.4 31.5 12.0 7.1 48.215.1 25.860.5 138.765.0 136.931.5 39.2 22.6 73.669.4 57.9 13.0 10.3 25.8 29.9 76.0 25.6 40.1 38.2 11. 2002 Jan.4 29.6 12.2 25.269.7 19.5 12. 2003 Jan.5 12.760.583.9 142.0 24.333.323.4 10.259.2 76.8 37.3 158.3 16.095.6 24.6 51.733.725.799.5 88.875.6 38.811.8 24. BROAD MONEY .697.2 90.938.619.3 25.6 37.482.6 12.6 58.092.743.499.230.5 152.1 50.252.4 75.5 38.5 58.5 425.063.919.560.5 65.984.4 19.6 11.5 24.133.3 10. Apr.2 72.8 72.444.792.9 244.3 7.6 15.304.2 30.550. Dec.3 285.9 118.534.827.3 16.465.3 95.4 294.802.1 8.2 10.3 22.4 9.0 10.4 % 9.4 21.0 8.9 78.8 29.298.2 31.7 9.735.820.3 42.512.4 76.960.835.3 32.874.138.0 74.4 % 13.0 13.9 25.6 11.8 41.9 13.218.334.328.4 45.5 24.7 41.578.2 164.371.512.442.6 49.5 30.2 13.4 15.6 % 37.9 24.751.627.4 237.1 14.506.0 148.0 55.471.766.4 138.0 40.4 7.095.0 270.7 10.3 40.4 25.778.6 26.9 50.7 25.944.009.266.1 15.9 93.0 115.0 12.741.5 13.840.078.8 30.213.2 10.5 75.3 16.077.1 23.0 7.2 76.1 78.445.1 23.682. 12.784.2 43.1 116.582.9 9.457.078.7 28.7 88.5 12.289.9 34.7 10.1 16.171.2 267.133.2 41.023. May Jun.6 11.4 9.0 45.5 152.6 9.175.2 24. 17.689.2 317.8 57.0 14.850.3 92.8 40.7 63.046.5 460.7 63.7 55.3 56.8 8.6 94.994.432.3 42.9 79.372.256.660.5 25.069.451.1 77.7 78.567.574.9 10.2 34.6 20.6 87.9 14.728.685.645.542.9 46.9 33.000.990.2 109.2 10.881.4 Household savings ROL bn.3 32.905.1 235.0 230.6 127.5 16.9 206.145. Dec.2 80.4 104.7 37.319.1 99.7 ROL bn.4 9.7 24.6 290.564.4 50.1 16.8 23.2 25.9 10.2 116.6 Time and Residents' deposits restricted in convertible deposits (ROL) currencies ROL bn.148. Oct.096.097.1 57.3 76.8 9.9 9.334.518. Jul. Oct.1 25.6 22.9 236.7 24.0 13.0 % 11.510.0 93.467.8 42.2 7.9 123.9 167.1 21.2 88.1 13.6 33.476.019.6 39.867.159.784.8 40.4 21.6 78.5 324.6 15.281. Sep.4 28. Mar.1 20.6 8.614.965.2 19.7 128.613.345.6 23.942.104.2 11.4 25.706.2 9.6 51.922.7 9.180.590.1 21.5 296.7 87.7 60.6 68.3 42.2 29.741.638.4 323.0 11.4 21.1 64.1 10.5 39.9 13.807. Aug.3 55.297.5 289.0 21.4 80.734.3 34.584.737.508.6 25.6 23.8 21.8 23.8 281.8 15.1 42.9 22.3 80.1 236.0 13. 39.3 45.5 55.3 390.808.033.0 23.6 20.1 33.395.7 48.100.5 270.3 423.0 9.6 75.5 58.2 13.701.7 20.250.060.259.401.6 13.5 23.6 164.0 35.801.9 191.9 10.0 24.8 46.4 76.5 275.133.460.0 76.954.407.6 79.4 25.6 13.761.2 10.203.8 39.2 185.041.5 113.126.9 32.7 13.4 41.2 13.7 127.920.0 38.765.320.039.5 42.821.8 285.8 50.3 21.8 15.9 13.712.0 40.3 21.6 194.856. 29.635.5 135.3 55.2 25.1 7.2 129.069.

386 4.635 3.831 437.198 290.193.244.430 18.141.939.706.898 26.447 2.572.148 127.556.067.715.3 200.445 66. May Jun.144 4.940 7.079.500 64.205.188 547.2 183.886.513 3.608.224 5.863.040. 166.664.064.743 330.959 260.116.236 120.441 7.297.968 34.381 239.400 3.390 338.259 16.906.931 17.687 3.454 28.555.555.898.802.198.ROL millions.879.485 24.643 28.041 47.703 19.224 20.390.115.493.8 104.345 4.674 20.602.885.037.882 3.465. Sep.987 139.160.142 39.805 9.2 143.060.569 5.632 27. May Jun.195 15.018.418 72.408 25.080 1.980 90.344.163.840 33.199.6 165.629.581. 225.508 3.852.541.548.160 38.180.072.543 7.794.630.846.045.305 376.6 239.664.562.716.163.685.634.730.643.080.1 88.392 25.081 1.197.769.8 143.375 135.582.369.702 5.976.210 25.622.001 30.528.597.848.775 157.282 23.043 455.603 71.336.047.948.260 26.913 Apr. Dec.9 115.461.053 99. 268.650 32.938 18.900.119 21.745 406.028.0 131.233.537.064.150 7.463.959.117.985. Feb.2 115.879.198 4.942.683.909 2.874 34.631. Nov.594 167.040.953 1.663.650 2001 Jan.790 43.375 135.362.961 Apr.808 Oct.113 7.641 21.983 42.929 209.410.857 7.684.343.009.695.673 265.729.582.143 44. Feb.613.460 6.730.686 196.451.949 56.600 16.098.969 66. 102.229.031.728.235.564.466.534.785 35.991 4.344.654 32.782 26.981 27.790.527.976 4.236.580.867.123.964 23.389.586.8 78.883 118.640 51.049 69.074 8.219 31.7 215.975.771 106.498 45.117.Annual Report 2003 Statistical Section 13.997.530 2.068 361.798 50.777.959 30.835 25.241.0 109.830.585 178.226.653.266.178 70.400 4.894.7 64.243.883 7.187 1. Mar.289.426. 129.440.070.885.9 109.593 88.846.810.007.702 5.198 770.461 3.063 246.038.585.563 130. 253.167.707.1 123.649 4.212.3 230.369.2 287.627 39.169.6 155.087.906.323.798 50.615 56.388 34.426.095 445.964.727.656 223.653 143. Sep.213.580 6.621.913.313 46.513.904.989.898.307.923 337.266 10.944.833. DOMESTIC CREDIT .221.6 122.693.3 121.559 73. Dec.703 16.066. Sep.363.451 43.598. Mar.726 120.107 30.210.536 30. Aug.9 274.079.468 48.077 37.539 21.681.825.508 3.655.796.618 4.201.117.7 129.236.111.962.111.193.8 145.453 26.623 24.778 Oct.310.410.1 116.789 64.056 4.653.399 958.619.191.546.623.552 47.473.126 58.932 425.794 936.808.067 273.203.901 3.079 3.165 486.345.527.261 61.034.136.8 200.789 3.894.430.727.353 4.485 35.907 625.443.441 1) Insurance companies included.1 300.701.883 20.427.241 29.212.090.610.381.509 111. Nov.212.838 5.828 36.872 73.009 703.781. Aug.203.098 1.728.884 69.254.133.152 9.033.394 51.056 6.558.353.390.174 7.536 513.682 49.236 4.255.058 103.036 52.035 53.907.966.007 1.490.467.074 2. 108.744.833.909 216.570.211 171.221.567 213.653 49.292. 161.254.398.676 Apr.010 82.673.119.950.602.544 26.609.939.997.944 292.736 Dec.398 2.874 3.565.036 62.271 36.223 73.650 1.855 48.669.120.349.533.007.136.858.205 541.612 Jul.002.904.095.579 2.960.768.447.970 989.558.599.360.710.856 27.609.848.758.814 7.968.237.432 29.468 1999 2000 2001 2002 2003 101. Feb.252 648.309.161 81.379.866 188.200 33.554.782 9.320 39.783.950.1 242.527.838.408 222.275.229.206.244.908. Nov.774.510.005.927 32.839 114.815 296.747.817.142.010.269 54.790 24.870 66.4 110.885.146 45.907 6.5 207.926.152 9.131.194.162.134. 120.262.449 569.292.549.6 112.960.522 15.986 99.869.190.186 38.419.521 61.407 1.350 5.068 30.320 39.9 181.652 48.396.470.020.579 3.750.667.039 3.781 95.362.176 22.146 70.230.7 246.206.107 31.696 599.835 25.821 40.617.453.246.547.899 4.462.760 84.567 341.819.969 62.089 43.388.378.791 178.443.250.075.226.7 107.278.210 Oct.663 42.8 97.791 32.978 Nov.285 256.375 2.047 21.970 636.491 5.031 25.355 22.472 3.887 291.628.155.980.740.206.489 20.233.527.079.5 102. Mar.072.857 371.387.281.141 3.816.098 563.040.818.028 41.897.451 47. Sep.884.956.837. 108.597 294.638 75.976.468 54.712 32.259 234.186 2002 Jan.879 4.780.8 164.372 147.223. Aug.613 43.090 331.365 3.196.183.487 461.760 224.818.819.917 2.6 59.216.089 54.849 37.618 54.499.0 302.515 42.455.290 Oct.627 8.602.014 37.254.8 107.042 150.089 2003 Jan.418 72.974.7 140.482 22.299.5 105.407 895.580 445.3 232.532 35.663.962 500.662 570.774.804.551 4.904 3. 170.424.1 164.390 224.055.340.444.012. 228 Economic Households Other 1) agents with majority private capital 13. 220.942.485.145. Mar.814 National Bank of Romania .268 1.544.526 188.917 2.405 25.007 1.345 Jul.072.501 3.964.362 77.489 40.336 3.717 26.432.774.481 2.591.525.445. 111.678.478 26.035 15.379.323. 300.608.943 64.508 8.042 461.998.193.754 20.130.047 341.675.464 30.568 511.121 52.357.207 34.806 20. 200.684 302.544.487.726. Feb.679 53.067.262 26.420.033 92.116.168.163.670.382 37.935.533.247.429.006. Dec.338 105.349 42.757.784 35.205.108.4 143.568 466.580 331.446.050.789 43.776 47.281 124.988.591.641.207 Apr.167. May Jun.254 8.595 5.423 180.448 6.271. 145.989.219.284 67.480 3.724 53.461 4. Aug.299 118.3 112.684 38.5 148.311.439 4.3 170.561 466.031.060.856 5.678 4. end of period Period TOTAL NON-GOVERNMENT CREDIT ROL credits Total Total Short-term credits Total Economic agents with majority state-owned capital 57.122.570 1.531 4.719 36.662 580.243.224 51. 122.484.227.278 4.127.424.8 67.213 Jul.640.116.572 888. 106.763 50.574.139.983. May Jun.955.997.719.666 3.0 2000 Jan.841 66.9 205.117 75.551.915.446 3.8 74.692.150.397.622.724 58.577 620.496 45.266 Jul.007.

148 118. 10.084.734 1.497 3.000 779.104.042 368.338.014 3.745 1.174.869 1.039.532 1.790 1.532.794 2.904 6.543.818 2.895 2. 4.100.653 1.484 6.021.132 727.531.170 6.417 512.068 2.191.219 261.609.235 1.614 1.100.613 7.425 6. end of period - Other 1) 103.318 135. Aug.533.294 721.058.311.571.012.101 1.216.372.188.192 2.264.109.241.202 68.258.043.160 35.463 1.248. 44.745 1.709 77. Sep.965 644.101.119 720.280 7.530 3.589.089.021.500 1.680 2003 Jan.923.757 1.556 1.249 752.770 128.166 2.966 2.959 85.814.068 1.941 – 2.586.219 6.698 124.954.130 2.719 3.618 1.316.492 1.027 367.952.389 4.742 2.032 4.293.270.612. 6.668 74.177 1.940.977.863.126 1. May Jun.375 1.685 5.557 5.118 2.220 88.751 1.454.736 103.675.849 351.531 1.918 549. Aug.997 1.546 7.210.186.311.290 3.110. 4.230 65.706 739.899 987.872 2.148.812.533.088.072 127.913 6.597 1.217.855 136.406 Other 1) 450.885 3.538.256 2000 Jan.701 2.565 1.824 1.939 959.487 99.405 339 339 324 93.463 8.702 367.266.680 283.513 16.180 1.920 – – – 75.702 202.241.449 70.573.717 9.396.714 12.155 5.818.992 1. Aug. Sep.666 80.620 1.193 1.016 1.638 1. May Jun.213 1.419.222 6.006.299 Long-term credits Total Economic agents with majority state-owned capital 1.967.518.890.986.870 Oct.902 506.604.199.983 992.951.850 37.483.491 32.207 740.477 3.771 3.395.847 1.242 2. 49.009 2.176 6.333.414 2.007 26.999 12.275.764.995 77.258.770 1.333 1.139.204 83.422 1.077.115. 8.750 106.717 2.086.152.582.047.589 2.639 666.831 2.470 371.466 2.175 692.492.464.461 450.566.213 820. Sep.112.655 1.609.320 6.273.822 Oct.085.589 112.234 657.475.416 2.697.457 682.741 514.489.431 1.030.146.053.513 92.894 4.117.846 – – 6.518.543.517 711.756.012 359. Mar.827.110.506.545 3.070 383.087 14.590.116.608.925.672 1.092.032.680 549.741.123 7.107.539.402 71.916.414 1.792 1.763 22.276 1.664 2.643 1.392 2.595.576 1.998 1.357 740.068.004 2.083 101.590.559 92.069 3.408 5.015 4.547.968 3.169 1.686.552 1.688 1.256 National Bank of Romania 229 .006.969 3.612 98.278.492 240.409 980.048.102 87.669 Oct.190.902.902 32.567 68.888.122.564 110.258 3.331 920.291.425 18.136.026.219 1.507 764.978 28.680.642.831 4.844 1.843 7.944.941 – 1 – 83.869.755 450.147 4.898 – – – 67.995 Apr.549 135.193 1.532 2.026 2.949.946 1.511 2002 14.964 3.977 65.405 810.660 1.264.757 8. Feb.ROL millions.593.780 Jul.582 1.319.904.715 1.393.823 1.297 2.240.538.925.166.654 76.398 3.173 1.152. Dec.962.139.315 107.322 791.318.559 1.270.261.174 1.679 350.068 2.920 – 5.599 2.575.594 66.051 9.053. Nov.119.033 401 1.303 66.576 357.535 6.816 2.075.949 226.560 5.596.930 111.730 2.413.270 1.890 3.106.417 1.891.237 3.257 110.633 6. 32.771 1.106 3.474 7.734.924.447 2.722.774 2.736 1.399 846.847.540 1.831 4.610 Jul.531 338.647 86.061 3.455 6.422 75.226 3.247 64.534.335 283.175.862 338.141 917. 3.927 360.590.291.127 1.918 Jul.097 4.623 1. 6. Feb.138 4.122.843 91. Feb.327.414.976 1.591. Aug.697 81.827 1.845.665.688 Apr. Sep.091 75.778.092.017 3.344 1.671.617.433 819. Dec.746.576 2.233 2.279 450.938.741 Economic Households agents with majority private capital 158.Annual Report 2003 Statistical Section 13.014.463 9.167 3.868 1.089 11.016 3.234 31.004 2.513 2.700 1.560 5.406 107.841.128 76. 4.038.816 1.525.823.321.002.755 2. 5.653 1. Mar.298 3.946.030 3.493 484.003 112.635 1.142 1.472.986 380 358 339 83.019 498.414.574.055.140.952 Apr.296 512.000.183.670 106.392 646.885.458 719.105 982.296.182 358.823 1.437 1.300 743.578.725 1. 8.669 796.969 1.814 977.782 1.077.745 – – – 64.597 2001 Jan.066.323.198 6.021.005.462 16.105 1.182 8.500 2.170 1.324 132.647 1.252 104.140 371.997.613.080.732 86.255.589 484.233 6.778 1.928 1.495 1.817 450.303 9.175 1.463 107.596.825 2.294 711. 3.602 6.509 1.245 935.511 366.549 2002 Jan.830 4.298 2.540 1. 20.333 1.299 4.269.337.110.359.105.749 3.014 3.155.542.326.553 2.027 733.678 361.921.418.848.323 105.532.340.296 122.715 450. Mar.461.051 4.146 660.482.563.904 1.533 167.686.553 348.381 722.822 7.713 902.256 1.656 4.109 100.866 1.862.975 5.530 80.741 90.943.472.820 2.605 958.314 1.438.243 40. 56.627.182 430.660 1.525.217.920 72.240 988.010 1.976 766.419 481. 3. Nov.094 72.804 3.794 801.921 1.011.343 1.717.959 1.544 68.000.883 1.770.571.857 1.187.234 40.529 1.904 1.022.702 2003 56.479.364 1.942 1.549 733.870.851 324 – – 108.525 Oct.107.804.656 41. Mar.032 1.311.003 Dec.974.786.172 959.091 2001 6.202 1.531.357.349 1.019.039.918 463.366 1.920 1.607 4.309 2.292 816.691 1.747.947.036.433 450.723 56.798 279.009.341 135.557 313.863 106.523 721.223.886 3.934.022.787 2.682.707 131.965 24.047 127.513 Jul.043.086.649 135.039.940 2.097.846 756.119 99.800.000 2000 4.679 1.878 5.710 1.801.976 .295 2.197.403 1. Feb.971 19. Nov.244.192 68.570 1.478 1.274 1.345 1.449 650.522 Nov.189 2.162.371 122.820 3.949 673.436 3.874 4.045.271.530.709 – – – 62.627 1.902. May Jun.689 2.152.730 1.715 7.019 947.121 1.461 1.443 27.998 970.148. May Jun.246 126.626.590 3.874 1.474 5.172 73.814 2.129 4.588 1. Dec.071 1.946.470 1.994 2.483.999 2.606 450.540 3.316.033 460 427 401 76.735.046.844 1.392.051 1) Insurance companies included.250 129.147 Apr.059 187. 14. DOMESTIC CREDIT (continued) Period NON-GOVERNMENT CREDIT (continued) ROL credits (continued) Medium-term credits Total Economic Economic Households agents with agents with majority majority state-owned private capital capital 1999 3.872 2.870.937.743 1. 3.

037 28.595.891.297 15.ROL millions.592 460.255.988.771.138 57.717 1.932 337.464 718.356.069 537.244 22.340.997.722.176 2000 44.885 16.666 566.682.773 7.844.999.992.059 Oct.236.498.760.150.074.969.027 1.449.994.318 1.268.248.646 Nov.945. Mar.741 248.856 94.517 43.431.298 552.382 2.733 1.184.528.971 37.051.357 23.354 1.480 54.971.004.107 562.696.422 55.338.513 1. 124.851.741.195 9.092 1.352. Mar.619 10.740 485.311 1.791.997 1.587 14.642 10. Dec.493 19.824 99.407.546 172.685 25.620.299.420 584.389.738 54.868 1.216.918 9.889.718 4.504.919 9. Nov.060 574.474.184.759.620.547.743 2.387 48.533.013 4.874.617 2002 Jan.768 1.821 23.595 58.838.372 656.712 29.674.429.698.359 18.841 6.456 214.249 2.436 10.776 4.714 969.509 1.151 9.598.250 3.037 111. Sep.169.Annual Report 2003 Statistical Section 13.761 867.314.368.321 3.450 70.831.348.373.753.058 33.029.232.177.368.334.767.960.606.171 68.637.832.899 20.181. 34. 72.695 823.228.716.549. 102.867 43.906 47.632 98.564.301 21.536 5.045 1.666.835 106.457.025.059 8. 43.417.702 808.583.588 794.106.280.531.608 4. Sep.500 35.331.980 94.937.493 17.092 19.948 793.727 25.459.499 6.547.284 555.496.463.025.581 1.551.303 587.726 22.172.190.561 8.179.900 78.594 357.066 640.298 1.617 22.313.083 8.921. Nov.272 339.535.628 1.683 74. 58. 37.599 58.265 6.227.212 572.146 4.167 19.809 3.027.313 306.063.102.762 4.090 36.107.426 20.156.181.987 550.157 Dec.797.624.764 11.757 71.896 3. Nov.596.874 14.226.124 1.730 8.986 751.135 128.391 2002 111.446 1.161 9.021.077.997 1.022 5.272 28.054 157.153 10.200 20.099 5.912.232 69.114.829 31.191 111.796 79.638 Apr.461.317 55.200.868.631 677.474.315 7.366 54.733.404.835.074.923 6.272 7.789 72.629 10.550.427.200 Apr.791.331.688 8.379 19.361.671.353 760.786.251.767 73.714.728.902 27.754.759 63.917 26.891.280.337.181 676.281.617 87.738 19.607 522.791 45.926.703.435 61.711 2.682.038 Jul.163.180.727.854 60.206 65.248 34.537 867.688 279.181 39.787 2. DOMESTIC CREDIT (continued) Period NON-GOVERNMENT CREDIT (continued) Convertible currency (domestic credits) Total Short-term credits Medium-term credits Total Economic Economic Households Other 1) Total Economic agents with agents with agents with majority majority majority state-owned private state-owned capital capital capital 1999 33.215 11.409.808.608. 63.501.054 222.269.362.124 60.370.145 24.485 326.243.598 34.602 1) Insurance companies included.957 77.687.135.838 3.242 9.519.185 1.593 290.291 4.217 32.180 822.228 32.700.686 2.945 60.054 52.071.518 21.161 8.798 6.889.040.558.101.721.329.469.358.523.914 6.687 587.141.919.955 6.885 277.728 6.439.805 8.556.300 436.982.844.276 873.200 12.962. May Jun.682.861 14.438.215. Feb.216.181 20.601.491 115.540.888.894 5.000.212 207.457 5.057 16.527 36.883.902.266.061.055.807.267.253 29.788.122 222.959 69.189 1.947 Apr.334 43.817 21.694 32. Feb.201 2001 Jan.370 3.167 16.596.390 8. Mar.403 51.389.412.710.851. Aug.936 4.566 35.898 230.785 21. 46.341.126 359.548 19.210 59.608 3.055.283 24.528 2000 Jan.664 2.268 510.265.144 4.967.923.681 1.863 45.616.261.015 45.617 1.732.271.528.610.923.003.559.024 10.741.555.571 37.976 12.969.338.835 2.953.948 275.454.311 4.544 11.197 67.515.485 9.040.580 5.845 22.853 66.255 7.650.126 64.501 Jul.665 293.275.267.459.746.244 10.172 8.750.457.965 942.446.503.138.725 44.861.688 288.466 15.473 26.497.374.656 38.243 8.436.802 4.000 135.986.507 3.096.969.307 5.293 49.877.312 814.414.057.951 8.453.194 1.068.022 30.599.196.968.372 72.170 99.648.164 76.639 6.251 1.578 1.987 1. 159.812 25.530.910 45.580.704 297.756 28.180.006 9.225.584.281 9.614.205 20.254 10.228 37.431.842.109.496 3.011 33.255 6.864 565.044 1.861 3.189 21.505.163 25.258 1.257 5. 5.633 77.185.287.035.939.737.419.530 9.580.917 Oct.540 643.877 8.648.902 8.057.540.821.709 3.953 96.456 1.548 3.547 1.351 Apr.785 22.493.950.269 1.988 8. May Jun.774 11.834.215.448 292.139 454.517 6.230.887 24.184 987.681 66.489 69.445.561 6.683.341 6.600 628.371.356.996 34.864.877.307 9.088.696 23. Feb.221 264.321.159 294.831. Aug.131 43.362 36.961.547.801 27.558 105. Mar.017 1.987 1.840 1.295.232.866. Feb.277 29.620.130 8.375.918.462.435 1.140.084 Jul.130 4.010.484 4.435 657.037 344.500. Dec.236.365 66.042 13.932 6.971.418 4.560 37.272 26.976 1.066 656.397.738 2003 167.073.170.532 1.902 77.666 22.798.171 65.370 2.752 853.805 58.709 3.646 116.922 8.895.942 351.387.714 403.808.231 18.228 2003 Jan.620 1.738.284.900.528 230 National Bank of Romania .838.495 6.853 66.254.693.805 50.955 68.031 27.026 306.416 373.918 72.463.978.068 119.485.002.137 3.754 6.315 7. end of period - Economic Households Other 1) agents with majority private capital 7.157.839 4.178 205.623 906.133.971 1.761 942.821 676.182.890 106.820.714. May Jun.756 11.465 Jul.059 733.097 566.647.273 16.517.054 55.467 937.726.203.699 6.331.479.700 44.721.779.473 481.373 268.032 55.791.284.271 146.375.973.661.812 8.517 1.423.514.091 559.476 11.247.413.493.303 590.883 3.567 3.002 25.274.766.976.962.108 40.694 .587.054 199.152 4.673 5.148.999.043 140.181 622.767.602 5.914 414.442 8.302.678 24.433.948.402.546 9.272 1.328 4.108 2.715 21.842.023 81.195 2.311 20.396 109.548 27. Sep.249 2.605 5.460 74.133.883 1.485.000.186 163.556 674.711 4.701.348 56.012.418 42.590.254 1.980 69.625.867.781 687.307 4.320.498 6.728 4.098. May Jun.751 31.565.349 1.602.883 1.298 1.092 1.141 396.434.449.313.034 5.962.265 7.443.067 43.701 1.128 2.529 9.534 36.805.891. 53. 112.027 2. Aug.521.957 77.422 30.997 1.659.506 91.410.647.291.774.624.812 11.122 1.537.710.971. Aug.346 61.243.180.044.024 11.287.809 516.796.255 9.462 58.868 343.176 1.326 39.257.522.945.776 4.268 9.442.353 1.863 928.052. 39.541 5.201 14.670 1.058 33.388.964 40.759 6.550 1.110 5.112.197.000 35.610.626.566 14.635 40.069.815.664 1.566 18.713 53.988 3.945.432.963.067.136.672.680 34.727.283.355 78.200 6.399 89.601.345.994.412 588.386.022 Oct.458 12.682.766 25.389.066 64.312 23.904 51.569.771 488.046. Sep.745 32.049 138.051 8.673 5.621.237 40.493.243 6.004 1.320.895.837.620.167 56.391 11.196.187 265.050 28.469.623 39.466.635.399.887 981.525 3.397 9.408 723.328.979.938 5.068 1.485 1.236 2.201 21.658 23.839.559.257 30.044 58.339 8.279 8.817 369.447 36.642 33.013 361. 167.164.217 27.647 652.589 75.776 714.645.875.611 339.423.521.584.946 932.131 41.330 Oct.805 2001 70. 130.093 4.656 3.159 18.049.851 7.185 127.206 5.135 5.503.721.728 288.127.612 7.815.745.547.606 6.111. Dec.430.933 52.646.567 41.828 549.304 3.159.690 26.580.256.754 67.389.813 12.914.269.583 779.728 68.316 71. 92.683.835 1.346. 154.614.109 13.275 2.678 4.361.140.592.704 1. 86.174.507 35.037 5.259 68.623 691.292.773 39.864 20.389 7.126 171.995 456.613 254.

398.160 186.053.523.387 229.525.469 5.481 14.684 24.927 11.552.157.019 7.956 22.711 24.340 8.464.570 1.873 25.157 151.407 13.578 5.972 –1. 15.111 9.469 7.716.526 24.787.821.770.182 1.336.414 1.912 22.817 –2.889.087.508 2. 28.145 2.844 595.969.536 4.653.751.620 4. 9.577.893 2003 Jan.769 –6.041.587.680.997.249 13.952.737.637.178 Nov.179.173.412 2000 Jan.183 8. Dec.076.487 19.483 120.614.056 –2.184. 26.240.151 19.758.880 197.021.701.927 414.748 20.693.093 383.595.700 –5.121.373.452 4.101 4.594 48.339 6.800 2003 32.421 19.881.172.174.088 1.900 Apr.178 550.306 –2.067 –2.083.905.318 1. Aug.860 5.011 722.438 874.518 36.822 1.102 10.733 12.146 20.162.553. 4.760 4.180.291 317.954 24.020.879.961 49.500 627.512 220.606 9. 8.801 347.026.604 81.118 11.627 39.981 1.925.643 4.298.292.704 4. Mar.754.041.787 Jul.774 6.306 Apr.138 1.493.851.709.615 4.495.303.866.076 3.501.127 8.452.195 4.883 –11.944.152 7.389 6.807.154.000 –5.380. Feb.803.541 8.219 Oct.858.108 31.847 2.950.781. Aug.245.723.253.966 8.006 4.469.412 10.322 17.920 24.665 23.681 11.553.644.985 26.184.387.152.403 21.446 207.077 630.959 –2.539.647 4.909.226 –18.683 620.548 431.102 19.704 1.623.912.126.464.883.537.723.340.499 8.702.025.186 11.683.384.410.578.926 19.Annual Report 2003 Statistical Section 13.442.674.889 –1.864 1.281.869 7.653 Dec.763.363.715.157.938 18.048 –654.137 371.459 –14.009 19.838 6.798 17.370.ROL millions.436.344 Oct.187 –12.793. 4.090 3.235 1.990.323 11.354 8.936 –1.325 3.414 1.889 –5.774 –10.790.784.150.060.718.469 16.952 5.496 302.408. NET Convertible currency (domestic credits) of which: Total Other Long-term credits Treasury Other Forex bonds General governTotal Economic Economic Households certificates credits to Account of Other 1) ment agents with agents with governState securities majority ment majority Treasury state-owned private capital capital 1999 4.587.464 6.570.338 19.119 2.100 238.939.907.273.976 10.807 25.294.906 1.809.761 2.747 9.562.849 8.660 24.429.253.361 20.187 8.642 25.870.216 21.943.173 5.929 4.423 8.233 22.780 21.946 9.017.151 23.901.739.305 167.703 42.060 5.956 4. 5.283 8.352.102 2002 Jan.501.566 –6.044.137 4.151 20.927 11.722 –5.429.918 2.073 –17.877 15.836 1.352.503 –8.340 327.297.375.650.247 19.425 17.293 32.313.624 110.025 34.751.910 849.091 1.198 24.866 40.359 –4.950.074 215.450.327 3.018 19.636.376.037 44.967.389.878.063.913.309 333.701.412 12.032.932 21.781 20.427 3.113.212 7.482 2.105.479.633 15.500 594.696 2.339 32.486.378 6.891.753 6.519 749.674 15.936.838 2.495 19.802 2.646 133.666.955 – – – 9.724 121.565 19.416.469 8.055 4.336.991 5.244.401 10.122.279 21.053.941. Aug.616.583 –8.530 14.198 24.161 31. Mar.248.957 7.623.885 5.363.287.726.419 18.145 11.947.412.394.058 4.503. Nov.621.603 14.615 12.008 209.890 12.651 23.635.905.778.228 9.371 –15.623.800 –13.057 7.306.489 1.805 5.620.464.015.022 15.766 23.404 22.187 8.577.817 Apr.771.719 –1.836.625.841 26. Nov.756 1.936 231 .656 564.033 9.062 494.228.601.087.263 200.291 4.453 12.806.075 6. May Jun.142. 10.542. Sep.731 17.611.266.075.309.556.518 2.816 9.215.627.784.627.713 18.597.106.807 19.245 516.493.738.312.323 4.753 5.468.751 633.008.174.102.053 5.751 34.271 4.821.414 669.423.850.719.921 –4.015.819 9.432 309.057.416.017.129.627.199 1.470 4.259.444 703.425.459.285 5.277.158.857.889 –3.363 9.495 23.469 75.448.802 378.065 77.642 2.257.865.777.421 19.291.909.157.530 1) Insurance companies included.303.186 11.490.529.719 –3.849.824.824.904 10.101 447.576 17.475 21.955 2000 5.457 1.711.212 2.851.903 4.733.045.887 86.219 –2.936.496.284.995.313.923 20.058 31.201.082.493.411.762.892 169. end of period Period NON-GOVERNMENT CREDIT (continued) GOVERNMENT CREDIT.094.000 446.247.466 3.574 4.396.488 2.523 44. Dec.475.954 8.138.928.500.395.871. Nov.434 – – – 11.089.731. Feb.799.766 –26.291 21.996 43.847 2.387 1.298 166.829.674 8.246 1. Feb.444.548 9.344 5.066 4.925 –12.032 9.612.100 Apr.013 –21.176 1.095 79.555.635.226.360 1.842 32.700 3.530 5.490.884 23.686 24.484 4.073.102 24.332.145 3.836 2001 8.208.106.987 40.816.515 11.757.624.593 25.522.938 1.662.618 279.566 5.007 1.090 3.921 –7.841.618.675.858.309.359 –7.802.343 Oct.371.665 20.306 Jul.658.471 10.730.734.467 1.939 157.831 13.168 24.963.756.120.111 –4. Sep.578.379.676.448.211 19.209 4.745.512.536.077 111.249 11.288.188.288 6.686 5.395. Sep.939 25.652.566 –3. 6.285 22.827.495 –1.747 10.363.307 33.187.778 1.000 14.522.616.351 18.622.313.956.292.541 8.565.785 135.361.513.721.599.995 8.569.852.279 21.294 1.896 618.338 32.689 10.911 5.247.179 10.211 –16.618 19. Dec.304 11.793 12.448.040 6.041 18.629 204.040 23.642 25.727.735 1.274 106.520.841.887 21.817.561 23.235 6.045 5.562 2.432 536.039 6.085 4. 11.915.230 1.859.898.573. May Jun.594 33.889 2001 Jan.109 218. DOMESTIC CREDIT (continued) .847 13.637.763.387.618.574 52.485.266.628.034 892.905.939 5.682 24.463 17.343 37.287 4.554 19.743 627.418.354 –6.059 43.083.375 12.200.709 7.154 86.643 4.367.110.882 59.255 10.354 National Bank of Romania –6.623.764 22.477. Feb. Sep. 11.638 7.851 19.646 43.829 43.805 2.020 26.223.685 6.350.995 5.052.702 11.152.757.559.449 12.525 –7.917 564.520. May Jun.605 2. 5. Mar.757.620 4.273.446 5. Aug.325 9.878.032 727.554.300 12. Mar.326 898.076 10.270.617 186.880 –13.922.757.761 17.422 765.285 14.074.261 4.354 –2.092 4.184.690 5.991 23.840 –6.702 3.264 317.771.938 8.975.687.323 45.022 704.357 6.962.504.843.702 26.561 1.454 4.691.314 –10.392.452.970.749 5.580 680.193.986 10.695.990.213 26.015.617 32.831 1.578 4.015.847 43.371.910.704 1.583 733.651.153.637.911 8.727.485.817 –4.857.854 12.020.707.108 49.235 8.771.891.956 8.400 9.304 12.127.817 Jul.432.946 1.043. 5.265 –2.013 8.924 –4.769 –6.033 11.360 1.145 11.053.052 73.361 8.808 2.306 –4.441 19.076 10.288 8.600.011.767 1.321 269. 32.157.322 3.147 21.449.458 53.967 204.997.636 –4.759 7.040 –6.627.457.154 68.719.484 5.886 600.776.062 284.928 21.212 25.034 2002 11.529 888.480.639 3.144 18.129 71.430. 5.503.242 167.846.107.431.005 17.144 25.192 13.693 12.797 8.873 4.257 9.898 31.319.273 475.303 24.051. 22.741 21.360 564.532 5.670 10.907.281.993 –18.746 13.249 16.038.495 –9.410.633.820 1.836 1.281 35.553 –1.676.582 204.126.425.411.907.912.735 1.353.871.043.629 230.293.990 18.362 8. May Jun.555 4.309 10.936.569 12.711 2.389.974.227 Jul.904 10.479.785.362 494.290 5.218.126 565.889 37.323.914.529.047 –15.271 4.409.542 296.366 –3.847 –2.596. 8.158 202.893 21.375 1.226 11.339 26.429.297.632.278.650 1.289.724 4.970.411 51.339 403.916 –2.062.323.122.223.493.322.464.643.904 5.882 Oct.119.976.360.794.648 4.043 135.967 1.191.779.913.676 3.643.559.651.854 12.455.009 4. 7.476.285 44.

035.344 145.467 23.652.584.369.642 102.463 239.678.973.741.669.741.438.259 195.777.966 87.818.007.203.943 90.227.789 72.048 92.210 106.898.645 168.870 140.337 59.005.372 Jul.418 154.197 67.953 161.863 Apr.957 National Bank of Romania .141.271.798 135.281.888 52.661.213.808.935.536.731.133.693.699 92.971 189.507 35.541.515. end of period NET DOMESTIC ASSETS Total Domestic credit Total Non-government credit Total ROL Convertible currencies 41.321 87.874.256 261.362 112.323.640.057.117 23.646.993.003. Mar.581 155.999.528 106.778.445 66.746 17.206 145.320 66.721.756.694 236.241. Aug.473 116.265.905 208.829 29.674 25.281 124. Feb.163.421 102.002.624 64.200 39.049 69.388.574 17.244.069.126.074 192.314 86. 166.410.646.028.665.299 118.856 94.858 39.996 111. 136.596.219 53.800 70.358 111.016 302.493.377 84.923.911.094.082 44.780.397.647.292.576.681.155 114.363 129.038.848.942.794.966.406.231 89.337.828 45.500 166.108.785 35.983.953 92. 48.546 186.184.914 145.293 39.010 82.538.237 40.897.515 52.006 246.187 100.565 206.904 51.467 45.712 41.182.884.293 161.407.499 252.539.012.728.479 189.090.539.250.398 83. 97.162.202.923.032 165.536.924 197.483.745 150.958 253.241 36.206.448 29.811.529.939.272 70.036 62.377.566 148.855.674.559 23.736 97.414 225.755 65.559 226.678 252.707.239.968 208.630.600.727.388 109.446.873.653 143.539.530. Nov.952 171.962 105. 41.446 23.721.533.533.319 85.197. Sep.907.220 181.768 143. CONSOLIDATED MONETARY SURVEY Period 1999 2000 2001 2002 2003 232 NET FOREIGN ASSETS Total Gold Convertible currencies.145.553 234.833.878.825 23.886 132.459.967.432 143.190.654 32.254.826 22.993.398.626.906 276.499 29.257.528 122.575 91.636.633 159.528 143.681 66.833.988 215.106 39.171 2003 Jan.616 73.143 58.040.663.197 Apr.451 43.877. Feb.126.307.724 53.444 164.731 107.126 87.854 60.244.250.752.821 49.751.544.148.493.269 114.457 169.038.366 Oct.420.511. 155.543 164.148 80.591 93.539 173.695.429.953 96.213 23.067.850.451 178.348.672.617.558.246.390.443.133.780 29.902.134.967.868.460 74.670.541.482 28.189 136. 232.652 48.001 37.724 88.220.986 107.944. 110.835 47.094.485 58.372 147.757 60.808 69.657.869 85.984.381.302 139.632 98.877.208.391 97.866.233.089 54.745.628 126.528 206.296 29.179 17.478.100 151.001 112.570.396 102.926.679 53.819 231.425.400 201.832 81.474 131.969 302.346 61.760 84.942.991 255.614 79.010 268.482 82.142 257.455. 83.052 220.517.500 29.882 108.579.555 105.591.602.975.533.728.320 63.752.506 86.010.353.220 81.310.999. 226.946.969 184.117 75.783.344.145 200.867.293 23.392 30.835 43.148 138.610.293 17.707 138.107 31.169. Dec.566 Jul.986 78.535. 265.227.005.934 39.981 27.370 168.331.779.628 139.529.780.710.203.182.ROL millions.911.354.600 83.217 179.055.366 23.863.538.177.543 169.307.183.746 168.276.491 115.927.485.839.701.200 104.406 149.131 2002 Jan.830.598.000.203 39.048.338.546.556.206.123 123.942 23.511.396.444.204 179.850.974. Sep.585 102.735.624. Dec.233.528.997 76.641 17.534.539.142 131.788.548 44.313.198.063.119 39.545 87.450 70.869.019 109.598 29.266.789 124.261 39. Aug.842 23.647. 218.938 144.399 48.191 111.315 27.900 78.770 85.740 115.681 104.687 220.340.073 23.181 Apr.663 51.310 219.984 197.380.790 88.744.544 30.221.410.915.659.915 210.280 209.470.858.692.895.290 216.263 39.326 39.596.389.751 92.735 105.872 73.521 95.571. 251.234 81.007.340 136.340 129.136 170.727.072.201.879 218.939 108.076 122.701 39.698.224 34.885.271.221.506 91.590.022 Apr.002.197 128.179.757. Feb. Dec.271 146. Dec.261 61.146 51.167 164. Nov.643 17. 203.042 150.497 130.035 73.037.734 29.860 123.581.849 47.095 110.210 102.440.051 23.057 172. Mar.313 92.780.986.909.167 300.021 207.066.163.014 137.355 152.294 39.272 2001 Jan.000.309 247.869.690.943 29. Aug.196.949 112.923.069.901 39.991 211.220 197.513.660.534.758.063 29.653 66.229 17.558 105.563 222.693.419. Sep.750.885.717 32.818 99.539.355 30.955 Oct.894 184.989 121.116.205.632 46.636 231.100.969 62. May Jun.357 Oct.751 157.848.262.710.797.968.731 200.658.190 23.680.223 242.356.392 108.452 115.921.790 86.392.230 160.986.853 102.767 17.728.317.068 119.782 26.918.293 49.838.572.275.767.867. net .675.274.032 55.609.485.775 157.090 236.814.682 232.051.388. Mar.968 170.045.711.233.618 77.779.933 Jul.694 23.957 2000 Jan.083.202.906 57.635 88.181 180. May Jun.007.112 200.569 17.485 75.224 135.776 91.648.684.349.440 136.268.352.433 192.230 224.682.798 102.291.551.591.468 122.838.961 100.879.793.873.357.474 39.224 92.042.111.856 33.829.468 137.139.886.254.236.635 40.274.135 128.238.589 167.980. Nov.375 24.230 78.658.375 120.614 29.178 70.674.848.310 17.638.043 140.013. May Jun.445.117.040.462 70.762 288.944.230.772.295.211 206.938 29.719.485.788.725 44.072.605.244 Jul.432 29.154.216 120.625 142.934 39.598 65.832.429.079.999.418 33. May Jun.284 67.715.528 74.958 101.446 40. Mar.497 262.050.047 26.232 197.517 43. 65.861.713 17.213.216.053 99.539 37.243.142 39.678.623 39.793 30.862 217.289.310 39. Sep.226 113.885.323.087 58.105 32.917 91.573.058 103.738 54.489.887.300.673.980 90. Nov.490.469 224.744 190.971.854 23.362 36.750 92.029.292 50.202 129.239.187 17.171 167.837.261.951.585 178.302.661.971 45.800.454.969 112.938 30. Feb.653 300.563 130.185 127.825.071 80.754 26.131 111.211 171.148.628.033 92.976.874.063.312.630.103.470.509 111.430. Aug. 174.765.190.900.804.Annual Report 2003 Statistical Section 14.971.567 41.394 66.107 118.119 26.656 Oct.226 83.405 25.943 106.264.427.699.660 69.353.628 79.974.875.236.879.882.613.

