AR1999

National Bank of Romania
ANNUAL REPORT
1999
ISSN 1453 3928
Note
1999 Annual Report was examined and approved by the Board of Directors of
the National Bank of Romania on 20 June 2000 and was forwarded to the
Parliament of Romania pursuant to the National Bank of Romania Act.
Some of the data for the period covered are provisional and will be updated as
appropriate in the subsequent issues.
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 1999 Annual
Report were carried out by the Research and Publications Department.
National Bank of Romania, 25 Lipscani Street, sector 3, postal code 70421
Telephone: 40 1 312 43 75; Fax No.: 40 1 314 97 52
http://www.bnro.ro
ROMANIA
- Overview -
1. Location
Romania is located in the south-eastern part of Central Europe, inside
and outside the Carpathians range, on the lower course of the

Danube (1,075 km) and has exit to the Black Sea (coast line 194 km);
Boundaries: 3,150 km;
Neighbouring countries: Hungary, Yugoslavia, Bulgaria, Republic of
Moldova, and Ukraine.

2. Area
238,391 sq. km (the twelfth in Europe);

Land use: farm land 62 percent (of which 39 percent arable land),
forest 27 percent, other 11 percent.

3. Population Total: 22.5 million inhabitants - 1 July 1998 (the ninth in Europe);
Density: 94.4 inhabitants/sq. km;
Urban area: 54.9 percent;
Ethnic structure: Romanians 89.5 percent, Hungarians 7.1 percent,
other 3.4 percent;
Administrative organisation: 42 counties, including Bucharest
Municipality; 263 towns (83 municipalities) and 2,685 communes;
Capital: Bucharest (2 million inhabitants);
Official language: Romanian.
4. Status
Republic (according to the Constitution approved in 1991);

Legislative body: Parliament (Senate and Chamber of Deputies);
Executive body: head of government - prime-minister (appointed by
the President, following results of general elections);

President elected by universal vote for a four-year mandate.
5. Currency
Romanian leu, fractional coin - ban;

Current account convertibility of the leu;
Exchange rate is set in the interbank market on a daily basis.
ABBREVIATIONS
ASAL
BARA
BET
BIS
BSE
CEFTA
cif
CIS
CPI
CRIB
EBRD
ECB
EMU
ERM
EU
FED
FESAL
fob
G - 24
GDP
IBEC
IBRD
IFC
IIB
IMF
LIBOR
MIGA
NBR
NCS
OECD
OPEC
PIB
PPI
PSAL
RASDAQ
SAL
SDR
SOF
SPAL
VAT
WIOW
Agricultural Sector Adjustment Loan

Bank Asset Recovery Agency
Bucharest Exchange Trading Index
Bank for International Settlements
Bucharest Stock Exchange
Central European Free Trade Agreement
cost, insurance and freight
Commonwealth of Independent States
Consumer Price Index
Credit Risk Information Bureau
European Bank for Reconstruction and Development
European Central Bank
Economic and Monetary Union
Exchange Rate Mechanism
European Union
Federal Reserve System
Financial and Enterprise Structural Adjustment Loan
free on board
Group of Twenty Four Industrialised Nations
Gross Domestic Product
International Bank for Economic Co-operation
International Bank for Reconstruction and Development
International Financial Corporation
International Investment Bank
International Monetary Fund
London Interbank Offered Rate
Multilateral Investment Guarantee Agency
National Commission for Statistics
Organisation for Economic Co-operation and Development
Organisation of Petroleum Exporting Countries
Payments Incident Bureau
Producer Price Index
Private Sector Adjustment Loan
Romanian Association of Securities Dealers Automated
Quotation System
Structural Adjustment Loan
Special Drawing Rights
State Ownership Fund
Social Protection Adjustment Loan
Value Added Tax
War Invalids, Orphans and Widows
CONTENTS
Overview of the major economic, financial, monetary,
and foreign exchange developments in 1999 ............................................................9
A. Main macroeconomic constraints ................................................................10
B. Adjustment of economic policies .................................................................12
C. Achievements...............................................................................................17
Part I: Economic developments

Chapter 1. World economy in 1999 ............................................................................21
A. Overview.......................................................................................................21
B. European countries in transition ...................................................................24
Chapter 2. National economy in 1999........................................................................30

A. General features ...........................................................................................30
B. GDP formation and use; sectoral review ......................................................31
C. Prices, earnings and employment ...............................................................35
D. Restructuring and privatisation ....................................................................38
E. Balance of payments and international investment position ........................39
F. Budgetary and fiscal developments .............................................................42
Chapter 3. Financial markets in Romania..................................................................49

A. Money market ...............................................................................................49
B. Foreign exchange market.............................................................................52
C. Capital market ............................................................................................. 55
Part II: National Bank of Romania's activity

Chapter 4. Foreign exchange and monetary policy ................................................61
A. Monetary policy stance and objectives........................................................61
B. General features ...........................................................................................63
C. The impact of banking system restructuring................................................64
D. The impact of fiscal performance ................................................................65
E. The monetary policy transmission mechanism.............................................66
F. The use of monetary policy instruments........................................................67
G. Money and credit developments .................................................................71
Chapter 5. Licensing, regulation and prudential supervision

of banks .......................................................................................................77
A. Solving the situation of problem banks ........................................................79
B. Strengthening the banking supervision sector.............................................82
Chapter 6. Currency issue and the Romanian payments system ........................91

A. Currency issue..............................................................................................91
B. The Romanian payments system .................................................................91
Chapter 7. Operations with the State Treasury, management of

international activity and other activities
of the National Bank of Romania ...........................................................94
A. Operations with the State Treasury...............................................................94
B. Management of international reserves .........................................................95
C. International activity of the National Bank of Romania.................................97
D. Other activities..............................................................................................99
Part III: Balance sheet and profit and loss account

of the National Bank of Romania
Chapter 8. The balance sheet of the National Bank of Romania
as of 31 December 1999 ........................................................................105
Chapter 9. Profit and loss account ...........................................................................112
Part IV: Objectives and guidelines

Chapter 10. Guidelines of the National Bank of Romania's policies
for 2000 and outlook for 2000-04 .......................................................117
A. Main guidelines for 2000 ............................................................................117
B. Outlook for 2000-04 ....................................................................................120
ANNEXES
ORGANISATION CHART OF THE NATIONAL BANK OF ROMANIA
AT 31 DECEMBER 1999 .................................................................................................................... 127
INTERNATIONAL RELATIONSHIPS OF THE NATIONAL BANK OF ROMANIA ................................ 128
BANKS IN ROMANIA AT 31 DECEMBER 1999 ................................................................................. 129
PAPERS PUBLISHED IN THE QUARTERLY BULLETINS ISSUED BY
THE NATIONAL BANK OF ROMANIA BETWEEN 1992 - 1999.......................................................... 131
MAIN PAPERS ISSUED BY THE NATIONAL BANK OF ROMANIA
AND FORWARDED TO THE PARLIAMENT IN 1999.......................................................................... 133
LEGISLATIVE INDEX
MAIN RULES AND REGULATIONS ADOPTED IN THE ECONOMIC AREA IN 1999......................... 137
MAIN RULES AND REGULATIONS ADOPTED IN THE BANKING AREA IN 1999 ............................ 141
MAIN REGULATIONS ISSUED BY THE NATIONAL BANK OF ROMANIA IN 1999........................... 143
CHARTS SECTION
STATISTICAL SECTION
TABLES
1. Main macroeconomic indicators in selected transition countries, 1995-1999...............................
2. Main macroeconomic indicators in 1999.......................................................................................
3. Current account .............................................................................................................................
4. Consolidated general government balance...................................................................................
5. Developments of the key financial indicators ................................................................................
6. The number of Romanian banks by type of capital .......................................................................
7. Classification of banks by share capital and net assets................................................................
8. Structure of Romanian banks' capital ............................................................................................
9. Net assets and share capital as of 31 December 1999.................................................................
10. Balance sheet of the National Bank of Romania ..........................................................................
11. Structure of assets and liabilities .................................................................................................
12. Structure of assets ........................................................................................................................
13. International reserves as of 31 December 1999 ...........................................................................
14. Structure of liabilities ....................................................................................................................
15. Profit and loss account ..................................................................................................................
28
30
40
43
87
88
88
89
90
107
108
108
109
110
112
CHARTS
Exports / Imports by group of countries.............................................................................................
Consumer price index in 1999 ...........................................................................................................
Employees in industry and unemployment rate in economy in 1999 ................................................
Tax burden .........................................................................................................................................
Interbank deposits in 1999.................................................................................................................
Interbank transactions in 1999...........................................................................................................
Average interest rates in 1999 ...........................................................................................................
Interbank foreign exchange rate in 1999 ...........................................................................................
Bucharest Stock Exchange in 1999 ...................................................................................................
RASDAQ market in 1999....................................................................................................................
Exchange rate in 1999 .......................................................................................................................
Exchange rate and inflation in 1999 ..................................................................................................
Broad money in 1999.........................................................................................................................
Household savings and inflation in 1999 ...........................................................................................
Monetary base in 1999.......................................................................................................................
Gross foreign assets and net international reserves in 1999 .............................................................
34
36
37
45
49
50
52
53
56
57
63
63
71
72
73
75
Overview of the major economic, financial, monetary, and foreign exchange developments in 1999
Overview of the major economic, financial, monetary, and foreign

exchange developments in 1999
In 1999, the peak of foreign debt service tantamount to almost 30 percent of the
medium- and long-term public debt incurred by Romania added to the general
restrictions induced by the relatively sluggish pace of reform. External financing needs
outran by far the sources available or possible to resort to, thus rendering the necessary
adjustment utmost imperative.
In 1999, Romania proved that it could initiate and implement bold actions to adjust the
economy. The particular conditions of 1999 were tackled via an adequate economic
programme based on the start of purging the banking system and the restoration of
external competitiveness of the economy to pave the way for narrowing of the
unsustainable current account deficit. Although GDP continued to decline and inflation
resurged compared to a year earlier, it may be asserted that 1999 saw relatively positive
results. In 1999, the groundwork was laid for the smooth functioning of the banking
system, for returning to world capital markets, and for putting the economy onto a longlasting, sound growth path starting with the year 2000. Moreover, veering-off track of the
nominal variables was kept under control amid the achievement of the inflation target
was burdened by the need to improve significantly the competitiveness of Romanias
output.
In light of the external environment in early 1999, the restoration of competitiveness was
crucially important to avoid default risk. An adequate exchange rate policy has therefore
been opted for, along with coherent fiscal and income policies rather than a sizeable cut
in real wages.
Ever since the final quarter of 1998, the leu has been depreciating in real terms, thereby
enabling the economy to regain its external competitiveness. A flexible managed floating
policy helped to bolster this trend during 1999. Real depreciation of the local currency
combined with real sector restructuring measures led to an almost 60 percent slashing
of the current account deficit. This adjustment not only had positive effects on the
sectors subject to restructuring, but boosted credibility of economic policies as well.
The preparations for resuming economic growth also envisaged the start of banking
sector purging, which began on a larger scale in 1999 and continues into 2000.
The purging process addressed the causes of building-up of non-performing loans in
the banking system and of the closure of some banks. However, the former could not be
attributed to restrictive economic policies, which helped to bring some dormant
problems to the fore, since reform was slow in coming and the causes for poor corporate
9
governance in some sectors lingered; these causes translated into a number of

weaknesses, thus highlighting the consequences of absorption of losses by the corporate
sector following the up-front adjustment needed to reduce the external imbalance.
In 1999, the necessary efforts were made to tap the foreign private capital markets. The
conditions ruling in these markets, as well as the expectations of a possible default
hampered the access to funding at reasonable costs.
The lack of external financing added to the still high segmentation of financial markets,
thereby contributing to the persistence of high interest rates. Domestic sources were
almost solely accountable for the financing of the 3 percent deficit-to-GDP, triggering a
higher demand for money market funds, the price of which increased accordingly.
However, the rise in interest rates was not the only consequence of the external
financing shortfall. As equally important can be viewed the costs induced by Romanias
absence from the world capital markets. In 1995-96, the National Bank of Romania
developed several programmes to tap capital markets. Romanias long absence from
the international markets was reflected in the relatively short maturities between three
and five years of the borrowings. Nevertheless, the external adjustment in 1999 would
allow Romania to return to the capital markets starting in 2000-01. For Romania to
become a steady presence in the international capital markets, more credibility should
be attached to reforms by safeguarding their furtherance and acceleration.
The material effects of the 1999 adjustment have already been in place in the first half of
2000. Inflation is currently on a downward trend compared to a year ago, and signs of
resuming economic growth emerged ever since the fourth quarter of 1999.
A. Main macroeconomic constraints

1. The year 1999 bore the hallmark of an extremely constraining financial environment
following the spillover effects from the crisis in Asia in the autumn of 1997 and that in
Russia in the summer of 1998, as well as the turmoil in Latin America in early 1999, with
its most relevant development, i.e. the sharp devaluation of the Brazilian real. Under the
circumstances, the external creditors, including international financial institutions,
became increasingly wary of granting fresh loans to the countries rated as highly risky.
At the same time, Romania successfully managed to service the peak of medium- and
long-term foreign debt service in amount of USD 2.8 billion, of which USD 2.2 billion
related to public and publicly guaranteed debt. In 1998, the balance-of-payments
current account, in turn, had posted a record high deficit of nearly USD 3 billion;
assuming the persistence of such a figure in 1999, deficit financing would have been
quite a difficult task to accomplish. The dampening impact of the tensions accumulated
10
in the Balkans, which culminated in the warfare in Yugoslavia (between March and June
1999), added to the aforesaid facts. This was the reason for Romania incurring
substantial trade-related losses both by hampering bilateral trade relationships and the
blocking during the entire 1999 of the Danube, the cheapest transport route to some of
its chief trade partners such as Germany and Austria. Furthermore, the war raging in
Yugoslavia abated confidence of foreign investors whose ranks in the floor of the
Bucharest Stock Exchange had already been cut by half ever since 1998, as a result of
the Russian crisis. One of the few favourable factors in early 1999 was the low price for
oil, but even this increased sharply throughout the year.
2. The domestic environment was by no means less tough. As far as the macroeconomic
conditions were concerned, although the public debt was not so high (at about 33
percent of GDP), public debt-related interest payments increased their share in the
government budget to a stunning 31.2 percent, i.e. 5.5 percent of GDP. That was the
reason why budget drafting had to rely on a significant primary surplus. At the corporate
level, the business conditions were hostile as well the sluggish reform that brought
about higher costs, the ongoing quasi-fiscal deficits caused by the loss-making sectors
(which, albeit on the wane compared with the previous years, were still affecting
important areas of the economy), the inconsistent legal framework for a smoothfunctioning of the markets. The measures taken by the National Bank of Romania ought
to be analysed in view of this unfavourable, poorly restructured environment. The
microeconomic constraints (the need to overhaul the banking and the real sectors,
acceleration of privatisation, and imposition of tough budget constraints) added to the
macroeconomic ones (the need to curb inflation, as well as to bring down the
government and the current account deficits, giving due consideration to full repayment
of financial obligations for want of foreign funding).
3. Under the circumstances, the Government of Romania had no other choice but to
tighten economic policies (by putting special emphasis on wage policy that had veered
off track in 1998) and improve relationships with leading international financial
institutionsthe IMF and the World Bankin an attempt to give the go-ahead to private
creditors. The IMF has begun the implementation of burden-sharing policy in four
countries, including Romania, which had to get some USD 600 million in loans from the
international capital markets. Although the authorities strove hard to make these
borrowings, the unfavourable external environment, on the one hand, and the awareness
of the IMFs conditionality imposed on Romania to make borrowings on the foreign capital
markets, on the other, precluded the raising of funds at reasonable costs. Having to deal
with two major bond repayments (to Nomura Securities in May and Merrill Lynch in
June), Romania was virtually cut off in the first half of 1999 from external financing, either
official or private. Consequently, the strong external adjustment was Romanias only
chance to overcome the peak of foreign debt obligations due in 1999.
11
4. Some rating agencies such as Moodys, Thomson Bankwatch, Fitch IBCA, Standard &
Poors contended that Romania would go into payment default in the absence of external
financial support; consequently, they moved to downgrade our country by two or even
three notches. The only one that remained confident in the Romanian governments
payment capacity was Japan Credit Rating Agencyin April 1999, it removed Romania
from the Credit Monitor and confirmed the BB rating. The subsequent developments
confirmed the move: by tightening policies, the Romanian authorities succeeded not only
in servicing their obligations in full and on time but also in replenishing the foreign
exchange reserves towards the end of the year. The discouraging signals conveyed
by the rating agencies persisted into the second half of 1999, when a Eurobond issue
had to be postponed due to overly high interest rates. Against this background, the two
club loans raised by the National Bank of Romania from a consortium of banks operating
in Romania amounting to USD 108 million and USD 64 million respectively, as well as the
USD 100 million deposit made by the Bank of China, all having 12-month maturity,
deserve special mention.
5. Europe saw the launch of the single currency, the euro, on 1 January 1999 and the
acceleration of negotiations on EU membership with applicant countries. Thus, the
Romanian economy had to cope with a triple challenge: aside from the continuation of
transition from a centrally-planned to a market economy and the need for successful
debt servicing, the adoption of the acquis communautaire came under the spotlight. The
fulfilment of this task was one of the reasons behind the NBR restructuring whose first
stage was completed in the course of 1999.
B. Adjustment of economic policies
6. In view of the above-described external constraints, the severe adjustment of the
current account stood out as the top priority of the economic programme for 1999. In this
regard, the monetary and exchange rate policies and foreign debt servicing were of
paramount importance, along with the reduction of the government deficit and a tight
rein on wage bills, thereby helping to restore the correlation between wages and
productivity. Moreover, the real-sector privatisation and restructuring programme was
aimed at enhancing resource allocation. The macroeconomic goals under the
programme were the following: inflation rate of 25 percent, a slowdown to 2 percent in
the decrease rate of GDP, and a consolidated government deficit of 2.4 percent of GDP
in the context of a current account deficit of USD 2 billion at most, along with full
repayment of foreign debt obligations.
7. In anticipation of difficulties engendered by an over-appreciated exchange rate, the
National Bank of Romania has started ever since September 1998 a gradual but rapid
depreciation of the domestic currency in real terms. While at that time the domestic
12
currency was overvalued by approximately 30 percent as against the equilibrium level,