596.285 14.336 – – – –3. 44.551 –68.364 14.920 –35.442.150.503.574 31.131.907.359 –7.452.041 5.186 –192 –0 –2.360 1.271 4.745.889 –3.536.354 –2.091 –3.134 –19.883 –11.623.304 12.412 8.878.120.986 –132.921 –7.563.982.319.072 –30.884 –36.076.936.525 –7.840 –6.220.578.ROL millions.646 43.519.279.844 595.339 –3. Sep.227.836 186.060 9.424 –29.621. Mar.995. Nov.295 –5.212 25.924 –4.907.606 9.163 –9. Sep. end of period - 5.670 10.328.618.293 –73.639 –21.787 –3.662.325 564.015. 40.479.066 –3.056 –2.941.769 –2.587.829. May Jun.186 –12.938 –41.622 11.209 7. Dec.193.160.000 446.145 7.305 –4.677.962.693 12.490.057.559.087.490 –27.878. CONSOLIDATED MONETARY SURVEY (continued) Period NET DOMESTIC ASSETS (continued) Domestic credit (continued) Government credit.636 2.015.354 –8.787 –23.322 17.139 –4.627 39.866.583 Apr.011.802.733 12.681 11.168 –152.122.873 25. Sep.763.112 –16. Aug.336.155 –5.398 –2.504.386 11.100 –56.739 –39.653 –64.558 –12.044.566 –3.048 –925 –192 –3.486.891.496 302.118 11.652.488 –4.703 42.374.904 18.730.119 –4.279 21.553.009 19.257.893 –35.134. Feb.425.642 25.339 26.596 –4.920 –14.889 –1. Feb.990 18.887 21.240.088 –4.217.689 10.361 20.939 157.495 –1.469 –28.838 6.265.708.093 383.187.482.153.097 –147.219.092.724 –4.212 7.674 8.401 10.854 –6.870.284 –37.927 –10.836 186.069 –2.950.181 –48.191.476.526 24.757.955 2.287 4.160 37.849.658 –13.249 13.089.747 10.271 4.684 24.270.891.313 11.739.744.519 749.362 8.313.742.473 –3.565 19.518 36.261 4.597 –555 2002 Jan.622 –5.390.576 17.343 –34.227 –220 –124 –52 –3.495.235 1.412 .353.017. Nov. –21.152.421 19.520.401.340.473.005 17.192 13.850.102 –47.576 –3.927 414.916 –2.969.787.688 –38.790.721.739.762 Oct.594 33.066 –6.496.807 –48.785.651 23.766 –26.979. Nov.446 207. Feb.849 –32.340 327.354 –34.223.464.854 12.045 –127.807 –616 2003 Jan.944.388.528.063.306 –690.353 –3.569.987.630.244.226 11.847 – 25.458 –6. May Jun.351 –34.746 –14.235 8.939 25.950.432.957 7.646.418.457.776.067 –2.013.352.247 19.713 –17.495 19.366 –3.187 –12.492 12.627 –6.774 –10.396.925 –12.807.635.616.904.754.932 21.648 5.642 –4.970 –198 –134 –0 –4.334.976 –10.048 –654.352.395 –26.819 –12.353 –60.567.325 –39.450.429.830.569 12.392.807 19.226.226 –18.746.779.291.306 –2.541 8.911 8.879.954 8.559 –3.288.764 22.722 –5. –10.635.972 –1. Dec.111 –4.735 –29.742.370.360 1.816.990.910.434 – – – Apr.760.890 12.266 Jul.459.434 45.581 –3.395.761 17.623.968.791 –53.841.895 Oct.384.777 –3.469 16.500.146 20.423.977.217.476.595.289.638 7.052.627.215.793.622.727.698 –4.913.034 317.300 12.091 –504 2001 Jan.912.372 –2.651.334.849 8.926 19.916 –3.111 9.373.528 –2.200.970 Unemployment benefit fund Other extrabudgetary accounts Forex bonds General Account of Treasury Other Deposits governfrom Treasury ment investments securities 21.132.928. 43.033 9.555.719.137 9.637.092 –28. Mar.313.216 21.971 –36.649 –45.087.512 220.757.351 –4.326 –27.233 4.182 –24.053.520.307 33.073 –17.643.633.283 –38.548 9.927 24.431 4.626.970.615 –15.403 371.022 15.082.481 14.807 25.866 40.575.475 21.701.889 –504 12.217 –30.212 –4.971 –3.888.839 –4.702.421 24.747 –24.113 –21.544 –57.047.841 26.266.455.636 –4.287.495 –9.041 Apr. 5.223.441 5.817 –4.766 23.033 11.021.350.637.101 447.179 10.464 –7.354 –6.061.683. Sep.392 –43.110.759 7.847 –3.535 –11.841.306 –33.174.041.487 19.306.740 Jul. May Jun.298.102 10.464 6.907.719.800 8.288 –3.018 19. Feb.503.724 –18.075.661. Dec.605 2.401 –9.757. Dec. 16.565.711.339 403.858.412 12.541 –6.198.343 52.246.255 10.809.749 –23.368 –2.493.073.921 11.805 2.490.955 Jul.395.129.817 –2.704.219 –233.817 –42.853.436.503 –8.499 –16.492 –49.388 Apr.799.106.760 –14.640 –2.147 21.761 –3.123 –34.128 –95.836.404 22.029 –2.990.276 –43.448.088 –8.667.727.624.702 11.060.513.157.799 –148 –160 –37 –3. 23.189.332.459 2.188 –3.858.392 –22.168 24.058 1.138 21.620.160 –77 –83 –33 –4.553 –1.328 8.975.554 19.032 727.379.873 –3.956.993 4.303 24.936.458 53.449 –17.008. Deposits from MLT external financing –2.015.179.846.198 –1.152 4.967 204.665 20.363.719 11.022.196 –4.204 9. 20.040 –6.493.285 22.035.363.187 8.614.860 5.735 –77.410.523.107.072 –24.637.444 –33.200.889 –5.852.824.644. Aug.905.583 733.901.482 –27.398.847 –2.009 22.916.344 –30.709 –4.323 Oct.102 19.627.408.986 10.997.702 26.157.801 347.000 19. 15.000 –5.879 –27.126.071 –43.676.651.900 –41.709. Nov.640 –26.204.359 –4.416.376.469 2000 Jan.144 18.085 –14.367.309 333.940 –82. 22.713 18.831 13.019 7.482.928 21.605 –13.845.757.045.219 –2.039 –10.915.719 –3.952.168 National Bank of Romania 15.946 9.950.623.211 –16.228.323.963.701 –102.996 43. Mar.158.440 32.936 233 .246.685 6.029 –18.593 25.375 12.411 51.279 21.183 8.476.322.548 431.225 –3.693.113.172.227 –6.157.818.306 –4.522.495 23.963.138.503 10.144 25.410.186 –8.162.297.633.246.151 19.273 475.249 11.554.483.152 –28.463 17.369 –5.738.777.281.615 12.847 21.361 8.708.583 –8.641.122.318 9.202 –4.723.743 –32.627.636 –3. net Total Treasury Other of which: certificates credits to government 1999 2000 2001 2002 2003 43.157.748 20.306 –24.704.762.485.371 –15. 34.362 –5.902.479.188.340 –121.665 23.788 –39.480. Aug.187 8.954 24.041.423 –13.427 4.600.877 37.889 –48.997.847 –9.720.637.843.995. May Jun.786 –4.351 18.323 11.793 12.618 19.053.469.802 2.946 –3.180 Oct.208.198 24.641 –77.542.561 23.187.464.594 –14.827.960 –31.709.803.154.493.537.522.817 –48.317.029 –148.738.780 21.905.268 –17.340 –33.429.471 10.769 –6. 26.485.174 –2.871.034 892.959 –2.892.053.737 –4.062.995 –4.370 –11.798 17.397 8.763.047 –15.781 20.132 –4.812 Jul.623.880 –13.020 26.Annual Report 2003 Statistical Section 14.273.323.006 22.539.805 4.401 –3.700 –5.893 –616 8.160.720.650.800 –13. Mar.387 –35.364 10.680.459 3.943.448.912 4.188 11.033 –108.119.173.810 –135.759.174.842 32.883.898 –3.605 –88.354 –2.737.145 –21.098.646.847 13.922.731 17.213 26.304 11.970.322.056.871.936.565.482 –3.824 –13.026 –9.741 –1.484 19.882 –31.907 –11.633 15.102 –555 8.552.851 19.118 –3. Aug.419 18.151 20. 21.858 –7.938 18.936 –15.883.145.127 8.423.303 –13.865 –114.071.264 317.338 19.758. 32.140 –2.721 –2.574 –18.621.429.453 12.

683.972.077 167.163.477 152.889.875.264 Oct.120.168 151.315 –302.433.303 –3.376.047 –17.880 –1.255 –3.319. Mar.202.839 115.115 –662.154 –31.402.441 49.872 –29.915 –43.746. –51.095.314.922.650 369.368.874.346 –19.391 –202.887.607 118.842 –4.251. Aug.419 198.666 –2.703 170.049.239 –29.840.892 282.836.093.481.106.202 129.192 –1.383. –15.244.549 407.923.428.124 235.702 –103.420.606 –103.745 –20.680 157.385 57.997 –4.750.715 171.674 –8.985 143.714.507 228.ROL millions.363.644.727.513 355.850.961 270. May Jun.418 257.075 –44.808.937 –4.468.348 –209.284.512.209 –209.015.183 –1.774.175.657.659 154.830.466. –17.640.164.997 –167.348.936.948 –113.806 227.059.305.287.266 256.721.297 –18. Nov.895 –24.607 375.671 10.001 170.934 Dec.264 227.175 –118.019.025 –5.256 80.878 375.361.134.250 –2.097.896.555 –114.304 55.438.461.433 –337.740 –5.453.232 –79.465 460.978 –6.478.628.122.664 5.340 –1.703 Jul.067.139 146.046.699.171 599.541.872 191.673.004 2002 Jan.070 120.201 –53.693 87.218.797.232 –139.659 50.147 4.378 1. Feb. –40.351 375.930.264 227.043 –17.620 189.663 –50.796 –9.249 –24.661.951.351 375.545.104.451.893 226.663.546.041.696 95.610.314 170.703 Oct.480 135.885 176.297 1) The stock is revalued at the end of the year.292. –61.127.004 Apr.665 –2.134.550.156 –130. –54.351 375.412 –11.093 116.852.264 Apr.067 –21.597 414.685.556 123.593.479 –141.949 –217.687.708 –64.065.471 –18.468 1.500 –174.424 1.065.084 –25.513 7.024 117.129.546 375.314. May Jun.564. Dec.212.391 –63.511 74.971.961 –125.277. Sep.562.086 4.177 1.347. –28.458.134.208 2.663 226. net 234 Capital accounts Other BROAD MONEY (M2) Total of which: ROL .532 425.431 219.319.569.332.896.Annual Report 2003 Statistical Section 14.703 170.811.606 –3.289. end of period Memorandum items Convertible Gold price 1) currencies (ROL/gram) 1999 2000 2001 2002 2003 –8. Feb.313.486.712.178 185.210 89.192 267.835.586 460. Nov.111 –279.954.715.279.040 –80.855 –6.465 –82.541.703.615.737.703 Apr.883 –1.848.934 –70.010 126.281.797 –3.424 –3.432.318 –115.958 –54.985.535.369 –180.663 –20.484 –38.688 139.998 –2.453 180.225. –92.258.124 –52. –73.032 373.566.221 223.787.316.594. Dec.680.847.643.264 227.638 –110. Nov.533 106. –98.859 –61.200.264 282.228.286.351 437.276 –82.112 –1.968.956 51.356 216.930 –5.582.184 –52.027.759.706 –63.893 –8.909.773 388.721.646 154.351 236.102 –44.938 4.807.885.433 111.883 60.241.351 437.861.174.009.125.888 –11.050 –4.756 163.205.388.888 324.198.761 64.670.175.010 148.880 –53.203.590 128.966.695 131.991 –21.228.381.172 –65.435 –100. Aug.756.429 146.809 –21.918 51.784 395.353.004 282.518.231.865 –68.305 5. –64.004 282.247 –11.870.264.741.553 –1.266 83.197 –62.646 71. –26.509 –67.638 –33.530 373.784 –285.126 199.103 4.028 148.004 375.595 92.299.320.202.579.690.108.137.388 –4.034.682 124.081 84.975 –77.053. Mar.623.593.209 –4.599 –25.758.044 –37.030.560 146.423 303.597 314.659 167.437 –16.556.667 70.572 –46. Sep.224.366.179 83.585 –65.650.586.540 379.220.351 Oct.542 –63.263.453 185.263 –118.841 4.078.703 170. Feb.297 –1.264 227.362.675 –8.961 92.433 –17.653.025 115.234 282.499.160.650.899.992 74.504.209.004 –42.858 2.693 108.784.567.781.932.242.340 143.608 289.597.619.450.557.171.315.351 2003 Jan.095 –1.467. –77.518 –26.619.445.625 –12.397.663 180.465 194.185.158 –68.998 136.361.782.401.266.499.023 –8. –95.805 5.264 227.773 –46.603.134.429 157.045 210.004 375.705.217.587 188.727.912.784.766 227.351 375.342.600 127.092.007 –2.134 –75.441 367.217.550.560.035 88.114 168.200 –92.565 1.752.643 90.675 –45.004 282.941 132.905.229 164.804 5.836 –147.631 –1. Mar.158.911.244.350.632.754 375.332 –95.856.915 –41.412.456 259.143.368.312 –6.264 282.900.699 –19.629 –150.004 Oct.796 167.682.429 –4.033.613.637.010.161 –1.978 171.712.585 –2.099 286.105 –4.939 152.958 334.351 820.951 –66.939 1. –34.973 6.884.414.829 –50.703 170.783 1.183.264 2001 Jan.267 5.139 227.105 1.243 1.351 Apr.347.549 –4.567 300.075 –662.785 158.046 –14.023 93.149 1.427.811.153 102.488 –22.161.768 1.810.218 122.351 375.683 49.295.218.697.615.350 –60.958 87.619. Feb.314 115.345 238.269.103. –80.452.250.883 –187.374 227.158.395 –599.900.004 Jul.433 –25.633 290.893 244.072 78.175 –131.899.287 –350.033 150.351 375.582.869 250.867 146.706.752 –5.520 Nov.902 –144.654.471 –120.210 –3.432.951 111.327 1.703 170.236.341.572.084.318 –41.750 129.748 1.196.055 186.151 –2.128.767.703 170.997.911.258 –4.407.220 317.499 145.215.631.715 282.557 –23.595 68.850.765.337.777 1.262.002 138.478 199.234 –104.344 –5.588 –11.262.011. May Jun.260.012 82.412.900.986 –44.889.893 107.385.544 –2.838 101.985 226.242 –81.358 –31.666 1.527.938.453 275.498 270.432.542 –47.144 –46.750 289.727.069.049 –25.860 –43.512.123 –90.640.264 254.574.799 105.626.404. Dec.517.433. Aug.203.004 282.804.944 820.900.247 –64.737.034 –67.723.351 Jul. –70.404 2000 Jan.169.615.004 282.607 170.253.600 79.476.296 235.957 390.856.837 –337.926 1.703 227.166 –599.997 –36.228 –4.977 –200.015.960. –21. –47.295.860 –45.414 –8.994.089.778 1. Sep. May Jun.145.161 95.948 1.264 227.082 –5.794 10.509.200 –247.882 1.193 –2.059.481.828.923.467 152.630 –28.774 87.336 7. Sep.836 134.325.312 –81.074.628 –51.798.928 –102.002 –64.234.580 111.577.832 123.505.583.004 282.932.395.626.225.448 –52.931.781 –20.591 –5.941 110.816 208. CONSOLIDATED MONETARY SURVEY (continued) Period NET DOMESTIC ASSETS (continued) Other assets.308 –3.455 2.459.852.036. net Total NonconFloat vertible foreign assets.052 282.788 –68.384.943.250.562 94.671 164.347.004 282.391 –108.293 –5.741.712 170.404 National Bank of Romania .314 6.264 227.725 –6.790 5.313 232.186 110.832.333 159.623. Mar.230.093.208 –50.838 378.703 170.235.839.245.598.185 –162.546 –5.539 –1.744 118.313.819.164.398. Aug.801.086.916 –108.159 170.351 375.388 –24.264 Jul.699 10.074 –51.348 –3.660.065.408.714.341.001.838 –36.703 227.063.287.912.902.883 –365.124.032 129.608 –1.784.783 –2.497.836 423.455.724 –45.

719 66.788.837.450 12.850 128 1.725.913 2.576.266 Jul.045.642 214. Sep.349 Jul.927 169.555.615 72.839 173.991. Aug.755.725.873.872 88.317 191.192.497 93.290.641.574 17. Mar.825 23.546.467.428 2003 Jan.232 1.873.873. May Jun.972 1.286 5.598 9.169 119.377.073 23.195.763.862 31.674.082 113. 211.545 42.570.730 3.669 346.411.187 234.536.736 27. Feb. 39.041.571.793 4.400 2.767 17.968.563 Oct.156 187.764.017 8.367.394 133.643 17.608 118.059.534.533 115.811.761 745.913 7.901 3.358 322.017.187 17.691.889 8 123 1 4.669.121.131 112.448 29.089 168.309 21.727.732 192.563.851 – 12.672 67.190 371. 156.275.976.884 23.884.809 361.904 216.020.075 148.824 3.153 10.572.548.877 13.120 358.200.205 11.855.883.034 217.877.200.762 27.788 3.117 23.504.650 120.684.688 18.955 29.218.616 Apr.389 29.535 293.176. 263.450.938 9.301 2.267 6.943 29.144 4.309 2001 Jan.730 5.474 39.463.902 2000 Jan.232 7.341.393 3.048 26.306 201.651.455 136.063.434.159 11.074.961 170.615.447.692 23.837 23.270.332 219.513 195.553 29 83 852 1.319 23.414.768.674.302.420.422.403 354 626 566 4.466 18.270 66.881.423.530 423 5.204 73. MONETARY BALANCE SHEET OF THE NATIONAL BANK OF ROMANIA .726.633 4.834.666 58.694.223.263.162 2.335.480 588.447 181.861 214.443 15.007 4.226 19.333 18.407.734 29.739 187.984 25.533.091 7.396.043.016 289.442 64.635 46.829.606 222.020.537.431.152.486 102.630 6 96 397.178.507 113.815.196.508.063 29.599.661.874.849 75.131 183.455.653.441 48.924 2002 Jan.213 5.837.288 2. Nov.628.243.114 5.971 45.377 35.229 17.221 599 73 153 5.636 19.896 49.622 4. 124.393 219.283.632 221.393 29.512.883 3.848.721.772.127 71.238 9.535 293.521 183.843.836 300.474 15.922.645 295.620.867.484.878.074 23.206 4.695.670.725 2.293 23.608 96 13.382 5.329 4.867.679 40.637.932 119.855.717 129.041 19.663.685 13.199.263 39.263.950.588 1.753.338.252.687 146.540.359.018.539.800.987 22.372 310.912.366 23.814.943.506 8.643 309.426 87. 334.163 8.441 13. Sep.539.181 185.286 5.423.196.006.967.181 3.509.253.327 294. 188.467 26.963 234.701 36.994 11.027.779.482 30.298.114 5.399 11.001 National Bank of Romania 235 .872 278.031 25.216.645 2.970 184.477 86.619 126.704.491.850.801 Oct.393 17. May Jun.061.178.468.717.536.614 29.865.651.945 28.005. Sep.310 4. 233.643 23. SDR holdings with IMF 23.692.347 28.984 2.582 49.844 132.411 12.648.687.986.261.269.363.294 39.860 19.620.466 4.364.023 25.057 Apr.825.889 231.843.551.960 3.321.285.429.682.018 4.691.106 39.661.379.214 35.134 2.641 17.775 192.027.434.814 275.526 94.293 340 355 455 3.513 372.125 199.136 180.469.566 4.045 173.538.076.599.561.546 24. Dec.483.069 2.688.633 25.157 193.431 2.659.917.287.681.690 1.541.000 20.254.699.447.101.257 520.413 *) Starting January 2002.287 76.557 11.205 478 4.720.879.789.238 16.477 50.707 193.920 267.501 33.432 29.139 2.889 17.047.398.867 216.039.771 349.346 6.357.337 161.316 852 3.541 Jul.399.700.226.013.111.559 4.971 18.338 26. Mar.438 202.209 227.411 46.334 1.221 1.190 23.050.542 2.402.192.428 163.044 304.149.127 119.086 Nov.884 7.935.480.566 2.200 17.838 16.190 29.684.937 20.124 9.963 1999 2000 2001 2002 2003 99.875.829 29.329 385 7.194 51.385 298.073.046 798.542.067.229.075.035 176.322.763.655.351 15.052.328 20 1.242 17.067.001 3.765 122.898 296.456.948 12. 27. May Jun. 39.110 23.630 2.479.129 7.924 76.924.622 153.446 23.281.216.604 293 558 8.861 30.207.847.779.284 308. Aug.314 215.306 6.191 75.536.529 38 60 13 Oct.894.420 25.572.499 1.829 348.331 22.728 57.576 30.677 4.009 130.335 148. 309.013 1.832.443. Feb.534.628. Nov.386 367.181.864 153.670.324.721.016.877.440 4.894 45. 293.908 4. Sep.448 104.768 3.020.237 2.398 23.861 19.077 76.099 3.853.142 195.710.469 135.129 5.771 181.656 51.981 224.852 868 585 239 947.149 3.393.351 214.185.757.287. Feb.727.254.892.790 3.420 35.675 68.364 229.644 22.719.585.314.866 2.475.ROL millions.764.913 91.658 115.742.754.742 132.934 39.188 21.753.459 5.217 25.830 2.854 197. 126.915 5.441 19. 315.418.282.183.259. Dec.416 1.499 12.678. Mar.189 7.644.303.972 6.284.938 29.848.924.413 17.229 211.266.876 4.434.813.991 41.271 258.921.467 23.095.169 8.074 39.222 17.971.819.812.991 16.539.759 27.563.278.613.727 134. 99. 103.698.902 2.462 5.415 309.510.985.051 22.869.428 9. 45.647.418 722 1.649 266.477 183.920 597.986 7.185 51.038 9.852 22.950 110.665.251.798.154.550.882.344 4.777 76.825.795.876.034.359 150.164 5. Aug.557.344 478 667.769 12.931 237.785.945.227.476 Apr.822.308 Jul.399 87.430 2.056 84.693.980 23.140 86.051.936 27.358 4.866 24.915 312.581.497.016.650.530 39.657.388.558.868.447.288 24.525 216.203 39.695.136 2 14. Aug.255.585. end of period Period ASSETS FOREIGN ASSETS Total Gold Convertible currencies Total Currency Demand and deposits cheques with BIS Securities *) Demand Demand deposits deposits with FED*) and deposits with other foreign banks 470.234 52.700 1.020.176 24.741 2.292.176 101. Nov.986.018.467.215.477.613 102.476.971 168.462.117 2.293.832.601 2.026 32.027 238.492 484.031.434.254 42.338.633 266.055 48.732 626 73 53 3.593.848.428.538.827 2.866.874.349 2 12.398 335 1.347.377 39. Dec.861.781 21.347.303 23.387 3.462 4.123 17.133.196 475 1.491 354.745 11.733.284 360.773.349.837 183.983 358.858.189. 144.126.846.579 98.515 10.581 1.293 17.942 23.615 8.967.312.410 100.326 10.559 130.776.261 39.902.862.479.902 371.793 98. May Jun.150 4.870 Oct.541.858 39.918.738 4. Mar.518 5.292 198.088 Apr.141 335.007 4.777 150.156.166.080 289.411 191.559 24.486 226.909.921 301.672.994.357.535.284 360.539 18.356.006.035 17.049 97.723 1.704.316.379.238 4.389 46.690.709 3.176.829.932.864 153.738 3.Annual Report 2003 Statistical Section 15.547.524 7.426 73.130 21.713 214.967 127.296 170.267 52.364 Dec.696.498 156.545 10.675 148.539.811 29. Feb.227.687.875.326.082 323 11.768.497 10.014.716. demand deposits with FED have been subject to reclassification.500.168 42.705 10.598 29.707 237.942.634.836 4.728.615 10.650.278 8.132 18.405.539.644.185 997 3.295.

033 44.696 483.685.547 28.079 7.637 47.296 27.671 14.529 48.819 60. Aug.262 852.623.633 x 51.633 x 60.374.086.189 46.534. 49. May Jun.689.105.Annual Report 2003 Statistical Section 15.014.848.250 40.374.492 57.919.686.298 21.873 53.919.723 46.633 x 61.822 27. May Jun.276.016.500 49.633 x 60.032 1.850 859.743 36.847 875. Sep.032 1.568 42.773.633 Jul.817 5.864 4.ROL millions.962.543 38.581 x x x x 2003 Jan.491.786 472.368 39.471 66.950 48.510 325.760 86.320 14.248.148 36.313 45.962.112.491.823.105.478 11.898.402.864 4.872.994 27.758.602.211 889.296 x x x x 2000 Jan.086.382 1.922 1.669 67.922 1.086 844.231.922 1.574 20.153. x x x x x x x x x x x x x x x x x x x 52.808.089 65.962.575.076.412 45.031.300 320.381 27.553. 49.189 x 63.296 x x x x x x x x x x x x 236 National Bank of Romania .824 20. x x x x x x x x x x x x x x x x x x x 51.839.945 43.071 33.406 32.405 877.354 321.205 888.934 66.032 1.664.245.405 878.419.491.248.470 3.226 43.102 54. MONETARY BALANCE SHEET OF THE NATIONAL BANK OF ROMANIA (continued) Period FOREIGN ASSETS (continued) Romania's quota (subscriptions) Total IMF IBRD 1999 2000 2001 2002 2003 BIS IFC .159 798.582 13. Feb.419.962.777.780 x x x x x x x x x x x x Jul.199 6.986 1.405 877.489 52.762 36.758.864 4.458.986 1.805 65.384 20.527 53.158 45.864 4.758.652 49.847 21.685 865.986 1.958.354.796.199 6.720.623.595 43.879 42. Nov.794 28.248.864 38.811 36.193.116 x 62.456 988.608 88.574.079 7.248.086.517.396 54. x x x x x x x x x x x x x x x x x x x 61.855 46.135 797.669 67.986 1.847 42.086.248.363 42.919.423 88.086 Apr.963 844.044 987.986 40.528 489.773.820.067 2002 Jan.758.540 45.552.633 54.534.147 28.839 28.074 45.623.190 89.040 47.660.345 52.116 Oct.076 28.808.805 53.086.491.535 14.189 x 68.067 Apr.482 87.294.456 990.540 49.463 47.382 321.949 54.112 20.224 46.105.382 1.298 68.345 11.491.043 47.189 x 60.562 322.382 1.419.465 47.078 38. Dec.276 40.534.723.271 40.105. Sep. x x x x x x x x x x x x x x x x x x x 59.783.495 27.405 878.368 27.248.189 49.659 52.086 x 51.817 5.919.518 49.009 46.098.614 43.657.473 59.922 1.374.748.922 1. Mar.657.461 59.915 47. Dec.975 320.797 36. x x x x x x x x x x x x x x x x x x x 55.699.086 844.591.696.105.962.086 x 52.419.922 1.733.070.773.758.758.382 857.919. x x x x x x x x x x x x x x x x x x x 50.623.470 3.846 50.011 21.408.689 28.864 4.592.754 40.986 1.456 991. Nov.365 68.681 486.633 x 58.721 14.841 54.199 6.419.105. x x x x x x x x x x x x x x x x x x x 60.944 29.534.686.189 x x x x x x x 59.623.755.526 28.059.478 54.801.922 1.200 89.735 880. Mar.444 45.864 4.076.803 66.864 4. Aug.199 6.689.405 877.938.200 89.248.641 28. Dec. Feb.264.470 3.098.689.568.410 312. end of period DOMESTIC ASSETS Total Vault Romania's quota (subscriptions) MIGA cash Total IMF Total Gold SDR EBRD x x x x x x x x x x x x x x x x x x x x x 49. Feb.500.789.871 45.419. x x x x x x x x x x x x x x x x x x x 60.834.144 798.837.963 44.419.991 28.958 43.768.760 86.633 Apr.078.816.105.067 x 59.502.916 67.460 49.140 27. x x x x x x x x x x x x x x x x x x x 61.553 14.983 53.534.224 46.741 27.248.693 66.633 Oct.828 47.817 5.491.437 51. 844.017 47.942 52.872.380 90. x x x x x x x x x x x x x x x x x x x 52.880 38.116 x 66.790.836.864 4.773.689.338 36.132.491.199 6.382 1.796 50.032 1.456. Sep.059.356.255.689.359.805 65.147 28.876 11. Nov.102 11.871 30.817 5.153 85.663 28.429.872.581 x x x x 45.067 52.105.419.986 1.263.067 x 64. Aug.596 x x x x x x x x x x x x Oct.657.567 848. Aug.079 7.922 1.965.158 32.382 1.879 42.105.527 50.316 801.986 1.331 66.648.534.530.963 x x x x x x x 61.657.181 88. Nov.689.001 43.405 877.773.692.248.370.596 11.735 880.657.408.079 7.808.831 45.221 54.105.930 50.633 x 54.864 4.342 12.773.633 x 52.086.518 49.195 12.289 57.830.534.219.809 38.919.382 1.419.642 46.296 52.078.145 27.273 51.248.536.495 27.689.189 Jul.374.610.429.696 483. Sep.221 15. Feb.079 7.510 325.003 27.693 43.864 4.445.962.808. x x x x x x x x x x x x x x x x x x x 52.623.553 x x x x x x x x x x x x Apr.817 5.553 30.306.665 36.419.932 28.773.638 322.455 57.081 43.963 x 64.817 5.271.329 52.633 x 60.402.963 844.086.248.808.825 40.123 54.706.033 66.144 798.374.864 4.754 40.079 7.674.189 Oct.922 1.088.382 1.051 21. May Jun.674 28.613 38.297 42.861 64.922 1.419.105.922 1.630.050 56.127 49.181 32.476.656.116 Jul.482 87.071.410 469.864 4.105.713.921.470 3.419.079 7.040 38.040 46.922 1.657.864 4.520 88.116 x 59.224 36. Dec. 49.872.512.152 47.674.808.456 988.044 987.456 988.248.962.456 992.321.751.116 x 67.067 x 63.703 27.406 20.898. 50.050.088. Mar.610.889.817 5.105.248.456 874.872.037 1.423 45.111 27.010 87.032 1.080 90.808.199 6.530 21.858.116 x 55.266 32.419.922 1.633 2001 Jan.718 45.470 3.280 32. May Jun. Mar.643 43.296 15.620.910 46.758.874 66.

078 3.959 33.657.432 2003 Jan.204 5.262.714 2.957 33.010 Jul.883.934 95.858 24.402 1.296 388.077 609.034 1.554 7.729 382.571 923.155 878.350.342.636 – – – Oct.424 257.050 66.Annual Report 2003 Statistical Section 15.424 291.479.479.059.380 504.932 63.347.687.230 31.959 774.424 312.756 106.064 276.800.035 11.103.660 2.431 33.820.027 16.445 2.955 1.059.332 382.245 6.988.981 200.380 501. Nov.424 319.336 991.588 5.045 20. Feb.591 11.572.204 4.045 20.479.065 5.595 625.867 27.350.424 319.347.296 388.230 31.651 79.424 234.473 1.566.389 382.873 517.380 498.934 – 14.451 190.380 487.554 1. May Jun.773 2.327 67.788 292.781 923.045 20.280 117.963 122.805 290.907 680.433 88.839 382.153 190. 1.208 114.838.204 – – – Oct.433 89.554 – – – Apr.297 382.170.813 382.445 6.424 325.337 382.775 – 2.204 5.037 – – 4.424 283.160 382.813 124.800.059.845 10.882.714 2.110 382.540.723 1.800 62.959 33.488 275.090 6.956 287.350.045 20.304 1.883.959 33.907 102.230 66.410 29.978 8.057.274.715.153 494.045 20.657.859 653.230 31.690 19.314 479.425 86.424 325. May Jun.362 1.421.836 370.204 5.537 290.424 267.865 15.690 286.660 382.336 2. Dec. Mar.061.868.553 190.494 500.032.424 283.757.045 20.249 441.424 212.838.248 49.045 20.194 28.004.445 6.880 87. Mar.373 – 17. 1.727 25.883.834 432.067 662.245.059.009 61.887 53.931 – 7.194 28.245.859 508.981 177.959 33.800.336 991. 923.091 382.245 – – – Jul.498 7.800.158. Feb.381 382.886 8.532 382.424 262.512 707.878 – – – – 96.374 70.107 14.090 2.380 22.536 666.643 494.496 58.350.059.479. Sep.204 – – – 6.931 923.731.931 382.355 4.947 653.155 672.926 190.101 51. Nov.981 189.182.251 382.865 15.274.424 382.435 x x x x x x x x x 2.619 64.983. Feb.388.800.463 11.869 89.217 382.245.194 28.988.194 28.235 31.800.737 81.280 117.746 700.131 459.445 2.176.675 21.530.424 320.883.534 704.718.080 681.943. x x x x x x x x x x x x x x x x x x x x x x x x x x x 2.245.856 382.231 775.080 681.976.953 190.584 496.355 125.514 618.001 – 9.137 16.035 923.220 3.266 382.245 6.550 2.262.571 – 16.183 24. Aug.424 241. 1.955 1.800.740.380 500.536 670.899 278.544 63.603 306.032.034 – 7.ROL millions.092 66.514 – – – 2000 Jan.380 506. Nov.435 – Oct.259 87.355 4.421.414.230 31.740. x x x x x x x x x x x x x x x x x x x x x x x x x x x 6. Sep.400 Apr.588 60.204 5.204 – – – National Bank of Romania 237 . Feb.332 56.343 1.135 353. Sep.649 – – – 9.761 271. 1.422 411.424 324.587 923.028.590.028.128 76.045 20.336 2.062.903 – 17.262.651 20.170.421.455 7.568 67.726 84.534 278.211 67.781 67.424 207.134 – – – Jul.033 99.539 382.907.053 33.131 – – – 2001 Jan.489.194 28.082 787.424 246.245 5.827 633.486 1.668 26.059. Mar.721 496.800.726 84.590.424 251.848 109.220 67.536 669.380 500.753 704.455 7.421.357 31.004 528.425 85.657.800.207 786.353 1.788 288.536 668.760.925 21.084 272. Sep.016 382.473 2.170.865 15.424 322.316.380 17.077 82.825 64.290 19.619 24.915 55. May Jun.350.038.473 8.856 382.981 179.938.031 923.057.558 66.199 9. 1. end of period - BIS (ROL) Government credit MIGA Total Treasury (ROL) certificates in ROL IFC EBRD (ROL) (ROL) 704.204 – – – 5.045 20.934 1.424 223.029.380 17.155 877.327 789.234 47.865 x x x x x x x x x 2.245 5.550 – – – 3. x x x x x x x x x x x x x x x x x x x x x x x x x x x 2.155 876.272 360.245.350.421.424 301.917 66.075 421.396 19.965 923.069 77.687.982 – 16.534 7.186 1. Mar.603.899 278.344 1. 923.048 30.219 382.993 923.675 116.550 3.959 33.868.342.176.859 659.170.753 9.800.981 194.073 17.454 46.316.170.825 1.959 33.032.859 660.862 382.532 382.155 878.414.134 – 8. Nov.410 382.089.540.834 288.113 382.131 1.180 65.424 325.245.536 672.532 32. MONETARY BALANCE SHEET OF THE NATIONAL BANK OF ROMANIA (continued) Period DOMESTIC ASSETS (continued) Romania's quota (subscriptions) (continued) IMF (continued) IBRD ConROL Total ConROL vertible vertible currencurrencies cies 1999 2000 2001 2002 2003 .859 656.502.380 488.757. May Jun.411.137 16.204 Other government securities in ROL Forex bonds – 16.997 765.388.514 – – – 2.693 67.245 6.194 28.262.194 28. Aug.492 31.968.981 183.301 – 14.424 312.158.350.045 20.479.674 72.177 19.424 273.380 497.934 – 18.245.544 1.380 503.347.675 68.170 9.800. Aug.603 306. 704.295.353 537.800 14.883.800.489.865 15.588 5.415.989 509.631 34.584 6.245 – – – 2.062.261 23.032.800.134 101.903 – 16.837.560 97.001 – – – Apr.649 – – – Oct.286 273.045.636 – – – 1.514 x x x x x x x x x 5.584 6.249 87.645.641 495. 704.262.502.784 382. Dec.640 382.587 3.431 2.536 666.176.520 89.479.126 491.424 295.492 31. Dec.245 6.788 286.556 33.788 287.859 655.263 112.577 349.424 306.440 496.978 6.204 22. 1.989 509.657.718.079.059.865 – – 1.347.642 690.069 78. x x x x x x x x x x x x x x x x x x x x x x x x x x x 5.514 – 5.005 2.859 657.596 73.788 290.543 1.045 20.445 – – – 2.170. 923.544 63.424 325.155 878.380 491.170.886 75.515 770.385 779.753 9.262.155 877.747 61.959 33.551 519.103.421.170.652 1. 923.095 83.424 251.956 119.531 672.520 89.421.554 7.445 – – – Apr.064 382.550 – – – Jul. Aug.666 88.776.380 293.843 9.865 15.380 495.772 190. Dec.031 – 11.209 48.045 20.515 121.250 3.424 279.792.131 1.176.383.675 68.775 – – – 2002 Jan.112 19.393 50.067 1.832 16.230 31.237 104.301 923.479.966 29.530.045 20.078 3.131 – 10.

450 5. – 11.728.257.092.075.724 328.039.000 21. – 11.059 1. Aug.138 2.000.311.955 15.353.606.669.205.493.925 – 8.861 76.854 15.400.755.000 12.986 3.696 – 19.765 2.531 – 99.065.166 3. 1.394 198.542 17.742.592.563. – 12.857 – – – 410.935.078.158.065 9. Mar.000 11.815 13.284 69.325.276.647.919 3.843.322 30.938 12. 1.458.985 860.888.803.699 3.263.529.633.973.652 118.442 1.138 503.369.018 333.409 1.000 13.594 15.695 1.065 11.697 309.623 14.214 1.551 13.237 27.614 1.963.297.883 15.793 98.908 13.205 330.608 118.129 15.111.113 332.237 8.532 371.277 1.007 2.935 250.347.465.400 17.815 12.791 – – – Apr.813 14.499 1.445 59.421.662. 2.424.000 1.864 – 11.000 12.484.029.889 10.307.367.243.846. 2.619 126.365.095.693 2.364.256 – 13.223.237.568.367.146.384 2.076.232 908.740 10.959.527 10.046 10.464 – – 27.845. Aug.326 Jul.112.132 9.384.649 1.078 – 11.673 – 12.908 – – – 324. Dec.998 1.605.847.542 3.930 103.723 10.627 908.000 13.691 2.996 Jul.172 1.253 1.666 14.848.291 – 10.042 19.530.696.581 – 12.815 12.368 328.097.300 21.773.994 2.651.594 – 11.277.328.024.644 – 13.250 11.449 332. .025.173 7.703 – 4.054.715.997.254.261 10.477.833.063 1.000 14.047.438 266.491 371.307.642 63.695 254.791 1.753.915 15.833.921 2.700 Apr.141.869.506 3.876 2.924 – 372. Sep.656 1.646 3.215 315.321 196.018.421 – 10. 860. Nov.431 21.033.846.776 1.655. Dec.600.765 – 8.064 10.290.288.798 860.993.795 – – – 403.935.284 15.113.148.029.781.316.300 233.275 1.000 12.627 908.789. Feb.348 104.865.523 193. Sep.315 15.189.890.314 1.000 11.785.836 301.204 10.757 – 12.657 – 10.153.457.889 289.019. MONETARY BALANCE SHEET OF THE NATIONAL BANK OF ROMANIA (continued) Period DOMESTIC ASSETS (continued) Interbank Other assets assets Total Settlements Other Interest with IMF precious and com(G.456.207.697 325.861 13.627 908.672 – – – Jul.147 22.223 1.637.723.335 11.712.747.431 219.538.502 – – – – – – National Bank of Romania .983 13.995 1.318 7.358 348.626 2.972 264 10.497 191.933.971.506 14.159.197 405.592.662.477.037.872 402.750 4.106 190.000 10.332.508 3.802 2.702.ROL millions.823 18.682.455 10.821.259.932 119.315 3.041 – 13.893.024.626 137.728 20.889.176 101.178.000 11.488.651.999 252.359 216.270.439 328.397 14.260 908.601.257.594 14.026 16.130.714 156.006 70.367.003 1.371 – – – 400.138 7.391.017 – – – Apr.719.276.292.372.955 3.519.447.696.209 2.994.346 124. Nov.003 – 12.441 15.036 14.600 333. Sep.348 254.616.236 1.844 14.919 14.288.740 10.367. May Jun.654.626.304.989.367.719.586 18.495.181.935 908.815 13.723 11.338 122.736.508 19.700 2002 Jan.500 Oct.627 190.866.883 3.012.513.030.241 177.874.455 219.341.300 14.837 1.031 3.067.908 2.765. – 13. Aug.485. May Jun.364 309.282.968 17.943.647 13.214.991.511 1.675 148.490 1.547.765.711 2.018 1.049.815 10.533.128.563.029.147.362.129.412 Apr.448.437 3.400 15.650.455 63.395.003 11.146 11.276 15.630 2.476.650.645.775.070 190.841.002.626 126.341.282 10.824 15.549.653 258.000 10.145 409.784 330.878.079 3.703 253.000 12.869 410.849 2.017 192.853 64. May Jun.362 19.450 14. 1.358 333.990.194. Feb.114.378 1.261 10. 30/ metals missions 1996) receivable Net losses from forex assets and liabilities revaluation Other 1999 2000 2001 2002 2003 2. Dec. Aug.442 19.795.711 958.000 13.853.218.541.031 15.687.600 15.508 137.631.701 2.567.365.795 – – – Oct.833 259.995.412 822.166.498.500 18.379 11.722 1.519.983 – 12.852 1.717 192.333 188.243 2.911 401.869.764.895.815 13.146 11.527 329.700 Jul. – 11.197 – – – 7.332.048.488 14.199 332.088 197.198 1.623 14.496 14.916.853.024. Nov.941 61.614.141 358.483.262.811 190.658 115.692.734 410.500 13.762 198.801.303.327 1.603 14.358.946.067 263.475 9.166 2.913 146.344.260 13.327 64.443 68.725.600 – – – 331.225.080 1.635.064 10.430.575 1. Mar.739.141.410 22.930 – 11.196 2.175.071 16.902.734 1.356.155.895.045 266.795.962 2.898 312.846 9.319 958.329.627 – 193.313.967 22.400 21.406 259.839 1.205.405 2.925 293. 1.164.050 407.820 1.532 9.559 130.416.689 10.014.649.864 309.321.031.627 908.770.367.542.606. Mar.306 275.002 208.862.109 334.861 14.412.815 – – 8.453 10.428 15.287.626 229.288.362.756.954.983.385 61.269.875.277 – – – 330.000.535.611.321.190.595 908.298 64.945.768 7.334.921 2.266 208.680.086 1.498.539 3.699 15.498 227. Feb. Sep.194 11.795.705.819.142 Oct.473 10.296.902 7.185.O.646 15.776.485.114 860.011.586 3.690 2.190.502 2000 Jan.902 324.076.712 1.024.427.225 – 10.800 14.900 15.481 1.194 14.627 – – – – 250.018.920 404.645 310.880.142 8.760. Feb.054 3. Nov.869 2001 Jan.559.883 14.845.400 21.358.713 255.723 10.055 59.040 2.173 330.627 908.119.983.434 2.330 1.064 9.417 15.249 978.964.321.869 332.051 – 14.077.700 14.517.532 18.138 8.101.291 9.445 – – – 332.605.063 397.809 367.836.666.159 2.014.825 328.311.950.420.669 2.000 1. Mar.901.737.166.487 2.900 – 61.715.352.080 308.950 195.667 13.166 2.578.642. 1.171.000 10.973 61.358.703.052 – 9.469 18.981 251.424.509 – – – 331.713 278.696 1.924.627 251.749.898 14.893 14.531 – – – 238 8.861 12.693.245 331.447.571 1.305.473 9.670 63.192.104 2.623 70.696.371.874. end of period LIABILITIES FOREIGN LIABILITIES Short-term Total Total Deposits of foreign banks 10. 860.745 2.894. 2.646 3.274.980 1.653 1.986 14.696 2003 Jan.250 195.634.627 908.535 20.433.018.084.628.341.559.004.933.297.973.159.865.827.174 2.500 15.292.861 12.896.277.717.438 15.255.586 2.023.526 161.634 10.000 20.915 12.900 21.093 11.861 13.212 30.329 1.477 1.979.696 10.000 12.254.640. May Jun.414.978.300 21.160.732 144.291 9.823 3.844 191.873.687 9. Dec.072 3.345.627 908.019.494.867.237.026 Oct.276.312.614 118.146.524.003 1.389.924.448 170.491.037.103 99.138 1.764.843.907 – 11.693.380 16.670.894 148.754 11.921.014.687.226.286 211.333 – 10.Annual Report 2003 Statistical Section 15.900 1.307 329.296.861.371 908.342.536.971 10.627 191.147.874.925 – – – 406.382 1.189.447 1.670.250 – – – 328.861 14.646 61.838 8.520 2.466.609 10.166 1.209.188 – – – 328.400 22.068 331.

080.731.552.605.218 247.022 66.745.698 Oct.822 45.489 260.826.124 x x x x x x x x x x x x 66.636 22.436 517. Feb.586.224.150.054 49.125 4.197 6.022 66.717.165 634.848 – 11.091 301.832 45.534.810 56.504 7.751.900.501 x x x x x x x x x x x x 66.396 200.022 104.412.734 139. – 12.116 501.896 6.022 66.436 Jul.915 – 12.517.044 x x x x x x x x x x x x 66.456 820.221 574.108.983 – – – 247.171 – 11.919.861.965.719.089 5.093.825.832 – 11.028 31.646.779.053. – 15.529 47.250 6.345 126.022 83.213 Jul.410.066 45.731.279 84.480 – 11.362 8.358.250.604 6.067.501 x x x – – x x x – – 47.103.427 52.909 301.947 108.177 178.328.017.771.821 47.380 648.189 148.924.022 – – – 2000 Jan.534.040.456 820.949 7.637.497 662.315.022 88.821.530.026 8.404 34.977 49.951 54.192.022 66.039 x x x x x x x x x x x x 66.919.207.672.359 8.457.150 6.358.471 – 11.637.284 27.433.486 – 14. 221.467 81.927 46. May Jun.272.672 – – – – – – – 47.003 – 12.745 – 7.276.864 8.919.627.365.090 40.129.172.027 5.740 4.238.358.022 66.989.164.900 5.740 – 48.725. Mar.891.743. Aug. – 14. end of period DOMESTIC Foreign LIABILITIES Currency liabilities Total issue MIGA in ROL Deposits of international financial institutions Total IMF IBRD Bonds 1999 2000 2001 2002 2003 219.832 – 8.033 4.986 4.503 58.146.493 x x 5.684.831. Nov.968 Oct.950 5.407 37.993 – 48.455 – 15.493 – 47.919.893 66.393.044 815.951 – 10.380.346 – 7.022 66.022 134.520.269 547.022 66.430.022 66.030 24.901. Sep.004. – 12.576 5.468.376 28.440 211.370. – 11.946 – – – – – – – – – x x x x x x x x x x x x – – – 177.879.086 – – – – – – – – – x x x x x x x x x x x x – – – 248.812 21.956 62.375 4.740.358.904 17.405 713.and long-term Borrowings SDR Total Borrowings from purchases from foreign from IMF foreign banks banks .223 260.308.973 – 14.871 46.682.413. Dec.042 7.927 46.370 251. Dec.531 – – – – – – – 48.837.776 National Bank of Romania 456.371.956 24.697.405 713.150 6.374.580.207.672.893 101.166 x x x x x x x x x x x x 66.405 713.696 – 19. – 14.696 – – – – – – – x x x – x x x – 47.220.416 31.172 461.458.951 – 7. Mar.005. Dec.717.631 97.230 7.239 472.193.259 7.026.360.548.544.565.277.189.253.619.712.606.827 4.059 487.022 66.402.727 44.787 25.321 7. Sep.426.695.802 272.965.240 4.495 247. – 20.909 52.964.534.872 46.881 46.925.119 – 11.165 – 7.941 23.707.758.499.740.587.022 66. Feb.642 – 15.108.825.593.082.022 104. Sep.646.735.519.178.478 5.040 83.754.841.454.443 – 20.493 4.625 – 8.010. – 11.405 713.760 40.177.303.395.792.200 105.024.544.357.479.423 – 14.912 8.776 239 .000 5.251.647.926.284.765 – 12.855 5.865 63.919.782 244.815.064.022 66.898. Nov.586.192.288.993 – 48.321.445.651 621.760 2001 Jan.245 248.619.843 284.916.490 25.717.820.466.341.974.179 24.338.276.456 817.029 – – – 274.487 50.841 33.288 Oct. Aug. May Jun. Mar.456 711.132.412.232 63.980.992 24.387 42.534.625 4.549 172.783 179. – 11.946 – 14.459 124.058.017 – – – – – – – 47.161 294.956 – – – 250.519. – 11.534. Feb.360.859 22.912.770 x x x 648.427. Feb.580 226.024 237.358 100.941 – 14.915 – 12.000 65.999.355.637.415 – 11.893 – – – 303.250 5.651 12.445.325 6.152 47.837 204.765.618. Sep. Nov.795 – – – – – – – 48.276 47.081 62.174 6.531 – x x x 5.947 – – – 270.997 Apr.961 204.425 5. Mar.051 28.867.747 126.318.166 7.164.257.841.971.898.930.172 x x x x x x x x x x x x 66.022 – – 172. 240.534.039 – 7.100 6. Aug.806 – – – – – – – – – x x x x x x x x x x x x – – – 218.622 Apr.542 17.770.298 – 15.731 – 11.973 4.405 7.022 122.593 Oct.781.799 35.919.690.124 – 7.240 – 48.130.619 173.605.607.275 46.825 7.637.293 7.060 – – – – 8.395.010.941 59.540 33.320.300 5.022 66.257.043 5.977 49.405 713. Nov.716.493 – 47.398.165 – 11.417. May Jun. – 10.094 22.458 Apr.564 298.285 47.044 32.220.799 – 12.364.040 – 50.745 – 11.006 – 19.052.200 31.288 251.336 248.133. – 11.837 28.119 47.229 Jul.423 533.971.022 66.493 – – 50.078. Dec.636.776 65.ROL millions.872.161.799 250.310.908.740 – 48.534.826.000 2003 Jan.225 6.456 819.919.456 816.971.148 Jul. – 11.455 – 12.Annual Report 2003 Statistical Section 15.081.594 7.776 18.029 4.335.381.395 17.878 Apr.078. May Jun.364 8.965.647.853 – 15.384 46.760 8.044 815.076.218 40.427 2002 Jan.145 11.625 – 11.813.676.390 7.604.537.642.440 604.320.183 – – – – – – – – – x x x x x x x x x x x x – – – 196.634.414.637.334.642 – 14. Aug.292.643 47.040 5.829.923 5.405 711.321 7. MONETARY BALANCE SHEET OF THE NATIONAL BANK OF ROMANIA (continued) Period FOREIGN LIABILITIES (continued) Short-term (continued) Medium. – 16.456 819.545 36.886.821.497 x x x x x x x x x x x x 66.348 42.704 233.974 4.274.

696 177.478 x x x x x x x x x x x x 155.125.382 714.425 138.532 32. – 4.286 657.734 4.148 35.643 877. May Jun.161.412. Feb.753 290.620.324 3.567 848.678 162.392 82.185.584.425 319.037 509.386.563 5.385.836 2.492 31.237 194.726 82.110 40.185.800 37.893 108.286 120.080 89.382 857.324 659.601.212 82.206 34.689.587 79.082 787.934 500.290 27.986 366.355 653.898 4.758.263 212.696 486.880 87.047 20.738 45.332. May Jun.324 488.737 84.080 681.490 3.324 3. Sep.989 Apr.872.845 27.447 56.382 714.327 67.324 3. – 5.185.413 Oct.301.185.117 – 5.990 72.689.510.869 325.259 322.916 67.083 36.803 66.177 20.693 66.185.698 – 4.488 283.638 874.596 70.684.648.993 88.093 5.185.490 3.331 66.300 992.843 27.467.689.677 35.510 987.899 301. 1.710.069 291.278 137.515 504.169.195 x x x x x x x x x x x x 135.447 4.185.758.156.997 765.758 5.922 178.723 44.761 273.324 3.314 479.988.185. – 4.336.249 441.249 85.207 786.010 87.947 55.353 37.598 34.395.558 – 5.181 88.726.876 90.922 368.046 5.378 51.527.689.143 5.087 86.957 20.750.423 312.892 36.316 801.476 27.962 111.026 95.324 497.703 48.834 312.440 324.935. Dec.622 – 4.550 27.324 501.950.324 3.379 136.721.324 287.409.382 713.382 714.027 4. Mar.478 131.337.885 3. Sep.980 4.514 618. Dec.696 – 5.341. May Jun.274.669 880.324 3.922 367.620.390 67.324 3.808.685 865.324 3. May Jun.471 66.200 483.861 64.080 – 4.494 51.927. 639. – 4.337 43.883.390 68.324 3.183 24.034 5.675 306.405 33.390 3.185.062 – 4.463 27.473 41.324 3.185.435 44.808.832 4.993 89.107 27.324 668.990.185.116.185.620.887 200.951 36.798 3.324 655.947 653. Mar.005 Apr.544 798.390 61. – 4.185.185.675 509.220 251.660 5.922 368.620.069 5.296 x x x 5.741 3.101 49.533.510 4.556 – 5.758.046 3.563 5.499.159 798.812 – 4. Dec.185.448.503 2000 Jan.798 3.681 990.324 672.535 88.324 286.750 5.518 27.032 509.940 27.731 3.324 3.670.185.521.124.274 20.199 37.762.827 633.545 66.963.096.324 877.956 40.727 25.077 306.185.821 Oct.755.542 – 4.090 77.185.721 85.090.203.635 3.596 87.094 – 4.144 35.013 40.128 283.508.331 3.408 43.744 69. Aug.689.324 3.675 500.513.185.248.347.185.695 5.382 877.046 5.814 155.185.053 33.185.086 178.135 – 4.555 5.513 3. Nov.669 67.492 681.437 89.120 27.390 3.584 878.324 991.086 178.048 30.515 770.Annual Report 2003 Statistical Section 15.149 – 4.077 609.425 312.922 368.286 3.324 3.547 – 4.153.324 3.937 4.395.138 42.568 67.587 81.449 3.513 40. Sep.204 22.689.312.758.520 325.332 53.908 740.619 24.473 41.922 368.062 4.770.261 23.474 27.353 Oct.032 510.274.422 411.745 Oct.959 – 5.224 37.747 61.324 3.387.595 625.065 41.721 878. Dec.825 64.872.131 459.396 3.365 68.986 510.850 859.758.986 510.726 325.087 4.770 – 4.629 36.556 33.280 241.185.107 3.033 5.534 37. – 4.562 321.805 Interbank liabilities Deposits of international financial MIGA institutions Total IMF IBRD MIGA 4.621.185. Feb.490 63.273.758.587 4.691.805 878.230 246.138 27.482 88.582 87.959 774.585 14.324 3.248. Feb.761 27.369 20.248 183.847 875.642 690.380 22.032 509.994 Jul.075.007.324 3.544 63.039 62.656 4.505 4.608 321.528.643 4.900 807.324 292.324 3.478 x x x 2.080 489.922 366.762.038. Aug.250 44.324 3.990.987 83.409.990.943.304 27.986 4.324 506.185.671 x x x x x x x x x x x x 138.872.956 670.032 510.527.737 67.693 67.020 36.076.200 89. 75.104.129.069.185.744 x x 33.675 66.212 2001 Jan.887 14.027 27.922 369.863 128.922 367.178.187 89.067 44.781 67.872. 297.668 26.486 – 4. Feb.520 322.993 87.591 27.069.185.746 700.304.185.800 62.324 3.620.298 68. end of period - National Bank of Romania .185.311.280 666.248.274.350 3.324 3.511.758.944.370.361 43.505 – 5. – 4.641 877.134 293.886 27.551 519.915 43.371.382 714.182.035.934 66.324 3.399 Apr.409.126 491.357 31.925 20.144 798.383.932 63.344 44.553 88.338.986 508.143 3.075 421.576 68.185.032 507.689.324 3.587 4.043 27.407.068 95.619.911 2.135 797.185. Mar.958 116.324 3.808.432 179.324 3.679.020 293.248 27.248.248.922 367.690 20.272.185.185.185.505 – 14.623 Jul.490 73.324 3.760 48.248.185.380 472.834 432.086 179.498 27.315.262 852.390 64.689.989.354 877.574 63.892 27.317 4.924 35.304 27.631 34.324 3.382 714.354.185.185.488.777 5.558 66.387.248.651 295.963 257.185.405 – 4.187 70.886 279.433 325.180 65.091 Apr.036.305 20.200 140.208 498.155 48.327 789.296 x x x 65.956 503.986 510.993 3.095 2002 Jan.393 36.185.563 – .651 27.756 491.185. – 5.542 3.312 43.534 288.185.096.520 88.310 5.619 58.417 100.975 322.102 89.205 888.382 509.410 988.907 680.185.248.834.493 89. Nov.990.092 66.561 – 5.304 37.795.774.989 84.320 x x x x x x x x x x x x 136.874 66.447 50. Nov.142. Mar.343 37.095 136.621.185.898 3.783 – 4.009 234.430.144 86.907 487.836 370.858 27.248.537 672.652 41. Aug.344.105 3.125.231 775.215.324 3.324 878.143 – 4.234 47.543 37.919 Jul.636.691.603 43.040 x 126.808.110.482 469.588 60.324 3.185.014 3.805 65.620.928 3.454 46.760 90.737 78.524 72.402 44.396 20.324 3.829 235.786 320.690 669.782 2003 Jan.087 87.947 2. – 4.457 36.058 660.393 189.211 67.813 508.023 – 5.988.666 325.344.185.628 37.236 4. Aug.090 76.353 537.735 21.397.274.135 353.681.980.486 41.333 – 5.332.621.362 44.496 223.153 319.086 179.620.922 367.534 666.185.894 4.409.612.674 267.566.319.324 3.324 3.132.986 510.409.211 889.447 31.968.872.067 662.966 29.410 29.848 495.ROL millions.808.665. 13.989 509. – 5.562 3.782 162.872.324 877.808 3.324 988.513 40.357 86.415.224 293.385 779.086 179.098 144.248.993 4.112 20.147 36.324 3.324 3.153 320.324 3.986 510.089 65.161.248.248.702. Nov.922 367.342 86.772 2.246 40.083 656.631 5.185.401 43.530 81.186 41.649 40.494 500.324 876.531 672.185.004 528.272 360.927 127.138 27.510 325.546.917 66.447 51. MONETARY BALANCE SHEET OF THE NATIONAL BANK OF ROMANIA (continued) Period DOMESTIC LIABILITIES (continued) Float Funds for equity interest in: Total IMF IBRD 1999 2000 2001 2002 2003 BIS IFC EBRD 349.528 987.185.185.533.185.710.735 880.737 4.915 207.619.689.324 3.546.512 707.800 149.560.190 483. 189.209 251.943 3.095 306.503 240 264.003 3.185.899 878.892 4.410 988.069 75.020.867 27.248.050 66.639. Sep.418 59.433 320.374 262.335.696 Jul.598 27.922 367.

831 –6.432 16.392 28.921.491 – 26.046 1.010. Aug.326.209.478 14.954 39.712 172.191 695.898 5.392.416 146.188.887 2.300.416 146.860 224.336.055 2.898.491 100.038 4.037 2.529.335.008.076 172.152.887 907. 4.657.714.285 12.753 42.286 1.198 20.344.000 543.891.958 786.525 100. 10.375.491 –7.337.491 100.928 3.509.320.491 229.102 148. 6.988 3.040 28.285 14.514 2.918.118.372.919 50.697.209 4.392.050 172.958.242 2.277.358.034 172.416 146.945 1.821.734 1.719. Aug.640.442 146.416 146.166 14.007 5.710.416 146.848 172.750.642 4.504.731 172.690 172.491 –8.341 17.509 5.991.456.602 172.639.410.176.468.577 318.008.187 –9.071.955 3.815 3.891.628.915.619.244.743 39.618 2.811 14.737.475 2.313.660 5.401.015.353.018.474.378.102 2.223.008. end of period Other liabilities Total Net gains from forex assets and liabilities revaluation Creditors from foreign operations Other 2. Feb.174.826 4.100 3.699.729 5.416 146.229 31.589 –1.887 2.491 592.491 –1.722 20.512.013.321 10.887 482.841.148.144 499.797.390 –1.961 2.665 4.410 29.862 9.065 3.491 –23.315 6.423 Apr.416 146.926.469 2000 Jan.491 –3.958.316.533 6.385 146.416 146.273 8.741.459.436.491 –8.002 38.209 172.210 33.615 –7.414 30. 7.839 13. 28.246 14.454 15.496.495 2.074.003 2.915.768 17. Dec.588 172.023 532.720 –252.220. 30.609.000 649.628.980 30.206.936 3.066 30.761 2.442 4.336 3.536 20.955 26.416.956.845.258.265.504.356 172.407 2.024 146.298 5.298.485 2.187 –4.854 6.642 838.351 5.072.710.632.013. Aug. Sep.874 6.974 5.924 5.197.296.263 36.736 172.949.693.559 6.072.416 146.127.457 2.467.766.963.806 7.468 172.972 3.482.033 –7.550 Jul.053.294.436.297 3.907 172.199.447.491 –4.543 8.846.132.694.641 43.151.021.517.459.979 5.364.468 146.072 1.549.208.257 204.832.778 10.102 2. Dec.526 47.388. 8.469 National Bank of Romania 241 .036 489. 22.541 1.643 4.454 13.378 2.534.453 172.491 –2.231 3.599.491 – 56.890.483 13.459.062 Oct.741 – 2.710.284.565 4.141 2.471.017 172.693 13.774.570 42.190 48.228.911 1.320.640 11.499 919.295 11.065 3. Feb.491 100.322 772.216.013.614.614.584. Nov.069 13.962 –6.416 146.710.416 172.206.907 318.457 405.169 14.962.286 148.657 Oct.072 3.781 146.877 47.943. 12.790.220.585.781 148.524 543.170. Sep.416 146.697.008.177.580 3.339 17.807 634.977.231 3. Nov.008.409 3.100 3.314 5.746 172.491 180.491 – 42.065 3.832.674 11. Dec.661 4.098 15.284 7.409 3.521 37.827.504.710.416 146.339 2.824 12.323.741 1.803 1.524 100.531. Feb. Mar.274 23.887 2.058.950.527 31.127 3.052.151 –2.942 4.978 146.230.719.485 3.178.252.313.869 3.646.854 318.971.251.982 1.568 38.231 3.371 5.193 37.646 21.472 4.689 172.905.753.000 146.107.872 1.153 172.504 45.557 403.094 2.416 146.339 11.504.984 32.740.065 3.303 15.862 1.568 42.155 148.365.491 –3.014 13.545 5.491 224. May Jun.887 1.880.079.932 27.805 16.834.000 223.635.903 2.491 146.491 –851.245.887 582.294 69.416 146.326. 16.486.212 1.502 12.045.148.894 4.745 9.844 6.618.000 764.710.491 Oct.839 1.156.111.256 1.085.320.383.ROL millions.068.940 417.124.Annual Report 2003 Statistical Section 15.251.027.389 2.179 –2.473 263.562.956.975 3.132.459.936 3.970 18.192 –5.491 –669.630 374.395.705.281.827 5.495 57.735 25.446 37.739 172.877 3.975.569 –8.479.035 –5.971.570 55.491 –1.678.000 385.733 1.392.887 2.416 146.907 100.693 –6.575 Apr.003 2.491 100.255 30.038.534.491 146.962.125.266 3.236 73.459.416 146.328.698 18.936 9.971 28.073 10.416 146.015.567 13.292.642 4.593 2. Aug.201.336. Mar.552.809 16.668.375 –5.110.337 33.190.504.491 359.425.491 –7.907 318.388.982 4.422.063 8.216 5.505 3.060 2.128 172.475 2.491 –2.103 –532.590 10.416 146.220.839 – – – 2.491 –8.378 26.000 520.620.009 –89.416 146.912 29.661 985.220.222 172.416 146. Nov.416 146.125 4.590 10.858.491 100.409 4.008.008.991.923.034.416 .695 47.000 525.008.416 146.000 736.508.862 1.724.003 2.165.887 2.355 6.354 172.582.567 172.048.491 –5.632.738 3.681 –2.533.485 172.957 5.549.954 3.422. 15.815 8.118.936 3.941 5.010.457 1.257.393 7.930.416 146.000 32.285 16.975 11.970.906.887 5.710.129 Jul.387.714.663 172.491 –5.318.899 3.880 1.578.491 455.784.104.471 10.491 –9.361.881.949 8.373.376.296 39.061 317.849 3.534.472.430 3.677 148.264 456.398 8.416 146.871 3.247 471.876. Mar. May Jun.524 172.231 2.298.781 295.345.486 2.711.409 3.955 136.003 2.862.201.220.603 5.693.008.542.163 4.298.936 5.897.261 6.487 –2.207.416 146.886.412 –4.707.495 –918.230 40.794.542.491 –4.020 3.497 232.416 146.090 6.407.936 3.474 22.807 4.524 100.290 5.235.552 12.662 1.213 7.373.847 Jul.570 17.576 17.231 36.008.459.559 11.491 –2.773 17.977 523.300.003 –377.766.250.326.491 –8.468.046 –7.132 11.532 12.954 – 22.936 3.622 172.138 1. 2.220.841.628 5.055 172.321.008.000 621.416 146.491 –5.355 2002 Jan.416 172.746 318.416 146.936 5.271 4.882.153.841.729 2001 Jan.992 23.416 146. May Jun.995.288 172.729 Oct.887 2.993 695. May Jun.003 2.877 15.805 47.808.284 6.472 2003 Jan.491 100.089.306.871.341.073.806 9.534.707 1.416 146.416 146. Sep.623.459.401 –3.195 46.479.846 172.522.487 3.559.453 –8.373. Feb.887 3.416 146.966 2. Mar.759.379.416 172.858 728.389 172.609.726.000 770.654.846.616.187.928.491 146. Dec.343 2.907 172.419.913 4.111.742. 6.578 272.820 –350.202 456.106.416 146.046 2.491 –6.491 100.116.802.304 248.904 22.888.237. Sep.076.304 –7.017.505 6.906 6.491 66.491 – 224.161 1.154.416 146.271 172.018.660 4.201.325 38.116.481 –7.524 100.056 4.975.491 –3.387.543.416 146.558.541 318.421.882 33.479.891.605.162 35.065 5.782 11.003 3.597 4.074.054 34.604.691 1.008.491 –7.153 3.984 2.416 146.333.352.773 14.210 13.843.782.734 172.638 23.928.643 39.668.635. 6.783 4.739.523 29.928.046 2.738.255. 1.873 543.065 5.823 4.626 272.013.048 146.201.780 9.524.906.387 12.774 904.094 39.887 2.110.887 2.971.665 50.015.243.176 Apr.128.648.636. 13.504.013.324 172.534.178 2.409 3.925 494.951 517.512.905.491 –6.155 7.410.561 15.093 Apr.416 146.939 2.504.291.650.678.935.036 17.000 453.699.662.631.755 43.231 3.907 172. MONETARY BALANCE SHEET OF THE NATIONAL BANK OF ROMANIA (continued) Period DOMESTIC LIABILITIES (continued) Government deposits Capital accounts Total Other General Total Statutory Reserve Profit extrabuAccount fund fund dgetary of funds Treasury 1999 2000 2001 2002 2003 2.313.008.008. Nov.596 654.409 5.220.019 12.046 1.033 26.292 11.202 47.103.223.046 1.457.113 Jul.409 3.926.587.687 4.986 27.517.216 7.610.291 172.491 –6.843.309 16.549.888.414 56.

058.956.538.617 50.413.122 37.639.847 19.140 734. 495.706 26.789 30.757.033.318 2.728 30.651.301 35.263 31.833.080.087 1.728 30.881.917 367.192.727 222.307 37.079 45. Nov. Feb.051 588.082 936.128 36.608 503.749.453 50.342 1.443.428.570 21.394 42.367.665 36.869 1.373.879 50.501.109 42.635 29. 184. Dec.903.790.327.216.521 43.823.378.649.273 560.151.367.402.285 715.842 1.401 2.941.854.712.891 43.253 34.458.316 44.130 555.730.403.960.533 3.389 261.772 743 699 651 Jul.379 38.053 612.144 419.079 39.754 915.612 30.125 801.700.267 35.478.808 4.610.743.446 3.886.299 3.259 1.263 426.026 22.200 55.276.709 – – – Oct.171 34.187 709.091 35.919 1.572 1.930 32.666 4.934.139 4.888.898 40.873 50.201.576.246.ROL millions. Mar.997 2.655.654 44.014 16.473.261.495 31.955 33.262 35. Feb.511.838.831 35.429 41.532 47.486.057 637.650 40.269 22.737 1.984.395 1.213 3.930 35.666 697.730.384.141.352.251 39.673.727 846.488.782 3.152 34.074.642 35.281.188.264.232 4.258 26.265 4.242 1.876 19.769 16.232.247.692.466.318.268.748 625.527 35.651 32.152 20.252 772.199.056 512.248 2.303 4.171 35.120 16.709 3.636.150.259 37.107 34.095.279. Aug.962 511.921 3.698 40.987.032.718.196 34.735.490 375.326 249.525.335 42.556.064 36.105 4.442 42.040 3.905.881.222.262 35.479 3.154.208 897.226 4.947.464.931.891.655.511.608 30.570 52.541.521.912 594 554 505 Oct.452 35.616 1.028 16.439 35. Mar. Aug.242.389 39.842 35.131 38.527 3.560 534.140 2.629 867.772 226.878 333.118.720 3.602 3.950 31.445 3.504.510 451.924 35.165.100.118 3.722 41. May Jun.145 35.930 1.809 34.527 16.418.379.704.694 4.903.290.949.950.673.470.283 41.344.223 36.683 19.665 352.661 824.242 – – – – – – – – – Oct.146.804 35.338 205.188. Sep.994 3.585 36.282.809.239.378 617.549.217 1.124.273 32.163 2.315 769.391.514 13 37.718.162 798.526 2.364 41.181 21.776 957.835.520 34.934.474. 241.130 55.898.181 257.004.394 2.348.442 478.077.324 40.230 44.749 430.651 32.511.876.716 32.598 38.897.053.131.810 1.370 16.886 302.587.874.551 504.103 16.206.560 427.365. May Jun.408.053.079 788.466.596 18.417 34.936 36.923. 292.249.302 37.670 34.096 594.334 39.192 757.526 2.662 3.761.669.057 555.070. 581.173.330 33.597 40.589.786 36.082 36. Dec. Nov. Nov.820 39.923 752.193 2.595.054 4.026 34.614 47. end of period Period 242 ASSETS FOREIGN ASSETS Convertible currencies Total Total Cash and cheques Deposits with foreign banks Equity interest in foreign banks Foreign securities Other Non-convertible currencies Total Claims Other on bilateral payments agreements 48 – – 30.626 538.651 1. May Jun.970 3.073 436.232 3.273 35.562 3.962 25.258 3.530 539.298.316 23.683.442. 325.270 – – – Jul.189.820 555.147 313.128 35.866 279.782.297.930 35.665 32.359.980 35.259 250.413 19.287.301 35.673.401 30.621.933 35.615 16.Annual Report 2003 Statistical Section 16.657.321.363.684.247 2.644.542 38.765 646.922 654.097 232.463.383.955 33.126.335 42.718 4.931.063.517 628.764 537.452 757.716.283 1.105 917.926 588.398 32.087 1. 438.780.713 1.899.316 1.745 50.653 43.313.474.112.488 29.409 18.170 17.678 20.756 35.887.101. Feb.762 18.653 3.855 35.263.815 1.422 2.860 3.718.487.907.202.442.906 44.499.582.115 34.764.247.554.749 54.024 759.286.126.464. AGGREGATE MONETARY BALANCE SHEET OF CREDIT INSTITUTIONS .374 36.166.723 33.318.517 27.842.720 393.128 361.412 20.018.010.089 32.898.654 1.133.620 352.100. 269.922 3.189.446.254.551 30.485 18.105. Nov.012 1.026 45.179 41.861.130.356 451.809 34.334 793.924 416.321.226 41.088 39.250.737 4.246 17.615.541 563.937 Apr.746.573.682.163 39.216 1.200 5.969.104 132 – – – – – – – – Jul.280 3.777 36.927.127 41.272 Oct.712.177.200.555 1.847 41.408.384.305.161.886. 228.423 35.111 995.002 29.105 1999 2000 2001 2002 2003 182.034 39.997.897.523.113 30.732 19.687.575.390 3.912 1.161 280.290.973. May Jun.654.802 543.995 451.142.673 644.620 43.222 2. 517.887 952.377 43.536 39.683 24.238 39.962 38.891.150 44.402 41.063 34.604 2000 Jan.515 31.853.844.083 31.575 2.360.188 1.725 1.801 903.668 20.103 48.283 1.217 22.529 36.752.453 Jul.152 34.987 518.804 38.426.608 30.185 1. 355.705.305.341 16.842 5.240 18.085.635 5.518 35.983 2.464.808.412 20.920 23.516 17.520 3.341 16.347 289.390 17.674. 478.984 461. Feb.482 296.694.196 697.304 3.578.213 834.359 38.253 22.341 1.604 National Bank of Romania .977 23.627 3.632 219.099 30.375 1.544 3.779.150.208.736 36.548 20.847 44.924 37.750 38.201.113.027.744 496.449 787.530 2.550.194.517.150 4.780 3.095 35.227 35.926 2.063 34.045.481.420 673.646.084.625.713 918.596 335.524 1.354 36.242.194 27.564 128 128 128 – – – – – – Apr.585 24.515.442 53.451.130.338.330 4.202.285 636.167 3.274 33.320 1.119 39.041 983.177 1.536.120 – 16.687.045 185.155.154 4.174 650.966.330.769.263 31.806 269. 196.172.267 1.270 32.834.486. Sep.807 478.315 – 815 776 Apr.470 2.844 2.022.418.202 34.611.765.172. Sep.388 2.460 493.434 27.514 – – 13 2003 Jan.682. Mar.738 16. 408.574 34.709 33.426.668 2.327 486.760 44.753.503 20.207.153 34.714.466.923.447.681 2.782.120 – – – 2002 Jan.712.552 2.146.923.701.089.704 3.572 3.577 491. 211.318.403 405.510.761.891 50.989. Sep.826 17.954 1.419 625.238 43.522 36.429 862.277 35.713.211 26.179 42.292 32.172.303 46.817.094.884 2.283 50.808.113.956 201.576 4.201 35.192.568.917 19.533 16.896.687 38.038.404 35.623 29.040 1.842 1.881 29.170 556.780.136.532 777. 385.765 1.037.384 2.317.942.169.006 610.981.408 1.145 1.144 36.612.098 193.966.698.678 2.729 1.134 42.214.334 53.630.516.713. Mar.562 36.701 2.178 35.838 37.713.536.761 35.100 30.628 232.246.623. Aug.515 737.662 2.779.130 41.784 1.586 1.203.277 3.316 3.735.792 23.958 42. Aug.716 32.237.961 474.262 50.105 1.246.116.390 26.746 22.208 801.623 29.563 957.452.849 999.597 54.442 1.213.608 – – – 2001 Jan.919.572 36.430 46.074.774.215.579 39. Dec.689.673.131 617.202.140 52.442 21.738.045 504.817.155 1. Dec.530.516 17.198.078 2.865.250.042 39.842.127.483.608 – 35.051 652.750 4.083 – – – Apr.728.071 41.

398 2.960.533.990 37.679 53.856 27.154.716 6.907.190.892 2.281 311.375 4.850 3. Mar.418.441 17.742 6.410.207.045 7.007. Aug.613.108 438.504.028 32.973.271.482 22.682.370.508 24.351 185.835.169.840 124.624 2.147 3.224 20.112.589 58.849 274.571 54.980.183.954.372 360.496 1.694.523.255 2.970.602.142.843.146.040.177 12.947 4.267 74.210.200 33.782 4.860 181.326.937.079.445.454 20. end of period DOMESTIC ASSETS Vault Total cash 1999 2000 2001 2002 2003 159. Mar.463.631. May Jun.976 55.828 36.899 45.486 36.124.171 45.729.642.382 29.744 3.769.593 56.586.448.466.509 279.627 506.425 35.394.825 39.165 7.664.483.388.475 1.995.568 26.019 50.618.206.577 5.682 40.548.405.136.617 228.979 23.660 523.935.018 512.625.579.964.156. 272.649 1.513 32.514.653.673 43.590 592.721 105.974.718 25.295 51.080.674.184 725.982 196.337.484.492.290.248.065 53.872 73.944.585.825 59.940.135.155 3.197.933 29.113 3.569 1.042 174.320.462.613 33.197.976.574.270 2.163.814.462 99.804 4.757 4.375 42.037 26.927 26.740 192.047.321 77.949 410. May Jun.635.201.830.055 187.053 251.916 410.667 1.868 222.610 164.757 1.475.162.883 1.735.535.523.509.520 150.219 Domestic credit Total Non-government credit Total In ROL Total 88.122 206.248.544 26.942.042.107.571 271.183 5.363 157.552 37.662 2.122 214.169.386.968 147.962.117 230.908.272.904.780.409.825 3.649.764.258.056 49.559 73.727 5.107 31.137 45.309.107 30.002.352 67.180.420.926 432. Feb.563 327.121 41.427.786.169.641.705.120.734.444.327 7.653 349.205.035.638 32.578.959 24.994.291 5.628.442.715.997.058 259.197.904.531 25.884.219 33.377 47.478 19.628 247.700.735.063 62.030.268 20.319 241.181 333.674 20.737.123 46.389.216.972 2.903 40.199 Oct.959 63. 224.327.786 155.369.690 523.248.782 26.398.158 28.894.874.128 49.790 43.773 7.299 301.010 82.210 19.448.115.852 2001 Jan.007.579.915.498 36.142.943 64.526 448.898.215.892 2.110.695.137.009.783 30. Feb.635 23.974.895 302.342 195.627.015 4.776 230.787.099 54.830 270.558.585 438.173 129.653 52.727.355.958 2.757 855.815.334.374 36.482 136.378.065 587.327 581.490 246.713.485 35.152. AGGREGATE MONETARY BALANCE SHEET OF CREDIT INSTITUTIONS (continued) Period .715 2.137 14.162 71.181.670.248.410.610 15.239.059.050 331.949 4.211 411.313 46.771 106.860 25. National Bank of Romania 7.835 482.566 1.288.394 51.729 301.117.452.474 306.570 2.935 6.952.065.223 52.930.761. 200.807 3.405 235.636 903.396 121.001 30.895 302.780 104.749.435.098.571 654.249 5.532.178 70.485.531 24.799 37.105.080.949 106.877 2. 581. Feb.640 40.127 1.917 213.118.515 42.281 184.741 57.709.560 101.587.418.003. Sep.761.146 45.949 506.131.260.482 3. 173.793.351 107.663.190.897.853 130.032.968 49. Aug.611.398.696 111.054.117.445.348 220.674 1.525.078.840.529 1.297 1.224 44.254.040.050.418 Short-term credit Total Current Total 18.684.018.068 140.508 39.799 257.415.715.661.061.261 206.835 156.269 41.461 39.049 7.774 1.926 41.189.560 17.776 9.908 4.347 1.857 62.375 135.537.717 26.627.582 3.555.655.880 2.657.930 5.966.830.572.182 34.430.653 49.742 2002 Jan.434.180.501 19.418 72.692.246.320.719 279.947 171.705.646 2.451.610.236.876.759 2.798 331.853 37. Nov.982 283.400.257.077 4.140.030.835 25.818.169.954 524.473 598.842 8.386 19.910 26.491 10.753 66.313 21.234 46.747. 478.685. Nov.010.321.786 2.141 42.798 50.089 43.920.983.016 96.271 28.355 22.824 128.776.544.635.681.055 3.791 3.967 3.840 27.170.661 15.755 Jul.725.882.437 1.987.128 4.241 29.482.646.556.573 303.048 216.581.771 152.739 3.273. 362.094 457.284 67.326 4.176.736 71.060.068.068 21.946.338 5.511.244 30.916.524.033.947 3.047 21.483 95.986.632 27.127 2.775 383. May Jun.750.867.509 162.930 192.533.872 41.773 1.111.252.409 36.951.700.969 66.706.027 94.949.613.998.077.667.056 72. Sep. Aug.221 188.322.172.197.012.095 7.640.134.609.993 25.725.819.362 53.289 405.035 53.495 8.779 3.759 97.194.112.426.833.542. Feb.320 222.645.891 3.323.902.010 960.146 70.900.350 175.397.400 34.460.794.775.973 1.228 3.678.090.969 62.802.453 19.964.053 4.409.902.853 37.519 Nov.655.866 266.783.497 75.994.055.660.338 66.513 32.591.258.953.294.420 96.373 7.760 84.113 Dec.724 58.564 46.493.456 88.951.603 410.424. 179.823 15.570 488.988 145.618 54.131.254.644 2.117. 184.778.968 240.313.804.889.772 3.530 33.381 143.899.959.142 39.424.176 64.373.099.022 165.105.404.353.066.233.708.541.236.842.953 314.655 3.119 21.531.490.045.015 101.040.193.811 3.045 156.074 9.344.148 127.ROL millions.728.609 5.879.849 37.686 458.383.683.390.147 9.074 67.652 48.485 103.474.598.441 71.449.623 24.054.923.551 33.169.139 7.130.744 555.761 5.846 372.589 205.621.365 30.142.368 39.320 39.259 4.345 1.611.236. 400.801 Apr.570.583.133.849 91.362 1.785 35.167 112.373 4.345 107.794.266.482.548 176.758.098.772 4.697.639 25.978 70. Sep.248.461 50.830 182.206.176.891 51.267 75.627 32.258.692.440 3.482 291.512 Jul.992 Oct.375 135.760.542.481.849 243 .682.322.955 4.727.097 361.765.334.294.733.371.522.027.870 47.116.067.712 32.796.227.558 20.804.262 18.381.178 1.882.784.104.725.580.311.539 6.556.808.137 851.787 314.042 377.208.045.082.050 2000 Jan.650 258.765 223.462.126 42.275.365.535.470.161 81.405 25.909 464.540.903.785 3.117 75.706 170.230 116.985 30.498 496.707.586 3.283 30.449 7.329 434.522.034.535.445 4.660 290. Dec.472 27.601.804.560 2.823 73.451 43.498. Dec.451 47.484 254.007.186 Economic agents by HouseOther 1) majority ownership holds state-owned private 3.553 Apr.466 2.752.072.201.746 275.185 24.143 44.465.789 64.955 135.704 117.656 477.521 61.296 134.127.582.041.728.781.654 178.193 463.232 1.496 1.539 21.717 39.572.991 88.603 71.301 49.824 4.781 505.754 20.729 2.501 1.444 24.242.010 Jul.473 180. 463.170.828.761.614 107.841 50.085 4.358 313. 546.821 40.301 314.252.963 164.163.458 7. 554.194.948 4.059.884 69.241.092.720.585 3.119.220.049 69.301 174.787.036 62.336 28.219 31.736 3. 164.841.516.559 3.483.226.474 102.012.384.076.310.203.943 183.950.192 Apr.070.724 53.586.075 1.330 432.852 3.010.139 222.297 Jul.445. Nov.485. May Jun.213.107 22.986 99.268 20.879.108 4. Sep.230.160 5.065 53.514 20.455 7.719.487 18.040.935.036.869 243.654 178.774.853 Oct.966.058 33. 248.412 924.941.049 2003 Jan.186 1) Insurance companies included.653.938 106.520 3.330 320.881 6.347.380 234.258.223.501 4.555.710 2.930 5.178 14.437 3.445 66.129 184.485 24.659.340.301.663 42.144 2.856 135.730.503.501 92.594.090.500 64.948.636 5.500 450.513 189.975.108.456 2. Aug.750 287.773 1.538.482 8.197.111.197.617. 442.851 183.822 283.198 Apr.917 Oct.193. Dec.205.754.Annual Report 2003 Statistical Section 16.981 27.781 59.326 7.990 14.602 5. 344.094.261 61.265 266. Mar.054 196.646.685.162 4.793 230.164 6.654 32.536 25.096 2.092.441.982 181.737 121.274.839 114.729 1.072.085.322.960 2.444.664.990 133.447.415.141 279.712 3.392 25.227.236 120.664 1.418.033 92.715.075 260.570 118.236 42.952.753 167.898.776 9.721 68.420 4.087 598.333 411.570 118.295 78.583 16.789 43.192.050.949 56.980 90.783. Mar.429.493 33.506 2.001.482.534. 302.906.