the final quarter of 1998 witnessed a real depreciation of almost 10 percent, and in
January-March 1999 the exchange rate eased by another 19 percent in real terms. The
joint action of a number of domestic and external factors during March (Bancorex was
put under special administration by the National Bank of Romania; the delay in
concluding the stand-by arrangement with the IMF; the start of the conflict in Yugoslavia)
fuelled downbeat expectations of forex market players that pushed the exchange rate
up, thus producing an overshooting that was alleviated by the end of the month. Thus,
the exchange rate had almost reached the equilibrium level, so that achievement of soft
landing was only a matter of weeks. Over the next nine months the leu depreciation
lagged behind the inflation rate somewhat, without hurting the competitiveness of
Romanian exports. On the contrary, the better-than-expected performance of the
balance-of-payments current account in the second half of the year can be explained by
the J curve, the favourable effect of real depreciation of the leu being reflected in the
exports performance with a lag of a few months.
8. Broad money control was a fairly difficult task to carry out considering the external
constraints that urged the noticeable depreciation of domestic currency. The
achievement of the initial inflation target suffered the impact of some additional
disturbing factors. Thus, the automatic adjustment mechanism of controlled prices
dampened the utility providers concern about cost cutting. For want of tight budgetary
constraints, some company managers could make up for the lack of structural
adjustment by pricing up products or building up quasi-fiscal deficits. A massive cash
injection geared towards bank restructuring had to be performed, but its inevitably
incomplete sterilisation put additional pressure on the accomplishment of the inflation
target. Finally, in view of the lacking foreign financing (which should have covered twothirds of the government deficit under the programme), the government, the banks, and
the enterprises were all competing over the scant domestic financial resources. The
cumulative action of these factors led to a 45 percent increase in broad money (M2),
which was accompanied by the doleful consequences of a larger-than-expected drop in
GDP (3.2 percent), taking the 12-month CPI inflation to 54.8 percent at end-1999.
9. The year 1999 saw the cleaning-up of the balance sheets of two state-owned banks,
namely Bancorex and Banca Agricol, which were still suffering the consequences of
extending preferential loans to certain economic sectors, a policy that had been pursued
until 1996. Large amounts of non-performing loans from these two banks were
transferred to the newly-established Bank Asset Recovery Agency (BARA) and the
Ministry of Finance issued medium-term Treasury bonds in compensation. In the end,
the viable part of Bancorex was subject to a merger through absorption with Banca
Comercial Romn. The high costs associated with the drainage of liquidity following
the purchase of such securities was attributed to the fact that during the first half of 1999,
13
the National Bank of Romania resorted chiefly to deposit-taking operations. The central
banks net debtor position relative to the banking system coupled with the shortfall of
sterilisation instruments called for the raise in the reserve requirements ratio, which was
accomplished in three steps, as follows: from 15 percent to 20 percent for both lei and
foreign exchange reserves (as from mid-July 1999); from 20 percent to 25 percent for lei
reserves (starting 1 November 1999); and from 25 percent to 30 percent for lei reserves
(starting 1 December 1999). In order to avert additional costs for banks, the interest rate
paid for the reserve surplus arising from successive raises of the reserve ratio was set
consistent with the average between banks lending and deposit rates for non-banks and
subsequently with average deposit rate ruling in the money market.
10. The joint effect of these policies resulted in an overall increase in interest rates
during the second quarter of 1999, followed by a gradual decline towards the end of the
year amid lower inflation rates and an improved control over liquidity by the central bank.
11. Budget and fiscal policies focused on the revenue side, particularly on consolidation
of tax collection. Thus, tax burden (the ratio between tax revenues to the consolidated
budget and GDP) stayed on an upward course, reaching 31.4 percent, a figure below
the peak of 35.3 percent recorded in 1992. Unhappily, higher privatisation receipts were
not included into tax revenues, as the share of privatisation receipts declined, from 2.1
percent share-to-GDP to 1 percent year on year. Consequently, revenues to the
consolidated general government accounted for 34.4 percent of GDP, down 0.6
percentage points over the year before. Owing to a great number of tax breaks and debt
rescheduling, indirect taxes value added tax in particular failed to stand out as the
major source for budget revenues; their share equalled 12.3 percent of GDP, while direct
taxes accounted for 17.7 percent of GDP. Nevertheless, it is noteworthy that 1999
witnessed the enforcement of the new law concerning local public finance. Under the
terms of the act, a sizeable amount of wage tax receipts remains in the hands of local
governments, entailing the reinforcement of both the autonomy and the responsibility of
public fund management.
12. On the expenditure side, input and labour costs were trimmed substantially, down to
11.8 percent share-to-GDP versus 12.9 percent a year earlier. At the same time, capital
outlays were cut down, from 3.3 percent to 2.9 percent of GDP year on year. The bright
spot was provided by a certain stabilisation of interest payments (to 5.5 percent of GDP
in 1999 versus 5.4 percent in 1998). Cumulative expenditures of consolidated general
government came in at 36.3 percent share-to-GDP, 2 percentage points lower than a
year earlier. However, the curtailment in public spending was the more so as important
as GDP contracted by 3.2 percent, pointing to the tremendous adjustment efforts.
Actually, the budget for fiscal 1999 was subject to no less than five rectifications, all
during the latter half of the year.
14
13. The adjustment effort was mirrored by the narrowing of the conventional deficit (as
defined by the IMF), from 3.1 percent of GDP to 2 percent year on year, alongside an
increase in the primary surplus to 3.6 percent of GDP versus 2 percent in 1998.
14. As for the policy mix, a particular emphasis was placed on wage policy. In this
respect, quarterly ceilings on wage bills were introduced in the final quarter of 1999 in
regard to twenty-five loss-making enterprises. Furthermore, the ongoing restructuring
and the attendant rise in unemployment rate from 10.3 percent to 11.5 percent year on
year cushioned the pressure for wage hikes. As a result, after having increased by a real
6.8 percent in 1998, the whole-economy net average wage dropped by a real 0.7
percent in 1999. Of particular interest was the performance in industry (down by a real
0.7 percent compared with a 1.8 percent rise a year earlier), trade (which flattened out in
real terms as against a 15.8 percent growth a year earlier), and public administration (up
1.6 percent versus 31.6 percent a year earlier). These developments combined with
improvement in labour productivity in industry served to boost cost competitiveness of
the Romanian goods and were accountable for the increase in exports and the resultant
restoration of macroeconomic equilibria. These results, however, were overshadowed by
the competitiveness losses arising from the depreciation of the euro to the US dollar.
15. The performance in the field of privatisation was mixed in 1999. The number of
privatised companies increased by 505 year on year, with a more than 65 percent rise in
the value of these companies (lei 6,784 billion versus lei 4,104 billion a year earlier), thus
outstripping the inflation rate. The repeated changes to the regulatory framework
entailed a noticeable slowdown of privatisation during January-February and JulySeptember. Even though the number of sell-offs in total companies to be privatised
(1,772 relative to 4,330) was rather high, out of the 695 large companies offered on the
market for privatisation only 82 were eventually sold. All the same, several success
stories on the privatisation front were reported in 1999, among which were the following:
Automobile Dacia Pitesti, Astra Vagoane Arad, and Santierul Naval Galati. It is worth
noting the sale by the State Ownership Fund of a 45 percent equity interest in Banc Post
to General Electric Capital Corporation (35 percent) and Banco Portugues de
Investimento (10 percent) under a deal valued at USD 42.7 million, apart from some USD
50 million in investment. Banc Post was the second commercial bank to be sold after
Banca Romn pentru Dezvoltare, the privatisation of which commenced in 1998 in an
effort to strengthen and increase efficiency of the banking sector.
16. Identification of the agents for privatisation/liquidation of 64 large commercial
companies started, as agreed with the World Bank under the PSAL.
17. As concerns the restructuring policy vis--vis loss-making enterprises, liquidation
proceedings were initiated for 170 enterprises, and for 356 enterprises privatisation was
completed. As a result, costs to the tune of lei 3,645 billion were curtailed, while receipts
15
increased by about lei 5,949 billion. In this respect, special mention deserve the
following: the shutdown of some productive capacities at Siderurgica Hunedoara,
Clujana Cluj-Napoca, Romline Constanta, Siderca Clrasi, Melana Svinesti;
externalisation of some auxiliary activities at Tractorul Brasov, Nitramonia Fgras,
Roman Brasov; and the rescheduling of debts and tax claims on Sidex Galati. Moreover,
two oil refineries, i.e. Petromidia Nvodari and Rafo Onesti, were closed down for most of
the year, causing a reduction in the countrys energy bill, which also contributed to the
strong external adjustment in 1999.
18. Ever since the beginning of 1999, the National Bank of Romania has been
implementing a package of bank purging measures aimed at the recovery of the
banking system as a whole. The monetary authority made strenuous efforts to sort out
and deal with the problems faced by some banks and, at the same time, to prevent
systemic risk. The poor financial situation of some banks stemmed from pressures
engendered by the build-up of a number of factors such as: the preferential loans
granted to some sectors in virtue of administrative decisions, credit mismanagement, offbalance-sheet commitments, etc. The National Bank of Romania continued the efforts to
strengthen confidence in the banking sector and to render the deposit protection
scheme flexible. In its capacity as a supervisory authority, the central bank is
empowered to take ultimate measures, i.e. to revoke the banking licence and to submit
the formal request of winding up some insolvent banks, as the case may be. Although
the purging of the banking system requires the society to assume certain costs, the longterm gains arising from the well-functioning of the banking system are beyond any
dispute.
19. The National Bank of Romania was itself subject to an organisational restructuring
meant to improve efficiency of its activity and to tailor its role to the present market
conditions. Thus, the controlling and supervising responsibilities of the central bank were
consolidated by forming a new, stronger banking supervision department, which
combined the previous departments of control and supervision; on the other hand,
supplying cash countrywide was optimised. Furthermore, the position of director general
was removed from the NBR organisation chart, whereas the number of departments
within the NBR head-office was cut back from thirty-one to fifteen. Nineteen county
branches where business slacked off were downgraded to agencies; there were 881
redundancies as a material effect of reorganisation and externalisation of some auxiliary
activities. The new structure would allow the National Bank of Romania to focus on the
performance of central-bank-specific functions within a market-oriented economy. The
reorganisation of the National Bank of Romania was aimed not only to meet the EU
accession requirements, but also to strengthen efficiency, management rationalisation,
to promote organisational culture and to create an environment pervasive to the
necessary human resources.
16
20. As far as the adoption of the acquis communautaire is concerned, the major concern
was to draw up a number of regulations conducive to reinforcement of central banks
supervisory capacity. In this vein, the NBR Board endorsed the following pieces of
legislation: Regulation No. 2/1999 concerning financial investment and loan
classification, as well as the establishment, adjustment, and use of credit risk provisions;
Methodological Norms No. 4/1999 on enforcement of the said regulation; Norms
No.8/1999 regarding imposition of limits on the banks lending risk (the provisions of
which were broadly harmonised with Directive No. 92/121/EEC). The National Bank of
Romania sent the Parliament a bill stipulating that the so-called popular banks (credit
co-operatives) shall comply with prudential regulation and supervision requirements.
Another landmark decision by the NBR Board was the three-step liberalisation of the
balance-of-payments capital account. Pursuant to Circular No. 22/1999, the first stage
provides for the liberalisation of financial borrowings and credits with more than 12-month
maturity, as well as of collateral, endorsements, and the related financial inducements.
C. Achievements
21. The policies implemented thus far brought about a larger-than-expected external
adjustment. Exports fob increased by 2.4 percent and imports fob contracted by 12.2
percent. As a result, the current account deficit narrowed to USD 1.3 billion, well below
the original target of USD 2 billion set as at the start of the year. The medium- and longterm foreign debt stock lowered, from USD 9.3 billion to USD 8.4 billion, and the central
banks foreign exchange reserves surged by USD 151.5 million.
22. All this could not be achieved without paying a price, most notably reflected in the
sharp compression of domestic absorption. Final consumption declined by a real 4.5
percent, accounting for 84.3 percent of GDP, compared with 86.7 percent a year earlier.
Gross fixed capital formation fell by a real 10.8 percent, i.e. 18.5 percent of GDP as
against 19.4 percent over the year before.
23. Such a strong adjustment of external accounts at the cost of jeopardising domestic
investment definitely cannot be viewed as a sustainable medium-term policy.
24. In view of the facts described above, the formal invitation for Romania to begin
negotiations for EU membership at the Helsinki summit in December 1999 should be
viewed as a fresh start. The domestic effort, even though it will remain the determining
factor, appears set to be backed by external assistance, thus rendering Romanias
economic environment more stable and business friendly.
17
Part I
Economic developments
Chapter 1. World economy in 1999