692 39.643 2001 Jan.250.180 39.415 2.005 4.246 Oct.810.915 291.467.840 16.120.603 2.041 1.609.979 99.175 874.900 2.667 947.119 682.036.917 67.884 82.458.500 1.916 5.537 308.753 55.250 13.282 261.348 27.175 16.703 1.285 National Bank of Romania .591.943.027.169 226.676 976.728 739.752.492 45.656 75.967 21.528 657.640.655 769.038 500.604.727 17.232 86.753 94.589 184.733.400 1.506.110.199.560 3.881 1.582.038 17.468.172.309.170 6.962.110.165 49.534.981.123.479 7.656 36.573.349 1.537 1.571 1.873.886 480.899 1.914 40.620 661.093 1.684 1.426 74.227 499.590.333 349.767 24.216 1.644 Jul.436 91.380 1.527 2.126 40.Annual Report 2003 Statistical Section 16.862.371 3.359 85.259.471 1.149.448 36.688.735 1.786 41.459 46.259.462.416 10.025 68.189 1.588 32. 1.921.987 31.005 52. 1.314 3.467.526 734.383 64.279 691.898 990.573 122.405.212.714 12.592.333 1.843 7.929 5.321 696.812 76.215.236 1.897 3.920 239.212.988 24.547 338.921.477 6.087 13.053.172 5.823 10.103 619.065 176.428.545 3.102 44.759.947 76.464 679.173 4.643.123 560.307 130. Sep.231.255 1. Medium-term credit Total Current Total Economic agents by HouseOther 1) majority ownership holds state-owned private 771.650 19.400 46.065.583 837.823 56.141.651 3.079 3.683 4.986.510 44.750 1.547 132.972.874.842 38.170 1.602 264.225 11.972 20.388 756.073.144 7.776 6. Feb.857 52.662 880.243 725.954 691.350 34.554.403 1.480 348.578 34.830 4.548 31.363.894.782.853 766.160 89.014 44.655 18.187.438 1.247.863 74.438. 1.545.650 40.497.400 451.605 34.511 14.073 9.117.412.732. 1.327 1. May Jun.084.276 4.207 34.132 952.849.131.299.771 711. May Jun.734 20.713 Apr.918 14.386.675.741 3.605 937.981.904.543 1.302 597.614 28.485 49.449 4.728.592.619 55.618 58.798 874.517 8.205 8.803 371.398.783 53.842 10.510.292 3.268 29.782 4.959.064.975. Aug.336.604 23.579 1.194 4.398.644 17.040 1.148 3.202.357. Aug.781.623 53.445. 747.483.160 223. Sep.837 1.110.940 430.819 Apr.363 1.769 4.990 201.913 26.586 3. 1.751 6.447.686 9.405 3. 887.644 3.307 704.366.776 710.298 2.384 1.968 34.014 225.918.016 3.537 1.336 2.325 366.468 1.068.110.172 4.265.037 3.259 816.086.733 4.944 3.533.257.576 106.365 721.652 718.128 1.155 5.887 28.961 28.930.294 3.131.047 64. Feb.585 31.308.051 4.226 3.206 1.622 5.141.039.944 935.122.635 1.323.645 55.124 23.151 71.158 20. 1.698 1.662 1.168.372 1.557 5.376 1) Insurance companies included.139 40.228 14.790.088 91.610 113.242.027.171.588 9.713 505.894 4.434.882.769 171.057 36.585 57.516 1.438 49.345 287.401 73.384 16.735 2.609.444 5.076 Oct.902 6.774 Nov.545 6.029 4.670.199 Jul.894 20.732 228.686 4.548.169 12.408.081 1.794 4.823 1.918 5.316.207 4.557 5.257.548 1.704 1.317 57.008 742.734.929.199 3.372 56.461 884.404 1.005.845.022.882.572.564 170.609.444 1.843 153.917 2.453 366.951.299.617 923.181 1.414 783.964 2000 Jan.400 13.376 209.731.117 1.176 6.345 1.224 38.892 8.035.543 4.816 44.840 20.183.679 25.784 85.241 1.861 896.113 3.878.104.326.138 14.086.633 7.345 1.664 127.696.459.511 33.389 4. Nov.704 660.917.484 6.788 Apr.272.097 2.468. end of period - 1999 2000 2001 2002 2003 DOMESTIC ASSETS (continued) Domestic credit (continued) Non-government credit (continued) In ROL (continued) Short-term credit (continued) Overdue Economic agents by Total HouseOther 1) majority ownership holds state-owned private 1.338.147.696.886 1.435 1.077.785 735.680.589 315.148.015 1.091.372.272.596 2.153.910 1.405 19. 1.171.635 Dec. Mar.513 27.597 7.877 34.532 981.861.591 33.506.073. AGGREGATE MONETARY BALANCE SHEET OF CREDIT INSTITUTIONS (continued) Period 244 .627.412 179.083 1. Aug.138.420.545.332 39.733 4.734.119 493.798 3.032 3.089 3.493 7.698.079 368.330 3.532.157 312.800.497 3.178.987 2. May Jun.876 1.435 37.357.364 721.247 960.380 1.291.868.093.753.519 1.772 1.590.924.657.126 94.754 716.516.939 1.552 56.871 1.963 786.741.240.066.296.363.068 692.664 4.969 3.878 47.175 4.379.764.141 15. Nov.841 30.916 2.180 1.428 776.682 1.822.044 3. 1.862 3. 1.555.404 1.336.946 49.420.443 718.958.007 57.449.242.954.752.214 1.284 12.346 55.846 6.345 1.572.715 657.825 732.583 19.246.375.974 37.601.335 27.763.918 752.240 361.701 195.332 61.108.643.015 1.772 164.874 4.073.332 Jul.126 14.621 1.560 5.351 1.514 Oct.595. 219.316. 1.433.564. Aug.925.009.864 20.540 3.073.293 228.513 694.798.915 6.582 Apr.688 382.112 3.141 21.403 1.324.766 12. Feb.530 42.403.458 3.476 1.669 137. Feb.144 5.434 1.822 7.987 209.529 911.068 1.878 5.597.416 469.997.224 1.506 2003 Jan.596 2.269.229 172.025 86.717. 801.102 812.292.841.135 680. Mar.900.294.795 1.849.205 9.891 358. Dec.255 45.279 580.344 763.472 6.625 359.972 57.819.517.724.905 741.324 Oct.678.590.223 270.403 542.370 58. May Jun.300.030.361 929.629 8.073.077 12.532.296 1.362 1.868 16.249 112.916 3.294 749.467.831 953.572.643 530.676 1.234 4.652 4.928 7.250 10.667.718 2.466 18.615 469.939 312.202.327.012.160 1.182 8.555.733.499 70.764 175.872 143.225 57.285 3.465.994 1.424.511 1.981. 1.735 2.506.238 1.451.835. Mar.054 8.754 727.957 1.894 7.419.434.899 34.724 371. Sep.287 1.040 14.831 953.255.972 23.503 1.002.146.964 56.262 46.724 365.054.180 34.541 1.133 530.820 3.127 134.360 6.084 94.226 167.495 44.401 71.273.955.406.786 39.039.480.672 628.056 13.575 97.947.010 3.271.891.726.674 17.413 33.416 40.449.890.850 38.593 356.860.127 1.615 827.570 135.128.980.357 4.796 649.495 964.208 14.652 1.345 2002 Jan.241 6.754 4.299 1.257 67.479 19.552.788 4.443 28.600 14.306 35.289 675.298. 822.025 73.605 2.098 662.425 42.120.683 112.742. Dec.052.607 4.495 29.171.477 976.810.472.975 5.566 13.926 257.267.856 6.ROL millions.635 11.139 31.952 44.507.426.586 1.982.391 12.713 893.105.294 6.158 228.153 2.091 3.186.965 26.010.990 338.560 44. Sep.436 1.891.387 1.683 158.255 45. 1.154 95.506 5. Nov.002. Dec.497 32.869 371.490.427 24.289 3.338.523 2.815 86.495 22.851 711.314.120.066 71.507.843 247.518.723 360.795 817.303 9.327 1.578 Jul.863 98.619 4.038 653.501 22.398 703.435 1.772 184.909.215 1.017 1.162.551. Mar.522 8.291 1.769 789.018 1.251. 673.164.183 2.908.985 43.515.478 9.

260.322 105.377 387 437 432 1.597 2001 Jan.345 324 – – 108.961 1.038.276 15.315 1.552 1.596.541 2002 Jan.188.731 1.020.049 5.383 25.364 1.503 1.807 18.601 1.851 1.645 1.566.079 1.223.107.775 1.865 1.240 227.397 1.209.117.735 1.048 45.386 17.996 1.214.543.337 12.469 17.638 1.674 346.483.010 18. Feb.383 Apr.626.139 90. Feb. 61.002.217.152.253 Jul.610 Jul.496 92.183 3.777 79 286 152 1.019. 34.252 103.627 766 401 400 1.174 1.783 8.051 2.919 2. end of period DOMESTIC ASSETS (continued) Domestic credit (continued) Non-government credit (continued) In ROL (continued) Medium-term credit (continued) Long-term credit Overdue Total Current Economic agents by Economic agents by Total HouseOther 1) Total HouseOther 1) majority ownership majority ownership holds holds state-owned private state-owned private 405.597 57.980 1.770 1. 47.079.146.488 2.559 1.276 2. Mar.293.866 22.517 135 19.992 1.147 Apr.072 2003 Jan.615 78.542.422 2.586 12.163 638 1. Dec.613 1.842 – 68.491 25.198 2.798.941 1.707 361 1.330 31.852 423.262.242.457 1.057.649 11.247 21.792 111.338.320.920 2.172 2.745 24.949 673.001 1. Nov.107 322 2.886 44.339 36.443 1.009 1.653 442 294 15.078. 245.540.107.776 1.723 56.256 2000 Jan.121 1.051.885 3.338 2.533 41.228 65.845 36. Feb.269 21.393 135.769 68. Sep.218 3.839 26.725 1.600 413.053 73 511 479 50.152.983 382 241 227 2.916 846 1) Insurance companies included.296 512.391.139 1.393 19.811 1.138.308 81.631 73.754.085 1.574 34.264.298 25.959 1.542.655 1.682.051 22.164 341.451 100 91 98 32. May Jun.579 154.278 2.586 1.887 36.944 1.611.517 977 159 135 53.921.014. 423.787 575 336 186 1.317 470.464 25.237 96.599 450 427 401 72. Aug.679.665. 106.189.417.611 98.900 5.540 3.429 15.608.816 42.698 77.562 13.715 1.078 3.049 17.530 1.245 Nov.492 138.777 2.489.078 21.505 1.148 118.224 1. Sep.481.395. Sep.518 11.097.713 937 315 310 2.386 71.559 1.016 1.961 5. Aug.098.191.021 17.718 85.870 Oct. 43.695 81.146.733.616 73.842 – – – 83.241 3.703 46.831 Dec.068 2.730 2.569 1.400 1.309 29.089.110.984 43.356.606.079 550 109.310 Oct.415 2.206 2.072 232.466 2.527.188 53.743 1.089.662 2.063 168.128 13.392 1.629 1.209 154.213 Oct.644 58.101 3.989 32.103.034.276 2.298 2.877 32.495 1.690 827 1.248 1.173 2.276 18.434 345.925 15.046 1.451 98 26.072 346 291 384 1.390.913 – – – 64.794 18.583 3.264.690 1.248.013.094.756.461 – 85.189 2.206 1. Nov.442 2.514 1.589.096 191.093 1.996 2.166. 413.606 347.093.973 1.752 18.712 135.464 16.849 351.215.621 2.196 3.320 1.574.713 310 2.008 512.203 89.060 1.085.417 4.256 National Bank of Romania 245 .115.606 25.519 32.272 97.152.437 70.307 4.961 3.620 1.563.831 2.155.392 – – – 62.101 1. Aug.716 23.402 2.684.222.219 6.211 973.410 2.474.710 1.041.139 996.787 31.035. 63.134.164.276 17.804.847 1.427 283.705 38.335 118.798 307 400 1.128 1.949 1.782 – – 6.787 68.321.541.679 43.020.122.088.128 57.254.866 15.375 Apr.102 87.121.496 18.098.280 24.393 73.027.537 176.916 846 58. 39. Dec.114.609 2.753 1.633 1.965.373 110.541 58.745 1.887 12.530.125 37.972 65.316 854 827 1.289.594 18.579 1.466 1.222 3.122.419 57.468 24.092.741 958.475 240.240.987 5.364 71.138.033 1.071.223 4.193 1.487.005.008 1.685 5.515 21.597 17.547.957 1.374 1.311.982 6.669 Oct.309 979.502 25.287 1.890 3.922 35.547 18.599 401 78.538.261.937 15.959 462.368 50.461 – – – 75.377 1.780 Jul.546 1.493 982.652 1.020.108 1.783 275.730 1.332 22.932 976.330 27.411.596 11.928 1.904 1.586.735 2. 469.036 100.941 35.095 168.930 111.153.296 Jul.396 139.078.459 3.557 19.722 51.116 6.416 3.755 20.936 187.010.269 17.244.010.724 1.413.141 1.417 5.666 123 38 162 44.470 24.310.425 182.287 118.014 5.291.263 – – – 66.457 77.038.745 4. Mar.003 17.526 1.349 357.063 31.944 1.148 2.194 1.491 32. 232.632 1.744 76.120 120.000.532 1.659 1.262.235 1.907 17.033 1.627 1.749 529 500 479 95.887 958.876 222.Annual Report 2003 Statistical Section 16.310.204 3.166 2.430 1.658 2.250 33.934.593 22. 69. Nov.405 1.554 2.518 18. AGGREGATE MONETARY BALANCE SHEET OF CREDIT INSTITUTIONS (continued) Period 1999 2000 2001 2002 2003 .800 21.790 1.936 1.789 30.415 49.174. May Jun.293 2.101.879 75.240.949 226. May Jun.394 17.128 62.946 91.995 Apr. Aug.846 2.427 107.526 63.541.304 988.103.394 12.486 17. Mar.272 1.787 2.025.487 15.362 29. 77. Feb.490 415.815.958 91.044 3.041.559 1.247.596 2.343 1.922 55.886.124 27.189 533 331 239 16.891 349.043.743 1.031 58.003.672 1.920 2.182 438.197 68.262 133. 195.030 3.543.233 6.591 18.789 2.749 1.060 73.864 47.658 3. Sep.220 88.008 1.087.119.948 69.564 110.539 55.095 150.253 1.570 646.128 359.014 4.457 291 689 8.709 1.985 44.964 204 200 62 1.016 101.898 1. 46.935 37.595.357.729 1. 218.063 59.866 2.914 79.107.530 24.661 23. 62.565 11.818.583 3.747 358.586 28.943 39.319.654 1.683 1.428 23.284 66.759 1.586 112.335 283.755 2.803 25.847 2.458 36.810.773 380 358 339 81.615 997 148 4.656 4. Mar.349 1.941 1.401 23.175 1.314 3.074 105.700 2.127 1.ROL millions.986 1.784.977 1.589.391 66.932.195 24.652 1.787 186 1.948 339 339 324 93.022 1. 33.674 74.680 346.139. Dec.071 3.287 357.969 1. May Jun.311.729 3.741 513.612.460 1.317.297 2.959 85.

721.153 96.431 2.365 Oct.204 1.979.828 1.126.561 41.493. Aug.159 1.405 65.456 – – – 53.712 1.386 1.981 25.923.116. Sep.231 55.411 2. 475.174.470 28.725 91.451.141.463.022 30.096.003 482.997 1.535 1.605 56.156 2.622.246 1.035.059 12.284 485. 3.624 62.650.326.837 281.998 29.018.045 671.659.268. end of period Period DOMESTIC ASSETS (continued) Domestic credit (continued) Non-government credit (continued) In ROL (continued) Convertible currency credit Long-term credit (continued) Total Short-term credit Overdue Total Current Economic agents by Economic agents by Total HouseOther 1) Total HouseOther 1) majority ownership majority ownership holds holds state-owned private state-owned private 1999 477. Dec.973 269.547.180.791 3.501.475 5.276.959 7.774 3.971.228 32.782 3.970 64. 1.275.827 6.623 39.681 66.061 4.066 Jul.187 23.251.946.506 6.711.651 12.596.877.567.420 17.557 63.567 41.971. Nov.313 4.198 1. Sep.886 54.236.348.981 352.200 2.882 58.219 3.504 – – – 58.749.523 1.272 28.422 271.518 617.434 – 1.924 473.181 39.805 3.962.749 8.792.626.235 68.963.281 53.091.620.433.698 Oct.203 – 124.032 55.958 2.647.999.738 54.242 22 22 568 72.086 451.232 69.316 71.171 68.542 Jul. Dec.021.Annual Report 2003 Statistical Section 16.043.742 1.500.227.145 24. 1. 2.356.415 3.603 3.806 1.616 18.009 21.477 448.472.049.238 5.025.009 29.458 5.389.706.413.539 108.362 36.314 7.459 – – – 11 14 72 1.996.832.337.907 23.584.822 57.890 63.528.648.134 39. Sep.458 18.430.234 70.666.143 73.453 31. 6.841.779 608 111.050 28.842.281.317 – – – 3 19 42 1.302.460 74.860 88.895 33. Aug.771.973 906.747 260.256.712.025 2.368.304 5.180.650.720 32.453.963.366 54.887 24.236 2000 Jan.828 1.877.684 506.608 18.333 2.646.364.726 22.294.630 6.240 3.372 72.702 2.682.808 7. 1.589 – 167.561 39.675 16.838 18.654 554 554 622 86.088 8 70.489.357 448.307 2.346 61.318 1.271 – 146.459.176.414.675 4.530.588 3.068 – 119. May Jun.434 10 – – 4.723 1.528.715 1.286 14.953 96.439. Mar.801.131 41.698 92.866.746.106 – – – 18 15 3.340 Apr.377.219 3.172 1.416 331.631 27.063.191.646 75.550.330.532.570 1.706 46.134 1.417.733. May Jun.213 – – – 1.287.360 3.715 21.003.266.080 2002 Jan.623.123 13 2.382.721.598 34.410 – 1) Insurance companies included. Aug.678 24.957.475 3.282 5.566 35.074 5.384 1.181 20.987 37.811 6.571.290 66. 1.800 114.023 3.006 6.560 1.054.126.736.697 67.182.814 354.725 44.801 Jul.157 77.314.714.461.206 66.837.557 Apr.523.863 45.230.559.503.139 616 538 512 92.267.439 87.648.788.900 2.328.500 35.161.162.860 65.233 1.506 91.846.713 217.911 – Nov.125.009 21.900.869 2.244 741.106. Feb.633 – 159.819.656 38.299 4.199 39.221 3.848 6.971.330.295 58.480 194.610 8.203.991 5.758 5.204 4.303 3.012 485.277 3.265 1.288 2.846.903.475 5.161 472.389.357 2.635 40.759 63.776 21.592.289 369.808.449.166 1.933 52.088 8 8 8 63.326 39.915 14.789 72.635 – – – 798 12 –16 1.363 1.366 6.167 56.251 6.785 34. 1.390 25.369 8.161 63.049.064 – – – 74 67 47 2.247 8.268 50.975.021.679 448.955 68.516.046 1.429.135 – 128.024 2001 1.678 9.767 7.995 2. Feb.916 26.148 1.590.388 54.056.791.779.274 135.837 51.317 55. Mar.897 Apr.396 9.058.504 3.407 660.517 43.779 608 102.246.741.425.346.869.238 5.999.425.450 70.798.699 3.645 1.807 6.932 36.437 1.960.162 3.206 65.766 25.904 1.268.494 14.728.601 70.386.507 35.275 14.268 5.776 27.801.414.071 1.838.777. Sep.449 61.710.671.795 1.672.409.640.584 9.220 15.282 75.735 339. Dec.528 13.538.124 56.237 40.096 6.837 200.212 0 1 – 46.856 94.288 61.571.033.959 153.491 – 115.548 19.181.271.495 70.933 4.852.830 1.099 – 3 1.646.838.445 290.042 31.728 68.204 1.396 8.164 515.202 1.624.963 4.426 6.112 64.338.321.969 474.760 339.418 42.284 1.002 16.024 2001 Jan.694.313 4.216 – – – 1.177 104.219 3.340.921.661 27.051.418 1.758.198.865 42.270 67.042 31.932.895.942 2.316 1.869.951.052 1.896 1.626 1.223 43.269 50.081 1.602 75.089 42.313 4.623.406 448.486.683 74.154 31.219 29.226.459 – 72 1. 822 53 431 2.646 448.835.968.380 1.602.630.029.219 19.762.216.312 1.234.328.904.818 32.295 1.815 4.251.313 71.959 69.648.632 98.414 2.853 9.800 30.988 5. Feb.833 4.435.272 26.197 67.021.721 4.729 1.156 2.939. 1.596.861 15.580.789 549.043 – 140.966 Oct.636 8.387 48.930.219 3.356 54.259 68.873 Oct.360 19.308.135 41.209.246 1.533 60.534 36.080 2002 2.773. Mar.164.998. 2.112 64.529 98.267.283 24.485.276 13.773 65.356 54. 2.732.462.111.723 1.240 72.979 – 167.357 56.457 – – – 1 0 1 1.714 1.280.416 331.371 59.932.655 9.414 1.938.024.631.331.900 1.701 1.127 2.200 33.896 1 1.621.090 80.330 19.451.848 8.808 4.203 785. Aug.750.421.375 508.751. Feb.836.767.864. Nov.698 – Dec. May Jun.459.302.184.672 8.003 487.108.357 23.176 842.440.480 217.282 22.521 17.883.293 49.399 454.383 – 130.225.092 4.017 2003 Jan.223 2.851 1.374.161 4.133.913.099 – 1 – 2 5 3 1. 518.646.805.379 59.977 448.922 42.221 15.720 9. 2.265 1.957 77.428 4.191 608 111.801 16.017 602 112.412 8. Nov.334.588.539 3.169 44.130.457.678 19. 3.796 482.110 2.213.939 5.980.267 33.957.420 1. 2.407.940 14.534 – – 0 43.880.959 16.302.348.566.265.115 287.469.236 246 National Bank of Romania .534 666.691 35.620.555.705.307.558 2.178 70.963.960.138 57.661.602 75.598. 2.393 393.962.391.334 43.900 78.017 2003 2.610 Apr.721 4.260 3.804.313 33.518 671.904 51.185 – 127.836 44.842.243.131 43. May Jun.313 34.706 363.384 242.290 32.182 636.273.504 3.232 1.726.222.454.260 37. AGGREGATE MONETARY BALANCE SHEET OF CREDIT INSTITUTIONS (continued) .402 448.255 29. 472.979 – 154.778 1.656 4.089 2.617 82.503.297.177.558 605 105.959 2.343.410 – 431 1.275 63.661.832 – – – 4 16 22 1.420.994.363 4.313 39.730 448.659 3.110 1.526.185.961.356.957 77.466 4.338.657 19.892.012.171 65.780.329 2000 3. Mar.274.984 2.418 769.025.327 7.139.456 3.693 62.506 – – – 3 0 2 1.077 11.244 22.760.222 16.152.161 66.056 37.868.370 49.313 4.302 647.032 68.808.854 60.609 Jul.650 2.ROL millions.428.791 45.534 0 44.461.664 20.925.646 55.978.438.715.002.203.868.727.313 3.097.

920.178.721 12.113 23.548 28.260 1.107.909 12.248 34.053.251 1.770.092.873 6.865.059.673 13.153 10.302 6.541.643 8.434 8.858 6.772.441.624 8.464 860.862.489 8.158.844.495. Sep.567.141.178.715 3.190.442.973.669 3.733 14.663 5.976.704 18.908 357. Sep.715 1.430.323.850 1.644.932.739 1.856 8.357 5.814 1 – 526 1.572 2.084 33.745 32.160.853 19.820 4.643 4.302 4.565 3.723 10.375.649 18.908 1.800 97.345 480.845.835 18.860 1.843.942.092.014.287.038 645 893 2.881 288.453 31.236.637 486 18.295.208 1.989.345 35.574 5.107 686.038.802.265 49.009.195 58.090.027 582.613.153 19.954.221 3.472 1.462 713.432 1.536.236.848.585.561.529 7.121 1.521. Feb.740 101 10.694.636 2.368.966 10.484.331 6.630 10.137 537.511 1.448. 1.906 47.638 Apr.297 15.109 5.198 19.285.021.351.138 1.205.439 8.860 2.775 5.027 7.315.142 20.009 6.199 32.774 11.630 10.038.828 132.067 43.945.698 1.231.576 20.090 36.018 160.273.207 88.636.437.297.621. Mar.953 2002 1.296 2.910 26.016 2.662 545.147.092 36.464.160 – 10.602.731 2003 Jan.726 39.226. Feb.602.591 7.788 1.136.066 7. 1.326 858.066 11.927 722.306 8.159.327 6.625 229.459.355 6. AGGREGATE MONETARY BALANCE SHEET OF CREDIT INSTITUTIONS (continued) .745.181.536 37.969.153 6.950. 4.323. 2.741 1.359 6.825 19.568 1.074.848.027.096 6.344 4.654.346.418 290.882 8. 1.976.247.167 1.909 16.233.200 12.109 13.257.403 8.754.891.874 14.995 29.644 10.443 46.451.895.733.373.474 585.355 Oct.221. 4.997 10.199 292. Sep.472.867.992.503.569 50.565 681.697.684.509 9.860 7. May Jun.574 4.137 2.412 Apr.637.549 33.928 25.706 261.065 2.756 8.701.308.595 4.595 58.153 5.330.518 4.706 1.523.107 4.008 5.125.989 783.165 15.528 4.021.058 Oct.555.179.852 1. Nov.691 2.265 1.199 2.682.908.905 Apr.244.915.135 6.947 14. Mar.043 25.919 9.521 1.947.560 568.606.969 814.283. May Jun.876 1.567.362.755 4.127 4.069.894 33.600 1.506.942.464 21.842.797.864 5.294 13.485.035 647.023 26.002 24.096 4.318 8.467 5.060.219.681 1.467 6.714 14.410 482.245 863.389 1.921 46.587 National Bank of Romania 247 .220 2.469.031 915.627.462 411.903 1.573 2.536 168.164 1.732. Nov.531.690 26.387.364 27.665.141 7.459.265 3.266 – 4.790. Aug.515.653.634.503.191 1.551.282 838.236 1.279.529 326.111.590 941.045 20.397.509.518 21.714 15.664 1.565 1.141 6.911. Mar.484.497 1.296 1.018.282 Oct.697 2.249 45.355.248.223.379.930 6.875 1.096 261.484 8.160.309.529 1.121 38.918 1.768 9.646 3.399 30.997 10.775 5.329 7.895.561.944 546.083 4.199 27.823 631.377.011 801.121 2.723.438 8.713 62.378 23. 2.026 44.178 4.347.850 1.883 457. Dec.995.205 8.698 1.189.295 8.900.223 8.618 6.540.857 2.732 295.127 760.648 6.412 Dec.247.132 20.768.352 1.785 2.605 1.056 5.689 1.748 2.365 2.509.598 106.295 8.975 10.884 15.590 867.130 4.201 2001 Jan.055 34. 1.273 1.558 9.221 7.840.113.154 1.003.267 759.920.585 14. 1.496 14.863 928.617 203 0 1.713 863.960 2.390.456 Jul.160 934 84 – 11.198 8.208 251.731 2003 1.251 2.055 6.948.176 15.175 30.882.323.902 27.466. Mar.445.983 4.616.198 18.741 85.805.141 35.444.535.861 93.585. Feb.637 3.333 14.517 35.301 556.760.329.631 27.560.304.843.201.426 66.949 46.953 9.277 29.516.165 28.998 1.934.934 5.682.274 1.115 1.785 204.528 5.503 39.199.510 5.822.987 8.422 30.380.960 2.798 15.816.151.891.760.379.587 2000 Jan.884.451.500.087 237.114 2.528.848 578.714.084 58.248 8.800.716.307 1.266 1.515 37.665 940 9.263 10.682 294.879 1.174.000.279.395 557.613 5.170 29.016 37.122 11.428 22.760.596.886 1. 1.327.603.148 1.464.863 10.494 628.807 8.539 22.815 43.016 2.271 1.875.356 4.050.419 819.923.328 28.162.359.848 1. Aug.774.649.370 268.697.594.914.086 9.782.649 22. Dec.151 9.775 801.588 566.120 6.846 Jul.084 16.734.304 7.466 1.120 4.497.185.227.078.270 719.873 647.583 24.837.412.868.899.990 5.748 1.771.270.674.705 21.971 37.337 566.854 5. end of period Period DOMESTIC ASSETS (continued) Domestic credit (continued) Non-government credit (continued) Convertible currency credit (continued) Short-term credit (continued) Medium-term credit Overdue Total Current Economic agents by Economic agents by Total HouseOther 1) Total HouseOther 1) majority ownership majority ownership holds holds state-owned private state-owned private 1999 4.071.205 9.263 1.432 1.547.961 878.315.759.806 32.168.789 3.072 4.070.949.444 2.945 4.056.737 7.427.723 169.182 12.756.167 27.000.581 3.432.853 22.663 4.858 2000 819.280 805.358.737 5.478 1.450 21.388 5.458 12.201 2001 2.953 2002 Jan.111 5.928. 868.775 1.741 1) Insurance companies included.094.947 Apr. 2.745 8.480.273 5. 2.472 6.537 580.102 822.198 45.652.215 11.121 1.743 10.364 43.204.843. May Jun.327 145.174.964 40.749 2.292 10.140 13.699.250.762 6.184.887 7.765 28.159.307 26.339 822.937 3.019.762 4.055 13.001.096 776.580 1.381.224 1.608 24.355.536 39.989 2.519.670 3.436 6.768 651 4.460 6. Aug.889.495.355.Annual Report 2003 Statistical Section 16.521.486.552.200.629 10.397.569 33.038 150.644 10.060.316 1.474 582.568 214.165 48.610 Nov.303 9.013 1.062 5.800 4.016 21.330.221.980 9.140.364 27.265 58.263 552.984.044.856 15.196 2.852 1.159 18.206 9.456 11.954.756 11.713 30. Sep.121 827.201 9.802.835 14.898.468.589.305. 1.307 32.123 712.087 25.442.353 10.388 87.824 34.221 264.422.726 36.343.515 32.967.520 559.860 12.716.969 547.558.689 1.658 6.558.401 2.298 8.509 24.237 518.422.815.743 19. 1.150 19.421 463 1.480 54.555.522 10.925 5.714 2.575 54.ROL millions.578.531.327 10.753.356 2. 1. Aug.175 927.556 5.409 39.128 16.006 4.378 12.188 1.023.891.621 9.768 Jul.702 4.790.433.884.337 1.547.492 22.953.451.668 7. May Jun.948.463.121 152 4.765 4.558.482 19.476.544 11.464.619 10.438.098.714 403. 1.345. 5.400 2.904.771 6. Dec. Nov.031 1.899.496 11.116 3.728 288.912.102.823 647.851 12.718 25.341 409 486 14.173 1.027 4.175.358.684.735 5.940 253.617 5.014.838 1.076 13.459.199 6.756 5.636 18.045.919.252.343.118 25.794 12.395 4.157.877 1.192.910 5.519.125 2.367.232 411.830.545 11.907 1.881 276.847 2.244 10.064.114 3. Feb.957 10.776 8.717 13.625 45.618.927 857.397.665.509 8.263 Oct.925.997.159 1. 5.192 4.368.949 Jul.473 26.888.300 436.032 5.592 2.569 58.200 20.010 1.443.970 1.144.451 941.149 218.084 859.

692 222.889 506.893 3.509 150.043.020.171 664 8.045 5.293 32.327.941 32.410 9.085 2.511 433.191 31.407 1.688 4.646 10.184.234.262.875 5.985 Jul.816 9.265 2000 260.898.985 260.191 49.811 193.428.983 79.654 75. Feb.179 1) Insurance companies included.418.577.174 9.566 2003 Jan.412.947 Nov.547 38.007 6.553.871 72.199 337.524 4.469 8.297.011 248 National Bank of Romania .168 116.271 1.673 10.812 210.810 431.691.452.387 1.410 1.125 54.943 73.894 194.588 507.886.683 620.810 1.754 58.120 151.801 32.889.790 1.414 5.704 10.386 56.815 216.587.339 Apr.182 138.653 2.643.750 1.470 1.230 10.106 1.812 1.628.294.838 32.924.354.055 60.941 26.792.940 216.559 88.586 5.136 169.756.676 1.311 1.280 314.124 8.609.734 323.135 15.243 9.529 11.666.851.060 5.676 165.151 1.427 2.496 11.068 4.494 3.586.240 10.255. 263.751 34.343.851. Sep.938 4.611 31.643.767 118.829 4.433.905 61.363 9.115.426 18.820.558 10.290 2.550 63.920 24.578 5.987 Oct.491 13.237 200.199 8.543 5.218 2.938 14.148 53.474.481 1.100 238.039 6.102.703 6.893.405 4.409.209 6.220 4.094.712 66.751 4.934 8.660 4.385.554.562.212 24.909.703.966. 270.462 4.300 1.746 160.823 2.425.758 10.849.657.375.895 98.939 5.718 11.872 4. AGGREGATE MONETARY BALANCE SHEET OF CREDIT INSTITUTIONS (continued) . Aug.485.071. Mar.756 9.916 177.380 157.165.096 6.694 5.929 4.607 45. Aug.637 6.814 215.825 105.228 2.186.634.345 4.947 58.697 79.360 15.492 268.201 54.358 164.158 202.616.428.198 84.090 26.109 144.532 5.339 499.853 6.508 28.996 18.407 3. May Jun.054 238.048 6.132.354 6.040 54.546 72. Mar.408. 1.474.751.039 57.804 9.473 515.168 2.360.281 35.578 1.531.828 6.298.660 24.443.994 177.930 44.163.062.947.618 279.499 8.182.964 5.810.438 873.285.279. 175.152.939.912.282 223.190 492.018 2.118.847 1.570 1. 245.646 204.429 8.956 – – 5.931 137.700 4.184.253 257.971 5. 466. Aug.475.432 4.190 282.612 5.853 14.922 3. May Jun. 1.746 13. Feb.231.425 17.315 7.850.284.511 253.126 603.595 719.500 5.403 1.344 5.277 269.836.368.133 8.485.259 28.445 5.002 4.611.564 1.222.646 230.914.947 52.038.146 34.515 11.283.191 71.341 5.563 10.952 2.752.655.724 121.248.705 173.257.842 5.555 128.771.258.626 1.991 5.589.566 2003 222.941 4.863.398 212.266 4.654 22.645 13.135.965 548.159 1.326 5.136 9.090.780 194. 270.400 9.021 4.058 241.078 106 356 1.888 457 41.573.391 64.271.370.507 10.211 19.138 3.627.946 8.849 11.883 4.388 110.554 296.694 9.704 9.966 376.193 1.423 121.610 10.318 1.823.874 37.407 2.840 4.715.286 53.440 1.744 133.293.058 4.464.235 2.578 1.985 374.945 764.020.270.243 9.387 229.003 3.372.550 117. Feb.510 4.853 1.416.904 10.137 4.284.920 67.966 8.956 Oct.040 6.735 8.349.043 24.585.041 1. Sep.974 55.593 13.851.136 8.089 208.156 107.806.843.499 9.066 8.464.141 189.025 Jul.577.602 55.292.556.565 10.424.846 3.954 3.374 109.726.407 3. 291.147 107.493.402. Dec.806 5.305 167.866 5.956 8.182 1.517 623.352.114 16.126 4.504.057 2.ROL millions.992 10.015.120.782 72.563.452 2.661 1.240 10.313.186 11.624.132 10.385.253.052 2.234.059 Apr.175 149.292 10.426 30.400 64.820.733.642 1.646 133. end of period Period DOMESTIC ASSETS (continued) Domestic credit (continued) Non-government credit (continued) Convertible currency credit (continued) Medium-term credit (continued) Long-term credit Overdue Total Current Economic agents by Economic agents by Total HouseOther 1) Total HouseOther 1) majority ownership majority ownership holds holds state-owned private state-owned private 1999 1.238 249.308 898.205.451.595.309.474.090 32.422 1.995 8.904 4.517 594.062.866 6.124 61.587 1.050 4.361.916 6. Nov.689 29.618.367 142.692.298 109.597.076 10.285.496 153.092 108.066 5.735 7. May Jun.974 72.715.496 10.950 2002 216.295 11.771.622 2.246 1.358 10.306.898 31.367 7.516 8.424 383.563.484 4.578 492. 1.778.291 64.043.778.242 1.040 23.632 703.601. 222.045 8.702 1.746 9.744 1.702.184.005 849.632.609 6.277.500 5.327 1.025. Feb. Sep.373.722 1.217.630.372.467 1.509 2.991 Apr.523.778.694 37.257 9.444.342 77 226 – 8.807 – 5.696.262 583.599 10. 225.088 1.381 119.847 4. Sep.421 3.505 888.309 2.294 704. 406.500. Mar. May Jun.Annual Report 2003 Statistical Section 16.245 4.058 41.171 1.682 24.718.435 242.859 221.034 7.495.500.493 573.290 142.853 11.701. 502.872 4.927 2.172 3.281 1.909 3.146 25.743 1.778 1.157 181.578 4.101 Dec.034 11.771.943 1.568.989 8.401 9.446 5.675.266.923 Jul.511 220.057 9.619 4.253 1.582 204.037 Jul.132 4.032.656.453 5.163.193 1.106.963.349 169.706 34.289.391.198 67. 476.386 188.410.704 11.413 186.688.525 3.704.910 5. 228.577.798 3.554 4.409.905.939 124.231.767.636 8.705 107.674 1. Dec.003 0 – 0 5.908 3.292 3.276 1.263 106. 222.437. Mar.557 134.477.582.345 66.987.002 10.580.824.432 309.167 2.704 2.452.086.950 2002 Jan.378.309.993 30.563.829 4.654 6.382 53.218 3.687.823 1.252 252.593.605.639 125.711 24.658.376.249 Apr.822 12.186 48.567 23.634.669.997.344 5.664 178.709 3.066 121.686.652 1.329 4.034 196.314 Oct.428.865.292.089 149.269 108.904 10.573 13.417.513 4.909.961 49.799 1.126.212 22.528.360.329 3.136 2.822 1.744 1.643 32.617 2001 Jan.457 1.807 2.523.427 11.952 18.603 166.710 4.257 19.883 2. Nov.525 4.142.044 58.289.234 55.057 7. Nov.933 –0 128 269 5.627.468.500 5.514 46.439 23.582 27.294 3.892 24.389.274 673 960 1.431.652 1.292 2.008 209.458 5.778 54.086 5.616 4.617 2001 207.269 24.426 153.808.075 56.974.733.778 54.415. 395.942 5.589 2. 189.438 664.496.612 4.743 623.174 1.769 84.394.873 4.363.437 6.523 207.603 4.469 7.370 3.938 4.895 125.286 118.124 61.195 4.244 479.674 Oct.612.735 233.723.627.076 1.051.477.289 9.308 598.142.411 61.389.849 1.454 111.357 6.174 2.578.376 245.568 17.690 5.196 3.755.974 67.703 8.418 562.616.327 243.229.336.011 2000 Jan.948 340.378 11.401 6.510 4.619 220.355 173.882.171 – 514 664 7.590.995 5.652 4. Aug.190 171.179 128.639 109.365 135. Dec.838.003.541.

226 153.741.444 141.601 51.406 299.363.983 – 45.450 16.866 4.688 541.151 386.168.239 – 30.319 29.022 38.195 29.287 1. 7.595 10.182 29.684 845.404 – 32.591 6.385.767.836 1.348.600 45.055 12.846 675 2.037 – Dec. Sep.718.994. Sep.625 40.835 421.269 61.994.191 109.532 40.094 37.684 5.302.536 6.804 16.426.363.844.798 – 12. Nov.356.009 – 40.400 381.474 156. Mar.584.481 28.886 Jul.385.486 120.Annual Report 2003 Statistical Section 16.168 22.477 58.035 49.918.713 150.601 57.976 4.012.904 64.794.112 15.960 – 20.189 2001 17.905 – – – 27.459.277.481 26.308 134 138 277 – 43.314 31.329 56.256 131.388.879.771.473.786 348.505 44.280.866 6.498 63.326 27.661 36.505 69.145 93.326 45.006.862.830 29.411 35.860 Oct.118 2 28.107.593 55.044.196.691 65. 48.572 268.794.071 75.556 60.577.964.001 36.588.474.289 44.580.118 541.650 12.179 – 43.534 62.989. 438.871 1. 27.341.705 – 36.316 99.326 57.506 174.999.285.015 455.375 48. 458.947 – 45.602 2 28.137 National Bank of Romania 249 .243 36.168.420.664 10.338 21 17 44 – 41.654 22.186.756 38.991.562 2.699 20.896.539.477 1.783.125.228 648 622 677 – 40.738.472 27.695 60.914.280 28.991 – 31.929 4.763 77.960.317.471 36. 40.036 23.727.116 – 41.412 42.666.864.723 40.217.292 74.772 29. 52. 11.598 27.923 28.843 – 44.689.303 41.775.624.072 113.100 Oct.857 33.339 480.924 47.598 48. Aug.616 Apr.133 217.194 242.330 144.605.957 1.516 16.362 – 43.209 19.454 77.682.339.798.003.071 126.389 36.024 – 1.113.304 29.742 73.702 28.529 121. May Jun.703 1.969 429.664.691 51.418.189 11.504.554 377.988.509 159. Sep.265 68.203 Oct.173.234.647 Nov.317 – 32.881.804.153 63.684 43.585 – – – 38.326.915.464 31.638 8.373 49.935 – 36.551.642 36.045 44.045 152.430 Apr.505.610 99.881 35.628.597 – 29. Feb.925.268 406.112 27.118 – 29.999.598 18.153 6.788 28. 13.308.673. May Jun.473 13.718 18.506 180.294 – 36.991 223.442.549 80.905 44.852 14.610 23.153 62.521.036.823 131.535 9.233.961.047 58.526 1.418.091.685 241 74.679 35.958.827 3.819 46.510 7.720.774 2003 13.754 60.641 112.884 111.548. Feb.488 6.934.202.565 14.080 36.517.769 32.142 Apr.841 54.896.370 31.965.621 1.607 57.835 55.437 47.080 44.489 9. Sep.315 54.808 20.745 – 38.681.672 62.728 36.482 26.499 43. Dec.739 25.397 –659 37.969 61.735.612 – 27.486 32.695.371 163.746 1.531 62.477 51.236 1.149 31.688 9.668 26.030.023.351 47.960 – – – 18.960 60.343.177.604.773 24.839.536.302. Mar.591.571 2.449.137 2000 Jan.168 95.159 6. Dec.187 14.964.537.695 – 33.909 47.215 48.697.485 – 46.819.230 42.821. Aug. AGGREGATE MONETARY BALANCE SHEET OF CREDIT INSTITUTIONS (continued) .944.602 26.189 12.475.756. Aug.680 – 40.151.285.742 5. 10.207 678 842 835 – 35.977 7.879.008 Jul.173 47.566 26.732.681 43.960.890 17.575.690 57.698 55. 37.468 1.341 16.249 1.489.199 139.731 1.644 81.824.294 1.395 4.376 28.779.324 11.929 31.582.638 13.462 462.965 84.256 60. 64.570 1.949 11.564 55.960.399 60.080 – 36.191 Apr.264 – 34.905 359.557 10.132.411 1.535 – 45.916 – 33.752.847 1.461 67.838 6.235 27.830 30.001 4.ROL millions.983 4.869 180.718.988 25.730.342 28.007 29.355.173.785 411.834 27.167 99.666 60.738 120 109 222 – 41.071 – 29. Nov.159 188.898 Jul.488 49. 342.887 11.996 29.698 51.499 355 466 537 – 42.131 – 33.487.149.237.997.842.835 55.000. 81.765 31.046 1.655.344 38.251.468 58.040 170.709 4.976 6.813.709 28.704.934 108.752 19.202.654 16.732.983 –659 37.043.503 63.463 49.634 46.498.527 7.225.981 150.271 153.810 29.748 182 329 276 – 44.961 2002 20.686.031 62.881 60.955 6.887 13.189 2001 Jan.899 3.677 1.627 95.171.140 59.474 – 30.975 441.531.719 – 31.024.784 1.569.957 398 118 1.429 32.238 1.091.961 2002 Jan.983 – – 4.299 5.003.277 43.570 10.712 – 31.263.738 222 – 43.069.075 50.244 29.399 – 42.110 30.463 25.448.212.202.962.906 372.322 114.706 77.908 1.768.411 19.392 – 48.335 29.506.349 9. Feb.083 1.944 36.320. 30.774 2003 Jan.070 10.955 7.536 541.017 Oct.684 11.978 9. Mar.871 1.883 60.854 57.325 – 46.588 – 32.826 29.049 95.811 18 27 – 41.249 40.518.031 62.363 29.019 47.694 47.347 31. 13.346.960. end of period Period DOMESTIC ASSETS (continued) Domestic credit (continued) Float Interbank Other assets Non-government credit (continued) assets Total Net losses Other Convertible currency credit (continued) from forex Long-term credit (continued) Governassets and Overdue ment liabilities Economic agents by Total HouseOther 1) credit revaluation majority ownership holds state-owned private 1999 312.733 500.248 51.549 95.244 180.277 – 37.922 51.420 501 3.935 6.699.416 2. May Jun.118 111.226 27.415 433.624 27.012.567.567 44.076.083 141 1.403 44.264.048. 14.976.556 14.798 – 1) Insurance companies included.774.355 1.846.671 482.777.186.663 146.716 1.520 28.375 65.263.977 9.534 11.623 – 31.415 – 41.739 25.184 58.861 2.560.316.727 44.839.951.534.324 29.375. May Jun.031 29.226 139.318 4.230.703 338 2.371 45.023.520 374.557 4.394 186 2.885 3.828 43.455.382 334 – – 10.797 – 44.473 9.858 26.009.905 44.554.143 35.143 3.615.299 24.333.956 53.679 51.350.920 52. 18.490.387 1.951 97.556 12.608 51.287.110 54. Aug.715 10.436.727.307.603 3.768 23.173.550 11 37.665.915 8.653 49.013 – – 59.149.677 1.363.687 64.502 33.769 Jul.104 366.795 69.566 27.060 188.251 – 39.911 29. Feb.995 45.935.940.957. Dec.790 48.566.201 – – 165 48.789.367 2000 60.201 105. Mar. Nov.019 57.025 – 40.604 13. 38.038 133.259 153.871.099.916 – 31.223 382.

119.623 2.104.544.422.745.747 707.293 9.515.403.032 28.586.309 7.935.384 9.024 11.364.733 6.522.740.407 67.801 2. 241.873. Dec.177 15.944 6.231 590.226.276 11.822.843 41.886 302.636 3.828 4.104 8.033.973.739.013 17.955 201.487.896.145 419.763.687.461 1.731.842.262 368.272 7.764 218.629 5.828 – 32.599 42 45 45 6.286.247.835.878.345 4.044 185. Sep.203. 269.755 286.542 315.639.804 543.025. Mar.979.740.150.988 15.811 17.055.355 1.812.097 193.743 2.918.020 8.605 – 22.405 13.633 219.399.838.222 2.101 11.901.051 5.359.536 20.611.172 7.021.304 33.053.154.847 21.937.474 18.145.397.589.548.969 7.287 10.188.549 4.006 4.002.170. 325.359.707.308.472 4.287 5.531 52 – – 6.292 792.593.279.145.903 641.541.036.981 630.886 – 12.026 29.630.863.345.340.223.148 313.955.021 417.950 109.137.334.937. 292.951.Annual Report 2003 Statistical Section 16.325 249.716 10.589.323.317 16.157 16.399.919.707.639.270.359.586 4.926.604 39.770.677 114.716 – – – 8.754 2.678.063 39.917.896.722 393.731 32.516.032 9.520.106.492.491 49.837 – – – 8.988 42.399 17.937 9.969 3.601 29.082 951.309 6.578 6.454 9.579.604 8. Aug.301 33.223 44 49 52 5.280 6.791 7.915 22.024 17.941 18.744.607 503.563.174 – 26.124.384.412 3.371.935.348.198.097.343 25.467 641.410 23.242.703.071 16.673. Sep.898.301 340.070.685 1.094 594.365.913.440.722 3.299 848.922 Apr.773.726 222.703 21.673.633 5. 517.084.913 17.944.980 6.645 2.596 488.875 39.691.111 2.837 9.241.843.159.834.154 – 7.050.597 45.256 4.181 2.938 19.428.522 17.103.601 7.390.861 20. Mar.485 19.529.321.367.373.965 33.778.180.375 29.138.673.742 – 17.450. 211.616. 408.232.293.763 – 25.749.206. Feb.328 3.006.354 17. 495.006 6.649 6.116.489 23. Nov.304 11.112 19.794 394.960 931.292 22.769.215 3.613 235.468 297.684.441 19.128 361.044.965 4.193.401 6. May Jun.251.081 10.573 61.090 18.131.119 2.692 14.197 4.337 6.422 657.233 530.292 5.191 2001 Jan.330.767.687.559 84.271 24.193.449 – 12.189 Jul.869 85.167 3.428.549.391 14.348 – 23.318 81.436.148 – 24.710 160.918 11.274 350.719 24.178 23.334 194.613 6. Feb.191 – 8.355.380 617.578 13.010.509 673.441 25.146.719 – 13.934 – 904 – 6.464.204.477 Jul.098.155.741 – 22.696 11.173 951.193 5.657.517.966.897.757 11.865 2.189.702.613.865 8.132 617.641.891 4.346.867.862.559.531.866 Oct.753.176.108.828 2003 Jan.927 8.231.880 13.490 375.117.866.391 Jul.303 458.233 2002 Jan.493.947 – 19.870.391.636 2.251.890.512.557 441. Nov.114 143.064 16.391 4.214.242.084.833.979 418.425.822.996 3.265.466 98.387 261.785.129 13.690.781 18.080 32.403 – 19.294.843.884 10.591 1.027.419 1.009.701 44.538 5.911 5.320 18. 438.354 41.641.235 2000 Jan.910.634.371.228.954.591 657.197.935 1.955.681.594.980 – 21.964.233 16.746 11.953.498 238.843.854 2.576.250.549 11.127 5.032.424 5.634.468 13.987.813 7.009.760.341 711. Feb. May Jun.772 226.174.940 79.432 68.165 4.220 1.461 3.111.055 29.202.743 10.687.096 Oct.192.850 2.749.968 78.488 700.815 5.619 352.940 67.345 10.288 1.557 3. 196.174 43 7.630.810 Apr.357 451.930 4.241 739.436 2.259.200.974.527 6.123.721 1.489 31.486 5.697.336 205.989 6.161 280.925 17.589 – 26.011 183.016.618 8.177. Mar.389.137 – 11.172.146.557 68.989.401 – – – 6.292 20.024 59.544 10.475.799.704 Jul.075 7.181.467 5.855 5.081 10.279 12.334 194.010.150 45.191.896 17.272.328 486.994 1.093. end of period FOREIGN LIABILITIES Short-term Total Total Convertible currencies Total Borrowings from foreign banks Deposits of foreign banks Deposits of other nonresidents Medium & ROL Nonlong-term deposits convertible of other currencies nonresidents 1999 2000 2001 2002 2003 182.060. Nov.628 232.877 683.209 5.262 282.723 Apr.178.111 5.846.997.139 22.279 16.819.814 2.688.710.844.916.919 1.177.087 134.817 2.831.094.036. AGGREGATE MONETARY BALANCE SHEET OF CREDIT INSTITUTIONS (continued) Period LIABILITIES 250 .475.264.597 23.081.767 72.100 Apr.549 16.685.069.220 39.315 3.733 4.019 5.473.332 11.436.824.510 1.983 3.643.478.242. Dec.991 2.718 6.780 3.235 National Bank of Romania .152.703.359 11.410.054 19.428.696 5.300 5.617 478.152.909.446 9.952.988 12.285 11. 355.396.322 217.105 13. May Jun.076 10.445.181.076 87.878.460 493.726.288 18.212 7.228 8.199 458.287.458.585.207.480.630.576 6.395 6.389.197 4.997.303 2. Sep.268.661 41.344 198.885 14.337 6.107.618.428.985.016 8.101 5.276.556 898.355 348.559 16.834 11. 228.742 6.336.413.085 5.714 22. 478.304 3.336 10.624 69.395 14.569 244.467.554.556 Oct.780.655 11.003 236.090 11.548.971 12.739.817.742 386.180 985.137.619.141 8.923 473.367.340.665 352.277.447.596 335.422.911.291.905 15.485.155.559.261.994 11.987.345.665 7.067 918. Aug.724.612.224 10.809 9.023 967.437.088.270.726 – 9.921 7.803 8.568 73.890 9.233 – 17.515 6.221.822 211.851. Mar.181.863 1.658 12.903 8.165.167 516.694.876.971.327 4.429 24.226.231.067 256.636.353 36.517.473.152.482.ROL millions.994 10.180.373.167 11.689 790.132 33. Feb.719.569 244.766.081 2.934 6.107. Nov.237.938 39.465 6.930 7.911.499 3.338.228 30.472 462.916 615. Aug.321.393.852 4.926.651 64.391.197 – – – 8.435 – 12.808 478.415 5.737 4.310.619 11.446.118 4.784.819 55.346.445.790.372.944 19.797.820 13.952.631 12.154 6.531 4.819 5.342 18.984. May Jun.071 10.677 223.806.082 Oct.576 18.520 44.461 6.076.600 5. Dec.595.955.725.018 6.218 7.441 478.528 47.007.040.917 5. Aug.966 – 11.290.372.534 – 32.989 518.286 597.258 17. 184.905.698 – – – 9.562 427.106 2.809.169 36.236 52.202 1.602 5.011.898.472 9.188 407.192.767 19.236.367.273 560.116 19.731 4.532 2.146. 581.504 – 13.025.403.931 11.010.881 1.105 – 20.215.009 311.292 11.633 78.290.734.409 72.680 1.787.982 1.494.679 4. Dec.376 5.076.175.806.834 320.918 7.806 269.188 407.092 6.770.098 232.550 2.944.522.447.876.152 11.400 405.240 7.876.728.268.245 203. 385.452. Sep.

734 41.710.341 314.419 28.972.366 283.268 5.664 157.313 351.838.773 3.684.588 1.837 1.070.843 73. Dec.546.910.172 4.418.867.550.571 1.661.748.221 76.221.281.726.328 26.267 1.492.084 48.478 3.832.532 3.136.988 5.284 50.779 7.357.828 3.837.930 4.553.734.405.062 19.108 43.251 2.721.486 1.811.798 93.568 328.165.706.838 472.332 196.310 3.636 27.321 4.938.661.265.133.246 6.152 34.492.029 22.095.810.633.517.245.979 94. 378.ROL millions. 185.133 2.271 26.301.157 2002 Jan.296 234.337.983 4.156 44.810 2.336 27.554. Mar.384 21.599.530 4.180.608 25.711 4.327 34.827.836 12.020. Dec.504.032.421 9.446.460.533 1.369 2.880.064.412 52.857 2.942.790.380.612 5.920 6.893.671 229.076 1.994.266 31.881.668 9.721. May Jun.038.854 39.284.478.893 74.133.211 92.894.741 28.739 55.650 1.289 36.629 5.925.300 52.278 419.264 4.250. 471.812 46.752.454 2.976 79. Mar.700 37.816.276 42.584 79.241 88.094 24. 199.160.753.111.047.683 28.214 3.702.739 15.264.094 42.399 3.489.741 72.509 35.577 13.548.815.734.945.844.871.946 9.332 241. Mar.767 50.785.381.012.584 3.285 88.786.427.770 42.128 National Bank of Romania 7.266.926 4.653 20.308.511.121 2.095 2.454 6.234 3.274 207.169.771.615 53.397 454.297.829 1.510. 333.294.127 30.136.280 2.094.485.005.720 33.572 Apr.128.612 89.203 234.334.030 Apr.979 32.550.571.865.641.318 46.281.442.209.080 43.516.626.012.090 1.702 97.647.495 12.729.137 206.926 13.561.366.548.363 3.890.704 1.008 172.854. Mar.950.483 316.995.049.969.958. 405.547.402.706.210 54.566 2.448 89. 274.923 4.781.418 27.964.626.097.489 2.090.181 16.874 234.508.133.110 1.460.215.335.583.673.619 1.155 7.339.276 3.607 89.435.671.704 2.036.901 254.673 264.314 45.451 9.313.945 29.061.325.150.608 41.417 1.365.564 167.391.696. 525.207.359.689 1.185 402.628.949.202 40.162.266.371.366 545.891.706 2.738.197.891 36.954.041 4.804 19.233.798 1.961 273.242 3.876. May Jun.883 336.544 274.300 113.676.769.396.729.831 41.674.348.034.807.611 35.128 79.342 194.906 1.806 1.960 25.980.857.872 9.278.330 1.397.301 3.416.584.573 10.927 1.038 53.376 89.886.433 11.631.284.773 3.855 40.910 5.965 87.615 51.910.188 88.799.972 4.010.597 32.010 120.735.141 40.889 7.534 5.597 4.561 2.216 64.189 4.493 1.717.203.513 3.726 12.571 178.310 36.242 2.258 5.255 26.120.231 2.222.131 8.288 2.221.617.324 188.892 3.673.276 45.029.852.350 68.742.690 364.159 449.649 3.435.792 39.906 42.458 3.810 41.208.457.293. 454. end of period - 251 .920.929 24.418 1.914.426.689.093 4.059 402.723 1.315 20.428.598 10.485.774 6.100.227.592 11.841.795.854 95.394 1.169 2.655 22.697.179 9.363 2. Sep.153 923.658 7.909.306 4.584 37.041 89.464 321.469 3.665.399 1.104 5.584.148 42.986.622.748 3.502.507.682 214.756.156.250.684 328.812.528.830.849 2.209 173.940 255.804 331. Cheques Other 1) 45.644 20.706 2.190 Household savings Total Demand Time 1.822 2.173 80.038.062.125.609 Apr.326 55.134 12.807 43.662 365.454 505.006 43.721.772.202 115.978.070.834 1.093 1.194 1.888.185 30.241 75.127.759.225.257.933 235.887 22.336.497 41.615. 216. Feb.704.721 26.802. Aug.154 1.457.413 973.834 33.518 3.403 85.950 28.465.879 4.109 15.755 209.397.677 127.768 1.910.422 141.651 2.034.622 1.886 58.630.689 63.083 82.415.398 17.161.988.501.581.858.977.828.509 1. Dec.466 88.852 14.363 20.553 Oct.327 93.298 4.462 33.815.446.582.375.327.301 12.029 1.628.136 1.563.377.700 90.128 .770.411 48.499.942 1.487 12.085 356.340.522 99.922.583.999.191.269 140.582 36.616.318.931 122.054.802.574 3.898 39.199 5.362 3.612 293.126. 42.244.539 3.970.905 5.627.762.360 3.660 1.907.113 4. May Jun.813 2.789.777 Dec.610.453 4.318.466 1.762.556.099 2.879.342 1.705. Aug.075.835 47.706 63.446.016 94.065 83.007.254 2.265.137 444.506 5.137.597.779 35.290 335.590 292.999.920.227 47.483.128 5.644.554 2.546 37.520.917 388.377 136.829 4.895.780.789 49.021 3.698.498 1. Feb.466 1.111 3.053.493.169.115.469. Aug.249 228.993.898 937.336 2000 Jan.661.635.706.019.360 955.691 323.072.740 43.554.296 13.809.910 5.776.516 36.774.003.920.750.415.765.478. 442. May Jun.632.591.017.756.927.992 246.928 1.076.133.332.928 2.381.011.258.979 859.703 3.624 40.800 5.203 76. Sep.603.221.106.115.171 18.760.669.455.133.491 5.458 32.083 5.670.790 42.624.209 36.377.732 4.012.468.894.760.516 3.593.886.227 43.354.755.613.166 1.890.162 22.059 116.203.113 13.507 10.716 14.824.752.440.426 10.226 11.238.760.585.996 3.216.Annual Report 2003 Statistical Section 16.757 31.943 37.007 1.192 1.313 493.791 4.054.277. Feb. 545.845.333.151.929 32.025 45.060 3.190 5.221 2.884.377.138.747.953.467.615 3.356.382.263 33.161.398 46.992 40.178.511 1.828 41.223 20.520.341.458.507.751. Sep.230 4.957.086 16. 305.957.565 93.252 248.535.440 39.864 58. Aug.998.387 Nov.885.129.972 2.591.976 40.990 18.424.837 3.419 2.781 43.282.600.393 89.634.060 20.617.311.160.583 1.094 2.499 1.555.058.746.689.259.624 41.791 2.492.791 25.925.116 44.252.113.645 3.753.290.341.260 2.835 6.973 Oct.060 39.357.227.001 934.346 55.348.513 61.705.936.327 2001 Jan.927.155 20.608.423.811 Oct.961.378 67.801 2.844 5.003 263.231 77.050 219.226.678.856 745.816 2.455 26.836 1) Insurance companies included.243 4.266.550.364.923.143 1.969.235 1.297 90.527 12.688 31.353 71.121 159.894.641 3.555.478.479 2.321.551 41.341 27.706.732 9.708.471.444 202.327 331.447 2.833 3.632.983 261.735.038.379 3.877 17.320.769.606 1.010.310 54.410.852.061.297.293.166.218 219.546.632 4.247.633.706 39.661.726.856 37.834 3.725 39.852.477.607.690 213.542.627.589.697 3.671.501 2.830 23.019 70.096 3.385. Nov.766.723 120.590 44.535 24.588 2.096.048.836 338.504 15.241 35.490.560 1.416.006 116.157 85. Nov.498 19.928 18.433 2. Nov.478.026 375.234 99.268 19.227.678 63.002.128 5.105.479 43.471 1.102 67.803 92.134. 522.886 2.905.762 899.440 2.900.856 29.251 3.279 2.755.250.920.275 1.165 2.161.376 11.972 368.045 25. 360.272.138 39.448.529 19.249 61.524 36.287 13.268.406 16.855 1.371.468.399 46.853 65.657 22.246 29.999.134.373 42.087 459.821 182.711 56.355.967 Jul.426.945.706.402.743 1.030.156.100 348.221 29.328.055 72.876.770.105 94.276 1.678.241 2.889 Jul.346 3.176 327.061 1. 252.760.083 37.897.681.752 15.083 131.069.076 187.402 174. Feb.007.370.412 283.990 5.835. 173.141 94.321.145 3.341.535.959.290.599.920.874 1.620 1.784 31.565 Jul.697.003 1.574 1.276.411 2.906 33.894 3.008. Sep.397 4.159.685 1.073 395.450.612 42.330.420 32.201.363 1.727 Oct.614 56.180.559.062 42.230 42.506 444.529 328.085 Apr.415.990.056 94.316 2.353 Jul.991 93.628 9.796 32. AGGREGATE MONETARY BALANCE SHEET OF CREDIT INSTITUTIONS (continued) Period DOMESTIC LIABILITIES Non-bank clients' deposits Total Total Demand deposits Economic agents by Total majority ownership state-owned private Household accounts 1999 2000 2001 2002 2003 170.456 2.727.685.373 162.489.680 5.773 41.105 2003 Jan.128 6.365.854.238.882 159.062.098.081.854 141.805.541.802.109 24.589.581.

351.091 12.930.292.024.010 148.969.535 2.511 Jul.372.345.073.333 159.099.610 4.396 4.715 171.914.049 2.668.909.615.680 157.426 6.676.012 5.252 3.015.980.720.033 5.506 5.219.669 16.148. end of period - Certificates of deposit Convertible currency deposits Total Demand Total Economic agents by majority ownership state-owned private Household deposits Other 1) 1999 2000 2001 2002 2003 14.752.670.504.384.645.883.466 78.061.215.733 3.769.922 9. Aug.902 3.619.694.832 4. Mar.749.921.107.183 29.475 4.534.193 7.904.929.790 11.607 58. May Jun.114.771.035.584 9.187 7.141 4.113.125.706.089.851.715 44.346 4.290 4.738.269 54. 34.158.495.017.319 2.385 57.784.671.564 15.682.182 4.232 11.641 7.741 5.407.743.650 16.344.942 Nov.901 5.003.805 6.031.817 4.511 74.068 4.004.861.617.828.736 8.818 4.564 3.712.452.349 3.028. Sep.085 9.456 49.371.331.507 2.128.914.322.865 4.232.402.611.847.019 18.265 152.286.783.114 168.261 42.462.868 Oct.697.445.906 7.503.569.559 12.457.174.484.037.616 17.717.397 3.509.449.993 12.684 3. Dec.403 4.867.703 9. 22.444.027 24.972 13.926 5.882.962 23.155 9.766 27.586 11.754 50. 16.186.558.958 11.110.966 15.862 5.036.579.567.417 2.886 5.905.848 8.490.974.395 34.487.323. Dec.384.099 6.664.392. 10.326.544.372.434 5.074 21.129.954.389 13.511 27.570 87. AGGREGATE MONETARY BALANCE SHEET OF CREDIT INSTITUTIONS (continued) Period DOMESTIC LIABILITIES (continued) Non-bank clients' deposits (continued) ROL deposits Total Time Restricted .822.126 49.003 11.270.261.090 26.895 13.603.374 36.605 12. 60.763.490 5.917.232 20.355 5.473 12.924.314.063 16.625 5. 37.863 5.600 11.907.327.622 25.457 19.715 3.189 2.909.861 4.512 17.612 27.259.525.659.738 4.656.905.037 50.337 18.749 2.864 59.564 10.671.976 5.148.082.810 4.574.982.780.126 4.481.607 29.742 4.113.859 6.682 124.756 11.712 4.426. Sep.867 22.135.424.067.585 4.114 14.538 35.744 38.621. Mar.042.424.618.569 20.122 17.712.183.139 146.843.052 17.013.252.402 4. May Jun.298 5.778 18.655 20.391.402 31.316 15.482.241.772.616 6.977 4.513 9.752.060 10.606 6.714.344.381. 46.027 15.436 7.447 21.725 57.421 8.240.525.314 24.282 9.545 55.804 Jul.475.012 3.395 4.078 5.239 11.394.935.674 Apr.206 6.806 31.477 27.899.424.401 12.761 64.951.600 127.938.730 12.896.997. 14.230.298.980.523.109 6.578 17.081.117 5.511 2.715 5.766 31.483.959.203.353 19.723 2.804 6.930 3.268 146.683.693 87.763 2.041 8.037 10.811.011 22.828 35.938.414.533.577.558.898 5.830 4.980 3.810.489 23.995 4.926.640 1.158.218 10. Feb.369.866 Jul. Mar.959 11.675 2.292 39.787 13.147.340.769 12.812 23.580.683 20.802.270.899.856.899 4.901.441 4.795.371.596.878 52.363 3.124 118.363. Feb.314 115.648 12.792.012 3.339 19.516.800 15.112 17.471 3.942.218.846 Dec.210.185.303.360 6.960.768 8. 20.332 10.931.786.395.049 3.133 27.318.627 10.999 19.602 2.158.483 2000 Jan.002.374 13.231 24.729.582.150.638 41.033 150.395.933 7.468.192.052 38.606 95.235.640.992 74.158.155 49.486.307.971 50.270.013 7.634 14.990 10.256 11.995.946 26. 26.614.613 33.598.555.442 6.026 3.883 1.455.457 14.153 102.171 18.180.230.796 5.510 6.711 122.384 24.063.220.018.596.162 3.032.130 14.176.442. Nov.366 25.416 38.128 8.190.292.282 4.660 11.209.343 26.719.374.045 8.553 19.510.936.086.089.974.470 16.909.910.749 2.287.715 2.429 146.661.103 8.136.940 19.223.697.691 49.071.480 135.875 9.179 83.742.534.115.898 3.318.469 4.151 3.681.012 23. 19.092.253.206 35.847 3.127 167.662.875 26.978 171.472.901.137 7.210 89.366.053.367.701.005 50.740 49.433.119 50.336 22.271.251 2. Sep.223.019 20.549 4.105 7.062.323.959.788.090 29.709.767.243 28. Aug.371.096.840 4.217. Sep. 17.853.784.850.811.158.442.911 9.129 28.452 8.327 19.757.737.638.946 26.436 7.127 50.419 24.891 22.384.936.100.742 11.473.307.176.874.426 12.877.129 7.667 70.544 Apr.514.734 60.023 4.241.839 115. Aug.981 2.668.924 107.133.477.904 4.496.849 19.924 13.597.033 19.431 4. Aug.749.061.457 14.733.464 4.171.019 2001 Jan.360 7. 15.690.550.609 10.442 4.581 11.535.100.642 5.382.549.951 111.406.868.202.083 8.477.131 4.096 10.505 9.593 22.754 11.214 3. 60. Nov.867 146.797 6. May Jun.593 2002 Jan.164.275 4.640.778.692 54.460.077.336.736.665 35.514.257 38.461.418 8.517 National Bank of Romania .019 2.995 4.883 5. 50.004.757.024.787 Oct.400.108.409.462.105.348 10.576.289.220.428.987 2.856.266.315 37.173 Jul.421.559.392 9.637.842.784.191 19.159 14.789 5.811.088.753.754 3.151 38.648 49.783 2.517 8.686 4.318.198.375.617.654 15.796 71.738.552 42.795.103 Apr.056.925.139 36.533 3.379 1.677.483 26.929 23.141 26.363.793.148.939.749.386 10.041.896.215.273.468.076.233 5.455 2.806.716 28.083 4.051.395.468.727.256 80.349.101.696 3. Nov.469.710 4.203.836.230.030.124.956.215 6.533 106.902 Apr.951 36.938.802.437 14.491.683 49.619.300.637 3.449 42.516.651.355.392.287 27.660.465 4.797.871.736 18.968.798 19.144 47.145.917 51.423 10.899.861 Oct.914 18.964.534.233 5.177 4.790 10.447 17.607 22.309.426.590.192 20.188 1.582.182.639 145.388. Mar.568 10.721.480 1.129 12.798 19.684 2.487.039.574.601.511.229 4.351.329 19.636.504 11.318 2.268 1.591.129 2003 Jan.054.400 28.712.637 4.811.402 13.798 21.817 59.656 21.087 8.536 12.801.727.600 10.077 10.631.257.805 4.505.024 117.394 6.258.190 12.843 4.033.849 5.953.121.182 17.927 12.133 24. 50.555.421.892 37.286. May Jun.038 12.564.072 8.189.666.355.977.041.213 116.074 18.484 5.513.223 6.646 4.987 1) Insurance companies included.147 2.023 12.738 7.258.070.157 11.971.682 3.588 58.891 76.971 7.442 29.114. 40.159 17.048 4.475 6.558 37.978 4.158 7.635.590.704.240.489 4.837 12.664.363 15.599 4.997 50.458 5.017 51.175.959.517 6. Dec.159 15.884 7.485.892.ROL millions.697 4.251.286 18.025 115.164.955 1.670 5.802.785.494.589.114 16.612 15.557 15.836.450.905.037 7.148.913 1.019 18.487.819.595 68.473.987.874.291 28.002 8.055 2.967.517 252 9.307.212 4.755 13.742 11.730.924 11.077 2. Feb.162.983 Oct.779 5.086.411 14.234 40.579.723 48.926.938.579 3.198.508.872.712 21.701.386.551 4.854.821 50.111.091.862.456.304 55.915.130 129.620 2.330 9.659 21.545. Feb.556 123.518 2.631.091.864 4.947.776.720 31.590.477 152.054.831.016.874.067.884 2.955 9.269 23.898 22.086.233.417.266.741 5.861 13.473.721.127 41.485.010 126.402.831.924 4.526 12.798.062. 76.856.205.316.896.856.842 31.697.998 4.736.419 4.071 1.485. 15.230.216.Annual Report 2003 Statistical Section 16.546 51.583.111 2.483.489.937 14.100.106 4.001 17.369.581.023.236.916 59.179 9.612 32.626 3.095.778 6.540 10.637 24.919.749.176.175.001.316 5.714.260 53.

363 51.228 11.442 3.440 7.873.650 3.737.348.960 5.668.229 5.916.121 2.030.821.670.379 16.878 18.282 14.946.289 10.291. Aug.620.352 19.761 3.221 13.045 Jul.648.206 3.968 10.425 2.389.320 13.792.959 4.460.093.049.380.043.750.309 14.025.031.300.282 49.807 Oct.419 2.916.333 20.933.811 4.602 7.566 10.884.353 3.000 11.798 2.418 3.603 12.157.335.241.688.922.687.739.677.739 9.487.577.089 13.280 16.972.299.212 3.917.952.733.320 13.584.734 National Bank of Romania 9.015.570 12.290.122.726 9.736 1.142.647.157 6.049.898 3. Feb.172 2.798.953 10.748 2.465.025.445 5.375. Dec.914 879.947.949 3.813.929 10.512.683 14.876.055 18.211 99.449 4.572.706 66.357.288 2.993 6.698 14.092.974 14. May Jun.345.395 5.872.209 53.005 10. 82.439.897.104.962.569 45.830 20.024.280.825.097.594.727.936 1.642 3.408 2.824.281.097 Apr.292 14.094.987 4.584.152 3.697 14.142.614 2.071.251 2.245.199.341.873.983 2.274.606 3.225.345 3.172.407 7.929.088 11.917.353 Jul.214 32.844.025 1.464 2.640 45.665 3.373 14.016.454.823.097.670.060.886.239.727.618.683.818.347 15.296.899 22.198.408 23.122.656.885.531.428.862.668.259.210 3. 70. 93.163 3.451 Apr. Mar.919 2.797.977.130 47. Mar.692.546 45.425.408 8.583.977.660.386.024.392 1.142.964.202 6.748 1.033 Oct.434 3.474.216 11.690.553.546 2.339.906 Apr.587.880.970.255.512 11.139 4.671. 108.816 3.183.300.401.085.811. Feb.995 4.674.462 11.070 11.035.959.021 7.873.470 18.822.810 3.984 15.608 102.371.167.996 1.835 15.205 6.586.865.189.127.659.846.858.336 12.153.011.142.090.865 16.313.797.182 8.884.813.686 3.401 3.192.578.830 5.820.413 9.211.501 14.304.970.958.268 2.947 11.909.706.691.541 15.085 4.462 3.677.039.927.321.320.912.694 6.980.767.222 3.721. end of period Float Other 1) Interbank liabilities Restricted 2) Government deposits Total Deposits from MLT financing 27.621.516 12.042.763 14.474.808.789.767 77.626.252.745.475.836 14.086 14.434.916 6.766.478 2.896.524.079.465 63.697 2.706 15.733.599 3.173.217.940 14.946 12.935 15.025.946 7.334 2.990.920 4.361.531 2.838.044 9.605 13.458.624 8.058 15.761 13.859.971 61.612 61.270 8.263 493.386.316.424 95. May Jun.014 97.937.813 10. 99.663 9.739 8.145.650.135 8.544.205 13.166.403.565.506 2. 59.356.687.332.748 14.960.227.697.464.857 4.999.935.630.224 47.916 16.075 14.232.696 Jul.909 19.227.185.926.042.804.901 5.832 41.197.132.345.647 3.911.509 7.508 5.328.520 30.000.389.491 49.661.927 32.130 82.898 111.862.216 5.916.783.528 3.014 3.151 85.220.905 12.836 2.109 10.933 12.062 Oct.240.395. Dec.455 35.625.250 5.492 2.452.286.037.756 3.720.518 982.444 58. 38.043.363 9.114.933 3.790.913 1.410.202.170.134 11.961.419 10.114 15.856.250 2.625. 78.555 2.945 2.848 5.603 12.225 12.095.581 3.408.012.528.428.232.134 12.325.856 7.561.164.784.709 3.252.416 10.133 14.449 493.093.141.784 1.956 9.910.576.373 10.519.632 5.490.637 13.518 6.454 14.666.371 11.115.018.484.513.899.151 3.242 7.211 4.144 8.830 4. Feb.807 7.462 15.139 58.679 11. 85.459.768 13.447 2.834.892 9. 95.840.653.156.508 2.989.217.482. Sep.947 879.336 87.363 1.224.109 15.881 659.849.386.649 4.551 12.634 11.397.145.811 15.190.101 5.677.249.666 1.799 253 .544 1.093 10.663 13.290 10.143.344.194.299.786 4.098.213.908.544 11.281 12.945.287.501.281.418. Nov.411 102.360 26.639.829. 55.752 3. 32.993 17.738.229.026 10.436 1.488 15.093.771.030 49. AGGREGATE MONETARY BALANCE SHEET OF CREDIT INSTITUTIONS (continued) Period DOMESTIC LIABILITIES (continued) Non-bank clients' deposits (continued) Convertible currency deposits (continued) Time Economic agents by Total Housemajority ownership hold state-owned private deposits 1999 2000 2001 2002 2003 .452.961.276. Mar.627.833 28.973 55.627.374 5.878 18. 3.892.219 4.429 81.066 11.817.Annual Report 2003 Statistical Section 16.138 Jul.281.675.509 232.484 17.540 9.215.347.293 6.748.870 3.247 16.126.729.020 7.396 5. Sep.293 Apr.568.004 2.318 12.167.955.286.811 8.565 10.442.333 50.222.534 18.079 1.532 6.358.714.236 1.583 44.630 12.075.380 15.358.422 30.901 11.410 14. 80.096 77.941 13.878 4.260.024 5.127. May Jun.461 9.110.413.602.891 3.266.100.202 4.795 15.875.605 2001 Jan.330.004 33.705.627 1.121.906.528 2.270.945 14.444 48.698.466 48.956 18.674.555 10.666 2.892 43.236.393 74.967 51.037 2.500 2.238.126.865 5.662 2.968.349.939 14.000 6.115 10.625.334.850.713.746.103.805.905.750 94.832 20.105 7.365 19.671.807.172.044 9.474 4.480.250 13.596 Nov.490.793.816 37.256.980. Feb.483.163 77.407 2. Aug.801.121.241 12.518 1) Insurance companies included.163 1.ROL millions.490.133 14.888.160.095 9.143 Dec.372 10.902 47.920 15. 111.580 10.453 15.030.165 12.465 11.626.574.163.104.999.547 13.151 16.076.430.214 13.339.856 48.690.160.648 50.333 1.668.478 12.091.986.556.484.849.458 4.470 2003 Jan.978.868.401 3.544.266 9.752.690 16.978 2.348 3.802 11.006.214 13.071.870 8.170 53.157 7.006.771.068 6.413 3.015 20. Dec.087 10.874 14.862.469 37.767.461 3.406 2.892.343.938 10.426.947.118.564.166.003 5.546.705 71.107 46.246.114.718 16.060 10.104.532.808 659.807.649.899.137 6.737 4.312.348 66.203 18.803.284 14.661.075 5.549.483 4.172 4.085 5.789 4.062 4.463 3.014 9.219.095 53.369 3.019.299.062 6.808 2.800 12.991 12.673 11.299.839 4.125 12.870 11.374.399 2.797 17.705 18.660.400.785 10. 50.309 24.426 24.302 2.670 2.789.871 64.721 2.881 11. 108.102 17.912.557.289.386 5.720 11.553.938 1.431. Aug.939.745.850.439 7.489 7.098.374 1.835.915 15.649 34.651.114 2002 Jan.642 2.619 1.979.238.424 16.603.372 84.067 1.386 12.783 2.490.724 2.966 12.015 11.218.071 11.431 55.767 19.120 4.519.249 4. Nov.824 13.711 97.922.066. 46.543 13.663.686.560.430 3.385.918 1.970.415 5.873.668.890.702.103.795.277.041.334.379.976 11.050.789 8.941.424.008.727.931 39.218 2.618.996 12.872 4.738.482 10.829 10.919 3.770.151 2.878 12.142 15.797.444.379.962.289.651.918 2.348.784 5.608 13.785 98.709 80.519.127.880.835 28.184.250 13.635 11.670 9.758.086.212 4.212 10.175 14. May Jun.210 12. Sep.163 6.612.928.902.901 11.694.794 6.613.987 13.898 4.380.373 13.435.362 51.935.657.956.731.121 2.372 2.091 19.701.768 19.697 14.573 17.298.976 6.786 11.462.178 3.734 2000 Jan.413 4.834 3.272.369 15.360 13.067 24.488 2.380.892.351 4.456 6.092 16.106 13.995 10.667 11.061.515 47.921.890 6.892.182 2.717 15.791 11.247.927. Sep.947 67.987.092 40.856.330.129.804.655.679.922.423 3.987.588 3.545 10. Nov.214 Oct.428. Aug.174 2.887 13.538.654 13. 2) Certificates of deposit included.531 16.212. Mar.090 56.625 2.474 15.170.503.970.337 52.875.629 9.637 11.069. 33.642 1.526 58.932 6.