A. Overview
1. In 1999, the world economy saw better performances compared to both 1998, when
slowdown in economic growth had occurred, and the forecasts at the beginning of the
year. World output, as well as the volume of world trade, grew faster than in the previous
year, inflation rate dropped and the recent turmoil in the financial markets of some
emerging economies and even of some developed countries slowed down. Both
household and investor confidence increased. A major contribution to this state of affairs
made the generally less restrictive monetary policy, which, in some countries, was aimed
at supporting economic growth and up-front measures destined to banking and financial
system restructuring in some countries, chiefly in Asia and Latin America, previously
plagued by crises.
2. World GDP rose by 3.3 percent compared to 2.5 percent in 1998. The highest
increases were detected in the recently industrialised Asian countries (7.7 percent),
which resumed growth after the 1997 crisis, thus proving that the restructuring of the
financial and banking sectors was also fruitful in developing countries (3.8 percent),
particularly countries in Asia (6 percent); in Latin America, GDP growth flattened, while in
Africa it displayed a relatively slowdown (2.3 percent).
2.1. In the USA and Canada, GDP further recorded high growth rates (4.2 percent),
setting new records from the standpoint of uninterrupted economic growth, initiated in
1992. The economic boom in the USA was propelled mainly by the private sectors
domestic demand (up 5.1 percent) amid the sharp increase in stock market indexes;
although consumption-boosting, this development enhances the vulnerability of the U.S.
economy and questions the sustainability of this process in the period ahead.
2.2. In Japan, GDP went up slightly (0.3 percent) after last years fall-off, bolstered in the
first half of the year by the rising government spending. In the latter half, public-sector
investment fell causing the slowdown in economic growth for the entire year. The
appreciation of the yen generated loss of competitiveness and therefore the external
component of demand lost weight. Further restructuring of the financial and banking
sector remains the key pre-requisite for the rebound of sound and steady economic
growth in Japan.
2.3. In the euro area, GDP displayed a lower growth rate (2.3 percent) over the previous
year (2.8 percent), but the growth gained speedin the latter half of 1999 setting bright
perspectives for 2000. The economic growth was further relatively consistent in France,
while Germany and Italy reported lower than average growth rates in the area, but all
these countries recorded a GDP growth below that of 1998.
21
In the United Kingdom, the economic boom started in 1992 carried on, albeit at a slightly
lower growth rate (2 percent) versus the prior year. Private-sector consumption was the
driver of this growth.
3. World trade volume of goods and services expanded more rapidly (by 4.6 percent)
relative to 1998 (4.2 percent). Advanced economies made the largest contribution to the
growth of world trade, their exports expanding by 4.4 percent (3.7 percent in 1998) and
imports by 7.4 percent (5.5 percent in 1998), while exports of developing countries rose
by only 1.7 percent (4.5 percent in 1998) and imports dropped by 0.3 percent (0.4
percent increase in 1998); transition countries posted similar developments.
4. Higher growth in imports of advanced economies versus growth in exports caused the
current account of these countries to register higher deficits. The current account deficit
of the U.S., that is still the major engine of economic growth in the world, moved up, from
2.5 percent of GDP in 1998 to 3.7 percent in 1999. The current account deficit of the
United Kingdom widened from 0.1 percent to 1.4 percent. Canada, Austria, Greece and
Australia also recorded deficits. The current account surplus in the euro area lowered
from 1.3 percent of GDP in 1998 to 0.7 percent in 1999. Japan saw a drop in the current
account surplus, from 3.2 percent to 2.5 percent of GDP.
Asian countries recorded sharp increases in the current account surpluses, after the
strong depreciation of their currencies in 1998, while Latin-American countries faced
wider deficits.
The increase in oil prices on the world market in 1999, following the containment of the
oil production of OPEC countries and other major oil-producing countries, had a
favourable impact on the trade balance of oil-exporting countries, mainly those in the
Middle East and Africa, as well as the Russian Federation, affecting, however, importing
countries, even though to a smaller extent than previously.
In 1999, the highest current account deficits were recorded in Nigeria (10.8 percent of
GDP), Argentina (4.3 percent), Brazil (4.1 percent) and some transition economies, while
the largest current account surpluses, as a share of GDP, were detected in Singapore
(25.3 percent), Malaysia (18.4 percent), Switzerland (12.9 percent), the Philippines and
Thailand (9.1 percent) and South Korea (6.1 percent).
5. Inflation rate kept declining slightly in advanced economies (1.4 percent from 1.5
percent in 1998) and in emerging economies, in spite of the sharp increase in energy
price. In transition economies, the inflation rate went up in 1999.
Inflation rate edged ahead in the United States, from 1.6 percent to 2.3 percent,
remained unchanged in the euro area, at 1.2 percent (ranging between 0.5 percent in
Austria and 2.2 percent in Spain), while Japan experienced deflation, prices going down
by 0.3 percent.
22
In developing economies, inflation rate declined in 1999 (6.5 percent versus 10.1
percent in 1998), lower levels being detected in Asian countries (2.5 percent on
average, compared with 7.6 percent in 1998) and Latin American countries (8.8 percent
compared with 9.8 percent); in African countries, the inflation rate averaged out at 11
percent, while in the Middle East it averaged 20.3 percent.
6. Amid economic recovery in most market economies, unemployment displayed a
downward trend overall. In advanced economies, unemployment rate fell from 6.7
percent in 1998 to 6.4 percent in 1999. In the United States and Canada, it contracted
from 4.5 percent to 4.2 percent, and from 8.3 percent to 7.6 percent respectively. In the
Euroland, unemployment rate dipped from 10.9 percent to 10.1 percent on average, cuts
being recorded in all the countries in the area. In the United Kingdom, the jobless rate
contracted from 4.7 percent in 1998 to 4.4 percent in 1999. Japan bucked the trend,
since the unemployment rate rose to 4.7 percent in 1999 versus 4.1 percent a year
earlier.
7. Although monetary policy was further centred on keeping a tight rein on inflation, in
some countries such as the United States, EU countries and Japan, it was also aimed at
bolstering domestic demand and economic growth.
Interest rates enjoyed considerable stability. In the United States, interest rates rose
slightly in February, March and June, following the FEDs decision to prevent an inflation
flare-up. The Bank of Japan focused on keeping interest rates low along with the
promotion of a firm policy aimed at restructuring and streamlining of the banking system.
The ECB reduced interest rates slightly in April to prevent a possible deflation, to raise
them again in November, this time to keep inflationary pressures from re-emerging.
LIBOR rate on 6-month USD-denominated deposits was 5.5 percent in 1999 compared
to 5.6 percent in 1998, while the LIBOR rate on deposits in euro moved down from 3.7
percent to 3 percent, and the LIBOR rate on deposits in JPY edged down to 0.3 percent
from 0.7 percent a year earlier.
8. The introduction of the euro marked a new stage in the European integration process
and the start of the transition of the global monetary system from the present US dollarbased one to a bipolar one.
Although the euro is set to become a rival for the US dollar in international bank loans,
the eurobond issues and the transactions on forex markets, in 1999 the euro witnessed a
quasi-permanent depreciation trend due to different economic results in the USA and the
Euroland and maintenance of considerable differentials between interest rates on EURand USD-denominated bonds. It should be noted that the euro still holds a small share in
investors portfolios and in central banks reserves. At end-1999, the US dollar was still
prevalent in international bank loans (USD 3,323 billion) followed by the euro (the
equivalent of USD 2,854 billion) and JPY (the equivalent of USD 818 billion); the stock of
23
international bonds denominated in USD amounted to USD 2,433 billion, with eurodenominated bonds (the equivalent of USD 1,512 billion) and JPY-denominated bonds
(the equivalent of USD 528 billion) following suit; the US dollar further held the largest
share (75 percent) in central banks reserves, followed by the euro (14 percent), the JPY
(5 percent), the GBP (4 percent) and other currencies (2 percent).
9. Budgetary policies in 1999 were further centred on maintaining price stability and
improving public finance, but in some cases they were also destined to supporting the
economy.
The government budget deficits in the main industrialised countries accounted for 1.2
percent of GDP versus 1.3 percent in 1998. In the US, the budget was on surplus in
1999 (0.5 percent of GDP), the same as in Canada (2.8 percent) and in UK (0.3 percent).
Up-front measures were taken over the past few years to support the fulfilment of criteria
for EMU membership, including the cut in budget deficit. Thus, the countries in the euro
area drastically reduced their 1999 budget deficits: Germany to 1.1 percent of GDP,
France to 1.8 percent and Italy to 1.9 percent.
B. European countries in transition
10. Transition countries saw GDP growth in 1999 overall, but the growth rate was lower
than that displayed by the other groups of countries.
Domestic demand was the main driver that bolstered, to a certain extent, economic
activity in most Eastern and Central European transition countries. Investment slowed
down relative to 1998, while in some countries such as the Czech Republic and Romania
it moved down. Eastern and Central European transition economies had to cope with
several unfavourable external factors such as the spill-over effects of the Asian financial
crisis in 1997 and the Russian meltdown in 1998, the crises in some Latin American
countries, the warfare in Yugoslavia, the increase in oil prices, the slowdown in the
growth rate of EU countries, etc. As a result, the external component of demand played
a less important part, despite the real depreciation of local currencies. The said factors
produced adverse effects on the other macroeconomic indicators that recorded less
favourable developments compared to the year before. Unemployment displayed an
overall upward drift. Inflation crept down in most European countries, but rekindled in the
former Soviet bloc countries. The current account deficit narrowed in most transition
countries, still posting high levels. Monetary and fiscal policies were further designed to
keep inflation from flaring up, but also to bolster economic growth.
11. The Helsinki summits decision taken in December 1999 to increase the number of
countries to begin negotiations for EU membership requires speeding up economic,
24
legislative and institutional reforms. The years ahead will certainly witness hastening of
structural reforms in some fields, particularly the development of the financial sector in
most accession countries.
The ratio between real convergence and nominal convergence is a debated issue with a
view to gaining EU membership. Although the need to simultaneously focus on the two
directions is generally accepted (real convergence improvement in living standards
and coming closer to the levels of development in EU countries; nominal convergence
actual fulfilment of Maastricht criteria), the obstinate efforts to attain nominal
convergence may have detrimental effects on real convergence, while more flexible
macroeconomic policies may facilitate the implementation of structural reform and
achievement of lasting economic growth.
12. In the transition countries in Central and Eastern Europe, the average economic
growth rate was 1.4 percent, slightly lower compared to the preceding year.
Economic developments differed by country. Most transition countries in Central and
Eastern Europe experienced GDP growth, among which Slovenia (4.9 percent),
Hungary (4.5 percent), Poland (4.1 percent). However, other countries recorded falls
in GDP such as Republic of Moldova (5 percent), Lithuania (3.3 percent), Romania
(3.2 percent), Ukraine (0.4 percent), Croatia (0.3 percent), and the Czech Republic
(0.2 percent).
13. Amid further restructuring of transition economies, industrial production decreased
in Bulgaria, Romania, the Czech Republic, Croatia and Slovenia. In some countries that
made greater strides on the path of economic reform such as Hungary and Poland
industrial output moved up.
14. Foreign trade of countries in transition saw a marked slowdown versus 1998.
Exports rose by 3.9 percent versus 6.3 percent the year before and imports dropped by
5.4 percent compared to the 2.9 percent growth in the prior year. The value of exports
declined in most transition countries, bar the Czech Republic, Hungary and Romania,
where exports edged ahead. The value of imports followed mostly a downward trend,
save Bulgaria, Hungary and the Czech Republic.
15. The current account balance further posted a deficit in Central and Eastern
European transition countries, except for the Russian Federation. Lithuania (10.9 percent
of GDP), Latvia (8.7 percent), Poland (7.6 percent), Slovakia (4.9 percent) and Hungary
(4.4 percent) are among the first in the world in this respect. The Russian Federation
recorded a large current account surplus in 1999 (10.8 percent of GDP versus 0.9
percent in 1998). Current account deficits in transition countries owed mostly to trade
deficits.
25
16. Disinflation was still one of the main objectives of macroeconomic policies in
transition countries in Central and Eastern Europe in 1999, also due to constraints
imposed on applicant countries. Anti-inflationary monetary and fiscal policies resulted in
curbing inflation in most European transition countries. Except Romania (45.8 percent),
Slovakia (10.6 percent) and Hungary (10 percent), the average inflation in transition
countries in Central and Eastern Europe displayed single-digit rates in 1999. The growth
rate of industrial producer prices declined even more markedly. The sharper price
increases in the former Soviet countries brought about, however, a twofold rise in
inflation rate in 1999 versus 1998, in transition countries overall (43.7 percent compared
to 21.8 percent in 1998).
The performance in 1999 brought, once again, to the fore the two categories of
challenges the transition countries in Central and Eastern Europe (small and mediumsized economies, generally open) have to deal with: on one side, difficulties in achieving
disinflation amid local currency depreciation clearly reflected in the domestic price
increase, leading to additional depreciation and price increases; on the other side, the
challenges posed by the wage policy and pressure for wage increases regardless of the
economic performance (as a result of generally low incomes in these countries) and
mechanisms for wage indexation in some countries.
17. Against the background of economic restructuring, unemployment increased in
most transition countries in Central and Eastern Europe, except the Russian Federation
and Slovenia, where it declined slightly. The unemployment rate was higher in Croatia,
Slovakia, and Bulgaria (where 1999 saw the heftiest rise in jobless rate, reaching 16
percent versus 12.2 percent in the preceding year) but was below 10 percent only in the
Czech Republic and Hungary.
18. Although in most transition countries monetary policy further focused mainly on
keeping inflation in check, broad money recorded higher growth rates than consumer
prices (except in Croatia, the Russian Federation and Romania) which led to the
remonetisation of their economies.
19. In 1999, the foreign exchange policy was centred on regaining external equilibrium
and on cutting trade deficits and current account deficits via restoration of exports
competitiveness. As a result, the currencies of most countries in transition depreciated
markedly in real terms. The introduction of the euro as of 1 January 1999 prompted some
transition countries to adopt the euro as the reference currency; for instance, Hungary
replaced the former currency basket in terms of which the forint was calculated with the
euro.
20. Fiscal policy in transition countries was maintained tight in 1999, the share of budget
deficit in GDP posting low levels, bar the countries in the former Yugoslav area. Budget
26
deficits contracted from the preceding quarter in most countries in transition (the most
drastic contraction of budget deficit as a share of GDP was detected in Hungary, from
5.4 percent in 1998 to 2.9 percent in 1999 and in Russia, from 5 percent to 1.6 percent).
The reasons behind this development were the efforts to cut inflation rate and to fulfil
convergence criteria with a view to gaining EU membership. On the other side, Bulgaria
and Croatia that had displayed budget surpluses in 1998 closed 1999 on deficit.
21. Foreign direct investment in transition countries in Central and Eastern Europe rose
slightly in 1999, at a slower pace versus the prior year, following the world financial crisis
and the warfare in Yugoslavia; they contributed extensively to the current account deficit
financing and, in some cases, to partial repayment of foreign debt.
22. The highest foreign debt levels were recorded in Bosnia and Herzegovina (150
percent of GDP) and Yugoslavia (105 percent). Save Slovakia and Bulgaria, where
foreign debt exceeds 60 percent of GDP, foreign debt is manageable in other Central
and Eastern European countries in transition.
27
Table 1. MAIN MACROECONOMIC INDICATORS IN SELECTED TRANSITION COUNTRIES, 1995 - 1999

Bulgaria
Czech
Croatia
Poland
Romania
Republic
Industrial
output
GDP
Population (mill.pers.)
Labour force
Prices
Foreign trade
8.3
10.3
4.5
38.7
22.5
146.5
5.4
2.0
10.0
1.5
Real GDP
1995
2.9
6.4
6.8
7.0
7.1
4.1
6.8
4.1
1996
10.1
4.8
6.0
6.0
3.9
3.4
6.6
3.5
1.3
a year
1997
7.0
1.0
6.5
6.8
6.9
0.9
6.5
4.6
4.6
earlier), %
1998
3.5
2.2
2.5
4.8
5.4
4.9
4.4
3.9
4.9
1999
2.4
0.2
0.3
4.1
3.2
3.2
1.9
4.9
4.5
Industrial
1995
4.6
8.7
0.3
9.6
9.4
3.3
8.3
2.0
4.6
output
1996
3.3
2.0
3.1
8.3
6.3
4.0
2.5
1.0
3.4
(change from
1997
7.0
4.5
6.8
11.5
7.2
2.0
2.7
1.0
11.1
a year
1998
9.4
1.6
3.7
3.5
17.0
5.2
4.6
3.7
12.5
earlier), %
1999
10.5
3.1
1.4
4.4
8.0
8.1
4.2
0.5
10.4
Employment in
1995
6.9
0.6
3.3
1.0
8.4
6.6
4.1
4.3
5.4
1996
0.7
0.8
1.4
1.3
1.1
8.2
0.0
7.5
7.0
0.7
2)
(change from
1997
4.4
4.3
1.7
1.4
5.5
8.6
2.0
1.3
a year
1998
0.2
3.3
0.3
2.0
7.0
3.8
4.1
1.7
1.6
earlier), %
1999
1) 6.2
5.2
3.7
1.0
12.0
3.3
2.9
1.9
0.8
1995
11.1
2.9
17.6
14.9
9.5
8.8
13.1
14.5
10.9
Unemployment
1996
12.5
3.5
15.9
13.2
6.6
9.9
12.8
14.4
10.7
rate
1997
13.7
5.2
17.6
10.3
8.9
11.2
12.5
14.8
10.4
1998
12.2
7.5
18.6
10.4
10.3
13.3
15.6
14.6
9.1
1999
16.0
9.4
20.8
13.0
11.5
12.3
19.2
13.0
9.6
Inflation rate
1995
62.1
9.1
2.0
27.8
32.3
197.5
9.9
13.5
28.2
based on CPI
1996
123.0
8.8
3.5
19.9
38.8
47.8
5.8
9.9
23.6
(annual
1997
1,082.9
8.5
3.6
14.9
154.8
14.7
6.1
8.4
18.3
average), %
1998
22.3
10.7
5.7
11.8
59.1
27.7
6.7
8.0
14.3
1999
0.3
2.1
4.2
7.3
45.8
85.7
10.6
6.1
10.0
Industrial
1995
48.8
7.6
0.7
25.4
35.1
236.9
9.0
12.8
28.9
producer
1996
129.6
4.8
1.4
12.4
49.9
50.9
4.1
6.8
21.8
prices
1997
967.0
4.9
2.3
12.2
156.6
15.0
4.5
6.1
20.4
(annual average
1998
17.1
4.9
1.2
7.3
33.2
7.0
3.2
6.0
11.3
change), %
1999
3.3
1.0
2.6
5.7
42.2
59.1
3.6
2.1
5.1
1995
5,345.0
21,462.5
4,633.0
22,878.0
7,910.0
81,100.0
8,578.0
8,350.2
12,810.0
Exports
1996
4,890.0
21,690.6
4,545.7
24,420.0
8,085.0
88,600.0
8,830.0
8,370.0
14,183.0
USD mill.
1997
4,939.7
22,776.7
4,210.3
27,229.0
8,431.0
88,200.0
8,792.7
8,407.2
19,637.0
1998
4,193.5
26,351.4
4,604.5
30,122.0
8,302.0
74,900.0
10,666.8
9,095.7
20,749.0
1999
3,967.2
26,845.8
4,371.2
26,347.0
8,503.0
74,700.0
10,197.4
8,608.5
21,842.0
1995
5,224.0
25,140.4
7,900.7
24,705.0
9,487.0
60,800.0
8,769.0
9,304.5
15,252.0
1996
4,702.6
27,567.9
8,235.9
32,574.0
10,555.0
68,800.0
11,122.0
9,251.7
16,828.0
1997
4,559.3
27,317.1
9,434.6
38,549.0
10,411.0
73,700.0
10,264.4
9,178.7
21,600.0
1998
4,574.2
28,904.9
8,773.4
43,842.0
10,927.0
57,800.0
12,959.3
9,870.3
23,102.0
1999
5,031.2
28,906.0
7,671.8
40,727.0
9,595.1
39,400.0
11,300.5
9,765.2
24,020.0
1995
39.6
19.8
39.3**
34.9
71.6
125.8
21.2
28.1*
18.4
Imports
3)
USD mill.
Broad money
Slovakia Slovenia Hungary
(change from
industry
28
1999
Russian
Federation
M2
(change from
1996
117.8
9.2
49.1**
31.1
66.0
30.6
16.5
20.6*
21.2
a year
1997
359.3*
10.1
38.3**
29.1
104.9
29.8
8.9
24.3*
23.2
earlier), %
1998
9.6*
5.2
13.0**
25.1
48.9
19.8
2.7
19.8*
15.2*
* M3, ** M4
1999
11.4*
8.1
1.1**
19.3
45.0
57.2
11.3
13.1*
15.9*
(continued)
Bulgaria
Czech
Croatia
Poland
Romania
External
debt
Balance of payments
Budget
Republic
Slovakia Slovenia Hungary
Share of state
1995
6.6
0.5
0.8
2.6
4.1
5.5
1.6
0.1
2.4
budget deficit
1996
10.9
0.1
0.1
2.5
4.9
8.1
4.4
0.2
1.9
in GDP, %
1997
3.7
0.9
0.9
1.3
3.6
7.3
5.7
1.2
4.0
5.4
1998
1.3
1.6
0.9
2.4
2.8
5.0
2.7
0.7
1999
1.0
1.6
1.8
2.0
2.6
1.6
1.9
0.7
2.9
1995
121.0
3,677.9 3,267.7
1,827.0
1,577.0
20,300.0
191.0
954.3
2,442.0
Trade balance
1996
187.4
5,877.3 3,690.2
8,154.0
2,470.0
19,800.0
2,292.0
881.7
2,645.0
USD mill.
1997
380.4
4,540.4 5,224.3
11,320.0
1,980.0
14,500.0
1,471.7
771.5
1,963.0
1998
380.7
2,553.5 4,168.9
13,720.0
2,625.0
17,100.0
2,292.5
774.6
2,353.0
1999
1,064.0
2,060.2 3,300.6
14,380.0
1,092.1
35,300.0
1,103.1
1,156.7
2,178.0
1995
25.6
1,369.1 1,451.5
2,299.0
1,774.0
7,800.0
391.0
22.8
2,480.0
1,678.0
Current account
1996
81.8
4,292.2 1,147.5
4) -1,352.0
2,571.0
12,400.0
1,941.0
39.0
balance
1997
426.7
3,211.0 2,344.0
4,268.0
2,137.0
3,500.0
1,347.0
36.6
981.0
USD mill.
1998
61.4
1,335.7 1,549.7
6,858.0
2,968.0
1,000.0
2,059.2
3.8
2,298.0
1,058.2 1,468.5
2,076.0
1999
659.1
11,569.0
1,288.0
25,000.0
1,082.9
581.4
Net direct
1995
98.4
2,525.6
95.7
1,134.0
417.0
1,659.0
172.0
170.5
4,410.0
foreign
1996
134.4
1,275.5
509.1
2,741.0
263.0
1,708.0
233.0
177.7
2,279.0
investment
1997
503.1
1,275.2
323.7
3,041.0
1,224.0
3,639.0
69.9
295.3
1,741.0
USD mill.
1998
537.2
2,641.1
800.6
4,966.0
2,040.0
1,739.0
373.5
154.4
1,555.0
1999
765.5
4,911.5
1,304.4
6,348.0
1,007.0
1) 2,300.0
701.4
39.6
1,696.0
Gross external
1995
10,229.2
17,190.3
3,809.1
43,886.0
5,482.1
103,800.0
5,800.0
2,970.0
31,655.0
debt
1996
9,595.6
21,180.5
5,307.6
40,661.0
7,208.9
108,000.0
7,800.0
4,010.0
27,956.0
USD mill.
1997
9,756.5
21,616.5
7,451.6
38,495.7
8,584.3
132,700.0
9,900.0
4,176.0
24,395.0
1998
10,071.7
24,348.4
9,588.2
42,687.2
9,308.1
140,800.0
11,900.0
4,959.0
27,280.0
8,435.5 1) 153,900.0
10,518.0
5,491.0
29,279.0
29.7
118.5
125.7
1999 1) 9,984.4 1) 22,863.4

1995
Exchange rate
Russian
Federation
67.1
9,929.9 1) 44,000.0
26.6
5.2
2.42
2,033.3
4,559.2
Annual
1996
177.9
27.1
5.4
2.70
3,082.6
5,120.8
30.7
135.4
152.6
average
1997
1,681.9
31.7
6.2
3.28
7,167.9
5,785.0
33.6
159.7
186.8
(national
1998
1,760.4
32.2
6.4
3.48
8,874.8
5) 9.7
35.2
166.1
214.5
currency/USD)
1999
6) 1.8
34.6
7.1
4.0
15,332.9
24.6
41.4
181.8
237.3
1995
70.7
26.6
5.3
2.47
2,578.0
4,640.0
29.6
125.9
139.5
End of period
1996
487.4
27.3
5.5
2.88
4,035.0
5,560.0
31.9
141.5
164.9
(national
1997
1,776.5
34.6
6.3
3.52
8,023.0
5,960.0
34.8
169.2
203.5
currency/USD)
1998
1,675.1
29.9
6.2
3.50
10,951.0
5) 20.7
36.9
161.2
219.0
1999
6) 1.9
36.0
7.6
4.15
18,255.0
27.0
42.3
196.8
252.5
BGL
CZK
HRK
PLZ
ROL
RUR
SKK
SIT
HUF
National currency
1) provisional data;
2) for Bulgaria, data until 1997 refer only to the public sector;
3) for Croatia and the Russian Federation data are given in CIF prices ;
4) as of 1 January 1996 it also includes "unclassified transactions on current account, net";
5) starting 1998 the new rouble, equalling 1,000 old roubles, was introduced;
6) as of 5 July 1999 the new leva, equalling 1,000 old leva, was introduced.
Source: Monthly Bulletins and Annual Reports of central banks in the countries above as well as BIS, EBRD, IMF and UN publications.
For Romania, data are updated according to the latest information supplied by the National Commission for Statistics and the NBR.
29
Chapter 2. National economy in 1999

A. General features
1. Macroeconomic indicators for 1999 show that the Romanian economy has been in
recession for the third year in a row. GDP contracted, inflation was much higher than
expected, while unemployment ran at about 11.5 percent. On the other hand, Romania
managed to repay the peak of external debt service and achieved a substantial current
account adjustment.
Table 2. Main macroeconomic indicators in 1999
Indicators
Achievements in
1999
1999 vs. 1998

(percent change)
1. Gross Domestic Product

bill. lei
521,735.5
1.1. Formation
1.1.1. Industry
bill. lei
144,955.3
1.1.2. Agriculture
bill. lei
72,594.8
1.1.3. Construction
bill. lei
25,189.2
1.1.4. Services
bill. lei
226,851.9
1.2. Use
1.2.1. Total final consumption
bill. lei
439,721.4
1.2.2. Gross fixed capital formation
bill. lei
96,308.9
1.2.3. Change in stocks
bill. lei
7,569.1
1.2.4. Exports of goods and services, net
bill. lei
21,863.9
1.3. GDP deflator
%
146.4
2. Industrial output
bill. lei
399,522.0
2.1. Industrial producer prices
%
3. Agricultural production
%
4. Foreign trade
4.1. Exports fob
mill. USD
8,503.0
4.2. Imports fob
mill. USD
9,595.1
4.3. Balance
mill. USD
1,092.1
4.4. Coverage of imports through exports (fob/fob)
%
88.6
5. Balance of current account
mill. USD
1,288.0
6. Balance on consolidated state budget (% in GDP)
%
2.0
7. Net nominal average monthly wage earnings
annual average
lei/month
1,554,737
at year-end
lei/month
1,990,080
8. Consumer prices
annual average
%
at year-end
%
9. Real net average monthly wage earnings
annual average
%
at year-end
%
Source: National Commission for Statistics, Ministry of Finance, National Bank of Romania
3.2
30
M.U.
3.1
4.7
9.6
5.1
4.5
10.8
45.4
45.4
8.0
42.2
5.5
2.4
12.2
58.4
16.6
56.6
44.8
46.3
45.8
54.8
0.7
5.5
Speeding up the structural reforms, restructuring of the previously overstaffed sectors

and downsizing of the inefficient ones entailed the contraction of economic activity,
causing high material costs, but facilitated release of resources, paving the way for
resumption of stable, lasting economic growth amid the ongoing reform.
B. GDP formation and use; sectoral review
2. In 1999, GDP equalled lei 521,735.5 billion in nominal terms, 3.2 percent lower in real
terms from the previous year.
3. GDP per capita amounted to lei 23,231.6 thousand, down 3 percent in real terms from
1998, against the background of decline in economic activity and decrease in
population by about 33 thousand persons throughout 1999.
4. Private sector contribution to GDP formation remained virtually unchanged from the
previous year, i.e. 61.5 percent compared with 61 percent in 1998. The private sector
continued to hold a small share in industry, i.e. 31.7 percent, despite the faster pace of
restructuring and privatisation; in other sectors, contribution of the private sector was
more extensive, exceeding 90 percent in domestic trade and agriculture.
5. Gross value added in economy contributed to 89.6 percent of GDP as against 89.9
percent in 1998, while taxes (excluding the value of subsidy by product) accounted for
10.4 percent of GDP, up 0.3 percentage points from the previous year.
6. As regards sectoral developments, all economic sectors experienced declines,
excepting foreign trade and agriculture, triggering the fall in value added, particularly in
sectors such as services, construction and industry.
7. Gross value added in industry was 3.1 percent lower in real terms from the previous
year, against the background of the decline in output (by 8 percent) and reduction in
employees (by 306 thousand). By sector, industrial activity was differently hallmarked by
reform and market constraints.
7.1. Output in the manufacturing sector was down 8 percent year on year, with sharp
declines in a range of 12 to 36 percent in raw material and energy-intensive sectors
undergoing restructuring (such as metallurgy, chemicals and petrochemicals).
One third of the manufacturing subsectors succeeded in averting declines in 1999,
despite the unfavourable domestic market conditions and adverse external environment,
with the conflict in Yugoslavia impacting strongly the developments in the first part of the
year. Nevertheless, output in the ready-made clothing and furniture sectors went up,
increasing by more than 10 percent.
31
7.2. Output in the energy sector was 6 percent lower than in 1998, as a result of lower
demand in economy. Imports of crude oil, natural gas and coal contracted, owing to the
restructuring of energy-intensive sectors; the share of domestic resources in total energy
resources increased, from 63.7 percent in 1998 to more than 72 percent in 1999.
7.3. Output in the mining sector contracted by around 9 percent compared with 1998,
reflecting the downsizing of heavily subsidised sectors.
8. Gross value added in agriculture was 4.7 percent higher than in the previous year,
owing solely to favourable developments in the vegetable sector. Better weather
conditions allowed the achievement of an output 5.5 percent higher than in 1998.
8.1. By sector, output suffered the impact of specific factors, thus giving birth to
contradictory developments.
8.1.1. Output in the vegetable sector picked up 13 percent from the prior year, the yields
per hectare increasing for most crops compared with 1998. Under the circumstances,
despite the reduction of some areas under crop, the following crops recorded
substantial output increases: potatoes (63 percent), oil plants (22 percent) and grains
(10 percent).
8.1.2. In the animal-breeding sector, production was 3.2 percent lower than a year
earlier, due to downsizing of loss-making state-owned farms. In year-over-year
comparison, livestock decreased by 17 percent for pigs and by 5 percent for sheep,
while the number of cattle inched up by 0.4 percent.
9. The construction sector suffered a heavy setback over the previous year; gross value
added of the sector dropped by 9.6 percent, while the contribution of construction to GDP
formation contracted from 5.3 percent in 1998 to 4.8 percent in the period under review.
Construction activity accounted for only 87.8 percent of the performance recorded a
year ago, reflecting the recession; the public sector, whose activity was almost halved,
was the most affected one.
10. Services sector activity slowed down as well in the reviewed period; against the
backdrop of unfavourable developments in transport and domestic trade, gross value
added in this sector decreased by more than 5 percent from the previous year. In what
concerns transport, the conflict in Yugoslavia entailed substantial losses as reflected by
declines in road and river transport, about 15.5 thousand employees being dismissed.
Domestic trade turnover dropped compared to the previous year (sales of motorcars and
fuels fell by over 9 percent, while sales of other goods declined by 5 percent); the
number of employees was cut down by over 25 thousand.
11. GDP use reflected both the setback experienced by most economic sectors and the
positive effects of developments in foreign trade and the vegetable sector; both final
32
consumption and gross fixed capital formation edged down in real terms versus 1998,
while goods and services deficit narrowed.
12. Consumption accounted for 84.3 percent of GDP compared with 86.7 percent in
1998; the components of final consumption entered a downward path resulting in a real
4.5 percent decline in final consumption from the previous year.
12.1. Household consumption was particularly affected, recording a real 4.9 percent
decrease versus 1998. The decline-plagued economy, higher unemployment and
inflation put a damper on demand, which followed a sharper downward trend in the latter
half of the year. Real incomes plummeted (at end-December 1999, real earnings in lei
were 5.5 percent lower than a year earlier).
13. Gross fixed capital formation subsided by 10.8 percent; investment rate reached
20.6 percent, i.e. 0.9 percentage points lower on year.
13.1. Investment totalled lei 70,572 billion, pointing to a 12.3 percent fall in real terms
from the previous year. The largest investment was made in industry, accounting for 41
percent of total investment, agriculture (11.3 percent) and transport (9 percent).
13.1.1. State-owned sector investment as well as (national and local) public investment
accounted for 34.8 percent of total investment (compared with 44.5 percent in the
preceding year), down 32 percent in real terms from 1998; these developments were
attributed to downsizing of the state-owned sector and to the constraints imposed by the
tight budget.
13.1.2. In the private sector, capital assets increased as reflected in the real 13.6
percent growth by investment over the previous year; private investment accounted for
51.4 percent of total investment, with manufacturing sector and agriculture as the main
investment beneficiaries.
13.1.3. The economy-wide investment was achieved mostly from own funds (almost 51
percent); other sources (foreign capital, extrabudgetary funds, household funds and
funds earmarked by the State Ownership Fund) enabled financing of about 28 percent of
projects, while (central and local government) funds and bank credit accounted for 9
percent and about 12 percent respectively, of total sources designed for investment.
14. External sector adjustment led to a considerable contraction in the share of net
imports of goods and services in GDP, down from 8.1 percent in 1998 to 4.2 percent.
15. The reduction in the trade imbalance, which stood for the major constraint of the
economic policy in the last few years, was due to the 12.2 percent cutback in imports
and the 2.4 percent rise in exports year on year; the coverage of imports (fob) through
calculated in terms of the economy-wide gross value added
33
exports rose to 88.6 percent compared with 76 percent in 1998, while the trade deficit
worth USD 1,092 million was 58.4 percent lower than a year earlier.
15.1. Exports totalled USD 8,503 million, up USD 201 million year on year. Despite the
lower production, exports remained relatively high. The export effort (calculated as a
ratio between exports and output) was 15.4 percent, 2.4 percentage points higher than
in 1998; in industry, one of the main suppliers of outward-oriented goods, the share of
output for exports in total deliveries surged to 27.7 percent in 1999 from 24.6 percent in
1998.
15.2. Imports displayed a sharp fall in the reviewed period, equalling USD 9,595 million,
down USD 1,332 million from a year earlier. Contraction of imports, the main factor
contributing to the narrowing of the trade deficit, was attributable to structural changes
undergone by industry, which relies heavily on imports of raw materials and energy
products. The most important effect of reform in industry was the reduction in energy bill
deficit from USD 927 million in 1998 to USD 555 million (fob).
Exports by Group of Countries
Imports by Group of Countries

100%
100%
European Union
80%
80%
other
developed
countries
60%
60%
developing
countries
(outside
Europe)
countries in
transition from
Central and
Eastern Europe
ex-USSR
countries
40%
20%
40%
20%
0%
0%
1990
1999
1990
1999
15.3. Development of the exchange rate made a significant contribution to the reduction
of external disequilibrium in 1999. The monetary policy pursued in the first part of the
year aiming at a sharp currency depreciation was followed by efforts to preserve
external competitiveness by averting real overappreciation of the leu. This development
gave an impetus to exporters, but relatively dampened importers.
15.4. Geographic distribution of foreign trade underwent no significant changes in 1999.
EU countries were further the main trade partners of Romania. In 1999, compared with
34
previous years, trade balance with Central European countries, former centrally-planned
economies, as well as with former Soviet countries took a turn for the better.
16. Change in inventories displayed a moderate pace, accounting for only 1.5 percent
of GDP, compared with 2.1 percent in 1998. The development of the main components
of inventories exhibited opposing trends as follows: stocks of finished products followed
an upward trend towards the turn of the year, after having posted opposing trends for
the most part of the reviewed period (at year-end, stocks, in terms of average monthly
output, accounted for 67 percent, compared with 65.7 percent in 1998); capital-goods
producing sectors accumulated larger stocks under the impact of weaker investment;
stocks of agricultural produce followed a downward trend against the background of a rise
in exports (exports of live animals and livestock products increased by over 23 percent
in 1999, while exports of vegetable products were 38 percent higher than in 1998).
C. Prices, earnings and employment
17. GDP deflator came in at 146.4 percent, down 9 percentage points from 1998, and it
was higher both than consumer price index (annual average of 145.8 percent) and the
producer price index (annual average of 142.2 percent), reflecting higher prices for
services and construction.
18. The rise in consumer prices can be attributed, to a large extent, to some corrective
factors such as: adjustment of administered prices, energy price in particular, as well as
modification of excise duties on petroleum products and natural gas; the steep currency
depreciation made a significant contribution to price increases, while the inflation target
became dependent on the current account adjustment.
19. At end-1999, consumer prices were 54.8 percent higher than in December 1998,
while the average monthly inflation rate of 3.7 percent was 0.8 percentage points higher
than a year earlier.
19.1. The development of administered prices, adjusted periodically for the exchange
rate movements, consumer price index, or excise duties, as the case may be, with the
approval of the authorities, made a direct contribution to the 15 percentage point
increase in aggregate prices.
19.2. Foodstuff prices rose at a slower pace (by 36.7 percent); prices of some non-food
items were raised substantially due mainly to adjustment of administered prices.
Accordingly, in December 1999, the price of electric energy was almost 93 percent
higher than at year-end 1998, while prices of natural gas and thermal energy increased
by 100 percent and by nearly 141 percent respectively; prices of non-food items were
raised by over 60 percent. Prices of services rose by about 95 percent year on year,
35
including city transport (by 43 percent) and intercity transport (by almost 59 percent);
postal services almost doubled, and telephony tariffs exceeded 125 percent.
Consumer Price Index in 1999
200
index; previous December=100
190
180
services
170
goods
total
160
150
140
130
120
110
100
J
20. Industrial producer prices were 62.8 percent higher than at end-1998. Producer
prices in mining doubled throughout the year 1999; in the energy sector and
manufacturing industry, producer prices surged by about 60 percent, chiefly on account
of increase in input costs triggered by higher prices for imported raw materials (as a
result of world price increases and currency depreciation), energy and transport. Under
the circumstances, the average monthly change in producer prices was 4.2 percent,
almost three times higher than in 1998.
21. Incomes policy pursued in 1999 reflected both the authorities effort to contain
inflationary pressures exerted by demand under the conditions of weak supply and their
marked interest in protecting some underprivileged groups of population.
22. Wage policy was cautious; the lack of correlation between the increase in wages and
economic performance was averted in most economic sectors. Nevertheless, some
state-owned enterprises, especially rgies autonomes and national companies,
continued to raise wages despite the accumulation in both losses and arrears to the
state budget and to the social security budget.
23. In 1999, monthly net nominal average wage was almost 45 percent higher than in the
preceding year, the increase being attributed mostly to collective bargaining.
36
24. The average real wage fell 0.7 percent than in 1998 but, at end-1999, it dropped 5.5
percent from end-1998, posting uneven developments across the economy, as follows:
in trade, agriculture and education, wages slid by 9 to 23 percent, while in health care
and public administration, the average real wages were slightly higher than a year ago.
25. Pension system reform was marked by the authorities steadfast commitment to
continue the enforcement of some corrective steps in order to improve the pensioners
standard of living, despite difficulties encountered by the Romanian economy, in
general, and by the social security system, in particular.
26. Against the background of such efforts, the average pension exhibited a nominal rise
of 70.3 percent from 1998, while in real terms, it was 16.8 percent higher than in the
previous year.
27. Labour force continued to undergo structural changes; a large number of
retirements, the rise in unemployment and the negative balance of individual migration
abroad entailed the decline in the number of people involved in GDP creation; the rise in
the number of free lancers and family business in agriculture, trade, and services further
affected the structure of employment, putting the employees at a disadvantage.
Employees in Industry and Unemployment Rate in Economy in 1999
2,200
percent
thousands of persons
13
number of employees in industry
unemployment rate (right-side scale)
2,000
12
1,800
11
1,600
10
J
28. The number of employees stood at 4,615.6 thousand at end-1999, about 409 thousand
less than at the end of December 1998; more than 306 thousand employees were laid off
in industry. Retrenchment of personnel affected other economic sectors as well; thus, in
construction and transport the number of employees dropped by 5 percent over the end
37
of 1998; almost 8 percent of the employees were dismissed in the financial and banking
sector, while in public administration and health care and social assistance almost 7
percent and 6 percent respectively, of the employees were discharged.
29. Unemployment rate ran at 11.5 percent (1,130 thousand unemployed) at endDecember 1999, up 1.2 percentage points from a year earlier. Unemployment showed
mixed developments, increasing in early 1999, while falling slightly in summer (due to
the rise in seasonal employment), creeping up again in the last few months of the year.
30. At the end of December 1999, labour market supply showed 23.7 thousand vacancies,
9.7 thousand more than in 1998; private sector provided 71 percent of openings. The ratio
between job demand (which includes the recipients of unemployment benefits) and
supply stood at 37 to 1, compared with 57 to 1 at end-December 1998; for workers,
accounting for 73 percent of the socially assisted persons, the supply/demand ratio was
less favourable, i.e. 39 to 1.
31. The efforts pledged for rehabilitation of some eastern areas of Romania plagued by
high and protracted unemployment resulted in the slight increase in employment in
several counties compared with the preceding year (Vaslui, Vrancea and Tulcea);
unemployment displayed a downward trend in counties such as Alba, Mures,
Maramures and Vlcea, but continued to show high levels in mono-industry areas,
particularly mining areas (such as Hunedoara county, where unemployment rate stood at
20.4 percent).
32. Against the backdrop of retrenchment in personnel and legislation allowing early
retirement, the number of pensioners reached 6,021 thousand, 200 thousand more from
a year earlier.
Most of the people retired during the reviewed period, i.e. 77 percent, are included in the
social security system, accounting for about 69 percent of total pensioners; their
pensions are paid from the social security budget that experienced difficulties caused
by revenue collection and large payments assumed especially in the early 1990s when
the legislation allowed early retirement.
Pensioners (exceeding the number of employees as far back as mid-1997) outstripped
the average number of employees by 1,376 thousand persons in 1999.
D. Restructuring and privatisation
33. Restructuring and privatisation were the weaknesses of the reform programme
in the previous years. These objectives were more boldly addressed as far back as
the end of 1998 when external constraints and strains in the economy excluded any
possible postponement of restructuring and privatisation.
38
34. The authorities focused on the restructuring of ailing enterprises and loss-making
state-owned farms, aiming mainly at reducing their losses (several state-owned
enterprises generating about 12 percent of losses accrued to the State Ownership Fund
were closed down or liquidated; losses incurred by six mining companies dropped by
37 percent).
Notwithstanding the progress made, difficulties at the corporate level remained the key
impediment to Romanias economic growth and stabilisation effort.
35. Against the backdrop of the ongoing restructuring of some energy and raw-material
intensive sub-sectors, which were previously oversized (such as petrochemical industry
and metallurgy), imports of energy products were curtailed and, implicitly, the external
imbalance, which had been generated previously by the energy bill deficit, narrowed;
the conversion of strategic rgies autonomes into commercial companies and their
preparation for privatisation continued (for instance, the Romanian Railway Company
and the Romanian Tobacco Company).
36. A focal point of the 1999 programme was continuation of the banking system reform
and preparation of bellwether state-owned banks for privatisation. In this respect,
balance sheets of Banca Agricol and Bancorex were cleaned up, the Ministry of
Finance issuing government securities to offset bad portfolios taken over by the Bank
Assets Recovery Agency. This action ended with the viable assets of Bancorex being
taken over by Banca Comercial Romn.
37. Reform measures failed to avert economic decline in 1999, but they paved the way
for resuming economic growth on a sustainable basis.
38. The privatisation, though failing to meet expectations, gathered pace compared to
the previous years. In 1999, 1,772 commercial companies were privatised, the social
capital of which totalled almost lei 6,784 billion. Privatisation receipts accrued to the SOF
in 1999 outstripped lei 7,000 billion. The companies privatised in 1999 included Banc
Post, Astra Vagoane Arad, Santierul Naval Galati, Automobile Dacia Pitesti, Laminorul
Brila, Rafinria Vega Ploiesti.
E. Balance of payments and international investment position
39. The current account deficit equalled USD 1,288 million, hitting a record low since
1994 (3.8 percent of GDP), almost one fourth below the average for the period 1991
1998. The current account deficit was more than halved year on year, contributing
significantly to the slowdown in economic decline (3.2 percent compared with 5.4
percent in 1998). Behind this development stood mainly the contraction in net imports of
goods and services. During the reviewed year, the current account deficit accumulated
39
in the first, second and fourth quarters of 1999, being partly offset by the USD 57 million
surplus registered in the third quarter, which was generated by the net inflow of current
transfers and net exports of goods.
40. Similar to other countries in transition, Romania faced a slower growth rate of
external demand in the first half of the year and suffered the hardships brought about by
the conflict in Yugoslavia, with instant adverse effects on the foreign trade. Currency
depreciation in the early 1999 associated with the recovery of western economies,
especially an increased demand for imports, contributed to a 2.4 percent annual
increase in exports, mostly on account of good performance in the second part of the
year.
41. The current account deficit moved down mainly as a result of the narrowing trade
deficit, accounting for 84.8 percent of current account deficit, compared with 88.4
percent in 1998. The pick-up in exports and abrupt contraction in imports made
coverage of imports through exports reach 88.6 percent, compared with 76 percent in
1998. Services balance deficit amounted to USD 419 million, down over one-third from a
year earlier, due mainly to a more balanced ratio between receipts and payments under
goods transport coupled with curtailment in imports of goods. The deficit under
incomes reached USD 403 million, with interest payments related to medium- and
long-term external debt accounting for 97.5 percent. Year on year, the incomes deficit
narrowed by 8.8 percent, following the twofold increase in transfers from abroad.
Traditionally on surplus, the current transfers balance witnessed a 16.9 percent decline
in net inflows year on year, owing to the downturn in inflows of private transfers in the
form of grants and aids.
Table 3. Current account
- mill.USD -
a) Trade balance (goods)