496 –1.163 18.089 24.871.621.956 –4.122 36.972 52.853 Oct.522 55.265.030 26.095 14.810 3.214 5.982 27.869 35.215.492 9.007.091 3.560.159 67.588 57.462 2.069.572 898.320 57.106.999 36.408.777 5.759.929.579 13.004 28.657 284.936 67.226 6.368 651.478 National Bank of Romania .501 3.208.228 30.034.092 8.965 35.370 11.622 2.109 25.932.392 22.213.844 20.144 15.244 20.339 20.581.850.793 33.857.738 25.103 71.533.416 132.467 3.947.038 33.768 380.104.464 196.905.899 57.370 16.848.066 3.225 16.472.673.515 22.063 12.761.684 16.359 2.528 30.182 23.529.619.048 925 192 –1. May Jun.244.020.509.685.646.401 Oct.616.172 624.580 2. 3.162 21.002 6.783.052 35.ROL millions.541 24.133.911 1. 3.671 12.559.229 3.169.462 50.204.212.524.311 –22.119.389 28.270.071 9.142 53.308.015.576 –14.362 31.071 43.145 548.830 80.856.700 7.481. Feb.920 23.163 2.025 97.279.285.809.858 9.187 23.917 3.788.038 2.732 30.926 55.085.910 51.740 36.197.517 265.597 78.798.241 29.009.728.497 10.277 23.398.582.051 –2.265 26.129 3.380.Annual Report 2003 Statistical Section 16.354.671.957.067 455.386 13.399 2.634 729. 4.862 69.037.047. Mar.945 2.403 40.409.063 28.605.701 198 134 0 –2.798 28.499 822.651.216 22.198 21.305 4.250.220 –240 42.478 2000 Jan.937 3.625.830.372 –10.872 3.700 33.052 391.226.738 16.980 1.430 2.001 11.575.777 15.999 –1.260.960 13.943.541. 3.307 41.390.033 42.158 61.596.456.075.605 60.738.252 18.164 1.881 7.802 679.691.462 22.701 0 –1.918 63.884.339 3.980 23.679 504.094.777 3.155 10.609.511.792 564.134 19.059 33.307 22.640.138 5.971 44.632 30.342 67.386 24.327 12.649 16. 4.706 43.376 37.690 10.761.005 33.443.333 1.504 15.733 599.982.018.216 20.621.544 57.334 1.782 186.712 18.303 –2.971 3.401 –36.510 828.940 82. Feb.995.210.978 57.885.738 21.964.883.082.576 37. Aug.584.120.038 12.698 4.417 49.121.473 26.858.454.935 –6.882 34.560.473 22.361 44.212 615.059 22.774.563 23.999 9.205 31.906.316 66.465 60.937 24.847 Jul.017.231 16.709 27.405 55.Deposits Total Own capital other ployfrom Total extrament State budbenefit Treasury getary fund investaccounts ments of which: Statutory capital Other liabilities Supplementary Total Net gains capital from forex assets and liabilities revaluation Other 1999 2000 2001 2002 2003 2.394 25.977.063 36.234 12.993 –13.725 692.162 5.032 2.779.771.663.209 44. Dec.446 –1.753.155.140 –3.641.204 220 124 52 2.728.734. Dec.356.772 20.859.779.445.699.821 88.760.048.905. May Jun.721 65.525 87.899.823.284 1.759. Aug.754 –36.251 14.864.945 32.337 25.239 6. May Jun.464 27.011 20.178.162 22.612 Jul.655.577 2.028. Dec.207 7.303.338.152.211.332.106.924.774.490.021.165 18.581.186 10.542 2.493.019.975 62.866.165.744 13. Mar.377 –9. 2.473.405 80.334.007 32.473.572.522 25.722 12.673.581.004 679.163 29.483 15.397 148 160 37 3.741.095 64.794 23.060.990.717.594 –12.674.313 54.161.220 18.993 73.041.355.000.414 11.630.754 28.873 3.925. Sep.394 50. 3.829.340 48.474 13.420 22.673 10.657 26.642.777 14.293 12.312.444 56.668 51.392.900.947.675.342 30.671 77.976.509 6.300.994 682.505 2. May Jun.354.145 2003 Jan. 3.681 87.476 13.408.357 24.327.713 13.747.382 25.900 21.369 5.598 21.898 3.208.986 380.294.102.994 19.330 23.216 Apr.375 24.854.228.340 2.213 74.798.544. Aug.187.426.284 25.039.158 24. 2.308.871 30.753 20.678.950.637.509.946 3.505 24. Nov.710.627 27.011.700 6.253. 3. end of period DOMESTIC LIABILITIES (continued) Government deposits (continued) Capital accounts Special & Unem.075.877 12.931.885 11.037.791 53.943.985.640 35.986.748.245 53.195 60.581.695.095 2001 Jan.533.879 27.065 1.314 1.857.390. Feb.121.420.330.863 16.308.576.175 Apr.711.138 28.006.519.068 –8.541 30.884.753.050 3.664.071.230.623 5.051 –10.230.005.282.029.303.509.862 24.334.276 107.749.404 29.186 3.707 68.622 192 5.352.928.727.888.852.510 1.939.482 12.933. Dec.727 10.903.174 147.485.044.188 35.483 44.834.140 25.714.716.787 –7. Mar.565.648 444.698 6.482 3.053.594 14.032 5.488 4.517.475.416 20.774 3.524.433.810 2.525 95.128 2.710.380.524.380 23.607 18. Sep.288.886 600 336 14.098 174.692.776.886 587.637 63.055 609.134.015.797 15.161.512.066 23.770.551 68.253 22.095 44.586.962.511.985.133.260 –36.231 2002 Jan.578 23.393 45.923.024.174 539.178 51. Nov.052 18.662 1.960 23.155 5.347.894.597 17.385 23.165 12.135 10.433 24.473 3.217 30.711.963 20.794 22. Nov.003 590.278 18.216.339 Jul.367.062 3.809. AGGREGATE MONETARY BALANCE SHEET OF CREDIT INSTITUTIONS (continued) Period 254 .836.501.922 11.145 18.996 626.785.646.603 114.898.557 Apr.946.703 12.916 3.822.888.896 26.390 –4.775 102.426.275 –7.120.743.070 6.453. Aug.094 57.865 2.303.341.200 51.325 39.685. 3.961 24.185.108 57.735 2.507.606 132.911.563.650.354.323 44.346 Oct. 3.509.657.244.459 14.039 24.483 2.926.156.652 1.939 2.068 35.020.733 –3.516 29.038.123 73.718 32.750 17.531 12.320 591.888 12.354.083 3.938.287.181 58. 3.255.444 64. 3.036 12.611 28.066 6.986 2. Nov.964.712 13.517.629.798 12.151 6.813.792 64.488.598.685.104 5.456 121.821 77.347 63.482 11.318 77 83 33 –6.854.575.066 36.311 13.888 25.892.612.132 5.630 722.369 –2.894 25.761.906. Sep.334.725 49.867 48.003 Jul.477.226.047.476 –2.925 127.809.236 63.460.891 25.961 65.901.827.509 22.123.671 46.339 200.649 45.619 27. 2.302.678 30.785 Oct.977 61.669.927.442 19.571 25.793.788 77.642 24.371.655 53.648 135.159 23.101 3.404 23.239 18.643.962.507.844 504.530 25.448.503 112.737 25.109 26.802 23. Sep. Feb.653 64.634 23.025 25.376 25.632 19.704 21. Mar.238.840 14.774.116.792 15.323 13.880 53.753.537.812 1.282. 2.768 19.616.498 29.122.017 5.362 5.362.925 18.416.559 3.017.337 21.475.272.108 22.585.787 –4.808.438 12.813.678 32.796 13.596 152.724 17.177.472.407 20.071.689 27.926 550.625 2.236.998.919 Apr.902 13.882.188 27.200.560.479 16.136.522 18.748.793 20.656.206.019 5.726 59.431 66.365 29.303 32.919.611 8.357.413 –8.002 37.800.798 46.772 38.078.641 77.995.492 61.346.639 632 28.768 68.213 24.000 105.503 16.078.153 28.475.771.869.973.182 22.

9 28.9 25. 55.1 27.3 22.8 31.8 28.7 42.5 16.8 25.9 27.1 26.1 34.7 20.3 29.3 30.9 16.2 48.4 39.3 34.4 28.1 36. Nov. 42.9 14.8 Apr.2 31. AVERAGE INTEREST RATES APPLIED BY CREDIT INSTITUTIONS (ROL TRANSACTIONS) Period Lending rate non-bank clients (including government) average .7 33.3 11.4 28.5 28. 42.5 29.1 15.2 10.4 18.9 Jul.3 15.4 29. Nov. Feb.3 Apr.5 22.8 24.3 20.9 32.0 29.9 40.9 25.0 35. 42. Dec.4 18.4 11.1 33. Dec.6 25.2 47.8 55.8 20.7 25.9 29.4 27.1 49. Mar.2 28.7 41.0 34.7 40.3 26.4 16.6 60.0 26.1 10.2 17.Annual Report 2003 Statistical Section 17.8 51.0 30.7 26.7 2003 Jan.2 30.8 30.2 40.2 29. Sep.4 28.9 38.6 32. Mar.4 26.1 30.5 49. Sep.0 11. 32.9 16.3 Apr.0 44. Feb. 43.1 23.1 19.0 29.4 46.4 17.0 15.2 49.7 18. 51. May Jun. May Jun.2 33.9 39.2 38. Nov.6 29.6 32.2 17. May Jun.7 22.0 32.4 14.1 21.5 27.3 27.8 16.2 57.3 11.1 13.4 35.3 19.8 63. Feb.1 42.9 43.8 23.9 11. Mar.7 20.7 15.9 20. May Jun.8 41.0 45.3 42. 19.5 11.6 28.5 34.9 20.2 27.2 10.1 55.4 26.5 21.0 2000 Jan.2 25. Mar.4 10.5 10.9 33.8 25.6 27.6 15.5 38.5 22.1 39.7 28. 36.7 23. Aug.8 10.9 29. Sep.9 63.6 19.5 21. 29.7 37. Feb. 38.5 45.5 17.2 14. Aug.8 16.3 15.4 19.6 18.3 25.0 33.4 interbank transactions (including relations with NBR) 46.2 28.0 29.4 27.2 47.6 14.2 41.7 10.9 29.3 43.8 11. Aug.0 50.8 24.3 28.8 30. Sep. National Bank of Romania average 49.9 34.2 24.0 26.4 39.4 29.6 41.5 17.5 48.4 21.0 29.8 1999 2000 2001 2002 2003 61.4 14.2 46.6 28.1 37.6 26.3 17.0 42.6 14.0 26.6 Jul.5 10.5 12.4 29.4 2002 Jan.8 29.7 23.9 23.8 Oct.2 46.2 20.1 29.1 17.2 20.0 31.5 33.0 23.4 41.3 15. 19. 34.9 30.0 28.3 32.7 36.8 20.8 Jul.1 32.5 Jul.1 11.5 30.7 39.9 Oct. 25.3 27.4 19.5 18.6 23.0 255 .3 11. Nov.0 25.7 18.3 48.6 12.percent per annum Deposit rate non-bank customers interbank (including transactions government) (including relations with NBR) 45.9 15.9 14. Aug.4 63.9 27.4 24.8 16.2 Oct.5 11.0 Oct.2 38.0 10.5 23.2 31.6 10.3 37.9 35.2 44.7 21.3 33.2 2001 Jan.0 26.6 37.8 29.0 25.6 40.4 65.8 29.8 42.9 15.9 19.3 28. Dec.2 25.9 21.0 20.6 13.1 28.1 42.3 45.2 54.4 32.4 33.8 15. Dec.3 23.5 37.3 23.0 50.4 62.4 10.3 11.8 18.9 16.3 24.2 41. 22.9 18.8 25.4 40.1 35.4 29.8 29.9 29.4 25.2 Apr.5 32.7 24.0 28.6 48.6 25.0 25.7 11.8 21.6 23.1 25.9 53.7 30.7 23.0 10.0 10.4 12.4 32.2 25.0 30.0 18.0 27.5 24.5 27.

9 16.0 30.0 15.5 1-5Y 23.1 12.5 18.7 28. total 13.6 x x x 17. interest rates have been calculated according to NBR Norm No.6 12.1 individuals 3-6M 6-12M 30.5 >5Y x x total 14.3 14.5 18. AVERAGE INTEREST RATES APPLIED BY CREDIT INSTITUTIONS current assets in ROL banking sector 1-3M 3-6M 6-12M 18.3 17.3 26.5 .8 ≤1M 14.Annual Report 2003 Statistical Section 18.7 20.4 28.6 24.2 2.2 25.3 28.1 21.8 19.0 12.3 12.8 15.1 x x x 14.2 24.0 28.7 20.1 16.0 25.3 time liabilities in ROL 256 .6 20.2 22.1 Oct.1 ≤1M 21.5 20.9 12.0 30.3 14.7 >5Y x x total 11.4 13.7 15. Dec.1 13.6 Jul.9 20.2 15.8 Jul.0 20.8 14.3 13.0 30. total: average interest rate on all maturities.9 19.2 16.6 1-5Y 23.6 28.7 22.9 24.2 13.5 20.0 14.6 14. 3-6M: 3-6 months.3 12. Nov. 18.1 26.8 29.6 12. total 29.5 19.8 29.1 21.5 11.2 10.0 16.3 22.8 15.5 20.6 legal entities 1-3M 3-6M 6-12M 13. Sep.0 2003 May Jun.7 13.9 29.3 legal entities 1-3M 3-6M 6-12M 26.2 13.2 30.9 24.4 14.0 13.0 17. Dec.7 13.4 21. 19.4 22.9 16.2 24.2 22.8 23.8 29.0 x 17.3 24.2 13.7 17.1 17.9 20.0 13.3 14.0 19. 28.5 14.1 13.5 24.9 2003 May Jun.1 Oct.3 ≤1M 5.6 13.7 20.3 30.7 14.8 15.5 14.8 22.8 ≤1M: less than one month.8 15.2 17.2 20.6 19.9 26.5 25.2 14.1 17.0 1-5Y 32.0 2.8 17.4 25.6 23.1 6.3 24.8 13.3 14.3 1-3M 24.8 15.7 >5Y 24.8 21.9 14.7 22.6 14.9 13.7 25.5 27.1 13.0 2.0 23.2 14. Sep.9 13.8 ≤1M 10.3 18.7 30.7 12.7 x 14.2 17.5 15.8 15.4 29.3 4.7 17.7 22.6 24.9 29.9 >5Y 27.1 23.4 19.2 14. Nov.0 individuals 3-6M 6-12M 17.7 27.3 14.2 24.2 14.4 15.6 15.9 13.3 14.7 29. 15.3 15.9 ≤1M 5.2 10.9 16.1 30.3 15.5 19.8 24.6 19.7 19.9 13.1 24.6 16. Legend 13.9 26.3 16.0 2.9 14.0 29.9 11.6 ≤1M 22.4 24.6 16.5 25.4 19.1 13.7 22. Nov.1 14.5 20. National Bank of Romania .4 x x x 13.7 16.4 30.6 20. Sep.3 15.8 13.1 15.4 16.5 18.2 30.0 13.2 14.3 15.8 11.8 28.6 26.7 14.1 Note: Starting May 2003.9 banking sector 1-3M 3-6M 6-12M 17.5 23.0 13.1 27.8 18.4 14.2 17.3 28.8 14.7 15.0 15.2 19.2 28.8 20.9 x x 2.6 27.4 18.9 12. Nov.1 14.2 22.5 x 13.0 16.4 19.3 25.9 14.2 15.2 1-5Y 16.6 24.5 15.3 14. Aug.8 19.5 16. 15.7 25.6 ≤1M 17. Dec.5 14.4 12.5 12.5 24.1 Oct.0 15.1 ≤1M 10.1 30.8 17.5 15.4 11. 16.0 1-5Y x x >5Y x x total 9.7 Oct.1 12. 13.5 total 24.1 12.1 22.0 x x x 13.percent per annum government sector 1-3M 3-6M 6-12M 1-5Y >5Y 14.6 22.4 13.3 14.8 13.4 12.6 16.8 21.5 27.3 18.0 17.1 19.0 24.1 13.8 15.0 29.2 19.6 14.5 27.8 x x 17.4 17.4 24.6 17.6 9.2 27.8 14.8 16.8 24.2 14.8 15.4 29.6 17.7 28.6 24.8 26.2 25.1 14.5 x x x 18.2 15.6 22. Dec.6 25.5 16.9 24.3 20.2 26.1 22.1 13. Aug.1 14.0 22.3 12.1 Jul.3 18.0 18.0 2.7 19.2 22.7 26.8 20.4 20.1 16.3 15.8 28.2/21 February 2003.0 22.4 19.0 17. Sep.3 20. total 17.6 26.0 20.9 19.2 13.1 23.5 31.7 18.8 15.5 18. >5Y: more than 5 years.2 27.9 29.5 25.2 19.2 17.2 2003 May Jun.5 12.9 17.8 10.6 29.4 27.1 17.6 18.4 12. 1-5Y: 1-5 years.5 26.7 14.7 20.percent per annum government sector 1-3M 3-6M 6-12M 1-5Y >5Y 5.2 x 13.7 Jul.5 15. total 15.7 14.6 16.6 13.8 17.5 29.0 14.5 14.0 18.5 22.1 24.0 22. Aug.9 19.9 14.8 24.5 14.8 20.2 22.3 15.8 1-5Y 21.9 14.3 21.6 29.1 13.4 18.3 14.2 24.2 x 2. 28.0 1-3M 13.7 31.7 2003 May Jun. 1-3M: 1-3 months.5 >5Y 22. 6-12M: 6-12 months.4 15.3 17.0 24.2 17.6 18.3 14.2 16.5 21.7 30.8 25. Aug.0 2.4 18.9 31.

Annual
Report
2003

Statistical Section

18. AVERAGE INTEREST RATES APPLIED BY CREDIT INSTITUTIONS
current assets in EUR
banking sector
1-3M
3-6M 6-12M
2.6
10.5
x
2.3
5.1
3.6

2003 May
Jun.

total
4.7
2.1

≤1M
5.2
1.9

Jul.
Aug.
Sep.

2.3
2.1
2.1

2.2
2.0
2.1

2.2
2.2
2.1

2.5
2.5
2.4

Oct.
Nov.
Dec.

2.2
2.1
2.2

2.1
2.0
2.1

2.1
2.1
2.1

2.3
2.2
2.3

2003 May
Jun.

total
8.6
9.2

≤1M
9.7
9.6

1-3M
3.6
4.4

Jul.
Aug.
Sep.

8.9
9.2
9.3

10.1
9.9
8.3

10.0
4.5
6.9

9.2
5.9
7.3

Oct.
Nov.
Dec.

9.3
9.1
9.9

8.7
8.3
10.6

7.1
8.0
8.8

7.8
7.0
7.8

- percent per annum government sector
1-3M
3-6M 6-12M
1-5Y
>5Y
x
4.3
4.8
9.3
9.8
5.4
6.2
6.9
7.8
8.6

1-5Y
8.8
8.8

>5Y
3.9
3.7

total
9.4
8.3

≤1M
x
5.8

2.7
2.7
2.6

7.3
6.8
6.5

4.7
4.7
4.5

8.3
8.7
7.9

4.5
x
2.7

3.9
5.9
6.5

4.2
7.5
5.7

4.1
6.8
6.9

7.6
9.1
8.0

8.8
8.5
7.8

2.7
2.6
2.7

6.2
6.4
5.5

4.6
4.3
4.2

8.3
7.9
8.3

8.8
5.2
8.5

6.6
7.0
5.7

5.9
5.7
6.0

8.9
8.7
8.9

8.4
8.1
8.5

8.1
7.6
7.9

individuals
3-6M 6-12M
6.3
6.7
6.5
10.4

1-5Y
8.8
9.0

>5Y
8.7
9.3

total
6.8
6.7

≤1M
3.9
4.2

legal entities
1-3M
3-6M 6-12M
4.1
5.3
5.6
5.5
4.8
5.5

1-5Y
8.1
7.8

>5Y
8.1
7.1

11.0
10.3
9.9

8.8
9.7
9.7

8.9
8.9
9.1

7.0
6.9
6.9

3.9
4.3
3.8

5.8
5.1
4.8

5.9
5.9
6.1

6.4
6.2
6.2

7.9
7.9
7.8

7.8
7.3
7.5

10.3
9.4
9.8

9.4
9.3
10.8

9.2
9.0
9.3

6.9
6.6
6.7

4.0
3.9
4.2

4.8
4.8
4.9

6.3
6.3
6.4

6.2
6.0
6.1

8.1
7.6
7.6

6.8
6.4
6.8

time liabilities in EUR
banking sector
1-3M
3-6M 6-12M
2.0
3.3
5.6
2.4
3.5
5.3

2003 May
Jun.

total
3.6
3.7

≤1M
2.2
2.4

Jul.
Aug.
Sep.

3.7
3.3
3.1

2.3
2.3
2.2

2.3
2.3
2.3

4.3
5.6
4.8

Oct.
Nov.
Dec.

3.1
3.0
3.2

2.3
2.2
2.4

2.3
2.3
2.5

2.2
2.8
2.4

2003 May
Jun.

total
2.6
3.1

≤1M
1.4
2.1

1-3M
2.6
2.6

Jul.
Aug.
Sep.

2.8
2.6
2.6

2.5
2.3
2.3

2.8
2.6
2.5

- percent per annum government sector
1-3M
3-6M 6-12M
1-5Y
>5Y
1.8
1.8
x
4.8
x
1.5
1.9
x
x
x

1-5Y
4.5
4.4

>5Y
4.5
4.9

total
1.8
1.6

≤1M
1.8
1.5

5.3
5.1
4.7

4.4
3.8
3.7

4.0
3.5
3.5

1.5
1.4
1.4

1.5
1.4
1.4

1.5
1.4
1.4

1.8
1.5
1.4

x
x
x

x
x
x

x
x
x

3.6
3.5
3.6

3.7
3.9
3.7

3.5
3.4
3.8

1.4
1.4
1.5

1.4
1.4
1.5

1.4
1.4
1.4

1.5
1.4
1.5

x
x
x

x
x
x

x
x
x

individuals
3-6M 6-12M
2.6
3.7
2.5
3.4

1-5Y
8.9
5.6

>5Y
x
9.3

total
2.1
2.6

≤1M
1.7
1.9

legal entities
1-3M
3-6M 6-12M
2.0
2.9
3.5
2.3
2.8
3.3

1-5Y
6.4
6.1

>5Y
2.1
6.7

3.5
3.3
3.4

x
x
x

2.3
2.3
2.3

1.9
2.0
1.9

2.9
2.6
2.5

3.4
3.4
3.3

6.1
5.7
5.4

3.2
3.2
3.6

Oct.
Nov.
Dec.
Legend

2.3
2.6
2.7
3.2
3.3
x
2.0
2.0
2.4
2.7
2.3
2.4
3.0
3.1
3.7
4.0
x
1.8
3.3
2.5
3.0
2.4
2.4
2.7
2.9
3.3
3.6
x
1.9
2.3
2.4
2.8
2.4
≤1M: less than one month; 1-3M: 1-3 months; 3-6M: 3-6 months,
6-12M: 6-12 months, 1-5Y: 1-5 years, >5Y: more than 5 years; total: average interest rate on all maturities.

3.3
3.2
3.3

5.0
4.9
5.2

3.4
3.6
3.6

Note:

Starting May 2003, interest rates have been calculated according to NBR Norm No.2/21 February 2003.

National Bank of Romania

2.5
2.4
2.7

3.6
3.5
3.3

2.1
2.0
2.2

257

Annual
Report
2003

Statistical Section

18. AVERAGE INTEREST RATES APPLIED BY CREDIT INSTITUTIONS
current assets in USD
banking sector
1-3M
3-6M 6-12M
1.6
1.4
3.2
2.7
2.0
x

2003 May
Jun.

total
1.9
0.9

≤1M
1.9
0.8

Jul.
Aug.
Sep.

1.0
1.0
1.0

0.9
0.9
0.9

1.5
2.1
2.1

2.7
3.2
3.0

Oct.
Nov.
Dec.

1.0
0.9
0.8

0.9
0.8
0.8

1.5
2.8
3.0

3.6
2.5
2.2

2003 May
Jun.

total
8.8
9.1

≤1M
8.0
7.6

1-3M
2.6
7.1

Jul.
Aug.
Sep.

9.4
9.1
9.3

6.8
5.5
5.3

10.2
3.3
10.3

5.5
6.5
6.4

Oct.
Nov.
Dec.

9.3
9.3
9.5

4.6
7.6
7.9

10.7
9.8
10.2

9.2
8.1
8.5

1-5Y
4.6
4.6

>5Y
2.2
2.0

total
4.6
4.2

≤1M
1.1
4.6

2.0
2.2
2.0

4.7
3.2
3.4

2.0
1.8
1.7

4.9
5.9
5.1

4.9
4.9
4.8

3.9
x
4.2

5.1
8.5
4.4

5.2
4.9
4.6

4.7
6.8
5.6

x
x
4.2

2.9
3.2
3.0

3.3
3.2
3.6

1.7
1.7
1.8

5.1
5.0
4.7

4.7
4.6
4.8

x
x
x

4.8
4.7
4.8

3.9
3.3
2.5

5.6
5.4
4.6

4.5
4.4
4.1

individuals
3-6M 6-12M
2.4
6.5
0.9
9.2

1-5Y
9.4
10.3

>5Y
8.7
8.6

total
6.1
5.2

≤1M
2.6
1.8

legal entities
1-3M
3-6M 6-12M
3.7
6.6
6.2
4.0
4.2
4.9

1-5Y
6.9
6.1

>5Y
7.1
6.0

9.4
8.5
7.9

10.7
10.1
10.2

8.9
8.7
9.0

5.8
5.9
5.8

2.8
4.4
3.5

4.3
4.7
4.6

5.6
5.8
5.6

5.6
5.4
5.2

6.6
6.6
6.6

6.9
6.8
6.3

7.8
7.9
8.7

10.4
10.3
10.8

9.0
8.9
9.2

5.7
5.7
5.8

3.5
5.0
5.3

4.7
3.8
4.2

5.9
5.8
6.0

5.1
5.1
5.0

6.4
6.2
6.3

6.5
6.3
6.3

time liabilities in USD

258

- percent per annum government sector
1-3M
3-6M 6-12M
1-5Y
>5Y
0.0
0.6
4.9
5.2
5.2
0.9
0.6
4.9
4.5
x

banking sector
1-3M
3-6M 6-12M
1.4
1.9
1.8
1.4
2.1
1.9

2003 May
Jun.

total
2.6
2.5

≤1M
1.4
1.4

Jul.
Aug.
Sep.

2.5
2.4
2.3

1.3
1.3
1.4

1.5
1.4
1.3

2.2
2.4
2.4

Oct.
Nov.
Dec.

2.3
2.3
2.4

1.4
1.3
1.4

1.5
1.7
1.6

2.6
2.0
3.2

2003 May
Jun.

total
1.8
2.0

≤1M
0.9
1.2

1-3M
1.5
1.7

Jul.
Aug.
Sep.

1.9
1.9
1.9

1.3
1.3
1.3

1.7
1.7
1.7

- percent per annum government sector
1-3M
3-6M 6-12M
1-5Y
>5Y
2.7
3.6
x
x
x
2.1
1.9
x
x
x

1-5Y
2.5
2.8

>5Y
3.7
3.6

total
1.4
1.5

≤1M
1.0
1.1

1.3
1.4
1.3

2.4
2.2
2.1

3.9
3.6
3.5

1.3
1.3
1.3

1.2
1.2
1.3

1.5
1.5
1.4

x
x
x

x
x
x

x
x
x

x
x
x

1.4
1.3
2.0

2.1
2.4
2.4

3.6
3.5
3.3

1.2
1.2
1.3

1.2
1.2
1.3

1.3
1.3
1.3

x
x
x

x
x
x

x
x
x

x
x
x

individuals
3-6M 6-12M
2.2
3.2
1.8
2.9

1-5Y
4.8
3.5

>5Y
x
3.9

total
1.6
1.6

≤1M
1.2
1.2

legal entities
1-3M
3-6M 6-12M
1.9
2.4
3.5
1.9
2.0
3.2

1-5Y
5.5
4.1

>5Y
1.7
2.2

2.6
3.0
2.9

x
x
x

1.5
1.5
1.5

1.1
1.2
1.2

1.8
1.7
1.9

3.1
3.0
2.7

2.0
1.7
1.8

2.4
2.2
2.1

2.9
2.9
2.8

3.7
3.5
3.5

2.0
1.8
1.6

Oct.
Nov.
Dec.
Legend

1.4
1.7
1.9
2.6
2.9
x
1.5
1.3
1.8
1.9
1.5
1.4
1.9
2.2
3.0
3.3
x
1.3
2.3
3.0
2.1
1.6
1.4
1.8
2.2
2.7
3.0
x
1.3
2.1
2.5
2.0
1.6
≤1M: less than one month; 1-3M: 1-3 months; 3-6M: 3-6 months,
6-12M: 6-12 months, 1-5Y: 1-5 years, >5Y: more than 5 years; total: average interest rate on all maturities.

2.9
2.9
2.7

3.5
4.1
4.0

1.6
1.6
1.6

Note:

Starting May 2003, interest rates have been calculated according to NBR Norm No.2/21 February 2003.

National Bank of Romania

Annual
Report
2003

Statistical Section

18. AVERAGE INTEREST RATES APPLIED BY CREDIT INSTITUTIONS
new credits in ROL
banking sector
1-3M
3-6M 6-12M
24.1
26.1
24.5
27.0
27.0
29.2

2003 May
Jun.

total
25.6
16.6

≤1M
x
16.6

Jul.
Aug.
Sep.

12.5
12.7
19.3

10.9
11.5
19.3

14.6
18.6
21.9

27.2
19.0
25.9

Oct.
Nov.
Dec.

20.5
20.4
21.2

20.2
20.4
20.8

20.7
21.3
21.9

21.3
27.8
28.8

2003 May
Jun.

total
28.9
25.6

≤1M
22.8
25.9

1-3M
28.7
27.4

Jul.
Aug.
Sep.

26.3
26.2
26.5

28.8
29.5
29.1

27.5
28.9
25.8

32.3
29.1
28.7

Oct.
Nov.
Dec.

26.7
26.8
27.4

29.5
30.6
32.1

28.4
29.2
27.3

32.3
26.7
28.8

- percent per annum government sector
1-3M
3-6M 6-12M
1-5Y
>5Y
10.4
x
9.1
15.5
28.9
20.2
6.3
25.7
20.2
26.0

1-5Y
x
x

>5Y
x
x

total
13.8
20.6

≤1M
10.3
9.0

27.8
30.4
19.0

x
x
x

x
x
x

14.3
23.8
28.0

17.2
9.8
x

17.5
9.3
x

12.7
10.2
x

8.9
8.1
x

13.9
26.7
28.0

26.9
26.9
26.0

15.0
20.5
28.7

24.8
x
24.0

x
x
x

27.7
21.8
27.3

24.7
x
25.3

26.0
26.2
x

x
x
x

x
27.1
25.5

28.3
21.5
27.3

x
x
x

individuals
3-6M 6-12M
29.5
28.6
28.0
27.2

1-5Y
29.1
25.8

>5Y
28.7
24.3

total
24.9
23.3

≤1M
23.1
22.4

legal entities
1-3M
3-6M 6-12M
27.9
24.8
26.5
23.6
24.2
23.4

1-5Y
21.9
23.7

>5Y
23.0
21.9

29.9
29.0
29.1

26.7
26.7
26.5

24.6
24.0
23.0

25.9
24.7
25.6

27.3
30.3
24.9

26.8
25.7
28.4

24.8
24.9
24.6

25.6
22.7
25.8

23.2
22.0
22.3

20.4
21.4
25.8

31.0
30.3
31.0

26.5
26.6
27.3

23.4
23.4
21.9

26.2
25.7
25.7

29.8
29.6
28.4

26.8
28.1
28.4

24.5
24.9
25.1

25.7
24.1
25.6

22.1
21.6
22.0

22.7
20.1
24.6

new time deposits in ROL
banking sector
1-3M
3-6M 6-12M
18.1
24.4
24.4
17.3
x
x

2003 May
Jun.

total
17.2
17.6

≤1M
17.2
17.6

Jul.
Aug.
Sep.

18.2
18.1
18.7

18.2
18.0
18.7

17.9
18.7
18.0

x
18.6
x

Oct.
Nov.
Dec.

19.5
19.9
20.5

19.3
19.9
20.4

19.7
18.3
21.3

20.0
x
x

2003 May
Jun.

total
12.0
11.7

≤1M
11.2
10.3

1-3M
13.9
14.8

Jul.
Aug.
Sep.

12.1
12.3
12.7

12.0
12.1
12.7

13.4
13.6
13.8

- percent per annum government sector
1-3M
3-6M 6-12M
1-5Y
>5Y
16.3
x
x
x
x
18.7
x
x
x
x

1-5Y
x
x

>5Y
x
x

total
7.4
7.8

≤1M
7.1
4.7

x
x
x

x
x
17.4

x
x
x

12.4
12.9
13.2

12.4
12.9
13.2

12.5
10.4
13.0

x
x
14.0

x
x
x

x
x
x

x
x
x

20.7
x
x

x
x
x

x
x
x

13.9
13.8
13.7

13.8
13.5
13.4

14.7
14.8
14.9

x
16.5
16.4

x
x
5.7

x
x
x

x
x
x

individuals
3-6M 6-12M
16.2
11.9
14.5
11.9

1-5Y
11.1
12.3

>5Y
x
x

total
10.7
9.8

≤1M
10.4
9.5

legal entities
1-3M
3-6M 6-12M
13.3
16.8
15.6
12.7
14.1
15.4

1-5Y
11.4
15.2

>5Y
x
x

11.9
13.9
14.0

x
x
x

10.8
11.4
11.9

10.6
11.3
11.6

13.0
13.3
14.2

14.8
14.8
14.6

15.7
16.0
15.8

x
x
x

Oct.
Nov.
Dec.
Legend

13.6
14.7
15.6
12.3
14.2
x
13.4
13.9
15.5
13.3
13.5
13.8
14.6
15.9
12.2
14.6
x
13.4
15.3
16.5
13.4
13.6
14.5
15.1
16.4
12.3
15.4
x
13.9
16.2
16.7
13.9
14.3
≤1M: less than one month; 1-3M: 1-3 months; 3-6M: 3-6 months,
6-12M: 6-12 months, 1-5Y: 1-5 years, >5Y: more than 5 years; total: average interest rate on all maturities.

15.6
15.2
16.2

15.1
17.2
14.9

14.2
x
x

Note:

Starting May 2003, interest rates have been calculated according to NBR Norm No.2/21 February 2003.

National Bank of Romania

14.6
15.0
15.0

11.5
12.1
12.0

12.2
13.0
13.8

259

Annual
Report
2003

Statistical Section

18. AVERAGE INTEREST RATES APPLIED BY CREDIT INSTITUTIONS
new credits in EUR
banking sector
1-3M
3-6M 6-12M
x
x
x
x
x
x

2003 May
Jun.

total
4.1
1.6

≤1M
4.1
1.6

1-5Y
x
6.2

>5Y
x
x

Jul.
Aug.
Sep.

1.5
1.5
2.1

1.4
1.4
2.1

2.6
2.5
x

x
x
2.5

x
x
x

x
6.2
x

Oct.
Nov.
Dec.

2.1
1.8
2.2

2.1
1.8
2.1

9.3
x
2.3

x
x
x

x
x
x

2003 May
Jun.

total
8.3
9.2

≤1M
7.3
8.9

1-3M
0.9
9.1

individuals
3-6M 6-12M
5.2
9.2
11.2
10.1

Jul.
Aug.
Sep.

9.5
9.3
10.0

9.8
8.4
8.7

8.6
8.6
8.4

5.6
20.4
13.8

Oct.
Nov.
Dec.

10.0
10.1
10.5

11.5
11.6
11.8

10.0
11.1
9.8

7.8
7.0
11.2

x
5.3

≤1M
x
0.3

x
x
2.5

5.6
5.6
6.3

x
x
x

x
x
7.0

6.0
5.7
5.7

6.6
6.6
11.0

6.0
4.1
5.7

5.6
5.6
3.8

6.3
x
10.3

x
x
2.6

6.5
x
4.7

x
x
x

x
x
4.7

x
x
x

11.2
x
4.8

x
x
4.7

3.3
x
x

1-5Y
8.2
10.5

>5Y
8.3
8.6

total
6.6
6.0

≤1M
4.5
4.0

legal entities
1-3M
3-6M 6-12M
6.1
6.8
6.8
5.3
6.0
6.9

1-5Y
7.3
7.8

>5Y
6.2
4.2

8.4
11.7
11.5

10.6
10.3
10.8

9.0
8.9
9.6

7.4
6.4
6.4

4.5
5.3
4.7

5.9
4.9
5.8

6.6
6.7
5.7

6.8
6.3
6.4

8.6
7.8
8.6

7.1
7.2
6.2

10.6
9.7
9.3

10.0
11.0
11.4

10.1
9.5
9.9

6.4
6.5
6.6

4.3
4.8
6.0

4.7
4.2
5.6

6.8
5.8
7.2

6.7
7.1
6.3

9.2
7.4
7.5

8.8
6.4
5.3

total

new time deposits in EUR

260

banking sector
1-3M
3-6M 6-12M
0.5
2.5
x
2.3
x
1.9

2003 May
Jun.

total
2.4
2.3

≤1M
2.5
2.3

Jul.
Aug.
Sep.

2.3
2.2
2.3

2.2
2.2
2.2

2.4
2.2
2.4

x
x
2.2

Oct.
Nov.
Dec.

2.3
2.2
2.4

2.3
2.1
2.4

2.1
2.8
2.4

2.2
x
2.2

2003 May
Jun.

total
2.3
2.0

≤1M
1.9
1.9

1-3M
2.5
2.1

Jul.
Aug.
Sep.

2.2
2.2
2.1

2.3
2.3
2.3

2.0
2.0
1.7

- percent per annum government sector
1-3M
3-6M 6-12M
1-5Y
>5Y
x
x
x
x
x
x
x
3.5
6.3
x

- percent per annum government sector
1-3M
3-6M 6-12M
1-5Y
>5Y
1.8
1.7
x
x
x
1.5
1.4
x
x
x

1-5Y
x
x

>5Y
x
x

total
1.8
1.5

≤1M
1.8
1.5

2.2
2.2
2.2

3.1
x
x

x
x
x

1.6
1.4
1.4

1.6
1.4
1.4

1.5
1.4
2.0

1.8
1.5
1.6

x
x
x

x
x
x

x
x
x

x
2.0
x

2.2
x
x

x
x
x

1.4
1.4
1.5

1.4
1.4
1.5

1.4
1.4
1.5

1.4
1.4
1.5

x
x
x

x
x
x

x
x
x

individuals
3-6M 6-12M
3.1
4.1
2.3
3.4

1-5Y
2.9
3.5

>5Y
x
x

total
2.0
1.8

≤1M
2.0
1.7

legal entities
1-3M
3-6M 6-12M
2.0
2.5
3.0
2.0
1.8
3.3

1-5Y
2.4
4.3

>5Y
x
x

2.7
2.8
3.2

x
x
x

2.0
1.9
1.9

2.0
1.9
1.8

2.3
2.1
2.4

3.2
2.7
2.7

1.8
1.8
2.4

2.4
2.6
1.8

4.4
1.2
3.0

2.4
2.1
x

x
x
x

Oct.
Nov.
Dec.
Legend

2.3
2.5
2.9
2.9
3.2
x
2.1
1.7
2.1
2.4
1.9
2.3
3.1
3.2
2.9
3.4
x
1.8
2.2
2.6
2.7
1.8
2.4
2.7
3.0
2.9
3.6
x
1.9
2.3
2.6
2.6
1.9
≤1M: less than one month; 1-3M: 1-3 months; 3-6M: 3-6 months,
6-12M: 6-12 months, 1-5Y: 1-5 years, >5Y: more than 5 years; total: average interest rate on all maturities.

2.9
2.6
2.5

2.8
2.8
5.2

x
x
x

Note:

Starting May 2003, interest rates have been calculated according to NBR Norm No.2/21 February 2003.

National Bank of Romania

Annual
Report
2003

Statistical Section

18. AVERAGE INTEREST RATES APPLIED BY CREDIT INSTITUTIONS
new credits in USD
banking sector
1-3M
3-6M 6-12M
3.3
x
x
x
x
x

2003 May
Jun.

total
5.1
0.9

≤1M
3.3
0.9

Jul.
Aug.
Sep.

0.7
0.8
1.0

0.7
0.8
0.8

0.8
3.2
1.4

3.4
x
3.1

Oct.
Nov.
Dec.

1.5
1.3
1.2

1.1
1.1
1.0

3.3
2.9
2.4

3.1
3.5
2.3

2003 May
Jun.

total
9.1
9.3

≤1M
9.7
9.2

1-3M
10.2
9.9

Jul.
Aug.
Sep.

9.3
9.3
9.2

9.6
6.2
9.1

8.6
6.6
9.8

7.1
24.5
10.7

Oct.
Nov.
Dec.

9.5
9.7
10.0

8.2
8.8
8.8

x
7.9
10.9

13.1
8.0
10.6

- percent per annum government sector
1-3M
3-6M 6-12M
1-5Y
>5Y
x
4.1
4.0
3.5
x
0.9
x
x
3.6
x

1-5Y
5.2
x

>5Y
2.3
x

total
3.7
2.4

≤1M
x
x

3.4
3.4
3.2

x
5.5
x

x
x
x

9.2
x
4.4

x
x
4.3

x
x
4.1

x
x
4.5

9.3
x
4.4

7.2
x
4.7

x
x
4.2

5.7
3.3
2.9

4.7
x
x

x
x
x

x
4.3
4.6

x
x
x

x
x
x

x
x
x

x
x
x

x
4.9
4.6

x
4.2
4.7

individuals
3-6M 6-12M
x
11.4
18.5
9.5

1-5Y
10.9
10.6

>5Y
7.9
8.6

total
5.7
5.2

≤1M
2.7
4.0

legal entities
1-3M
3-6M 6-12M
4.4
7.2
7.2
4.3
5.5
6.3

1-5Y
7.2
5.3

>5Y
5.6
5.0

11.2
10.9
4.1

11.1
10.6
10.2

8.5
8.6
8.9

5.3
5.7
5.3

3.9
3.7
3.8

4.4
4.4
5.6

6.5
6.3
5.0

5.6
5.9
6.2

5.7
9.3
6.3

8.6
7.1
5.5

11.0
11.6
11.8

10.7
11.4
11.6

9.2
9.3
9.5

5.4
4.6
6.6

4.3
2.5
7.6

3.8
6.1
4.2

5.9
6.5
6.5

5.2
6.9
7.1

6.2
6.8
7.4

10.0
8.0
8.1

new time deposits in USD
banking sector
1-3M
3-6M 6-12M
1.1
x
1.3
1.2
1.8
0.8

2003 May
Jun.

total
1.4
1.3

≤1M
1.6
1.3

Jul.
Aug.
Sep.

1.5
1.2
1.3

1.2
1.2
1.4

1.9
1.3
1.1

3.1
x
2.8

Oct.
Nov.
Dec.

1.3
1.4
1.4

1.3
1.3
1.4

1.3
1.8
1.9

1.9
x
x

2003 May
Jun.

total
1.5
1.3

≤1M
1.2
1.1

1-3M
1.6
1.4

Jul.
Aug.
Sep.

1.3
1.3
1.4

1.2
1.3
1.3

1.3
1.2
1.3

- percent per annum government sector
1-3M
3-6M 6-12M
1-5Y
>5Y
1.2
x
x
x
x
x
x
x
x
x

1-5Y
x
x

>5Y
x
x

total
1.2
1.1

≤1M
1.2
1.1

x
x
1.2

3.5
0.8
x

6.0
x
x

1.1
1.3
1.3

1.1
1.3
1.3

x
1.3
x

x
x
x

x
x
x

x
x
x

x
x
x

1.2
1.2
x

1.2
2.2
x

x
x
x

1.2
1.3
1.4

1.2
1.3
1.4

1.2
x
1.3

x
x
x

x
x
x

x
x
x

x
x
x

individuals
3-6M 6-12M
2.0
3.2
1.7
2.4

1-5Y
2.6
2.4

>5Y
x
x

total
1.2
1.0

≤1M
1.1
1.0

legal entities
1-3M
3-6M 6-12M
2.1
3.0
2.6
1.4
1.9
0.6

1-5Y
1.1
1.2

>5Y
x
x

2.2
2.2
2.6

x
x
x

1.0
1.0
1.1

0.9
0.9
1.0

2.2
1.0
0.7

2.9
2.1
1.9

x
1.9
1.8

x
x
x

Oct.
Nov.
Dec.
Legend

1.3
1.6
2.2
2.6
3.2
x
1.2
1.2
3.0
1.6
1.2
1.3
2.1
2.4
2.7
3.0
x
1.1
1.6
2.4
1.7
1.1
1.5
1.8
2.3
2.6
2.8
x
1.2
1.9
3.4
1.7
1.3
≤1M: less than one month; 1-3M: 1-3 months; 3-6M: 3-6 months,
6-12M: 6-12 months, 1-5Y: 1-5 years, >5Y: more than 5 years; total: average interest rate on all maturities.

2.8
2.1
1.7

1.8
1.9
1.6

x
x
x

Note:

Starting May 2003, interest rates have been calculated according to NBR Norm No.2/21 February 2003.

National Bank of Romania

1.5
1.4
1.6

2.2
2.1
2.1

1.7
1.6
1.7

261

2 35.4 8.4 1.867.8 – – – 410.602.480.979.5 2003 Jan.743.237.446.712.4 2.942.9 60.200.6 191.0 91.1 125.857.0 49.942.017.3 46.234.135.5 355.5 3.419.2 374.9 216.236.8 9.297.523.5 64.217.9 Oct.8 181.8 116.847.2 – – – 43.1 2.5 2.5 119.9 60.442.4 48.124.8 1.3 143.6 334.4 911.2 1.0 Apr.366.7 13.1 3.041.198.1 1.183.9 1.0 2.6 34.4 167.8 64.2 203.867.0 109.159.5 1.975.9 54.ROL billions.5 6.6 439.3 65.1 12.7 5.3 153.1 1.3 1.0 2.384.3 8.625.230.2 169.3 65.418.759.9 52. Dec.0 – 51.2 43.2 2.2 1. Dec.889.459.3 4.007.1 348.582.4 72.895.6 74.6 1. 130.260.6 85.8 59.6 1.7 9.7 Apr.484.9 2.7 4.084.6 56.454.1 472.3 1.4 20.4 236.2 40.999.3 1. 113.7 62.3 48.5 986.559.787. May.035.386.880.103.6 Jul.2 91.4 2.1 60.284.3 1. Feb.3 59.0 105.027.5 2. end of period require provisioning Standard Watch Substandard Doubtful Loss Total – – – – – – 36. 13.4 301.911.061.8 1. 2.9 77.8 1.0 9.444.2 15.8 1.416.9 357.4 371.0 255.969.4 188.0 104.7 72.665.819.1 665.1 88.4 353.7 56.212. Feb.5 2.253.1 411.1 – 33.6 48.2 722.5 – 56. 2.592.5 289.129.636.5 93.980.159.0 1.2 401. Dec.1 135. Feb.8 37.186.543.253.056.3 130.059.185.805.987.1 74.9 2.0 – 23.0 58.4 1.174.223.8 37.001.2 623.319.3 (continued) Provisioning 1999 Dec.2 47.0 79.2 1.278.4 12.012.166.3 2.491. 3.684.443.6 41.696.2 2.9 11.317.089.5 1.214.4 8.785.163.4 156.6 4.259.3 3.063.169.4 2.9 75.217.079.2 1.373.7 117.116.611.3 133.8 974.879.920.1 396.315.955.472.285.692.5 2.003.238.5 63.0 51.0 511.1 74. Sep.8 57.9 411.623.394.722.5 22.4 386.859.1 50.3 47.443.7 34.546.312.465.4 1.7 5.024.4 1.078.6 69.593.552.869.1 2.928.1 12.747.5 126.8 2.538.2 62.870.032.250.7 327.2 1.2 101.018.539.382.411.6 887.066.0 8. 682.691.4 54.493.8 56.173.297.ROL billions.608.074.2 1. 2.3 2.523.7 6.491.3 5.1 2.2 198.701.622.546.7 163.9 128.0 1.4 1.262.0 71.4 8.5 Apr. Feb.9 869.758.9 144.830.5 3.3 362.4 975.340.625.1 466.9 7.726.5 1.3 52.5 1.501.9 202.442.2 99.0 499.978.3 60.545. 3. Nov.1 229.7 2.464.017.117.5 32.2 58.7 176.031.999.593. 2000 Dec.1 16.6 822.4 1.4 319.2 140.9 15.8 68.186.099.7 43.1 249.457.246.2 1.1 281.787.972.527.0 115.717.5 876.4 712.1 262. Dec.5 327.1 182.8 769.020.799.0 2.955.9 89.151.8 2.086.1 Apr.9 1.8 598.081.7 382.744.2 66.761.978.431.8 263.1 256.7 17.6 9.5 338.038. .3 3.204.625.5 64.9 135.4 216.464.0 34.3 249.634.134.3 21.9 Oct.2 12.6 182.7 1.906.1 249.3 204.571.3 104.7 20.0 553.3 34.525.712.6 2.2 533.310. 2.856.883.253.9 108. Aug.8 160.970.419.7 402.0 55.525.6 11.395.8 372.9 11.2 176.4 48.9 1.8 1.686.337.6 1. Nov.048. Aug.361.256. May.7 2.9 379.4 1.6 1.3 32.270.0 2.438.8 1.0 426.4 6.3 510.7 1.5 856. 188.340.543. Jun.1 – – – 45.2 7.6 193.593.591.305.4 53.5 48.6 2.7 2.140. Nov.6 412. Aug.3 38.3 315.6 – – – 422.0 1.1 95.577.6 171.8 6.960.4 47.5 352.4 299.223. Sep. end of period Substandard Doubtful Loss – – – – 478.447.8 – – – 48.766.264.776.4 64.1 51.2 1.5 44.0 2.8 36.6 Oct.0 80.7 1.0 111.215.936.9 2.2 791.560.5 240.2 4.2 62.149.212.2 1.4 6.5 2.826.9 1. 2. Sep.7 1.9 90. May Jun.6 53.3 63.315.883.254.5 104.5 2001 Dec.798.995.8 46.7 294.2 966.183.3 29.758.1 413.8 387.883.4 1. B.488. Jun.608.1 3.882.4 333.481. Aug.020.2 6.0 967.8 92.626. 2001 Dec.7 63.2 100.3 2.790.2 483.303.023.1 470.0 60.0 1.798.2 119.7 52.8 2.592.9 451.4 10.939. Exposure from loans granted to bank and non-bank clients.266.884.4 2.0 163.878. Mar.362.394.3 13.718.3 147.693.4 225.4 1.494.350.897.134.ROL billions.984.041.6 90.263.0 113.3 2.9 6.8 6.7 1.9 560.812.0 18.7 1.620.5 5.8 52.8 62.0 608. Exposure from off-balance-sheet items that do not .0 1.937.917.5 2.2 3. Nov.0 295.0 2003 Jan.701.3 115. Mar.7 1.1 131.6 3.8 1.7 462.469.2 107.075.6 43.1 66.2 330.2 219.245.093.0 Jul.321.3 105.023.9 951.416.7 2.6 1.0 591.642.567.6 1.663.4 14.5 2.017.4 1.743.022.466.570.6 167.7 514.9 2.488.5 470.8 2.8 2.7 384.449.6 913.995.8 92.6 61.0 12.931. 254.3 266.7 801.3 506.897.438.6 233.848.2 5.437. Mar.2 97.0 132.2 125.044.3 123.864.284.265.3 58.0 1. from October 2000 to December 2002.7 8.2 1. 136.7 2.9 226.0 1.3 134.7 55.302.7 42.308.310.598.733.1 14.264.3 109.358.7 89.0 3.2 513.870.326.090.7 99.3 5.6 374.606.021.5 44.611.5 458.191.884.712.6 4.8 2.4 80.1 376.952.506.577.942.4 57.6 112.3 2.324.6 12.7 2.638.2/2000.527.2 1.778.9 13. 2.9 5.4 Jul.8 157.2 70.2 1.047.5 2000 Dec.318.0 1.958.780.1 127. end of period Standard Watch Substandard Doubtful Loss Total – 106.936.3 2.3 939.038. 168.6 304.358.8 213.5 207.536.4 280.1 856.611.540.189.2 50.4 1.5 131.531. 211.3 376.718.1 50.121.7 297.363.7 415.8 2002 Jan.665.287.4 2.1 Jul.194.0 47.785.8 262 National Bank of Romania .6 157.2 7.717.8 193.4 376.8 152. May Jun.6 2002 Jan.1 266.4 1.7 284.9 *) According to NBR Regulation No.391.4 1.485.0 3.2 305.8 386.018.2 12.212.9 3.0 28.1 5.6 140.827.0 277.1 13.971.8 980.7 22.6 1.9 823.078.3 1.8 2.6 Adjusted* Total Standard Watch .453.470.5 6.058.9 75.0 861.5 63.7 93.937.218.2 86.9 58.740.0 2. Mar.795.047.577.4 57.8 113.898.786.014.534. LOAN CLASSIFICATION A.0 2.7 1.4 56. end of period Unadjusted Standard Watch Substandard Doubtful Loss Total 1999 Dec.477.3 – – – 55.411.9 193.2 1.638.262.4 2.424.441.013.3 66.612.204.8 9.4 188.431.2 3.726.7 1.667.3 3.145.7 1.6 176.2 50.4 1.3 173.1 2.318. 151.4 1.115.389.4 12.6 1.3 196.6 153.1 376.2 Oct.4 119.7 108.Annual Report 2003 Statistical Section 19.529.527.7 348.348.394.1 307.654.030.6 3.9 46.5 101.547.7 1.ROL billions.8 138.547.9 – – – 423.753.827.6 43.9 1.0 118.1 5.4 522.407.3 18.4 1.3 39.2 313.4 – – – 472. 833.8 108.6 2.217.5 85.0 26.5 1.421.1 2.4 50.6 64.146.5 597.4 1.7 1.2 499.473.9 2.9 252.2 3.635.2 1.5 153.1 940. and related interest .1 177.9 147.199.1 904.852.8 1.9 217. Sep.4 15.4 51.8 410.755.9 125.1 10.1 827.9 111.2 224.395.585.7 2.1 476.5 21.3 513.6 1.4 562.932.2 58.419.571.3 70.2 3.2 158.9 3.1 50.4 14.1 324.5 1.078.7 242.0 236.3 876.0 2.935.004.534.

8 – – – – – – – – – 823.734.244.0 .9 Oct.578.987. 29.975.258.7 2001 Dec.9 Apr.4 911. 36.0 – – – – – – 6.2 6.2/2000.1 17.9 15. 46.835.7 22.061.9 – 16.554. 42.907.1 12.7 831.6 32.215. Sep.9 – – 7.8 – – – – – – 6.430.989.4 38.9 Oct.2 31.9 19.439.868.1 21.0 Apr.3 17.780.6 33.7 33.585.300.5 35.0 6.523.9 35.8 6.544.2 16.9 29. Nov.5 32.Annual Report 2003 Statistical Section 19.585.8 42.172.796. Dec.9 Apr.836. 42.8 42.9 34.4 911.6 42.ROL billions.3 22.1 25.250.9 42.9 6.9 42.8 – – – – – – – – – 42. 2000 Dec.9 7.9 – – – – – – – – – 6.7 6. 32.1 6.824.9 7.599.2 – – – – – – 6.9 7.2 23.258.2 – 3.9 Apr.4 822. from October 2000 to December 2002.9 7.2 35.0 6.7 6.680.9 33. May.2 38.186. Sep.5 – – – – – – 7.9 – – – – – – – – – 6.7 42.9 6.0 14.0 19.8 15.2 – – – – – – 6.213.5 31.396.9 6.0 7.9 42.7 6.6 – – – – – – 6.5 11.0 – – – – – – – – – 42.9 6.8 Jul.761.9 6.2 43.606. Nov.946.0 20. – – – – – 2000 Dec.0 37.3 17.341.219.1 6.9 – – – – – – – – – 6.9 21.848. Feb.422. Mar.864.8 19.0 44.0 – – 7.166.6 22.9 6.787.9 7. 909.592.7 38.778.7 13.9 6.8 21.207.8 33.0 19.8 34. Feb.9 Jul.8 – – – – – – 909.939.232.7 33.1 31. Mar.9 6. Aug.306.423.7 45.3 34. LOAN CLASSIFICATION (continued) C.6 36.9 6.7 6.2 10.842.9 25.636.247.7 32.5 16.0 21. 35.1 31. end of period Adjusted* Standard Substandard Doubtful Loss Total – – – – – 15.1 31.3 23.9 6. end of period Unadjusted Standard Substandard Doubtful Loss Total 1999 Dec.702.551.9 6.8 – – – - – – – – 7.5 15.6 855.9 7.ROL billions.8 (continued) Provisioning - 1999 Dec.2 12.431.1 2002 Jan.0 10. May.8 12.9 6.859. Exposure from deposits with banks and related interest .082.6 – – – – – – 16. May Jun. Nov.0 7.429. Feb.193.5 913.0 7.5 – – – – – – 42. 823.ROL billions.9 11.647.6 33.8 – – – – – – 6.8 - – – – – 7.481.897.0 6.9 Jul.0 2003 Jan.9 2002 Jan.735. Aug.054.8 14.8 34.0 7.982. Total National Bank of Romania - 263 .9 42.6 857.9 Jul. Jun.5 20.672.4 31.2 17.5 913. 34.8 38.8 Oct. Dec.2 10.9 – – – – – – 32.251. 7.709. end of period Standard Substandard Doubtful Loss – – – – – – – 1.687.6 18. 6.9 Oct. Dec.728. Feb.7 43.9 – – – – – – – – – 909. .5 822.731.2 – – 8.2 – – – – – – 823.5 35.3 – – – – – – 42. Sep.204.5 13.7 42.9 19. 33.278. 38.716.9 6.8 *) According to NBR Regulation No.0 6. Mar. Nov. Aug.547. – 3.911.754.9 42.7 42.6 43.904.6 12.251. 2001 Dec.230. Dec.530.791.2 36.709.266.2 47.384.305.9 6. 6.4 911.793.226.630.2 855.821.8 37.904. Sep.9 19.321.8 13.225.8 19.803.9 6.9 19. Aug. May Jun.9 6. – 84.822.0 7.9 42.1 6.9 6.5 913.7 34.9 18.9 33.6 13.810.251.4 22. Mar.7 37. 6.9 33.9 15.9 19.9 – – – – – – 6.1 34.654.048.1 43.0 10.517.785.7 19.679.1 6.6 33.0 2003 Jan.9 42.080.7 33.866.8 42. Jun.

04 39.70 Oct.70 28.56 Jul.30 43.01 40.71 31.61 38.42 23.05 27.11 11.43 37.77 46.57 49. 27.81 11.73 26.78 37.83 33.29 38.09 11.98 31.72 31.83 39.46 37. 22.59 38.75 0.42 46.71 25.11 27.05 43.69 0.59 11.87 13.61 0.10 42.06 12.90 0. 28.01 39.60 33.17 38.11 36.Annual Report 2003 Statistical Section 20.09 41.83 11.04 34.92 12.06 36.00 38.20 7.50 33.26 23.09 41.43 0.89 11.77 0.90 23.83 34. Dec.94 34.54 0.62 32.83 1.12 22.72 0. May Jun.16 8.72 0.62 38.66 11.18 27.93 32.61 10.17 48.59 0. Dec.44 8.42 45.46 35.22 39.75 0.55 8. May Jun. Feb.88 21.80 12.93 12.78 39. 25.62 0.26 26.75 40. 20.93 0.11 50.90 38.57 32.80 Oct.55 0.00 31. Dec.77 30.05 34.62 21. Nov.76 0.31 0. 1999 2000 2001 2002 2003 264 National Bank of Romania .26 32.04 11.44 48.54 41.02 32.28 38.86 39.72 2002 Jan. Feb.20 11.69 0. Dec.82 11. Mar.52 0. Aug.29 38.15 12.98 0.79 0. Aug.53 0.50 27.62 Apr. Feb.81 30.67 39. Dec.58 11.12 38.73 38.49 39.62 31.71 39.72 0.93 37.67 33.71 Jul.57 38.80 25.81 35.51 40.51 12.83 33.63 32.35 37.66 44.50 Deposits with and loans to other banks (gross value)/ Total assets (gross value) 26.37 33.57 28. Dec.57 0.00 12.24 x 0.02 0.33 12.11 11.92 0.47 35.75 36.42 39. 17.62 12.69 12.86 38.11 41.93 48.73 31.73 38.09 40.74 0.74 Apr.04 21.59 0.07 40.71 Oct.30 9.75 0.23 31. Nov. 28. Sep.37 44.02 50. Sep.31 8.78 38.81 Apr.26 22.87 0.54 41.11 38. KEY PRUDENTIAL INDICATORS Loans granted to clients (gross value)/ Total assets (gross value) .84 0. Nov.22 12.79 28.99 32.11 48.98 11.66 38.89 50.89 2001 Jan.67 27.percent Overdue and doubtful loans (net value)/ Total credit portfolio (net value) 40. Sep.25 0.78 35. May Jun.75 32.43 38.58 43.73 42.51 12.47 27.02 34.13 0.90 50.48 21. 26.70 39. Aug.43 2003 Jan.71 41.74 0.48 29.30 31.65 0.35 31.26 38.69 0. 24.73 28.76 11.84 37.02 35.33 11.36 25. 27.02 11.77 45.50 32.78 38.36 11.81 0.21 10.97 24.08 38.61 42.77 24. 23.63 12.86 25.22 39. Mar. Dec.24 0.90 48.81 40.66 37.12 12. 23.75 35.44 43.77 Jul.18 38.72 20.24 12.00 0.52 34.47 35.42 46.31 Period Solvency ratio (>12%) Own capital ratio (Own capital/ Total assets) General risk ratio Dec. Mar.38 38.86 41.

33 1.38 3.25 Jul.43 1. the calculation method was altered.97 2.83 4.30 0.12 0.35 0.36 0.29 0.39 0.88 3. According to NBR Regulation No. 0.Annual Report 2003 Statistical Section 20.29 0.68 4.40 0.10 3. Mar.32 1. KEY PRUDENTIAL INDICATORS (continuare) Period Total past-due and doubtful claims (net value)/ Total assets (net value) Total past-due and doubtful claims (net value)/ Own capital (according to prudential reports on own funds) Total past-due and doubtful claims (net value)/ Bank liabilities Dec.26 2.37 4.42 Apr.04 0.27 0.37 0.27 0. Sep.50 4.41 1. 0.78 2.37 0.38 0.5/2002 as amended by NBR Regulation No. Feb. excluding off-balance-sheet items) 35.47 0.57 3.23 2.73 1.29 3. Aug. and from January 2003. 0.37 0.38 1.24 1. Nov.49 3.34 0.91 3.35 0. Mar.54 0.03 1.37 3.29 0. National Bank of Romania 265 . Dec.29 Oct. 0.40 1.42 0.38 0.47 3.32 1.43 4.37 3.70 3.23 0.35 1.98 3.40 3.7/2003.59 2.31 2.85 2.38 0. 0.56 3.31 3.39 1.42 4.44 3.35 1.21 1) 2) 2) Oct.26 2.27 1.32 2.45 2.56 3.21 2.38 2.33 0.69 4.43 1.34 2.52 3. Dec.40 0. 0.40 1.89 4.74 1.97 2.35 3.86 1.27 0.32 0.42 1. Dec.41 3.62 Apr.35 2. Feb. Sep.30 2.42 3.95 2. 0. 0.40 1.66 0.54 1.27 2. in June 2003.27 0.03 The indicator was introduced in July 2001 (according to Norms No.28 0.60 1.26 0. Feb.49 0.40 0.percent Credit risk ratio (unadjusted Liquidity ratio 1) exposure (Effective liquidity/ from loans and interests Required liquidity) falling under "Doubtful" and "Loss"/ Total classified loans and interests.48 5.29 0. Dec.10 1. 1999 2000 2001 2002 2003 .94 4.78 2. the minimum accepted level is 1. Sep.32 0.37 1.63 0.32 0.50 1.04 2.80 0.34 1. 1/2001 issued by the National Bank of Romania).99 2.26 3.36 0. May Jun. 0. 0.32 0.90 3.78 x x x 3.85 1.39 3. from October 2000 to December 2002.48 Jul.04 0.41 2. Dec. Nov.28 x x x 0.76 1.25 0.62 0.22 2.30 0.33 0. Mar.41 1.39 0.26 2001 Jan.62 3.32 0.37 2003 Jan.7/2002. May Jun.54 1.30 1.30 2002 Jan.27 0.85 3.28 3.32 0.46 2.66 1.43 0.73 4. 2. according to NBR Norms no.43 0.54 0.22 31.61 3.97 0.28 3.50 0.83 2.61 0.34 0.03 0.2/2000.37 x x 1.37 1.32 0. Dec.92 1.39 Apr.41 0.21 3.66 3.38 1.50 Oct.30 1.74 2. May Jun.65 1.35 3.34 Dec.32 0. Aug. 0.69 0.51 3. Aug.32 0.32 2. 0.33 0.63 0. according to NBR Regulation No.81 2.60 1.41 0.35 3.39 Jul.38 1. 0.32 Nov.

361 32.481 2.680 1.413 2.512 2.184 3.731 26.554 1.488 Period 266 Liabilities of debtors undergoing reorganisation (ROL bn.313 41.150 897 575 4.378 2.132 3.Annual Report 2003 Statistical Section 21.249 938 582 4.111 3.187 4.741 3.707 73 73 70 459 543 656 274 288 278 280 281 278 2.137 935 2.503 2.) Number Liabilities Past-due of debtors of debtors debts of undergoing undergoing entities winding-up winding-up undergoing (legal (ROL bn.685 1.038 2. Sep.032 72.213 2.504 3.331 999 1.793 3.121 1.864 3.399 2.855 39.898 20.513 2.672 2. 18.922 50.) winding-up entities) (ROL bn.867 1.751 14.120 23.221 57. Sep.357 4.356 2.835 39.707 2.487 1.370 Jul. Sep.953 1.685 2.288 670 1.762 916 915 1.343 2.845 85.249 939 582 5.462 2.030 3.810 37.006 113 1.320 18.076 39.179 1.038 66 70 71 392 454 438 233 254 265 278 281 280 2.846 39.793 1.185 2.741 1.055 3.206 38.356 2.) Number of CIB database queries about own and prospective debtors National Bank of Romania .367 74 73 70 786 748 705 687 636 605 257 271 258 2. May Jun.342 2002 Jan.733 63.438 1.398 1.769 3.620 18.815 2.820 40.254 37.435 2. 54.306 47.984 36. 35.289 4.025 1. Nov.111 40. Sep.148 2.893 2.620 17.392 1.176 3.684 24.677 35.084 37.750 15.818 3.764 2.399 76.499 2.104 1.764 122.528 2.619 5.Central Body has also submitted reports to the Credit Information Bureau.036 3. Mar.806 3.559 1.499 4.031 38. 21.448 2.184 2.015 2.458 103.757 2.153 2.794 64 64 64 695 698 705 599 604 598 237 232 232 2.093 2.885 1.063 46.045 120. Aug.assumed debtors tutions by credit (legal and instinatural tutions entities) – – 1.846 2.227 3.983 16.869 39.595 21.886 3.381 37.280 17.350 118 118 111 1.776 38.545 49.686 1.997 25.836 1.730 66.) Past-due debts of entities undergoing reorganisation (ROL bn.002 3.566 2.552 58.289 3. end of period Number Number Number of CIB of debtors of loans database reported by granted authorised two or and comqueries on several mitments prospective credit insti.261 46.361 2.149 485 464 188 1.150 1.594 2.770 1.770 4.177 12.706 1.866 2.822 79 70 67 314 411 389 244 265 227 321 280 275 1. 13.453 2.470 2.320 2.406 32. Mar.192 44 1.635 2.491 108.426 40. Aug.793 2.934 4.747 Nov.201 3.546 8.444 2.449 1.911 1.080 Apr.189 Note: Starting September 2003.913 3. Aug.775 19.877 3.655 2.906 2.179 4.698 1.846 1.573 17.716 3.683 2.258 1.873 3.926 14. 73.571 2.209 68.318 4.669 2.298 3.314 3.880 37.329 48.049 52.339 1.992 3.079 Apr. CREDITCOOP .067 2.841 71 70 70 423 631 632 337 408 455 180 189 265 1.891 1.296 44.909 38.029 Oct.136 3. Dec.552 3.926 4.440 2.621 30.546 14.217 12.753 3.553 2. Feb.727 3.576 2.153 17.212 1.708 2.805 42.059 35.615 2003 Jan.181 612 248 287 296 1.440 107 116 115 897 1.748 3.558 11.ROL billions.190 2.381 44.814 1. Nov.700 Oct.650 71.357 5.161 70.887 3.928 1.806 34.943 3.998 41.774 3.240 2.254 2.165 Oct.003 29.373 2.665 226 393 368 1.763 2. Dec.889 2.237 32.164 39. Mar.315 Oct. 28.711 17.737 22.771 11.110 2.541 58.615 1.320 25. 37.120 25.349 940 631 459 112 134 177 1.705 22.125 19.044 935 520 866 721 277 327 345 2.770 51. 69.550 33.919 Jul. 31.276 21.742 56.430 1.999 6. May Jun.079 19.163 48.856 Jul.895 Apr.310 29.844 1.161 4. 44.174 112 1.664 5.348 4.010 96.631 85 106 105 618 1.382 48.810 15.461 4.324 90.080 1.663 2.324 718 1.659 9. Feb.440 2.456 2.527 3.430 2.508 24.228 3.433 473 500 500 3.647 3.535 3.435 2.103 111 114 116 1.958 2. Aug.021 4. 18.410 42.148 36.236 2.171 18.734 3.854 15.037 4.056 1.047 61.868 4. Feb.641 3.410 2.732 Jul.960 3.255 504 517 564 3.111 64 65 69 705 702 719 604 606 608 236 237 230 2.275 6.403 2.583 2.498 491 493 467 4. 36.120 3.576 1. CREDIT RISK INFORMATION Number of debtors (legal and natural entities) Number of defaulters (legal and natural entities) Number of debtors undergoing reorganisation (legal entities) 2000 Jan.256 Dec.714 3.751 80.391 15. Nov.695 2.498 69 70 72 648 611 602 305 322 310 278 275 273 2. Dec.333 1.217 2.647 3.184 1. 16.356 70.088 32.985 62.478 2.173 4.927 2. Feb.186 2.224 3. 66.650 2.211 1.283 9.486 1.795 3.581 70 69 69 604 610 610 355 319 339 270 271 188 2.201 4. 23.182 45.285 3.008 70 61 59 679 703 701 577 565 587 263 243 241 2.900 26.507 3.341 2001 Jan. Mar.983 2.353 38.999 3.139 3.826 .818 4.405 464 471 706 2.116 22.279 1.734 2.451 27.621 2.454 2.380 996 1.776 39.950 110 111 120 1.908 3.898 2. 19.783 4.192 2.640 17.250 275 331 487 2.781 19. May Jun.412 115.334 1.420 3.487 2. 24.460 2. May Jun.485 2.140 367 466 468 3.091 111 1.484 2.017 Apr. 18.

Housetives holds .221 534 538 545 1.109 94.569 29.569 38.807 110.933 8.686 58.246 89.467 113. Feb.324 54.894 342.564 17.711 142.026 4.349 4.331 213.800 49.164 1.299 6.732 87.684 8.186 109.272 5.864 21.624 903 898 924 4.676 92.444 16.622 251.564 106.391 53.927 Note: Starting September 2003. Dec. The amount represents loans granted and commitments assumed under the contract.882 5.006 199.120 320.987 205. 116.929 10.297 674 693 739 59.115 9.790 8.641 6.651 8.213 78.199 2.660 7.599 20.256 26.121 1.890 8.145 1.070 1.745 123. Mar.789 8.345 176.090 Jul.067 4.640 58.091 3.112 1.756 5. Sep.582 67.606 10.545 10.545 2.740 6.137 1.679 162.687 257.057 24.123 41.120 20.647 209.866 39.884 8.172 1. Feb.801 7.294 39.432 38.564 2.604 1.836 46.029 Nov.439 10.699 5.779 101.986 69.792 1.529 8.505 4.420 149. LOANS GRANTED AND COMMITMENTS ASSUMED BY CREDIT INSTITUTIONS* Period Total Ownership of loan recipient Private StateMixed owned Joint venture Co-opera.100 65.570 2001 Jan. Dec.505 6.349 184.678 514 548 603 411 408 487 242 257 271 30.196 353.039 1.209 28.417 225.529 22.593 7.737 9.367 72.022 98.226 7.465 9.542 18.138 Jul.029 11.142 11.006 6.922 92.235 8.242 4.447 1.533 33.908 49.600 78.515 1.834 288.621 6.874 8.618 96. Aug.197 12.493 106.863 1.794 7.637 795 828 847 Jul.683 14.014 2.427 4.370 856 920 1.543 5.922 122.386 173.505 9.629 58. CREDITCOOP .962 1.467 51.914 58.186 22.400 166.800 2. 205.859 4.630 65.569 123.240 755 780 880 66.284 7.185 131.043 1.988 167.647 222.125 196.117 2003 Jan.033 152.117 26.467 118.108 121.023 105.083 2002 Jan.587 30.535 111.465 4.963 139.485 8.478 232.431 6.Central Body has also submitted reports to the Credit Information Bureau.991 11.542 7.697 8.277 2.036 38.440 63.510 5.158 95.292 32. 280.579 116.447 56.658 94.577 116.713 13.527 90.363 6.641 36.953 129.637 618 627 654 53.974 10.109 1.120 1.543 1.798 42.070 100.799 1.041 74.987 102.428 34.007 11.320 6.309 610 634 603 2.114 86.595 5.778 93.998 9.978 1.600 54.178 1.466 49.280 18.313 1.361 114.128 10.801 962 1.616 45.908 950 999 1.190 3.266 8.347 11.257 9.429 48.871 78.033 1.745 3.102 99.440 7.533 1. 273.335 7.419 1. 147.911 5.676 784 802 842 Oct.913 158.677 27.445 1.850 41. May Jun.738 428 635 606 Apr.439 7.438 663 682 678 57.997 279.287 18.735 34.627 70.652 418 435 445 543 589 598 254 429 335 37.843 213. Nov.834 133.848 83.247 4. May Jun.675 57.600 8.864 Jul.387 8.095 1.553 89.942 41.813 1. 103. 109.454 25.691 137.428 8.315 566 586 769 2.512 23.933 6.052 14.962 55.525 102.348 6.074 46.036 589 581 524 470 499 443 370 263 301 33.932 50.531 8.128 8.410 8.019 71. Dec.843 Apr.753 11.689 236 289 357 212 287 287 29.181 15.375 8. May Jun.319 795 807 892 3.110 130.180 156.323 5.067 1.868 9.648 24.219 8.137 1.121 38. 298.078 108.417 6.640 6.966 15.374 271. It is not updated for the current month for previous loans and commitments in foreign currencies.458 45. 284. 325.637 73.958 10.320 40.615 8.457 9.267 11.849 97.089 53.462 181.039 16.903 51.107 9. Aug. Feb. Sep.484 11. end of period Currency ROL EUR USD Other Other 2000 Jan.351 8.789 40.996 6.6 percent of loans granted and commitments assumed by credit institutions according to Credit Information Bureau (CIB).300 60.267 52.001 109.005 44.637 140. 180. exposure that is equal or above ROL 200 million. 160.031 40.302 26.701 4. National Bank of Romania 267 .556 16.102 73. Feb.104 47.178 22. Sep.553 7.842 9.710 24.687 23.489 91.175 1. *) Refers to the exposure to a single debtor.501 47.593 1.110 Oct.205 16.147 496 506 540 934 1.894 106.721 11.035 69.Annual Report 2003 Statistical Section 22a.005 7.387 3.376 74.263 367.159 1.699 57. Nov.283 152. May Jun.392 36.431 38.439 11.113 86.526 21.993 110.370 4. 239.896 9.049 34.601 35.126 999 971 Apr.622 267.664 170.100 2.740 13.642 141.300 11.920 32.261 93.543 10.900 1.607 2.721 43.257 112.100 1.666 10.198 106.399 79.450 111.656 6.408 85.406 40.680 2. Mar.408 Dec.384 6.546 83.911 6.192 81.634 7.076 109.892 112.603 9.963 115.275 7.260 58.939 46. 129.654 188.068 1.083 69. Aug. 218. 70.014 981 983 Oct.ROL billions.392 247.705 87.456 1.855 417 1.734 15.776 81.109 7. 86.750 87.187 9.679 448 463 464 705 784 723 345 343 478 40.708 91.196 569 585 598 51.032 5.104 6.647 32.500 262. accounting for 81.867 10.666 72.118 373.025 126.114 20.275 1.822 64.444 3.153 24.272 9.081 17.616 307. Mar.025 4.551 9.398 115. Nov.533 232.322 5.015 238.022 Apr.821 111.937 1.013 1.055 396. Sep.485 68.736 42. Mar.740 60.570 113.743 36.307 10.761 209.601 8.027 807 1.999 80.681 489 542 473 470 486 514 317 319 320 36.655 52. Aug.407 9.868 88.578 101.689 1.351 5.189 28.827 36. 298.307 110.972 486 503 496 856 898 861 501 526 560 45.264 43.577 120.986 97.992 110.344 93.920 90.143 Oct.645 34.004 64.651 52.099 38.651 1.466 125.

576 29.367 100.628 46.580 90.801 15.399 29.368 11.021 136. Mar.534 95. May Jun.960 113. Aug.527 27.377 77.034 100.729 7.261 93.171 170.060 5.120 320.699 5.658 73.678 144.819 11.316 220.125 302.852 6.420 149.834 288.540 16.220 79.926 2002 Jan.972 107.075 88. 21.408 160.437 33.476 9.894 342.264 Oct.577 120.579 7.343 60.602 39.765 90.726 114.236 50.196 934 1.255 1. 70.587 37.720 216.963 93.318 111.769 40.831 86.664 108.311 43. Mar.504 6.757 7.240 38.Agriculture.623 5.152 64. LOANS GRANTED AND COMMITMENTS ASSUMED BY CREDIT INSTITUTIONS* (continued) Period Total Business Industry Services Construc.085 110.224 4.636 13.780 179.742 5.ROL billions.275 40.6 percent of loans granted and commitments assumed by credit institutions according to Credit Information Bureau (CIB).372 17. 273.478 80.489 Jul.796 69.276 7.922 3.927 168.985 15.905 52.150 50.762 3.267 6.068 232.976 42. 180.320 102.993 11.573 6.775 278.240 55.063 61.834 38.890 5.516 86.342 9.280 3.736 3.099 12.736 15.153 8.230 Oct.341 42.005 13.326 17.282 8. 239. healthcare pension funds Natural entities and households .583 99.741 127.577 6.228 11.981 7.864 54.948 1.134 68.434 2.850 97.979 906 891 827 451 436 473 470 486 514 42.830 8.607 9. 268 National Bank of Romania .894 10.206 41. Feb.325 7.946 6.469 17.245 78.559 64.331 10.318 12.424 12. Feb.196 59.691 68.623 6.423 14.Central Body has also submitted reports to the Credit Information Bureau.143 6.125 196.331 1.240 141.706 158.157 4.609 129.786 104.041 18. 129.660 53.466 253.297 Nov.494 Apr.828 146.489 6.220 61.718 17.909 4.988 167.918 62.867 5.682 110.633 131.882 258.368 35.152 5.494 68.032 207.597 Oct.858 3.687 257.685 134.719 43.269 1.492 70. Feb.386 173.463 38.622 147.505 1.994 121.147 1.000 Apr. Nov.946 Jul.800 2.225 4.996 154. CREDITCOOP .054 40.251 9.894 106.116 149.447 1.586 36.908 225.295 18.810 3.448 83.821 87.662 11.647 209.601 9.031 113.524 2.349 184.727 83.193 118.712 3.778 86.472 238.750 14.402 10.281 78.495 89.558 132.692 201. Dec.715 13.207 4.913 104.197 95.090 547 626 708 278 344 378 236 289 358 32.651 30.398 77.654 118.166 105.260 39.711 10.236 39.147 324.320 85.001 4.173 1.102 99.970 4.450 707 729 828 360 364 380 411 408 487 37.875 115.532 4.518 13.399 1. 160.449 97.726 75.644 955 953 973 835 778 721 705 784 723 50.111 38.676 62.834 28. Sep. tutions.184 143. Sep.628 93.120 182.929 15.787 101. Nov.606 12.827 108.014 2.869 71.653 9.052 31.491 4.401 105. Aug.438 1. Nov.210 49.167 5.594 152.659 Jul.762 119. Sep.843 213.582 6.172 1.089 14.679 8.856 4.291 6.680 57.287 281. 109.297 75.250 126.701 4.494 4. 20.036 40.459 808 928 1.485 4.202 373.014 155.046 15.170 81.386 10.211 6.498 244. 205.018 7. 298.778 8.992 187.088 7.645 106.545 3. Dec.642 141.007 20.569 123.025 4.119 4.858 12.052 856 898 861 56.231 3. 116. May Jun.307 107. Aug.371 26.049 263.890 95.906 1.886 77.781 32.499 35.422 54.356 3.657 15.658 115. accounting for 81.Public tutions.129 135.221 3.405 1. 325.801 179.187 8.135 4.639 66.948 206.837 245. The amount represents loans granted and commitments assumed under the contract.134 140.240 81.185 131.751 11.981 2001 Jan.480 189.131 313. May Jun.873 5.908 3.180 156.107 8.583 858 875 885 419 420 457 470 499 443 41.126 38.525 43. Sep.535 7. Mar.400 103.550 91.702 1.232 Note: Starting September 2003.086 1.603 6.761 132. fishery instieducation.205 1.158 Oct.986 1.133 133.375 124.270 193.120 95.040 43.693 149.507 7.892 112.397 16.060 64. adminition forestry. Dec. Aug.091 3.274 48.370 90.485 4.806 103.424 7.639 91.396 47. It is not updated for the current month for previous loans and commitments in foreign currencies.078 44.729 9.202 2.828 58.097 14.946 84. Feb. Credit insti.781 41.933 110.155 172.963 8.412 42.184 48.351 5.036 67.466 82.002 162. *) Refers to the exposure to a single debtor.762 7.219 1.542 Jul.873 66.594 5.172 146. 21.129 8.245 10.096 11.748 70.622 267.089 103.117 138.865 4.970 24.733 6. financial stration.289 183.083 46.370 57.783 10.009 185.692 67.816 4.838 64.358 Apr.305 287. 86.413 7.466 11.962 16.000 5.439 4.589 8.140 6.316 10.939 7.660 83.196 353.811 3.318 11.417 225.662 1.155 11.376 4.490 101. May Jun.871 57.359 108.726 134.557 45.779 32.151 4.556 3.564 106.202 47.026 194.040 98.375 73.193 827 912 920 509 754 812 543 589 598 45. end of period Credit institutions by Credit institutions ownership by legal status State-owned Private and Credit Branches in and majority majority Romania of institustate-owned privately foreign tionscredit insti.152 350.776 5.840 262.005 92.828 116.780 10.533 139.199 2.708 91.545 127.816 24.315 1.524 6.349 4.627 73.478 232.550 8.884 80.592 5.975 149.525 14. 103.841 65.053 367.365 138.745 3.094 36.852 13.065 40.029 158.564 95.029 5.290 64.639 13.060 140.997 279.761 35.279 108.905 6.391 31.432 75.868 88.811 10.007 6.992 Apr. 218.447 52.owned credit Romanian credit institutions institutions legal tutions entities 2000 Jan.587 234.857 68.449 7.877 4.289 4.358 332.852 78.247 1.873 2003 Jan.145 52.490 10.809 78.900 59.778 Dec.438 72.001 46.732 58.311 1.Annual Report 2003 Statistical Section 22a.521 270.955 7.914 12.426 201.329 127.172 49.331 58.397 73.093 5.341 61. 147.852 107.454 12.439 35.254 2.616 307.299 396.043 1.005 5.398 43.632 166.793 4.578 69.659 9.546 55.555 34. exposure that is equal or above ROL 200 million.667 8. Mar.115 28.467 113.344 19.120 18.004 11.