- exports (fob)
- imports (fob)
b) Services net
c) Incomes - net
d) Current transfers - net
Balance of current account
1998
-2,625
8,302
10,927
-654
-442
753
-2,968
1999
-1,092
8,503
9,595
-419
-403
626
-1,288
42. Net direct investment (cash and in-kind paid-up capital), summing USD 1,007
million, was more than halved from 1998, as a result of the removal of tax incentives and
customs facilities provided for under the Budget Law, as well as due to flaws in
legislation. Moreover, the inflationary environment of the Romanian economy and credit
rating downgrades for Romania contributed to the drop of foreign investors interest in
our country. However, direct investment represented a major source of current account
40
financing, accounting for over 78 percent. Capital inflows in amount of about USD 260
million came in mainly from the privatisation of Banca Romn pentru Dezvoltare and
Automobile Dacia Pitesti. Portfolio investment posted net outflows worth USD 709
million, representing mostly redemption of foreign bonds.
43. As of end-December 1999, foreign exchange reserves totalled USD 1.5 billion, up
USD 151.5 million from December 1998. The NBR reserve assets fell sharply in the first
six months of 1999 in the wake of payments to public and publicly-guaranteed debt.
Payments related to external debt servicing equalled USD 1.7 billion. The NBR
succeeded in overcoming the short-term risks, repaying external debts falling due and
replenishing forex reserves starting mid-1999. Capital inflows from privatisation receipts
worth over USD 500 million, on the one hand, and capital inflows from external loans in
amount of over USD 400 million, on the other, boosted strengthening of forex reserves,
which regained and even exceeded their year-earlier level. Given the excess foreign
exchange driven by sharp scaling down of imports during 1999, the NBR became a net
purchaser of foreign currency worth USD 764 million. The NBR gold reserves rose by
USD 40 million, due to both the increase in the gold stock following the expansion in
domestic gold output and the significant rise in gold price on the international market.
44. In the period under review, financial assistance materialised in larger capital inflows,
especially loans from the IBRD, EIB and the G-24. The first tranche worth USD 72 million
under the IMF stand-by arrangement was released in August 1999, while the other two
tranches have been postponed for 2000. World Bank loans to public administration were
aimed at adjusting the private sector (PSAL), modernising roads, and restructuring the
oil sector. In addition, EIB and EBRD loans supported the Bucharest underground
system and modernisation of roads. Although the monetary authority and public
administration benefited from larger capital inflows, the non-bank sector witnessed a
12.5 percent decline in capital inflows, owing to the 21.8 percent fall in private loans.
45. Medium- and long-term external debt reached USD 8.4 billion at end-1999, down
9.4 percent from the previous year-end, following net outflows worth USD 496.5 million. It
is worth mentioning that a USD 376 million drop in medium- and long-term external debt
was due to appreciation of the US dollar against other convertible currencies. Mediumand long-term external debt service totalled USD 2.8 billion, up 27.1 percent year over year.
46. External debt by debtor points out that sovereign borrowings held further the largest
share in medium- and long-term debt, accounting for 46.4 percent, followed by private
debt (26.9 percent) and publicly-guaranteed debt (26.7 percent). It is worthwhile noting
the relatively high private sector indebtedness, following the extensive recourse to
external loans in order to compensate for the relatively limited access to domestic
sources, against the backdrop of measures adopted by the NBR in the fourth quarter of
1999 concerning liberalisation of some foreign exchange capital operations.
41
47. Medium- and long-term debt by maturity shows that the stock of medium-term loans
edged down 30.2 percent from the previous year, as a result of repayments of external
borrowings. Contraction in medium-term loans as a share of external debt from 31.1
percent at end-1998 to 24.7 percent at end-1999 is viewed as a positive aspect;
moreover, an indebtedness strategy should be drafted to ensure an optimal ratio
between the two types of maturity so that the external debt may be evenly distributed
over the years to come in order to avoid a peak in external debt service.
48. Composition of medium- and long-term external debt by currency shows that at
end-1999 the US dollar held the largest share (58.4 percent), followed by the Deutsche
Mark (15.2 percent), SDR and euro (13 percent), and the Japanese yen (5.2 percent).
49. Indebtedness indicators show that the ratio between external debt service and the
exports of goods and services remained around 36.2 percent, exceeding by far the level
deemed critical of 25 percent. This development occurred against the background of the
rise in exports of goods and services and the fall in external debt service in the latter half
of the year. The share of external debt in exports of goods and services narrowed from
103.8 percent in 1998 to 89.4 percent in 1999 (the 200 percent critical threshold).
Foreign exchange reserves stood at around 2.8 import months, given the drop in the
banking systems foreign exchange reserves and reduction in imports of goods and
services from 1998. External debt accounted for 25.9 percent of GDP, compared with
23.8 percent in 1998 (the 100 percent critical threshold).
F. Budgetary and fiscal developments
50. Under the 1999 budget, fiscal policy was tightened, aiming at maintaining the
consolidated general government deficit on track to meet the target, consistent with noninflationary deficit financing and a sustainable public debt accumulation. In the context
of the economic programme for 1999, harmonisation of the budgetary parameters with
the other macroeconomic variables called for containment of the projected deficit of the
consolidated general government to 2.4 percent of GDP1 (representing a 0.9
percentage point decline from the tentative figures for 1998). Such a target was
consistent with the needful reduction in the value and share of government consumption,
the uncertainties surrounding external financing of the budget deficit and the low
monetisation of the economy, which imposed constraints on growth of government credit
to avoid the crowding out of non-government sector.
According to the last budget revision
42
51. In order to foster more efficient use of resources one of the priorities of the 1999
budget and to make further progress in fiscal adjustment, the following objectives were
taken into consideration:
to improve budget performance;
to simplify the tax system with a view to improving revenue collection and
reducing tax evasion;
to deepen budgetary decentralisation by increasing the ability of local

authorities to manage wage tax collection;
to lower direct taxation compared to indirect one in order to stimulate the

private sectors propensity to saving and investment;
to reduce the number of special funds in order to contain budget

fragmentation and dispersed responsibilities.
52. Implementation of measures under the budgetary sector programme translated into
a consolidated budget deficit of lei 10,397 billion2 at end-1999, accounting for 2 percent
of GDP. The primary surplus increased year on year, while structural deficit declined;
this development reflects the efforts made to cut down budgetary expenditures under
the circumstances of a decline in privatisation proceeds from 2.1 to 1 percent of GDP.
Table 4. Consolidated general government balance
1998
billions of lei
Conventional deficit
Primary surplus
Structural deficit
% of GDP
1999
billions of lei
% of GDP
-11,253
-3.1
-10,397
-2.0
7,185
2.0
18,399
3.5
-19,168
-5.2
-15,386
-2.9
53. The 1999 budget was marked by the authorities steadfast concern to harmonise the
pressures to increase budgetary expenditures with the limited amount of resources.
Following the shortfalls in reaching the projected economic and social parameters, the
1999 budget underwent five revisions during the latter half of 1999. Although the original
budget envisaged an inflation rate of 25 percent and a decrease in GDP of 2 percent,
economic developments failed to meet expectations, so that the last budget revision was
based on rather different assumptions, i.e. an annual inflation rate of 55 percent and
decline in GDP of 4.2 percent.
This figure leaves out of account external loan repayments and exchange rate differentials related to
domestic and external public debt
43
54. The components of the consolidated general budget underwent changes, which
either widened or narrowed the deficit. Although the deficit increased mostly on account
of the government budget and the item external loans to ministries, social security
budget eased pressures on the consolidated budget expenditures, its share in the
consolidated general budget deficit decreasing from 28 to 12 percent. Health insurance
fund accounted for 24 percent of the consolidated deficit, compared with 9 percent in
the previous year. Adjustments including repayments of external loans and exchange
rate differentials related to external and domestic public debt contributed to the
narrowing of the deficit since their share in total deficit increased from 25 to 50 percent.
The State Ownership Fund, which was a significant supplier of resources in 1998, shifted
from a surplus of 30 percent to a deficit, accounting for 2 percent of the consolidated
deficit. Unemployment benefit fund deficit widened from 5 percent in 1998 to 20 percent
of the consolidated general government budget in 1999.
General Government Consolidated Budget

lei -10,397 billion
(-2)
National public budget

lei -14,522 billion
(-2.8)
Extrabudgetary funds
lei 1,492 billion
(+0.3)
Government budget
lei -13,656 billion
(-2.6)
Unemployment fund
lei -2,047 billion
(-0.4)
Local budgets
lei 377 billion
(+0.07)
Health insurance fund

lei 2,479 billion
(+0.5)
Social security budget

lei -1,243 billion
(-0.2)
Other
lei 1,061 billion
(+0.2)
External loans
to ministries
lei -7,431 billion
(-1.4)
( ) share in GDP, %
SOF
lei -188
billion
(-0.04)
Adjustments
lei 10,252
billion
(+2)
55. Consolidated general government revenues accounted for 34.4 percent of GDP,
down 0.6 percentage points on a year earlier. Collections from direct taxes held the
largest share, although they decreased from 18.9 percent to 17.7 percent of GDP;
indirect tax revenues rose from 12 percent to 12.3 percent of GDP. In turn, capital
revenues (mostly privatisation proceeds included in the budget) decreased from 2.2
percent to 1.1 percent of GDP.
56. Consolidated general government expenditures accounted for 36.3 percent of GDP,
down 2 percentage points year on year. Expenditures decreased in relative terms due
44
mainly to administrative expenses and staff costs, that dropped from 12.9 percent to
11.8 percent of GDP and as a result of reduction in capital expenditures, which fell from
3.3 percent to 2.9 percent of GDP. Expenditures related to interest payments on public
debt slowed down, accounting for 5.5 percent share-to-GDP, compared to 5.4 percent of
GDP in 1998, up 0.1 percentage points, while in 1998 they had increased by 2
percentage points.
57. In 1999, the tax burden (the ratio between tax revenues to the consolidated budget
and GDP) stayed on an upward trend, reaching 31.4 percent. Despite its slight increase
in 1998 when it had reached 30.9 percent, the tax burden was still below the all-time
high of 35.3 percent recorded in 1992.
Tax Burden
lei billions
percent
600,000
60
500,000
50
400,000
40
300,000
30
GDP
tax revenues
200,000
20
tax burden (right-side scale)
100,000
10
0
1992
1993
1994
1995
1996
1997
1998
1999
58. Government budget deficit totalled lei 13,656 billion, or 2.6 percent of GDP, down
0.2 percentage points year on year.
58.1. Government budget revenues shrank slightly as a share of GDP, decreasing from
18.2 percent in 1998 to 17.9 percent in 1999. Behind this development stood mainly the
drop in wage tax collection from 4.1 percent to 1.9 percent, as a result of the enforcement
of the new law on local public finance. Excise receipts surged from 2.3 percent to 3.1
percent of GDP, as a result of increase in excise duties on petroleum products and
quarterly correction of excise duties on alcoholic beverages for inflation rate, following
the shift from ECU-denominated fixed excises to lei-denominated ones.
58.2. On the revenue side, receipts from indirect taxes held the largest share, increasing
45
from 10.3 to 11.2 percent of GDP, while receipts from direct taxes decreased from 6.1 to
5.1 percent share-to-GDP.
59. Government budget expenditures decreased by 0.6 percentage points as a share of
GDP compared to 1998. The increase in expenditures for interest payments on public
debt (including exchange rate differentials), from 4.5 to 6.4 percent of GDP, was offset
by the contraction in social and cultural spending (from 6.1 to 5.4 percent of GDP) and
by removal of transfers from the government budget to local budgets (which accounted
for 1.3 percent of GDP in 1998).
60. Local budgets recorded a surplus of lei 377 billion (0.07 percent of GDP), slightly
higher than a year earlier.
60.1. Local budget revenues totalled lei 21,206 billion (4.1 percent of GDP), up 0.4
percentage points from the previous year. There were significant changes on the
revenue side due to expansion of the autonomy of the local governments. Own revenues
held the largest share in total revenues, increasing by 10.9 percentage points (35.6
percent from 24.7 percent). The amounts broken down from wage tax accounted for 35.3
percent a new heading in the budget , the arrears to the amounts broken down from
wage tax in the previous years represented 11.9 percent, compared with 37.2 percent,
while government subsidies accounted for 3.9 percent, compared with 37.6 percent.
60.2. Local budget expenditures equalled lei 20,829 billion (4 percent of GDP), up 0.4
percentage points year on year. Developments on the expenditures side show that
spending on services and public development, dwellings, environment and water
preservation prevailed (their share in total expenditures went down 3 percentage points).
Social and cultural outlays dropped from 23.7 to 22.5 percent of total, while spending on
economic activities edged down from 20.3 to 13.7 percent; a new item special
expenditures gained ground, accounting for 9.7 percent of total expenditures.
61. At end-1999, the social security budget posted a deficit of lei 1,243 billion, the share
of which in GDP (0.2 percent) was 0.7 percentage points lower than a year earlier.
Budgetary developments failed to make social security budget reach balance as initially
projected due to accumulation of corporate arrears.
61.1. Social security budget revenues amounted to lei 37,793 billion, i.e. 7.2 percent of
GDP, up 0.9 percentage points from a year earlier. Own tax and non-tax revenues were the
major funding sources, exhibiting a 0.8 percentage point increase from 1998 (88.4 percent
versus 89.2 percent). Government subsidies added to revenues, although they dipped
from 11.6 to 10.8 percent, i.e. a 0.8 percentage point decline from the previous year.
61.2. Social security budget expenditures ran at lei 39,035.2 billion, i.e. 7.5 percent of
GDP. Expenditures were almost entirely (92.1 percent) earmarked for social security
pensions. The 0.3 percentage point growth of these expenditures as a share of GDP
46
compared to 1998 was induced by the indexation of pensions throughout the year under
review.
62. Deficit financing was largely covered from domestic sources while external
financing worth USD 180 million (tantamount to about lei 2,900 billion) was disbursed
especially in August and September. Nevertheless, government credit (adjusted for bad
loans taken over by the public debt) fell by 4.5 percent in nominal terms and by 38.3
percent in real terms from the previous year-end.
62.1. In order to cover the persistent gap between revenues and expenditures, the
Ministry of Finance diversified the array of deficit-financing instruments. Apart from the
old-established instruments (issuance of government securities and, temporarily, the
recourse to Treasury deposits), the deposits attracted by the Treasury from the interbank
money market also provided resources. This instrument was widely used from June to
September, while the volume of deposit-taking peaked at lei 5,857 billion at end-August
1999. This new instrument proved to be costly for the Treasury, so that the use of
deposit-taking operations was discontinued starting in the last quarter of the year. As of
end-1999, the stock of deposits taken amounted to lei 1,120 billion.
62.2. In 1999, the Government floated 97 issues of lei-denominated government
securities (excepting the impaired loan portfolios taken over by the public debt covered
through government securities issued to back restructuring of Banca Agricol and the
merger between Bancorex and Banca Comercial Romn), of which 76 were launched
through auction and 21 through public subscription, in amount of lei 70,894 billion.
Auctions were aimed at issuing discount government securities (placements amounted
to lei 56,317 billion), while public subscription was meant to float interest-bearing
government securities in amount of about lei 14,577 billion. Government securities were
launched via the National Bank of Romania, as the governments agent, being sold to
banks and bank clients, legal entities; at end-1999, over 95 percent of total government
securities were sold to banks.
62.3. Lei-denominated government securities were supplemented by four issues of
forex-denominated government securities, mostly in the first part of the year, totalling
USD 70.4 million. These issues were for one and two years, with interest rates ranging
between 8 and 10 percent. Two issues of government securities in amount of USD 30.7
million were sold to individuals and legal persons, both residents and non-residents.
62.4. Average maturity of government securities issued in 1999 was lowered to 83 days
from 111 day in 1998, while average real interest rate (based on inflation and compound
interest) rose from 28 to 37 percent, reflecting difficulties in strengthening domestic
public debt.
62.5. The amounts attracted from the sale of government securities to banks and bank
clients were rounded up by household funds. In 1999, there were launched 12 issues of
47
government securities, in amount of lei 8,479 billion at an average yield of 68.3 percent.
Most issues were 3-month government securities (99 percent) at an average yield of 68
percent, while the remainder was 6-month government securities at an average yield of
71 percent.
62.6. Apart from lei-denominated government securities, several forex-denominated
government securities (USD and DEM), in amount of USD 62.3 million and DEM 18.2
million respectively, with maturities ranging from 3 months to 6 months were offered to
individuals during April-July; these issues had yields of 7 and 8 percent on USDdenominated government securities and ranged from 4.5 to 5.5 percent on DEMdenominated government securities.
62.7. Besides the issues of government securities aimed at financing budgetary
expenditures, there were also ten special issues worth almost lei 13,495 billion,
representing financial obligations taken over by the public debt under the banking
system restructuring. These issues had maturities ranging from 1 to 2 years, being
interest-bearing government securities, with the yield equal to average lending rate
applying to non-bank clients.
62.8. Forex-denominated government securities, worth USD 530 million, with interest
ranging from 5 and 7 percent and maturity from 6 months to 2 years were also issued in
the context of non-performing loans being taken over by the public debt.
63. Domestic public debt summed lei 65,153 billion, i.e. 12.5 percent of GDP, at end1999. Bridge loans from Treasury funds amounted to about lei 15,687 billion (3 percent
of GDP). The volume of domestic public debt (excluding government financial
obligations to the Treasury) grew by 2.2 percentage points from a year earlier.
The public debt structure underwent significant changes from the previous years,
triggered mainly by the costs of banking system reform. Government loans granted on
the basis of special pieces of legislation prevailed (42 percent of total), reflecting part of
non-performing loans of banks under restructuring taken over by the public debt.
Borrowings on the domestic market to cover budget deficit accounted for 34 percent (in
the prior years they held the largest part of the debt) while the Treasury funds temporarily
used to bridge the budget deficit represented 24 percent of total domestic debt.
48
Chapter 3. Financial markets in Romania