054 34.371 49.126 40. The amount represents loans granted and commitments assumed under the contract.666 3.774 45.524 90.180 4.757 109.058 2.161 36. Nov.664 119.940 1.239 20.801 5.074 25 25 25 6.176 5.000 3.580 4.077 1.062 1.703 23.024 24.383 41.428 60.598 9.867 38.843 213.220 2.053 47. 70.420 149.016 44.876 15.911 10.179 173. CREDITCOOP .704 5.925 Apr. May Jun.089 62.421 72.535 52.600 14.912 79.046 3.423 26.343 2.081 81 72 – 4.812 Apr.071 8.110 2.394 Jul.073 1.869 1.214 1.644 48. National Bank of Romania 269 .554 127.086 19.224 32. Mar.820 18.087 117.030 1.482 5.599 3. It is not updated for the current month for previous loans and commitments in foreign currencies.997 279.938 1.946 183.Central Body has also submitted reports to the Credit Information Bureau. *) Refers to the exposure to a single debtor.421 2.714 81.154 47.919 8.954 14.681 141. May Jun.220 23.578 Apr.007 161.643 56.398 9.457 27.849 6.603 10.061 29.249 2.198 56.931 1.384 1.391 87.280 26.436 8.296 109.856 100.184 20.462 8.818 19.323 2003 Jan.123 129.011 49.546 54.821 1.035 5.246 31.361 77.624 25.715 7.452 6.770 5.431 2.979 4.668 108.601 50.734 22.616 307.555 99.155 40.689 5.622 267.834 6.397 8.146 36.267 25.204 18.099 115.261 111.602 1. Mar. Feb.470 50.944 2.618 28.478 232.950 12.142 60.434 2.497 26.Annual Report 2003 Statistical Section 22a.782 106.306 73.618 5.922 4.692 61.253 66.389 20.467 113.929 85.449 57.337 50.911 6.040 20.469 20.685 21.721 20.654 132.692 26.017 49. LOANS GRANTED AND COMMITMENTS ASSUMED BY CREDIT INSTITUTIONS* (continued) Period Total Credit risk Working Equipment capital purchase Export finance Trade finance Real-estate Bonds purchase Other Commitments to a natural entity or non-bank.591 57.268 13.234 31.676 63. 239.251 57.100 23.834 288.461 3.518 13.656 10. May Jun.706 8.421 19.155 4. Aug. 116.823 28.018 1. 109.154 929 904 918 17.598 16.053 43.039 14.131 5.586 130.083 42. Mar.265 1.289 1.014 403 947 958 11.720 4. Mar.099 2.627 45.235 1.189 30.136 28.061 26. end of period Term of loans Long term Short term Medium (more than (less than term (1-5 5 years) one year) years) 2000 Jan.051 18.120 67.501 2.952 166.808 59.007 120.183 21.417 225.438 – – – 6.842 57.357 3. Sep.261 93.042 1.965 42.330 18.298 119.152 7.145 3.751 102.613 3.528 4.514 113.349 184.027 21.803 61.425 72.727 35.388 52.497 11.913 115.717 4.079 18.253 27.892 112.590 3.942 5.640 20.715 53.919 1.248 – – – 5.708 91.655 26.277 8.167 27.101 1.057 28.154 7.838 3.413 5.248 1.231 15.494 58.761 52.184 18. 103.666 1.249 33.626 3.687 18.994 1.736 2.615 94.238 1. Feb. 129.359 37.564 106.680 24.802 919 917 1.678 3.260 2.544 25.233 107. Sep.042 14.009 140.337 4.389 153. Dec.149 2.854 24.694 35.826 27.097 48.180 156.470 20.320 66.260 36.111 12.508 67. 218.341 120.682 178.429 20.663 107.082 50.526 1.075 43.130 17.386 173.126 30.393 4.961 50.376 160. 298.469 2002 Jan.150 98.277 2.923 44.359 3.045 9.819 46. Aug.240 68.345 Oct.013 20.629 4.947 2.366 60.577 120.236 7.401 6.075 1.161 20.557 38.956 5.457 46.857 23.145 6.334 131.123 16.187 48.785 50.064 136.162 1.988 167. 177.026 17.267 25.420 2001 Jan.469 3.959 147.489 31.680 69.636 19.145 25.095 4. 205.036 3.660 31.002 12. 186.265 30.606 83.432 945 951 951 14.718 13.999 3.330 6.870 5.172 12. Nov.030 2.630 27.594 40.783 4. Feb.005 1. Dec.899 2.783 33.120 320.680 1.ROL billions.680 6.674 106.738 32.383 24.525 25 25 25 8.060 93.511 6.334 59.531 8.315 20.249 Apr.644 42.570 4.957 6.105 7.156 118.569 123.640 51.970 48. 180. 187.034 20.583 4.484 19.992 3.533 135.643 43.922 4.823 26.460 4.054 30.467 57.823 20.102 99.169 27.029 89.909 66.868 40 40 403 9.310 29.341 21.687 257.004 2.801 49.122 1.028 396.370 3.515 134.647 209.399 179.578 70. Sep.507 7.744 3.747 14.711 35.496 3.160 28.535 1.419 40.029 Nov.763 1.504 Oct. Aug.398 53.591 84.148 1.927 Note: Starting September 2003.002 6. Sep.540 Oct.256 Jul.751 15.113 21.362 1. 160.387 174.719 20.117 20.548 60.398 79.642 141.142 89.761 145.138 4.825 6.874 367.506 Jul.670 8.762 22.937 1.507 166. Aug.539 17.556 88.604 80.622 169.121 53.720 42.841 122.517 19.894 20.608 109.050 78.968 43.519 1.151 48. Nov.586 6.198 77.293 26.260 – – – 5. 147.096 152.728 25.285 3.729 1.231 37.168 36.100 4.185 131.249 5.111 158.920 131.105 3.696 Oct.092 19. exposure that is equal or above ROL 200 million.960 1.917 52.236 21. 86. 273.680 43.882 1.389 26.734 151.047 92.466 88.013 15.871 28.381 46.341 Jul.168 12.308 110.594 20.099 56.361 3.951 6.392 60.028 25.814 100.641 21.388 45.314 13.158 39.070 38.373 59.322 2.959 180.978 141.327 3.381 33.408 Dec.398 7.075 2.200 127.216 23.870 59.748 36. Feb.527 14.6 percent of loans granted and commitments assumed by credit institutions according to Credit Information Bureau (CIB).521 6.699 2.533 158. legal entity .732 57.035 13.258 2.388 30.769 4.054 14.059 1.196 353.087 1.125 196. May Jun.032 373.888 45.017 39.632 3.941 28.845 148. accounting for 81.290 1.392 69.894 342.868 88.038 1.175 32.527 52.545 21.963 98.487 76.287 1.714 17.004 2.411 2.312 27. Dec.537 47.680 15.369 31.498 – – – 5.393 23. 325.371 51.894 106.834 3.883 6.498 20.154 25.

094 6.487 5.366 20.907 150. Feb.009 5. 259.245 675 607 614 2002 Jan.726 303.041 155.141 32.875 27.643 50.210 5.551 88. accounting for 81.065 1.459 6.189 123.065 6.602 9.189 808 836 962 65.593 15.243 8.892 4.711 40.201 98.205 441 455 455 1.035 97.848 64. 230. 188.822 143.206 1.549 396 409 414 645 749 668 314 313 442 36. Feb.643 8.157 316.331 2.987 6.778 11.138 105. Aug.007 206.427 7.676 7. Nov.499 28.401 51.514 12.694 9.760 90. Nov. 153.232 1.768 7.966 37.491 46.061 75.382 51.180 91.725 4.442 17.445 53.129 10.939 716 715 1.700 19.028 591 549 727 Jul.728 139.324 61.344 1.215 2. Nov.074 6.746 40.478 2. 121.958 3.964 133.866 6.029 28.654 42.970 738 716 730 Jul.551 12. 243.819 6.866 99.707 181.640 222 253 326 147 183 277 27.276 5.463 47.380 6.076 60. May Jun.944 2. end of period Currency USD Other ROL EUR Other 2000 Jan.639 30.745 93.926 5.852 92.149 5.159 1. Feb.008 46.702 21.450 132.914 227.000 3.702 6.343 73.103 31.511 5.619 19.727 12.404 3.457 73.057 112.070 Nov.970 60.879 86.650 47.806 23.162 107.437 1.419 118.823 5.771 7.221 5.047 116.860 109.588 28.365 3.164 3.135 2.132 76.293 291.765 29.535 39.126 1.987 56.270 43.381 100. May Jun.515 16.069 9.717 6.960 1.526 6.558 3.760 5.289 737 698 624 Apr. 106.445 104.785 63. Dec.Annual Report 2003 Statistical Section 22b. It is not updated for the current month for previous loans in foreign currencies.136 83.377 87.729 19.511 6.202 533 533 524 2.414 729 642 662 Oct.076 1.360 88.210 2001 Jan.229 31.704 82.236 91. CREDITCOOP .499 5.752 52.297 1.129 213.227 4.674 77.829 50.817 82.249 52. Sep. 96.546 2.424 58.185 Oct.991 4.568 6.149 8.204 5.685 6.409 17.079 70.155 7.069 8. Aug.498 6.186 5.495 3. Mar.678 7.731 85.832 6. 270 National Bank of Romania .193 105.182 72.601 3.962 464 478 533 374 371 439 227 240 248 27.484 28.984 496 511 678 1.159 31.087 7.769 25. 251.477 522 507 459 410 434 387 253 245 282 29.191 661 659 1.943 5. May Jun.052 15.345 79.862 34.064 1.069 909 946 961 6.210 6.212 5.145 32.491 115.901 130.556 30.068 146.513 38.232 4.078 12.811 49.228 1.330 160.681 8.755 1.813 122.047 Apr.061 54.933 67. Aug.220 35.013 45.434 6.894 68.839 3.775 999 1.571 32.600 29.239 139.370 1.777 662 635 631 Oct.357 16.849 10.597 37.706 44.357 32.804 9. Dec.249 1.207 5.110 84.578 104.305 8.556 92.246 217.757 168.489 547 558 564 48.705 6.008 92.154 44.132 15.417 100.491 30.931 7.014 413 428 444 853 963 1.013 29.667 8.497 2.741 35.071 18.Central Body has also submitted reports to the Credit Information Bureau.523 35. Feb.141 63.828 74.054 80.562 3.939 100.152 85.453 242.265 41.933 44.447 5.427 183.047 4.430 7.529 90.156 64.761 12.873 87.688 201.466 58.656 81.048 193.411 8.490 236.522 110.332 67.112 Jul.706 1.847 92.456 102.826 433 439 427 791 837 779 476 490 502 41.776 67.726 Dec.298 91.033 45.583 846 847 874 4.233 455 474 488 Jul.501 14. 134.387 3.493 6.494 2.364 31.532 77.059 384 1.260 117. Mar.990 179.053 7.942 224.954 156.149 41.326 1.737 1.342 53.423 5.388 6.888 5.190 520 543 549 Oct.074 614 602 625 2003 Jan.392 123.093 32.988 6.796 11.230 71.801 5.233 76.173 5.963 6.794 1. 85.771 84.546 58.183 592 620 635 52.910 428 473 415 400 427 452 292 276 277 32.016 5.729 47.474 8.455 1. Aug.153 16.237 77.263 33.204 5.046 8.451 71. Mar.223 36.527 34.056 636 659 689 53.730 27. LOANS GRANTED BY CREDIT INSTITUTIONS* Period Total Ownership of loan recipient Private StateMixed owned Joint venture Co-operatives Households .100 67.528 3.093 216.961 95.848 8.056 56.223 2.366 73. 60.128 1.465 258.094 7.849 21.223 7.072 8. May Jun.221 5.940 23.797 4.121 5.331 17.263 80.595 192.450 185.164 62.749 270.093 96.758 78.198 6.819 200.759 6.219 34.713 362 377 391 479 527 546 203 407 308 33.190 38.107 342.647 167.209 8.028 53. 177. exposure that is equal or above ROL 200 million.655 56.756 95.395 20. 245.760 9.914 4.083 173.656 4.319 88.437 20.931 8.185 146.981 Note: Starting September 2003.754 76.097 519 527 543 46.757 326 438 375 Apr.567 15.250 18. The amount represents loans granted under the contract.212 6.731 12.131 19.852 28.076 81.148 94. Sep.124 95.160 4.748 5.182 3.894 4.355 100.998 91.402 22.042 745 764 601 Apr.613 7.946 719 734 834 3.328 314.996 95.673 7.789 18.065 1.541 50. *) Refers to the exposure to a single debtor.182 7.412 5.374 5.6 percent of loans granted by credit institutions according to Credit Information Bureau (CIB).368 12.ROL billions.225 185. 276.100 34.789 1.837 8.539 7.070 716 728 808 59.586 78. 89.947 26. Dec.464 23.701 39. Sep.293 41.845 52.981 235.643 1.190 74.736 16. Sep.242 5. Mar.521 6. 208.879 4.551 5. 72.

6 percent of loans granted by credit institutions according to Credit Information Bureau (CIB).232 48. 106.452 823 843 838 377 375 405 410 434 387 30.543 116. 153.080 31.897 82.870 41.345 6.389 105.079 46.927 47.954 156.291 3.189 29.067 23.554 13.303 50.351 36.260 117. 134.340 68.132 76.491 117.514 2003 Jan.377 87.949 9.198 8.729 42.588 Oct. pension funds 3.241 8.633 30.356 120.388 2.261 4.547 52.206 8.147 94.848 7.394 17.492 3.071 3.521 38.404 8.503 31.419 62.523 270.214 7.879 2.623 80.216 6.858 7. 177.151 28.109 6.629 8.478 75.283 2.523 108.164 1.202 81.076 81.698 162.561 4.200 4.620 49.707 159.162 17.260 4.726 134.070 64.288 130.680 7.546 39.962 27. Nov.958 75.588 190.495 15.388 7.733 53. 276. Mar.592 110.957 24.326 3.026 88.256 42.160 43.173 166.051 7.240 21.183 55.185 146.833 2002 Jan.938 24.106 8.634 121.495 3.679 9.729 16.281 33. LOANS GRANTED BY CREDIT INSTITUTIONS* (continued) Period Total Business Industry Services Construction Agriculture.771 174.749 57.232 91.421 26.687 7.339 115.334 77.268 70.246 131.520 12.188 8.381 100.880 43. education.379 220.561 139.558 91.252 103.758 4.319 93.353 57.020 Oct.907 235.290 8.743 58.666 63.060 1.889 268.440 90.529 28.ROL billions.821 58.932 18.768 3.218 15.093 102.997 25.922 81.713 13.058 83.335 72.763 30.981 142.223 303.100 31.162 90.398 121.025 26. Aug. May Jun.271 66.916 5.658 243.226 99.083 23.911 93. National Bank of Romania 271 .360 46.498 28.607 116.841 155.860 69. Dec.444 68.183 35.848 7. 12.189 71.161 80.392 123.839 3.492 12.726 127.696 11.212 1.206 3.309 173.578 9.358 1.288 25.370 8.094 6.350 96.629 5.010 10.722 58.663 3.664 127.510 61.239 90.201 143.848 8.954 8.723 6.480 54.973 34.304 22.386 6.699 214.767 38.134 12.733 28.055 141.138 Jul.382 31.027 157.665 Apr.293 124.787 4.358 224.090 60. Sep.680 97.387 133.199 33.410 111. Mar.702 7.733 23.370 40.299 258.907 5.541 35.533 7.818 3.602 8.271 147.511 5.858 97.204 28.806 97.799 679 Apr. Sep.930 13.516 35.255 126. 85. May Jun.332 4.448 62.916 11.244 77.246 53.723 46.385 53.687 12.489 51.425 112.876 10.424 6.129 3.372 62.607 25.501 33. Dec.118 4.039 87.974 6.757 168.990 85.108 13.131 302.297 14. Dec.112 87.942 106.201 64.745 93.168 62.982 12.738 3.855 47.343 91.102 70.092 256.651 1.592 30.426 97.861 12.797 4.311 314. 89.948 3.608 27.940 77.304 9.484 928 917 942 793 751 692 645 749 668 37.743 4.926 4.034 54.554 43.595 65.199 11.749 78.080 24.907 63.024 3.276 156.805 6. Mar.241 11.899 129. 60.464 8.821 30.298 8.153 137.137 37.416 780 887 983 791 837 779 41.680 86.480 90.885 142.257 1.449 35.788 7.051 52. 251.585 5.306 5.151 39.201 89.819 76.540 133.464 27.219 1.097 44.798 11.739 Note: Starting September 2003.528 6.046 40.604 237.652 4.399 194. It is not updated for the current month for previous loans in foreign currencies.128 6.461 3.940 107.311 32.950 105.838 17.049 87.467 2.047 4.399 70.865 10.893 70.131 104.804 852 837 788 397 386 406 400 427 452 30.599 74.Central Body has also submitted reports to the Credit Information Bureau.118 7. Feb.961 85.919 155.119 4.833 44.778 205.839 225.275 1.214 35.698 96.846 50.048 193.869 Oct.554 4.819 200.746 Apr.070 Oct.531 8.937 78.674 77.114 90.043 1. The amount represents loans granted under the contract.848 10. May Jun.575 3.145 136.217 27.007 30.120 51.732 45.303 37. Mar.392 Credit institutions.588 49.586 52.081 6.964 153.001 5.767 8.572 39.257 65.326 1.209 59. Nov.677 Jul.187 33.067 Apr.585 48.376 203.409 12.525 3.055 503 4.070 79.093 40.681 1.credit institutions tutions 26.703 589 4.923 125. Feb. accounting for 81.511 179.224 10.744 57.155 120.820 34.390 107.938 13.581 43.552 5.261 4.453 114.280 75.470 9.981 112. 72.303 6.278 29.107 31.940 86.323 60.837 148. exposure that is equal or above ROL 200 million.218 29.676 84.035 3.733 18.975 11.748 21.201 316.641 254 280 346 222 253 326 688 700 791 339 341 351 374 371 439 28.538 132. forestry.944 62.899 10.440 8.149 2.364 61.521 6.678 79.076 35. 208.132 34.745 55.225 185.765 1.313 Dec. Aug.917 88.944 8.468 12.056 58.350 129.070 162.109 1.544 13.728 139. 188.618 57.491 8.427 115.994 9.705 97.567 60.664 81.115 853 963 1.366 48.749 119.523 82. healthcare Natural entities and households .690 4.360 88.160 4.512 19.948 16.066 43.873 34.828 74.621 50.859 22.277 9.970 58.141 67.680 34.489 2001 Jan.077 123. Aug.870 11.292 18.225 5.100 1.297 21.896 36.001 7.616 3.402 28. financial institutions.770 19.828 4.120 93.868 51.214 77.206 1.422 1.617 1.710 54.546 5.700 44.361 3.162 107.318 7.841 65.967 Nov.493 9.199 36.819 68.216 4.427 68.720 200.944 2.975 56.189 30.054 76.098 4.078 88.Annual Report 2003 Statistical Section 22b.847 100.652 14.673 1.753 57.523 15.261 9.152 29.614 3.901 130.666 65.413 36. Feb.070 133. 14.121 5.932 9.039 68.516 12.236 72.661 120. 230.951 6.204 120.303 10.859 91.813 79.174 158.210 89.290 121.652 86.077 36.357 51.387 47.870 33.023 43.532 4.932 8.789 1.214 6.249 1.298 91.528 8. May Jun.977 10.515 281.351 5.953 88.660 30.850 245.772 2.680 48.610 4.119 5.343 9.688 12.572 13.449 67.880 7.333 30.574 53.376 212.152 Jul.633 29.456 102.612 19.696 59.797 21.154 7.584 3.062 43.061 1. fishery 2000 Jan.641 23. Sep.185 25.501 189.757 2.687 3.672 73.118 291.003 97.293 77.960 104.985 4.217 86.202 65. Public administration.758 8.319 86.098 788 873 880 445 719 775 479 527 546 33. end of period Credit institutions by Credit institutions Term of loans Short Medium Long ownership by legal status term term StatePrivate Credit insti-Branches term tutions of foreign (less (more (1-5 owned and and than one years) than 5 majority majority Romanian credit instiyear) years) stateprivately legal entities tutions owned owned credit insti.209 1.825 30.524 40.288 4.683 17.251 77.479 70.212 4.707 181.571 4.073 186.465 117.666 148.803 99.880 242.557 163.420 160.066 1.263 10.450 22.743 98.231 277.680 24. 9.950 3.038 14.628 8. Feb.907 93.001 45.297 12.838 10.968 13.417 100.390 342.245 167.097 9.975 Jul.627 5.688 123.566 180.210 226.085 216.283 40.384 55. *) Refers to the exposure to a single debtor.684 117.497 2.181 45.178 7. Aug.633 9.024 69.735 4.933 8.081 143.087 8.169 70.211 8.052 27.046 4.732 50.047 102.875 113.925 227.732 124.399 5.763 1.442 40.641 69.240 44. Nov.053 4.399 4.975 31.590 7.647 108.716 54.769 6. Sep.494 115.383 65. 96.175 14.211 4.954 79. CREDITCOOP .622 47.911 73.

808 463.397 379.169 1.950 5.548 1.241.826 7.707 1.817 2.297 1.306 264.742 6.331 4.470 132.146 585.873 7.989 1.010 499.949 7.839 202.967 1.910 333.614 224.008 2 – 2 3.667 1. Dec.402 4.820 541.455 166.206 437.154 5. Feb. 1.892 1.357 7.321 556.972 2.186 255.330 747.510 4.605 Jul.886 Oct.473 118.292 – 1 – – 14 – – 1 – – 14 – 8.706 306.304 325.902 316.006 7.287 870.513 2.366 5.083 636.430 7.500 7.537 180.750 382.536 1.617 214.881 10.479 232.369 1.399 157.098 786.451 5.998 8.586 4 2 – 242 14 – 4 2 – 242 14 – 8. Sep.736 5.073 5.777 258.431 1.755 410.778 548.676 Apr.894 313.340 435.487 12.934 171.809 692.299 5.687 9.439 634.556 701.112 1.978 3.995 1.344 6.008 1.783 286.780 Mar.034 5.672 7.Amount Num. May Jun.924 304.162 5.130.521.715 971.194 591.804 836.864 1.893 934.776 5.610 193.568 10.521 6.299 7.011 2.285 – – 2 – – 1.814 863. 1.960 251.973 1.830 8.522 7.413 272 673. 1.270 1.507 335.793 7.599 7.761 256.668 585.454 1.386 8.373 8.940 5.553 1.891 515.671 525.768 – – – – – – – – – – – – 6.223 10.385 1.) Num.967 738.042 425.524 1. 1.523 417.943 276.440.155 94.266 323.135 Oct.703 249.195.139 442.003 2.066 237.729 305.261 444.024 484.727 830.756 332.787 315.461 281.140 729.410 368.254 4.005 2.321 534.873 7.482 201.365 7.770 8.336 9.621 7.412 2.588 7.432 120. Feb.073 6.656 272.263 256.967 National Bank of Romania .745 891.457 7.981 785.439 8.054 2002 Jan.952 194.113 382.158 944.279 9.003 216.751 713.865 173.280 1.791 561.879 5.437 1.103 9.440 347. REJECTED DEBIT PAYMENT INSTRUMENTS Period Cheques Bills of exchange Promissory notes Total major reasons major reasons Num.416 2001 Jan.480 10.191 239.709 341.494 2 – 1 2.912 4.872 7.541 7.150 5.195 402.003 449.530 286.747 9.228 586.313 6.535 2.407 89.373 502.565 442. May.986 552.625 531.) ber mn.299 6.910 6.721 315.630 1.382 9. 1.Amount ber mn.893 235.123 1.902 7.625 780. 1.786 931.509 5.432 8.293 368.231 9.086 1.088.710 317.843 1 30 1 30 3.278 2.775 – – – – 3.700 888.881 1. Jun.219 742.227 217.728 481.410 218.585 11.798 624. Dec.616 6. Sep.265 – – 1 – – 58 – – 1 – – 58 5.009 8. 1.934 – 1.752 9.727 538.484 1.243 361.971 972.131 841.425 327.277 932.162 6.) ber ber ber mn.173 – 8 – – 1 – – 8 7.493 1.175 447.110 373.113 153.092 189.420 5.875 205.803 10. Nov.493 6.889 286.874 4.825 801.568 118.287 6 2 2 83 68 107 6 2 2 83 68 107 5.348 1.713 525.641 1.341 1.231 138.646 347.784 270.805 262.572 284.890 313.475 108.238. 1.437 1. Mar.759 7.310 8.579 7.551 133.680 509.204 – 2 4 – 13 1.668 1.181 10.836 272.152 293.492 358.) mn.547 703.600 531.934 – 1.576 161. 2.057 6.607 417.173 1.819 8.980 6. 1.933 449.471 251.073 79.612 281.308 82.300 431.699 Jul.491 2.838 757.038.136 129.329 – 8.985 219.635 7.782 11.953 199.646 484.697 1.130 375.213 1.754 187. Mar.176 11.005 5.067.535 940.438 820.133 5.614 339.287 5.985 6.207 6.) Num.567 1.823 1.475 7.251 – – 2 – – 1.296 141.520 6. 2.321 7.885 271.512 9.048 – – – – – – – – – – – – 4.346 7.282 1.620 229.231 359.183 5.025 Oct.415 6.330 4.718 6.508 445.585 910.309 451.867 802.628 286.255 8.994 736.802 7.571 8.025 1.149 477.535 373.760 293. Mar.794 532. 1.487 644. May Jun.783 1.008 8.887 492.384 9.415 8.413 129.514 488.250 256.900 2 – – 203 – – 2 – – 203 – – 7. 2.262 9.189 262.067 1.268 9.214 7.993 9.030 6.192 7.076 – – – – – – – – – – – – 8.485 5.544 10.047 84.059 632.517 9.105 7.824 1.858 295.893 280.945 8.006 540.633 1.102 375.819 303.258 8.190.817 370.117 8.Amount ber (ROL mn.205 4.334 Jul.514 1.974 414.350 389.277 1.851 5.765 1.157 699.763 6.088 4.862 1.224 168.710 1.573 8.419 1. 1.372 929.065 928.346 8.019 2. Aug.807 770.298 222.779 9. Aug.408 151.221 2.872 8.133 368.488 7. Nov.146 7.601 494.295 1.244 674.093 7.703 5.796 805.182 73.064 529.616 198.464 217.155 7.845 4.274 81.342 97.985 268.835 4.984 2003 Jan.105 568.860 904.776 446. 1.053 1.660 6.182 1.285 1.795 179.681 260.661 511.851 7.836 942.025 531.129 4.035 1.686 1.004 358.043 296.097 1.790 2.991 239.566 651.649 358.Amount major reasons Num.976 186.367 9. Aug.446 303.873 976.211 726.263 1. Dec.680 7.Annual Report 2003 Statistical Section 23a.150 490. Aug.357 7.776 551.806 7.749 629.328 6.724 5.949 – 10.826 229.179 312.852 229. Sep.728 5.Amount (ROL ber (ROL Num.827 699.228 341.310 5.927 6.076 768.721 9. Feb.938 10.513 1.056 Feb.285 7.268 351.167 1.890 464.508 264. Nov.) (ROL (ROL (ROL mn.256 7.845 10.902 551.438 6.793 1. Sep.586 1.277 300.353 955 60.107 1 – – 84 – – 1 – – 84 – – 8. Nov.332 623.976 243.507 3.957 1.474 457.553 698.726 2.368 2 – 2 3.Amount major reasons Num.510 1.284 749.160 1.157 6.512 7.592 8.269 9.048 2.884 614.830 9. 2.755 8.757 589.204 1.844 166.741 554. Dec.790 235.254 6.460 319.760 605.046 408.776 – 1 4 – 10 1. May Jun.847 – – – – 4.051 8.052 345.956 504.343 467.259 1.796 1.149 567.) 2000 Jan.855 Oct.171 387.200 267.292 101.609 10.589 266.267 Apr.463 Apr.565 6.588 7.713 623.356 8.584 5.050 671.Amount (ROL mn.950 2.590 352.133 686.649 201.918 9.755 868.971 6.458 8. 1.325 6. 1.253 491.199 7 1 – 102 15 – 7 1 – 102 15 – 6.325 354.Amount ber Num.375 Jul.777 617.315 111.493 6.163 Apr.183 6.477 367.525 515.919 1.633 351.929 6.459 286.729 381.055.480 – – – – – – – – – – 9.951 1.454 382.995 224.300 856.015 185.513 986.825 473.330.719 1.642 6.850 5.) (ROL mn.255 1.709 4.

795 2.602 2.991 2.935 2.360 1.456 2.785 713 662 645 3.116 2.968 2.658 2.283 714 698 611 2.477 710 649 574 Oct.322 2.173 2.551 2. 29 13 22 26 12 20 5 1 3 3.830 2.134 2.880 2.749 563 589 602 2. 40 46 30 33 36 27 3 6 4 3.799 2.094 2. Aug.848 2. May Jun.744 2.455 2.636 602 521 584 3.466 709 641 572 3.557 550 470 465 2.861 2. 4 8 2 4 6 2 – – – 2.227 2.399 664 489 534 Apr. Mar.011 3. ACCOUNTHOLDERS THAT GENERATED PAYMENT INCIDENTS Period Individuals Total (number) of which: Risky natural entities of which: Legal entities Entities under Total a ban (number) of which: Risky natural entities of which: Total Entities under Total a ban (number) of which: Risky natural entities of which: Entities under a ban 2000 Jan.117 2.384 2.636 2.598 2. Nov.047 2.348 2. May Jun.515 2.822 3. Nov.617 586 644 675 2.426 2.861 2. Feb.715 2. Dec. 7 – 1 6 – 1 – – – 2.152 2. 4 4 6 3 4 5 – – – 2.646 2.395 2.822 2.139 3.749 2.977 3.597 2.034 2.248 2.525 2.312 2.233 2.887 1. May.326 2.338 539 654 601 Jul.712 2.710 579 686 623 Jul.Annual Report 2003 Statistical Section 23b.619 586 644 675 Jul. 11 9 6 10 8 5 2 – 2 2.846 2.037 2.466 2.935 2.838 2.286 3.101 2. Dec. Aug.464 2.421 2.659 2.168 3.556 2. Sep.117 2.184 553 594 561 2.462 2.916 2.998 2.722 2.215 2.936 3.284 2. Sep.246 3.693 2.686 2.828 2.168 460 458 535 Apr.586 2.090 3. Sep.947 2. Dec.807 2.714 2.255 667 606 729 3.962 2.118 3.602 2.284 2. 36 21 22 35 19 21 4 5 3 3.024 3.114 2.941 2.676 2.470 605 653 662 2001 Jan.969 2.006 2.483 2.770 2.805 718 663 648 2003 Jan.189 553 594 561 Oct.396 2.816 2.521 2.315 2. Feb.872 2.657 606 526 587 Oct.736 2.147 2.884 2. 6 7 25 5 6 15 – – – 2.147 3.912 2.505 2.034 2. Nov.763 2.378 2.398 548 475 530 2.849 2.827 2.842 2.575 2.515 2.611 2.015 2.167 460 458 535 2.870 3.101 3.549 2.556 2.920 2.882 3.525 2.020 2.109 2.282 670 612 733 National Bank of Romania 273 .126 2.857 2. 12 23 14 12 22 11 1 8 2 3. 25 28 27 25 26 27 2 3 1 2. May Jun. Mar. 8 7 7 6 4 6 1 – 1 2.652 2.881 1.665 2.137 2.394 662 489 532 2.504 2.776 565 592 603 Jul.361 1.739 2.344 2.752 718 727 720 2. – 2 3 – 1 3 – – – 2.400 548 475 530 Apr.151 2. Sep.289 715 698 612 Oct. Dec. 25 19 14 24 15 13 2 – 1 2.683 2.094 2. Feb.570 552 470 466 Apr. Feb.858 3.335 539 654 601 2.898 2.741 2.999 2. Aug.437 2. Jun.617 2. 12 4 5 12 2 2 – – – 2.565 2.682 2. 12 15 15 10 9 11 2 2 4 2.459 2.335 2.911 3.730 2. Nov.719 2.543 2.528 2.699 577 684 619 2.731 2.455 605 653 662 2.399 2.888 2.658 2.919 2.821 2.977 2. Aug. Mar.408 2.749 2.140 2. 8 8 8 8 5 7 1 – 2 2. Mar.759 719 727 722 2002 Jan.352 2.

3 Starting January 1998.) Annexes 1. in world prices. Annex 5 Romania’s international investment position includes. the current price was applied to gold inflows and outflows. the maintenance of law and order. 2 Starting 1999. The standard table on the international investment position comprises the stocks of foreign assets and liabilities at the beginning and the end of period as well as the financial transactions. producer price index refers to industrial production delivered to the home market. legislation and regulation. the stock of foreign assets and liabilities of a country at a given moment. The National Bank of Romania’s stock of monetary gold is valued in EUR at the price ruling in the London Bullion Market on the last day of the month. The stock of gold was valued in ROL at a sole domestic price. recreational and sports clubs). The Composite Index of Bucharest Stock Exchange (BET-C) represents the movements of all shares traded on the Bucharest Stock Exchange. foundations. culture. Financial transactions referred to in the international investment position are included in the financial account of the balance of payments. cultural. The principle of calculation is the same as that used for calculating the BET index. the National Institute of Statistics has proceeded to the implementation of a new methodology for calculating the Gross Domestic Product in line with the European System of Accounts (ESA95). etc. the provision of national security and defence. It is calculated as a (capitalisation) weighted average of the shares that make up the index portfolio. social security and welfare.Annual Report 2003 Statistical Section METHODOLOGICAL NOTES Annexes 1. Annex 10a The Bucharest Stock Exchange (BSE) index . The stock of gold is revalued at end of year only. changes in the exchange rate. according to the international standard definition. Actual final general government consumption consists of: collective consumption expenditures of general government (general public services. health. research and development. reflecting the overall trend in the prices of the ten most liquid shares traded on the bourse. and other financial changes that occurred over the same period. the collection of household refuse) and individual consumption expenditures of non-profit institutions serving households (religious societies. sport and recreation.the BET (Bucharest Exchange Trading) – is the BSE’s first official index. 14. Annual average volume of forex transactions is calculated as an arithmetic mean of monthly forex transactions. Actual final household consumption consists of: household expenditures to acquire goods and services to satisfy the needs of members of that household. individual consumption expenditures of general government (education. Annexes 5. associations. political parties. The BET-C index basket will be updated automatically by including 274 National Bank of Romania . Shares must be quoted on the top tier and must have the largest market capitalisation (market capitalisation of companies whose shares are included in the index portfolio should exceed 60 percent of total market capitalisation). 15 Monetary gold represents the central bank’s holdings of gold and it is part of international reserves. trade unions. Annex 9a Monthly volume of forex transactions represents the sum of the highest daily levels of sales and purchases in the forex market.

Every issuer listed on the RASDAQ Electronic Stock Exchange is included in the index calculation in order to capture the overall trend in share prices. the principle of calculation is the same as that used for calculating the BET-C Index. Furthermore. subscription quotas in international organisations. April 2002 for Banca Turco-Română.e. RAQ I and RAQ II indices were launched together with the introduction of the upper tiers in order to reflect the overall development of the share prices of top companies listed on RASDAQ’s first and second tiers. Other assets/liabilities include items (accounts) relative to the central bank’s own activity (assets – fixed assets. liabilities – settlements. State Treasury’s investments with banks and forex deposits with banks in Romania. The same principle of calculation as that used to compute RASDAQ-C is applied.e. The BET-FI index was originally calculated for the five FICs listed on the BSE. CREDITCOOP Central House of Credit Co-operatives was also included.). banks’ deposits abroad. In terms of the principle of calculation. the BET-C reflects the changes to the share capital of listed companies. its reference value being 1. Annexes 14.079. The index was launched on 1 November 2000. creditors. 15 General Account of Treasury includes receipts and payments accounts related to the general government budget.Annual Report 2003 Statistical Section the new companies. its reference value equalled 1. The banks whose licences were revoked are included with their last reporting month. Annex 10b RASDAQ Composite Index was launched on 31 July 1998. Annex 16 Starting May 2003. at the price set on the day next to their being quoted. foreign securities.. Annex 15 Starting December 2002. and – convertible currencies. etc. etc. Reserve foreign assets of banks include the following: – monetary gold. Annex 14 Net foreign assets of banks are calculated by subtracting foreign liabilities in convertible currency from foreign assets in convertible currency (reserve foreign assets plus equity interests in foreign banks).216 points. and others. debtors. which cover the following: currencies and cheques. The share of a symbol in the index is limited to 25 percent of total capitalisation of the symbols included in RASDAQ-C. i. Interbank assets cover refinancing credits to banks. – SDR holdings. i. capitalisation weighted and updated consistent with capital increases and closing prices. February 2002 for Banca Română de Scont. Annex 17 Starting May 2003. Interbank liabilities include banks’ ROL and foreign currency deposits with the central bank. March 2002 for Banca de Investiţii şi Dezvoltare. this index belongs to the set of market indices computed as a capitalisation weighted average. local budgets.000 points as of 31 October 2000. National Bank of Romania 275 . social security budget and extra-budgetary funds with banks.000 points. They were launched on 28 October 2002 and their reference value equalled 1. prepaid expenses. including all investment funds to be listed subsequently. as well as payments due to them were reclassified under foreign assets and foreign liabilities respectively. April 2003 for Banca Columna. by adjusting the item “Household deposits” with the payments made to depositors. CREDITCOOP Central House of Credit Co-operatives was also included.

7/2002. pursuant to Order No. 22a. The new regulation introduces a new loan classification criterion. the classification meets the analysis requirements of the National Bank of Romania. as amended by Regulation No. Annex 20 Solvency ratio represents the ratio between banks’ own funds (tier-one capital plus tier-two capital) and risk-weighted assets plus other risk-weighted. the methodology of loan classification and establishment of specific risk provisions was altered by Regulation No.Annual Report 2003 Statistical Section Annex 19 Starting 1 January 2003. i. Currency-denomination of loans is consistent with applicable regulations worldwide. Ownership of loan recipient is consistent with Methodological Norms No. as subsequently amended and supplemented. Annexes 21. 656/1997 regarding the approval of the Classification of Activities in the National Economy (CANE) . off-balance-sheet items. as amended and supplemented subsequently. 22b Credit risk information refers to the identification data on a debtor – resident non-bank. Loans granted to resident non-bank. Risk information refers to the exposure of each bank in the Romanian banking system to a single debtor. 58/1998–The Banking Act. Business of loan recipient is consistent with Government Decision No. legal or natural entities (by risk) complies with the Chart of Accounts for Banks and the related methodological norms (1997). 370542/1999 (Ownership Nomenclature) issued by the Ministry of Finance. April 2002 (Banca de Investiţii şi Dezvoltare) and May 2002 (Banca Turco-Română). 5/2002. which may be equal to or upwards of ROL 200 million. The term of loan complies with Law No. the information does not cover data on the loans of the debtors of the above-mentioned banks.as from 1 January 2003. legal or natural entity and on the following ROL and foreign-exchange-denominated operations whereby the banks face risk exposure to the respective debtor: (a) loans granted and (b) commitments assumed by the bank on behalf of the debtor. 276 National Bank of Romania . adversely impacting the indicators that define asset quality and capital adequacy. the classification meets the analysis requirements of the National Bank of Romania.e. this classification meets the analysis requirements of the National Bank of Romania. 601/2002 issued by the President of the National Institute of Statistics on CANE updating. debtor’s financial performance. Starting March 2002 (Banca Română de Scont).

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