A. Money market
1. Throughout 1999, the key market indicators remained highly volatile. The jitteriest
periods of the money market were, to a great extent, associated with the following
factors:
increased pressure on the foreign exchange market;
higher need for deficit financing from domestic sources (because of limited access
to foreign financing);
mounting difficulties and, consequently, higher demand for liquidity of two state
banks.
Towards the end of the year, the removal or mitigation of the dampening impact of some
factors helped to improve the behaviour of market participants.
Interbank Deposits in 1999
10,000
percent per annum
lei billions; daily averages
200
deposits
9,000
180
interest rate
8,000
160
7,000
140
6,000
120
5,000
100
4,000
80
3,000
60
2,000
40
1,000
20
0
J
2. The interbank market remained relatively highly concentrated in terms of both demand
and supply. This development was caused by the central banks net debtor position and
the liquidity straits of some banks, on one hand, and the extremely large market share of
two participants (nearly 33 percent), on the other. Structural analysis of demand shows
that in the lead were the central bank (the share of the balance of deposits taken by the
49
National Bank of Romania in the total monthly figure averaged between 19 percent and
79 percent) and cash-strapped banks (taking between 9 percent and 46 percent of total
money market deposits during January September 1999).
3. The year-on-year 15 percent fall in interbank deposits may be attributed to the
phasing-out of two leading state-owned banks from the money market, on the one hand,
and to the improved liquidity control due to the three-step raise of the minimum reserve
ratio during the second half of 1999, on the other.
4. In contrast with the volume of deposits, new deposits calculated as daily average
posted an increase, pinpointing a boost in activity throughout 1999, as well as the
deepening of the interbank market. The different trends in the development of the two
money market indicators were the result of a change in the term structure of interest
rates on new deposits: the share of overnight and 1-week transactions outran 90 percent
of total transactions, except for June, October and November.
Interbank Transactions in 1999
2,000
percent per annum
200
transactions
interest rate
1,600
160
1,200
120
800
80
400
40
0
J
5. Interest rates in the interbank market stayed highly volatile especially in early and late
1999; the large daily swings in interest rates on new deposits exceeded from time to time
100 percentage points in the first four months of 1999.
5.1. In early 1999, expectations of a speeding-up in leu depreciation put upward
pressure on interest rates so as to allow a levelling-off in returns on both foreign
exchange and money markets. The banks efforts to make up for potential losses
engendered by dissipation of financing opportunities at high interest rates of problem
50
banks following their phasing-out from the interbank market or by the raise of the
minimum reserve rate translated into attempts to temporarily lever up interest rates,
which remained however on a generally downward path.
5.2. Starting in the latter part of the first half of 1999, the money market loosened up, a
fact reflected both in lower interest rates and their reduced volatility; the highest daily
change in interest rates peaked at 5.3 percentage points in October. The spread
between the average interest rates on new deposits with different maturities also shrank
sizeably to below 3 percentage points for overnight, 1-week, and 1-month transactions in
December 1999.
5.3. Real interest rates on both interbank deposits and transactions posted swings
between positive and negative values during the year under review. However, real
positive interest rates prevailed, topping out at nearly 50 percent in February.
6. The banks behaviour towards issues of government securities proved irresolute in
their attempt to make the most of the investment opportunities in the foreign exchange
and money markets.
6.1. Thus, the would-be relatively higher returns on the foreign exchange market in early
1999, as well as the maturities on government securities viewed as far too long
averted the banks from making such investments. Notwithstanding the banks steady
stresses for over-increasing yields, average interest rates on government securities sold
by auction were quite frequently below the average interest rates on new deposits.
Nonetheless, the Ministry of Finance succeeded in selling a net amount of extra Treasury
notes worth more than lei 2,600 billion during the first four months of 1999 via
subscription and cutting down noticeably on the maturity of these issues.
6.2. In the latter half of 1999, the primary market for government securities functioned
without disruptions and the yields on T-bill issues were close to interest rates on the
interbank market. The good performance of the Treasury Account balance, along with
the recourse to other financing instruments issues of Treasury certificates for
individuals and direct Treasury borrowings on the interbank market laid the
groundwork for redemption of almost lei 5,300 billion in government securities during
May - September 1999.
51
Average Interest Rates in 1999

140
percent per annum

on government securities
120
lending rate (for non-banks)

deposit rate (for non-banks)
100
on interbank transactions
80
60
40
20
0
J
7. The secondary market for government securities saw a flurry of activity as the volume
of transactions increased almost seven times on a year earlier. The market saw a change
in structure: the share of the central banks transactions made up 35 percent of the total,
down from 75 percent in 1998. On the other hand, the banks transactions with non-bank
clients extended their share from 20.8 percent to 61 percent, reaching a peak of 88.8
percent in December 1999.
B. Foreign exchange market
8. The foreign exchange market played a paramount role in drawing-up and
implementing the economic policy mix all through 1999 because of the daunting
external constraints arising from the bulk of foreign debt service payments in particular.
Upheld by a relatively favourable environment for the most part of the year, the forex
market functioned efficiently under the impact of foreign exchange and monetary policy
inducements.
9. In 1999 too, the foreign exchange market saw a further improved performance, thus
providing the necessary support to the implementation of the economic programme via:
9.1. Mitigation of the distorting risk relative to the mechanism of exchange rate
determination following an improvement in the efficiency and transparency of foreign
exchange transactions. Free of any direct administrative interference, the exchange rate
of the domestic currency mirrored the development of the supply/demand ratio in the
52
foreign exchange market to the full. Since the aforesaid ratio proved volatile and highly
distorted, during the first quarter of 1999 in particular, a speculative behaviour
developed in the forex market, which added to the vulnerability of the local currency
(nominal leu depreciation stood at 25.1 percent in the first quarter of 1999). Although the
domestic currency weakened by 8.6 percent in only five days in March 1999, this
development was illustrative of the efficiently functioning of the mechanism of exchange
rate determination and of the foreign exchange market, leading to an exchange rate
viewed as being the equilibrium one.
9.2. Heightened competition in the foreign exchange market, the improved performance
of quantitative parameters boosting the variables of supply/demand ratio adjustment.
9.3. The steep increase in volumes traded in the foreign exchange market. Despite the
relatively low amount of business, totalling USD 21.3 billion in sales and USD 20.6 billion
in purchases on a yearly basis, up 46 percent and 36 percent year on year respectively,
Romanias foreign exchange market gained in strength and confidence. Monthly traded
volumes rose to more than USD 1.7 billion, about USD 500 million higher than a year
earlier; the increase is comparable with the average monthly volume of transactions
performed in 1997.
Interbank Foreign Exchange Market in 1999
120
USD millions; daily averages

NBR's purchases, net
daily volume (total)
100
interbank operations
80
60
40
20
0
-20
J
9.4. Active use of instruments to adjust and manage foreign exchange liquidity
effectively. Adjustment of the supply/demand ratio by making use of market economy
means alone had a favourable impact on forex market operators and brought about
restoration of confidence in the mechanism of exchange rate determination and in the
monetary policy conduct by the National Bank of Romania; on the other hand, it helped
53
develop a speculation-prone behaviour by several banks, thereby heightening the risk

associated with foreign exchange transactions. One of the reasons behind the
persistently high interest rates on the interbank market was the attachment of a risk
premium to the daily exchange rate quotations.
9.5. Deepening of the interaction between the money market and the forex market. This
mutual relationship between the two markets had a direct impact not only on the
exchange rate but on interest rates as well, helping to clear the way for effecting
arbitrage between the two markets.
10. The change in forex market functioning in the aftermath of emergence of a foreign
currency surplus stoked up the conflicting nature of the monetary and the foreign
exchange policy goals (improvement in competitiveness in the economy at large, on one
hand, and bolstering of disinflation and the building-up of official foreign reserves
following the NBR direct purchases from the forex market, on the other). These tasks
materialised in the evolution of foreign exchange parameters, namely the maintenance of
ULC-measured depreciation of the leu in real terms fairly close to the equilibrium level,
as well as the full absorption of the foreign exchange surplus by the central bank.
11. The features of the foreign exchange market that impacted the conduct of both
monetary and foreign exchange policies were the following:
11.1. Maintenance of a persistent foreign exchange surplus worth about USD 93 million
(monthly average) starting with April 1999. The build-up of an all-time high foreign
exchange oversupply to the tune of USD 839.5 million in the course of nine months was
triggered by the steady adjustment of the trade balance, and only to a small extent by
capital inflows. The excess foreign exchange paved the way for a moderate leu
depreciation, after the strong first-quarter adjustment, in the range of 4.9 percent and 1.1
percent, i.e. an average monthly rate of 2.7 percent over the last three quarters,
compared with an average monthly depreciation of 9.2 percent in the first quarter.
11.2. The declining share of transactions performed by non-bank customers in forex
market transactions. The share of non-bank customers narrowed in terms of both foreign
exchange supply and demand, firming at approximately one-third of total transactions.
Traded volumes in the interbank forex market almost doubled as against 1998, while the
transactions effected by non-banks increased by a mere 14.3 percent over the year
before.
12. 1999 witnessed the abolition of one of the sources that fuelled expectations of leu
depreciation. Though the exchange bureaux reported buoyant activity whenever speculations became apparent and made attempts at keeping the ROL/USD exchange rate at high
levels, such segmentation tendencies faded thereafter, proving the markets efficiency and
adjustment capacity through its own levers; the spread between the exchange rate
54
displayed by exchange bureaux and that of the National Bank of Romania was below 1.5
percent, a level hard to compete with, leading to the near extinction of the black market.
C. Capital market
13. 1999 was an off year for Romanias capital market, which recorded weaker-thanexpected results. The key stock market indexes posted mixed developments during the
year, but the downturn prevailed.
13.1. The higher sovereign risk, alongside the ongoing economic slump, the stepped-up
leu depreciation in early 1999, and the announcements made by the international rating
agencies on Romanias possible default in servicing its financial obligations kept foreign
investors at bay; therefore, capital market functioning was almost solely reliant on
domestic capital.
13.2. The recourse to the capital market as an alternative financing source (following the
successful completion of initial public offers performed on the capital market prior to
capital increases) and a means to support privatisation, as well as the listing of a
number of companies able to lure investors (such as banks, financial investment
companies) resulted in rebounds in market activity from time to time. Nevertheless, every
time the stock market indicators spiked upwards, such market tendencies proved to be
short-lived.
13.3. The Bucharest Stock Exchange rallied in November when the five financial
investment companies (FICs) were given the go-ahead for trading. What could have
been described as the event of the year in the capital market proved to have short-dated
positive effects; after having surged in November, share prices of the financial
investment companies nosedived, thereby adding to market volatility.
14. In 1999, trading on the Bucharest Stock Exchange experienced a bumpy ride, as
turnover and both of the stockmarket indexes recorded a tepid performance. At year-end
1999, the number of companies listed on the BSE equalled 131, up 3.4 percent over the
year before, falling behind the 68 percent growth rate recorded in 1998. Against the
backdrop of unpredictable developments, the stockmarket posted declines in terms of
most of its indicators (the number of shares traded, market capitalisation, and turnover).
In year-over-year comparison, the number of trades crept down 20 percent, while shares
traded were 1.7 percent fewer; the disparity between the decelerating rates hints at
trading large packages of shares during the year under review. Even though trades with
shares of financial investment companies propelled a nearly twofold increase in turnover
over the last couple of months of 1999, annual turnover accounted for barely 74 percent
55
of the year-earlier turnover. The slight drop in average stock-market capitalisation, from
around lei 5,065 billion in 1998 to lei 4,952 billion in 1999 was mainly driven by the fact
that share prices were marked down, as reflected in the performance of the composite
index, which ended the year down almost 16 points. The BET Index the sole indicator
that spiked upwards gained almost 71 points in 1999 solely on the back of good
financial results of Alro Slatina, the shares of which made up a considerable weight in
the index portfolio.
Bucharest Stock Exchange in 1999
lei billions
lei billions
400
turnover
350
8,000
7,000
market capitalisation (right-side scale)

300
6,000
250
5,000
200
4,000
150
3,000
100
2,000
50
1,000
0
0
J
15. Trading on the RASDAQ stayed on a downward trend in 1999 as well. Beside the
transactions performed in order to take control over several issuing companies, cross
trades prevailed almost during 1999 as a whole, as laid-off employees succeeded in
receiving redundancy pays in advance by investing in stocks. Thus, in-house trades
gave the market a boost, providing a distorted picture of over-the-counter market
turnover.
The number of listed companies posted slight ups and downs, but there were twenty
listings more at year-end 1999, whereas average market capitalisation rose from lei
10,015 billion to lei 13,505 billion year on year.
56
RASDAQ Market in 1999

500
lei billions
lei billions
25,000
turnover
450
market capitalisation (right-side scale)
400
20,000
350
300
15,000
250
200
10,000
150
100
5,000
50
0
0
J
Turnover moved barely 6 percent higher on a year earlier when the transactions with the
laid-off employees money held a significant share as well. The RASDAQ Composite
Index witnessed some swings triggered by the investors taking interest in trade, tourism,
and cement-producing companies that counted among the most heavily traded stocks.
16. Market capitalisation (excluding the five financial investment companies) increased
its share in GDP, from 3.4 percent at end-1998 to 4.5 percent at end-1999.
57
Part II
National Bank of Romanias activity
Chapter 4. Foreign exchange and monetary policies

A. Monetary policy stance and objectives
1. Foreign exchange and monetary policies had to cope with unprecedented challenges
in 1999. Macroeconomic imbalances and the delay in structural reforms a legacy of the
past combined with the foreign debt service peak rendered the 1999 economic
programme highly complex.
1.1. The threat of Romanias experiencing payment default, which was seen as imminent
at the beginning of 1999 by the world financial institutions and rating agencies, called for
the sharp reduction in the current account deficit as the top priority for the year under
review and as a means to alleviate external constraints. The corollary of this approach
was the full servicing of the external debt and the subsequent rebuilding of forex
reserves. In addition, the need to prevent the outbreak of a banking crisis and to speed
up and deepen bank restructuring made the objective of financial stabilisation become
an urgent one.
1.2. Against this background, the monetary authority was imperiously required to
resolutely pursue the first two objectives by making use of specific instruments since the
foremost monetary policy goal of further spurring the disinflation process was seriously
challenged. The conflict between monetary policy objectives impeded on the
effectiveness of monetary policy; the inflation target set at 25 percent at the end of 1998,
when Romanias external vulnerability was less conspicuous, was revised to 35 percent
at the beginning of 1999. Over the year, it underwent upward revisions several times, the
inflation rate finally outrunning the initial target by almost 30 percentage points.
1.3. The central banks strenuous efforts focusing of a tight monetary control prevented,
however, a slippage in prices that would have been triggered by the measures taken to
attain the other objectives. Nevertheless, the costs in inflation terms of cutting the
current account deficit to less than half and of the deep restructuring of the banking
system in 1999 were quite high. The negative implication of this outcome is also
highlighted by the comparison with the countries invited to begin negotiations to gain EU
membership; Romania is the only country in this group of countries facing annual
inflation rates above 15 percent; in 1999, most of these countries managed to slash the
inflation rate at less than 10 percent.
1.4. The failure to put inflation on a downward path in 1999 reinforces the fact that,
unless the policy mix is consistent enough, the fulfilment of one of the macroeconomic
objectives has a tremendous impact on the accomplishment of another objective
(assuming that the relationship between the two objectives is conflicting). In 1998 the
attempt to cut the inflation rate had resulted in current account worsening, while in 1999
61
external adjustment was feasible at the expense of failure in achieving disinflation. The
high sacrifice rate the Romanian economy displays in the case of these two
macroeconomic objectives is largely due to the low credibility of the stabilisation
programmes and to the slow pace of changes in corporate behavioural patterns.
1.5. Moreover, the strengthening albeit inconsistent, asymmetrical and producing only
partial effects of the aggregate demand management policies (the investment
component being the most affected one) boosted other macroeconomic costs; the
elements accountable for this behaviour were the credibility of reform and the rigidity of
real economy (manifest in the absence of structural adjustments). One of these costs
was the further economic decline spurred by the lack of correlation between
macroeconomic policies and by the pace and depth of real sector restructuring. The
insufficient advance of real sector restructuring deprived monetary policy of the
underpinning that structural policies should have provided to macroeconomic
stabilisation, the central bank being unable to rely on it in attaining its goal.
1.6. The real depreciation of the leu necessary to restore and strengthen external
competitiveness of the economy was not the only development accountable for the
failure to attain the inflation target. The margin of manoeuvre for monetary policy was
also circumscribed by other factors such as:
implementation of the final stages in removing dual prices for electric and thermal
energy and natural gas, and the keeping in place the automatic adjustment
mechanism of controlled prices (based on past inflation or the exchange rate
developments) that stoked, in 1999, the impact on inflation through the inertial force it
had generated and through the demonstration effects;
the absence of tight budget constraints on some companies, monopolies in

particular, that enabled them to make up for inefficiency and lack of structural
adjustment by putting up prices;
the build-up of losses and quasi-fiscal deficits, especially in the state-owned sector;
the outbreak and protraction of banking crises that had a strong impact on the
confidence in domestic currency and the banking system;
the accommodation of liquidity straits faced by banks undergoing restructuring;
expansion of inflation expectations amid the joint effect of all these factors and
weaker credibility of monetary policy;
the need to ensure a coherent monetary and fiscal policy mix in view of the central
bank and the State Treasury reliance on the banking system.
62
B. General features
2. The most conspicuous conflict the central bank had to deal with in 1999 was that
between the disinflation process and alleviating external imbalances on the back of
removing local currency overappreciation and, therefore, of improving the external
competitiveness of the economy. Improvement of external competitiveness was
associated with the objective of full repayment of foreign debt service and,
subsequently, with the objective of increasing foreign exchange reserves. Under these
conditions, the forex component played the foremost part in the monetary policy
conduct.
2.1. Over the first quarter on 1999, the above-mentioned conflict resulted in the brisk
pace of corrective depreciation of the leu that impeded on deceleration of inflation;
starting with the second quarter, prevention of the leu from real re-appreciation and
maintenance of the monetary anchor within non-inflationary limits conflicted.
Exchange Rate in 1999
Exchange Rate and Inflation in 1999
lei / USD
20,000
percent
monthly change in
consumer prices
18,000
16
14
12
16,000
monthly change in the

nominal exchange rate
(leu/US dollar)
14,000
10
8
12,000
6
10,000
8,000
nominal
real; based on CPI as against

December 1998
2
0
6,000
J
2.2. The conflict changed its nature during 1999 mainly as a result of the relatively
sudden change in foreign exchange market conditions. Thus, in the first quarter, the
central bank had to intervene in the forex market to alleviate the brisk depreciation pace
that would have sent the local currency far below the equilibrium level and would have
generated high inflation; depreciation was fostered by negative expectations related to
the exchange rate of the leu and by the pressures on the exchange rate, given the large
volume of foreign debt repayments built up in the first half of 1999, rather than by the
foreign exchange deficits in the market.
63
2.3. The exchange rate of the leu headed for a slow re-appreciation, after having
reached in April the real depreciation peak for 1999 (deflated by CPI, the April average
was 15.8 percent lower than the average for December 1998). This move came as a
response to the change in the forex market conditions; this market moved back to
oversupply of foreign exchange, which counteracted the expectations of rapid
depreciation of the leu even though the foreign debt service peak had not been
overcome. In an attempt to accommodate these developments, there was a reversal in
the central banks interventions in the forex market, in order to prevent the erosion of the
accumulated competitiveness gain.
2.4. In 1999, the central bank made net purchases in amount of over USD 764 million
from the forex market. The almost permanent foreign exchange surplus detected in the
second semester was mainly the result of the large current account adjustment; thus, net
foreign assets of the National Bank of Romania went up USD 930 million under the
conditions of full and timely repayment of the foreign public debt for 1999, i.e. around
USD 1,540 million.
2.5. Under the managed floating regime, the central banks interventions contained the
strong re-appreciation of local currency; deflated by CPI, the real depreciation of the leu
was 9.4 percent (average, December/December), making a notable contribution to the
improvement of the external position of the Romanian economy.
2.6. In the first half of 1999, the NBRs actions related to the foreign exchange objective
were in line with the operational objective of monetary policy, i.e. to keep the monetary
base under control, while in the following months sterilisation of liquidity injected by the
National Bank of Romania via foreign exchange purchases became one of the toughest
challenges to the monetary policy conduct.
C. The impact of banking system restructuring
3. The difficulty created by the foreign exchange factor was enhanced by the additional
liquidity surplus generated by the National Bank of Romania in supporting the banking
system restructuring.
3.1. Liquidity straits experienced by some banks at the beginning of 1999 would have
made the prevention of a systemic crisis impossible unless the central bank had
assumed the role of lender of last resort in the case of two major state-owned banks. The
crises facing these two banks have been dealt with by the NBR from the standpoint of
ironing out the negative impact on public confidence in the banking system and in the
policy pursued by the National Bank of Romania.
3.2. Subsequent developments proved that the measures adopted in tackling the
troubled banks (merger through absorption in the case of Bancorex, the bankruptcy of
64
Banca Albina and Bankcoop, and preparation for privatisation of Banca Agricol) were
adequate as the negative impact of the crises on the public diminished. The authorities
involvement in this process, which implied the take-over by the Bank Asset Recovery
Agency of non-performing assets of the two state-owned banks and their replacement
by government securities averted the outbreak of panic. Moreover, the public
confidence in the banking system, that was temporarily sapped, was restored somewhat
in the latter half of the year.
3.3. The measures to tackle the threats to banking system stability conflicted, however,
with the monetary policy conduct. The role of lender of last resort played by the central
bank amid the liquidity straits associated with the issues of government securities by the
Ministry of Finance to cover bad assets written off the banks balance sheets resulted in
the large-scale monetisation of the public debt incurred by the two banks; out of the total
value of government securities issued by the Ministry of Finance during 1999 in this
process, accounting for 4.4 percent of GDP (including government securities
denominated in foreign exchange), the National Bank of Romania held 59 percent at
end-December 1999, thereby confining the central banks margin of manoeuvre in
controlling liquidity.
D. The impact of fiscal performance
4. The interlocking of monetary policy and public debt management policy (domestic
public debt rose drastically following the take-over of non-performing claims from the
portfolio of the restructured banks) also suppressed the efficiency of monetary control.
4.1. Due to the difficulties in financing the budget deficit the direct lending facility laid
down by the NBR Act was exhausted ever since the first quarter of 1999. Scarcity of
foreign financing (only USD 180 million) also compelled the State Treasury to borrow
funds almost exclusively from the domestic market; this behaviour aggravated money
market disruptions as banks took full advantage of the governments financing needs;
interest rates in the interbank market stayed volatile at relatively high levels.
4.2. Nevertheless, compared to the previous years, the central bank accommodated to a
much smaller extent the demand for liquidity of the banks interested in buying
government securities. In 1999, the Treasury supported involuntarily the central bank in
mopping up the persistent liquidity surplus in the system; borrowings by the Treasury
were aimed at purchasing foreign exchange to replenish the official reserve for foreign
public debt repayments.
4.3. Moreover, lower budget expenditures that allowed the narrowing of the consolidated
general deficit despite the large debt service also made banks reluctant to purchasing
government securities issued in order to finance the running expenses of the public
sector.
65
4.3.1. Leaving aside the non-performing assets of the restructured banks taken over by
the public debt, credit to government receded slightly and the crowding-out of the nongovernment sector from the credit market was less apparent. The key role in this process
was played by the policy, initiated and improved over the year by the State Treasury, to
diversify and render domestic financing sources more flexible.
4.3.2. The issues of Treasury notes for individuals (at end-1999, individuals and bank
clients held government securities worth more than lei 4,500 billion and over USD 16
million) partially relieved the pressure exerted by governments financing needs on the
interbank market. This did not, however, prevent banks from trying to obtain high yields
on every roll-over issue, the more so as the number of profitable investments on offer had
decreased due to the two troubled banks leaving the market and because of the
protracted oversupply in the forex market in certain periods, thus deterring speculations.
E. The monetary policy transmission mechanism
5. This year too, a critical point in the efficient implementation of monetary policy was its
transmission mechanism that disrupted and counteracted rather often the impact of the
measures taken by the National Bank of Romania.
5.1. The Romanian financial market (dominated by the banking system) displays marked
segmentation, weak competition and massive concentration. For the time being, it is not
able to convey to the economy the right signals on the monetary policy stance. On one
side, the monetary policy measures affect unevenly market operators as the quantitative
and qualitative parameters of the markets are distorted. On the other side, against this
background, banks rational behaviour becomes destructive from the monetary policy
perspective since market operators take interest in obtaining maximum yields on the
market segments they act, regardless of the monetary policy signals sent to other market
segments.
5.2. From this standpoint, the conditions specific to 1999 led to the deepening of
disintermediation. Banks showed preference for the interbank market and for
government securities market, displaying caution and high aversion to risk. Imbalances
in these markets consisting in liquidity straits of some state-owned banks (that spurred
moral hazard), the temporary deficits in the forex market and the detrimental
interdependence between the central bank and the Ministry of Finance, were particularly
speculated by banks. Interest rates on these market segments were often pushed
beyond the spread within which they usually range (i.e. lending and deposit rates
applying to non-bank customers).
5.3. The disintermediation deepened even further the gap between the interbank market,
on one hand, and the credit and deposit market, on the other. Boosted by the low
flexibility of demand for credit due to overly high profitability threshold of credit costs
66
and demand for deposits as a result of the few investment opportunities for individuals,
banks maintained rigid interest rates in these markets. The situation improved slightly
when T-bills for individuals were issued and banks adjusted deposit rates upwards.
6. Nor the demand-for-money developments were favourable to the monetary policy
conduct and the attainment of the inflation target for 1999. The effectiveness of the
monetary policy strategy based on the monetary anchor (maintained in the absence of
other viable options) was affected by larger-than-expected decline in demand for
money. Money supply was noticeably hurt by decline in economic activity and the
shattered confidence in the banking system and in the local currency amid disruptions in
the banking system in the first half of 1999; the impact of this phenomenon could be
detected further into the latter half of the year as flagging demand could not be fully
recovered. This phenomenon was also encouraged by the real negative interest rates in
some months of 1999 following the inflation flare-up.
F. The use of monetary policy instruments
7. The central banks net debtor position to the banking system and the small number of
instruments to mop up excess liquidity undermined the NBRs capacity to exert a strict
and steady control over liquidity in the system with minimum costs for banks or the
monetary authority. Since the central banks support to the other objectives translated, in
the second semester of 1999, into monetary injections (accounting for 10.6 percent of
GDP and 41.3 percent of M2), the need for preserving the local currency stability in
order to ensure price stability (the NBRs key objective laid down in the NBR Act)
required ample sterilisation of surplus liquidity.
7.1. Under these conditions, the central bank made use of all instruments available in an
attempt to push non-inflationary parameters to their highest levels via a more efficient
policy mix and to cushion the disturbances that the monetary policy transmission
mechanism might have produced. In spite of the difficulties, the National Bank of
Romania did not resort to administrative instruments, it rather endeavoured to strengthen
and promote market-related instruments.
7.2. The liquidity policy pursued by the National Bank of Romania displayed a
contradictory stance as it was plagued by conflicting requirements. In early 1999, the
central bank fully mopped up the liquidity surplus and banks current account deposits
were kept within targets but, in the quarters that followed, sterilisation became much
more difficult amid the persistent reserve surplus; as a result, in some months, the target
was exceeded slightly (between 0.4 percent and 1.5 percent). The rapid swings in
quantitative developments were promptly detected and sanctioned by the money
market; they fostered operators lack of confidence and the gloomy expectations that
translated into interest rates too high sometimes.
67
7.3. Unlike the preceding year, refinancing was one of the key monetary injection
instruments in 1999, the total volume of special credit extended to the two banks under
restructuring amounting to more than lei 10,000 billion. The special credit was repaid
gradually as the Ministry of Finance assumed the costs of bank restructuring at this
stage by issuing government securities denominated in lei and in foreign exchange. The
lei-denominated instruments were used to cover the special credit entirely. At end-1999,
the National Bank of Romania held in its portfolio lei 1,930 billion worth of special credit,
the effort to offset the monetary impact of this credit during 1999 being a form of the two
banks restructuring costs.
7.4. The NBRs operations on the money market reached record highs for all the
categories, thus providing the most accurate illustration of the conflicting nature of the
central banks objectives, thus reflecting the discretionary interventions by the central
bank. In 1999, the National Bank of Romania was extremely active in the money market.
In counterpart to monetary injections induced by the government securities operations
and forex market operations, the central bank had to resort to massive deposit-taking
operations.
7.4.1. Particular for 1999 was the growth of the volume of operations and of liquidity
injections by the NBR (either on own initiative or pursuant to normative acts) via the
purchase of government securities issued by the Ministry of Finance for bank
restructuring. The impact of these developments combined, especially at the beginning
of the year, with providing liquidity against government securities in order to ease
liquidity straits of the banks prior to their restructuring as well as to solve the temporary
difficulties related to deficit financing.
7.4.2. Liquidity management through government securities operations kept to a very
low level due to the liquidity surplus that did not allow any new purchases of Treasury
certificates from the market and to banks quasi-general reluctance to buy government
securities issued amid bank restructuring in 1997 and 1999 the only category of
government securities the National Bank of Romania held in its portfolio. The reason
behind this behaviour, which prevented the National Bank of Romania from extensively
using these operations to drain the liquidity surplus, could be the lack of preference for
government securities held by the central bank not necessarily in terms of yields but
because of non-transparent prices (determined with a rather large ex-post lag) and their
long-term maturity and the banks inability to manage their reserves properly. The total
volume of government securities operations carried out by the National Bank of Romania
in 1999 outran lei 52,236 billion (including the value of securities issued in the process of
taking over non-performing bank claims by the public debt), while the volume of
government securities denominated in lei held by the National Bank of Romania at end1999 ran at lei 16,840 billion (44 percent of the total); of these, 55 percent were
securities issued for the restructuring of the banking system in 1999.
68
7.5. Among the operations performed by the central bank, the interventions in the forex
market, which were subordinated chiefly to the exchange rate policy, made the most
significant contribution to currency issue in 1999. Throughout the year, the National Bank
of Romania was extremely active in the forex market. Thus, May saw the peak of the
central banks monthly interventions as both buyer and seller in the forex market (USD
575 million); moreover, the gross volume of foreign currencies purchased by the National
Bank of Romania on this market reached in 1999 an unprecedently high level (USD
1,800 million). The NBRs interventions in the forex market represented a novelty in the
fourth quarter when it was a net buyer both in October and December. Net purchases in
1999 resulted in an injection in the banking system of more than lei 12,500 billion.
7.6. In order to counteract the net impact of the operations providing monetary injections
with a view to bringing liquidity in the banking system back to the targeted level, the
central bank made extensive recourse to deposit-taking operations. According to the
persistently high reserve surplus, the volume of deposits taken reached the highest level
in 1999; during October, it averaged out at over lei 7,500 billion, i.e. 67 percent of the
banks current account deposits. The forced inconsistency of monetary control by the
central bank, the strains in the forex market, the vanishing of profitable interbank
placements as well as other money market conditions prompted banks to compel the
central bank to raise the deposit rates, which outran interbank interest rates during
certain periods of time. The limitations of this instrument and the need to prolong the
duration of mopping-up operations compelled the central bank to resort to a more
efficient instrument.
7.7. From this standpoint, the three-stage increase in the required reserve ratio during a
single year became inevitable. Thus, this mechanism strengthened its role as the
centrepiece of the monetary policy conduct making sterilisation more predictable and
transparent.
7.7.1. Ample corrections were made during the first quarter in order to make the
required reserve mechanism more efficient. The most important correction consisted in
reducing the observance and maintenance periods of required reserves from one
calendar month to 15 days; thus, the overlapping of the two periods was removed and
banks could find out in due time the level of minimum reserves to be set up. The
streamlining of this instrument also involved the enlargement of the calculation base for
minimum reserves to include in-transit foreign exchange amounts as well. Moreover, in
order to level off the liquidity in the system, the ceiling of the fluctuation band was
lowered from 140 percent to 110 percent of the level of required reserves, while the floor
of the fluctuation band was removed.
7.7.2. In the second semester, required reserve ratios on lei deposits were raised in
three stages, as follows: to 20 percent as of 16 July, to 25 percent as of 1 November,
and to 30 percent as of 1 December. Concurrently with the rise in the required reserve
ratio on lei deposits to 20 percent starting 16 July, the required reserve ratio for forex
69
deposits was raised to 20 percent as well. To prevent the alteration of the required
reserve ratio from inducing additional costs to banks, the interest rates payable on both
reserves in lei and in foreign exchange were raised; the additional level of reserves
generated by successive rises in reserve ratio was remunerated, by taking account
initially of the average of lending and deposit rates applied by banks for non-bank
customers and, subsequently, of the average interest rate applied by banks on
investments in the money market. Once these rates were lifted, the banks encountered
no difficulties in meeting the targeted level of required reserves, except for some slight
moves to adjust the money market parameters to the new conditions.
7.8. In 1999 too, the role of interest rates as a monetary policy instrument was contained
markedly both in terms of influencing the costs of resources in the short run and in terms
of signalling the monetary policy stance.
7.8.1. Due to the extended net debtor position of the central bank vis--vis the banking
system and the particular nature of the special credit granted at the discount rate over
the year to the banks undergoing restructuring, the central banks interest rate policy
produced only limited effects.
7.8.2. Lending rates applied by the central bank suffered no changes in 1999, as these
rates could not be used as effective monetary policy instruments. In turn, interest rates
paid on required reserves were adjusted according to various money market
parameters. From a longer-term perspective, the rigidity of the lending rates practised by
the National Bank of Romania and their lack of responsiveness to the sizeable fluctuations
in inflation rate during 1999 strongly affected the role of these rates in conveying signals.
7.8.3. Under these conditions, the central bank further took account of the sensitivity of
interest rates on the money market to liquidity control instruments in order to convey
monetary policy stimuli; interest rates on deposits taken by the central bank fall under
this category.
7.8.4. The interest rate on deposits taken by the National Bank of Romania was further
the most representative interest rate applied by the central bank; however, it was
strongly influenced not only by the level of excess liquidity in the banking system, but
also by the expectations concerning the exchange rate and inflation as well as by other
factors impacting the money market.
8. Nor in 1999 did interest rates regain their function as a basic parameter of allocating
economic resources and this will not be feasible as long as inflation remains high and
volatile.
8.1. The high volatility of interest rates on the interbank market contrasted sharply, in
1999 as well, with the quasi-rigid interest rates practised by banks for non-bank and
non-government customers. While the sensitivity of interest rates to various factors in the
interbank market drove their average monthly real positive level above 49 percent and
the timeframe of their becoming negative on the credit and deposit market was reduced
70
to only a few months, the resurgence of inflation sent frequently ex ante interest rates into
real negative territory.
8.2. High risk premiums of interest rates on the interbank market revealed the banks
lack of confidence and the uncertainty generated by the conflicting objectives the
monetary policy was constrained to pursue simultaneously. The extremely high real
positive margins illustrated the banks propensity towards maximising the gains from
arbitrage activities through which banks speculated the disruptions in various segments
of the financial market.
G. Money and credit developments
9. At end-1999, broad money (M2) totalled lei 134,122.5 billion, up 45 percent from end1998; in real terms, broad money dropped 6.3 percent. During 1999, this monetary
aggregate posted a modest increase during the first semester (the average monthly
growth rate was 1.9 percent) while in the latter half of the year the growth was slightly
higher (the average monthly growth reached 4.4 percent).
Broad Money in 1999
140,000
100%
lei billions; end of period
90%
foreign
exchange
deposits
120,000
80%
100,000
80,000
time and
restricted
deposits
60,000
household
deposits
40,000
70%
60%
50%
40%
demand
deposits
30%
currency
outside banks
10%
20%
20,000
0
J F M A M J J A S O N D
0%
J F M A M J J A S O N D
10. Narrow money (M1) experienced an annual growth of 34.2 percent, totalling lei
29,668.9 billion (22.1 percent of broad money) at year-end.
10.1. Currency outside banks amounted to lei 17,371.6 billion at end-1999, which
translates into an annual increase of 50.7 percent. Holding a relatively steady share in
broad money, i.e. 13 percent, currency outside banks fell by 2.6 percent in real terms.
71
10.2. Demand deposits expanded by 16.2 percent, which spells a 25 percent

contraction in real terms, their share in M2 shrinking from 11.4 percent to 9.2 percent.
Structural analysis indicates that the most steadfast growth was detected for commercial
companies with wholly or majority private capital (30.3 percent) that account for more
than 64 percent of these deposits.
11. Quasi-money rose by 48.3 percent to lei 104,453.6 billion. Foreign exchange
deposits denominated in lei moved up 67.1 percent, while deposits in lei grew by only
34.2 percent, the depreciation of the local currency being the reason behind the rise in
quasi-money (through the increase in the lei equivalent of foreign exchange deposits
with the banking system).
11.1. Household savings in lei equalled lei 39,238.1 billion at end-1999, up 26.7 percent
from the precedent year, but their share in broad money moved down 4.2 percentage
points; in real terms, household savings declined by 18.2 percent. The evolution of this
component of M2 was strongly affected by the following factors: (i) the cut in interest
rates on time deposits that can be explained by lower inflation rates in the second half of
the year; (ii) the issue by the Ministry of Finance of T-bills bearing interest rates higher
than those on bank deposits; (iii) the depreciation of local currency against the US dollar
in both nominal and real terms, which prompted the publics shift towards foreign
exchange deposits (chiefly during January - March 1999).
Household Savings and Inflation in 1999
60
percent; from a year ago
50
consumer price
change
40
30
household savings
20
10
0
J
11.2. Corporate lei deposits in amount of lei 14,733.9 billion recorded the fastest annual
growth rate (59.3 percent) among the M2 components in domestic currency.
72
11.2.1. Corporate time deposits reached lei 7,810.2 billion, being accountable for 42
percent of the annual change in deposits in lei, but their share in total shrank from 59.5
to 53 percent.
11.2.2. Restricted deposits (for opening letters of credit, issuing guarantees and
payment orders), the fastest moving component of this segment of quasi-money,
stepped up 86.6 percent to lei 2,574.7 billion.
11.2.3. Certificates of deposits rose by 83.5 percent compared to end-1998 as the yields
on these instruments were more profitable, reaching lei 4,349 billion; their share in total
deposits in lei picked up from 25.6 to 29.5 percent.
11.3. Residents forex deposits denominated in lei moved up 67.1 percent (lei 50,481.5
billion at end-1999) due to the impact of nominal depreciation of the leu against the US
dollar (66.7 percent) rather than to the increase in forex deposits denominated in US
dollar (0.3 percent). At end-1999, forex deposits in the banking system totalled USD
2,765 million. Household deposits accounted for 41.7 percent, deposits of privately
owned companies made up 29.8 percent and deposits of state-owned companies held
13.2 percent.
12. Monetary base (M0), calculated as daily average, rose sharply year-on-year in
December 1999, from lei 19,354.7 billion to lei 34,701 billion. Bank deposits with the
National Bank of Romania rose faster (159.6 percent) than currency outside the central
bank (38.1 percent).
Monetary Base in 1999
35,000

banks' reserves with NBR
30,000
currency outside banks

vault cash
25,000
20,000
15,000
10,000
5,000
0
J
73
12.1. The large amount of bank deposits is indicative of both the enforcement of the new
regulation on reserve requirements, and the high growth rate of deposits at end-1999. In
order to reduce the liquidity surplus in the banking system the central bank resorted to a
three-stage increase in the required reserve ratio in 1999. The National Bank of Romania
decided to increase the interest rate on these reserves to prevent the rise in costs
incurred by banks.
12.2. The following factors had a strong impact on the increase in currency in circulation:
(i) larger redundancy payments; (ii) increase in the defence wage bill; (iii) payments to
Banca Albina depositors; (iv) indexation of pensions and other social security benefits;
(v) larger volume of payments, especially in July, consisting of scholarships, overdue
wages and holiday entitlements of the teaching staff paid by the Ministry of Education.
13. Non-government credit shrank by 2.3 percent in nominal terms, from lei 59,086.5
billion in December 1998 to lei 57,719.5 billion in December 1999. Bank credit suffered
the strong impact of the financial restructuring of two state-owned banks (Bancorex and
Banca Agricol).
13.1. Credit in lei moved up barely 0.7 percent to lei 24,444.9 billion. Forex credit
denominated in lei granted by banks equalled lei 33,274.5 billion at end-1999, 4.4
percent less than a year ago; however, when denominated in US dollars, they declined
by 42.7 percent.
13.2. Overdue credits displayed a slowdown and a decline in stock. The noticeable fall
in the volume of overdue credits (their share in total bank credits contracted from 32.2
percent to 14.8 percent year-on-year in December 1999) occurred mainly after the takeover of a large volume of non-performing claims by the Bank Asset Recovery Agency
from the portfolio of the two banks, aside from the banks own efforts to recover bad
debts. In December 1999, companies with wholly and majority private capital held 84.4
percent of overdue credits.
13.3. Structural analysis of non-government credit by maturity reveals the further upward
trend in short-term credits (their share in non-government credit rose from 56.1 percent
to 66.2 percent). Out of the total amount of lei 38,214.8 billion, forex credits accounted
for almost 51 percent, while credits in lei held the remaining 49 percent. It is worth
noticing that 78.5 percent of total short-term credit outstanding at end-December were
granted to companies with wholly and majority private capital. During the period under
review, the share of medium- and long-term credits in non-government credit contracted,
due chiefly to the cut in forex credits (the share of medium- and long-term credit in lei
increased from 8.3 percent in December 1998 to 9.8 percent in December 1999).
13.4. Structural analysis of non-government credit by beneficiary is illustrative of the fact
that companies with wholly and majority private capital held 76.3 percent of bank credit
at end-1999 versus 73.1 percent a year earlier. During the same period, the share of
74
credits granted to companies with wholly and majority state-owned capital diminished,
from 19.9 percent to 16.1 percent. Household credit dropped by 3.1 percent (from lei
3,027.3 billion in December 1998 to lei 2,934.2 billion in December 1999), being still a
less significant component, with a share of about 5 percent in total bank credit.
14. Credit to government, net edged ahead markedly in 1999, from lei 20,832.8 billion to
lei 43,620.9 billion; the governments debit position vis--vis the banking system posted
fluctuations, the financing needs of the Ministry of Finance being met either by the
banking sector or the non-banking one. The marked expansion of credit to government,
net came under the impact of the following factors: (i) issues of government securities in
lei (lei 21,087.8 billion in notes outstanding at end-1999 versus only lei 8,170.8 billion at
end-1998) and foreign-exchange-denominated government securities (USD 530 million
in 1999) destined to financing of the restructuring programme of Bancorex and Banca
Agricol; (ii) outstanding issues of government securities launched by the Ministry of
Finance on the domestic market; (iii) deposits taken by the State Treasury from the
money market (in amount of lei 5,857.3 billion at end-August 1999). Other factors also
eased the growth rate of this aggregate, such as repurchases of government securities
and the evolution of the General Account of Treasury opened with the National Bank of
Romania (that recorded a lei 2,846.7 billion surplus in December 1999 compared to lei
22.9 billion a year earlier).
Gross Foreign Assets in 1999
5,500
Net International Reserves in 1999
USD millions; end of period
USD millions; end of period
5,500
5,000
5,000
commercial banks' reserves
NBR's reserves
gold
4,500
4,000
3,500
gold
4,500
net convertible currencies
4,000
net international reserves
3,500
3,000
3,000
2,500
2,500
2,000
2,000
1,500
1,500
1,000
1,000
500
500
0
0
J
15. Other assets, net edged up, from lei 3,551.6 billion to lei 8,598.7 billion year-onyear in December 1999. Under this heading the following moves could be detected: (i)
capital accounts were on the rise from lei 11,457.8 billion to lei 18,348.6 billion; (ii) the lei
75
5,727.1 billion drop in fees and commissions receivable, following the take-over, by the
Bank Asset Recovery Agency, of a large volume of non-performing assets from the
portfolios of banks undergoing restructuring; (iii) the 29.5 percent cut in credit risk provisions
as a result of the partial coverage of non-performing claims of Bancorex and Banca Agricol.
16. Net foreign assets of the banking system picked up, from USD 1,472.8 million to USD
2,267.7 million year-on-year in December 1999. Net foreign assets of the central bank
went up by USD 931 million, whereas banks net foreign assets declined by USD 136.2
million. In the first semester, the NBR reserve assets were eroded by the foreign debt
service peak and by the interventions in the forex market in order to prevent the sharp
depreciation of domestic currency. In the latter half of 1999, net foreign assets rose by
USD 1,003.6 million, chiefly via purchases from the forex market (USD 764.4 million net
in 1999), club loans (USD 171.6 million) and foreign loans granted by the IMF under the
standby facility (the first tranche in amount of USD 72.22 million), from the IBRD under
the PSAL (USD 150 million) and the FESAL Projects (USD 30.92 million). The value of
monetary gold held by the National Bank of Romania increased during 1999, from USD
924.3 million to USD 966.6 million, the gold stock picked up by 3.1 tonnes; the price of
gold on the world market reached USD 290.9 per ounce in December 1999 versus USD
286.7 per ounce a year earlier. It is to be noted that the gold stock was revalued by the
central bank in 1999, from lei 101,272 per gram to lei 170,703 per gram.
76
Chapter 5. Licensing, regulation and prudential supervision of banks
Chapter 5. Licensing, regulation and prudential supervision of

banks
1. The year 1999 started under very unfavourable auspices for the Romanian banking
system, being affected by the hostile economic environment that was generating
additional hindrances to enterprises and, implicitly, to the financing banks.
The years of transition to a market economy led to the build-up of several problems, of
which some are mentioned below:
the worsening financial performance of enterprises, part of them turning into

delinquent debtors;
the lack of a liquid market for the sale of assets backing the loans granted by banks;
a legislation favouring the debtor (meaning that it does not provide for effective
sanctions against those who fail to repay the loans taken and that the legal
proceedings for obtaining the right to foreclose on collateral continue to be
protracted);
misbehaviour of bank owners (e.g. the state transferred various real sector problems
to the banking sector, some private shareholders failed to exercise control over bank
management, owners approved preferential loans to some companies);
improper credit policy led by some bank managers, ranging from incompetence to
fraud;
bank decapitalisation, particularly in the case of banks with the share capital
expressed in lei, by taxing profits non-adjusted for inflation and revenues from
uncollected interest;
captivity of several banks, especially those with majority state-owned capital relative to
large debtors having the same type of ownership;
confining the access of Romanian banks to foreign financing (as a result of successive
downgrades in country rating).
All these problems created the premises of a systemic crisis of the banking sector.
2. The soundness of the banking sector at the beginning of 1999 was revealed by the
analysis of relevant leading financial indicators, such as the share of non-performing
loans classified under doubtful and loss in the total loan portfolio, i.e. 58.51 percent,
as well as the ratio of doubtful and overdue claims (net value) to banks equity, i.e.
253.64 percent. The level of the latter suggested that, should at least half of those claims
not have been recovered, the overall banking system would have virtually been
bankrupt. In fact, just several banks, mainly Bancorex, Banca Agricol, Bankcoop and
Banca Albina, were responsible for the problems within the system. The large share of
these banks in total assets, i.e. 34 percent, and in total doubtful and overdue claims, i.e.
77
75 percent, underlined the dimension of the implications they had on the banking system,
even if they did not recognise all loans under loss as such.
3. The poor quality of assets and improper loan management severely threatened the
viability of the banks, affecting their solvency, liquidity and financial performance, as their
revenues proved insufficient for covering the operating costs. The excessive size of nonperforming loans compared to the (already high) banking system average reflected
mismanagement of those banks, as well as severe flaws in hedging against risks
accumulated in the previous years. The low level of the countrys foreign exchange
reserves in the context of the peak of foreign debt repayment and increasingly difficult
access to foreign funds further deepened the problems of the banking system. Under the
circumstances, a major panic triggered by the bankruptcy of some banks and the scant
alternatives of investment of households (e.g. foreign currency purchases) might have
placed not only the banking system, but also the entire economy, in danger of collapsing.
4. Even though the problems accumulated in the banking system were particularly
severe, the National Bank of Romania was far more able to tackle them, compared to the
previous years. The adoption of the new banking laws, i.e. Law No. 58/1998 Banking
Act, Law No. 101/1998 The National Bank of Romania Act, and Law No. 83 The Bank
Insolvency Act, substantially strengthened the central banks capacity to take action in the
area of banking supervision. Moreover, the Government proved a real commitment to
bank restructuring. Concurrently, the appointment of a new Board to the National Bank of
Romania at end-1998 laid the foundation for the implementation of a new long-term
strategy for the banking sector.
In this context, at the beginning of 1999, the National Bank of Romania launched a bank
restructuring programme targeted at preventing systemic risk, with an immediate impact
on the soundness of the banking sector. The programme focused on the following issues:
solving the situation of problem banks;
improving the quality of the banks prudential supervision, materialised mainly in the
introduction of an early-warning and bank-rating system aimed at detecting the
negative trends in the banking system, improving the legal framework for the
regulation of prudential conduct in the banking sector, reorganising the supervision
activity, increasing the exigency in sanctioning banks and maintaining a prudent
licensing policy for the new banks;
improving the functioning of the deposit guarantee mechanism.
78
A. Solving the situation of problem banks

5. Given the specific situation of large, majority state-owned banks, and taking account of
the systemic risk that the default of these banks could have generated, the National Bank
of Romania contributed, alongside with the Government, to identifying solutions for the
banks financial restructuring, simultaneously aiming at keeping operating costs under
control and minimising the monetary impact of financial restructuring.
6. The establishment of the Bank Asset Recovery Agency (BARA) at the beginning of
1999 represented a major economic policy decision, whereby this institution was
entrusted to take over the loans and off-balance-sheet items under doubtful and loss
from the majority state-owned banks undergoing restructuring and/or privatisation in order
to recover these assets from debtors. Supported by experts of the World Bank, the
National Bank of Romania fully contributed to solving the technical problems relating to
the establishment of BARA.
7. The most serious threat for the system was undoubtedly generated by Banca Romn
de Comert Exterior (Bancorex) because of both its size (the largest Romanian bank in
terms of assets) and the fact that its image abroad was assimilated to the Romanian state.
7.1. The build-up, in the prior years, of non-performing loans and off-balance-sheet
commitments (amounting to approximately 80 percent of the loan portfolio on 31
December 1998) was the reason behind the precarious financial situation that drove the
bank to insolvency in February 1999. In fact, the liquidity problems of Bancorex had been
apparent across the whole banking system since late 1998, when the bank had been
borrowing money in the interbank market at interest rates averaging 265 percent. Under
the circumstances, the NBR took steps to reduce the systemic risk by granting a special
credit that, in time, stood at approximately lei 9,500 billion and by enforcing special
administration over the bank, starting 1 March 1999. The latter implied the appointment of
a special administrator whose main tasks consisted of ensuring the prerequisites for asset
preservation and collecting claims in the interest of depositors and other creditors.
7.2. A series of measures for the operational and financial restructuring of the bank were
also aimed at its recovery and mitigating the systemic risk induced by the households
large deposits, on the one hand, and by the large volume of interbank deposits taken
(that, if not repaid, could have triggered major liquidity crises or the default of several
banks), on the other.
7.3. The implementation of the banks financial restructuring required the adoption of
legislative acts enabling mainly the write-down of some balance sheet items of Bancorex
through the following actions:
79
the transfer of non-performing assets in net amount of lei 10,465.1 billion to BARA;
the take-over by Banca Comercial Romn of household deposits in lei and foreign
currency (lei 716.3 billion and USD 78.4 million respectively), of forex deposits of the
Telecommunications National Company Romtelecom (USD 152 million) and of
deposits in lei and foreign currency of organisations not indebted to Bancorex (lei 40.9
billion and USD 13.2 million respectively).
7.4. In view of cutting operating costs and losses, a number of measures for the
operational restructuring of the bank were taken under the special administration regime.
These materialised in:
paring down staff proportional to the workload;
closing some branches and other territorial outlets;
reducing administration costs etc.
7.5. Since the measures taken were aimed only at mitigating systemic risk and monthly
losses, without dealing with the underlying problems, it became imperative that
regulations on the completion of the restructuring process of the bank and on its merger
through absorption with Banca Comercial Romn (Government Ordinance No.
39/1999) be adopted, given the option for merger rather than liquidation. Therefore, the
Extraordinary General Meeting of Shareholders of Bancorex approved the merger through
absorption of the bank with Banca Comercial Romn on 30 July 1999. Following these
developments, the banks licence was revoked through Decision No. 9/31 July 1999
issued by the National Bank of Romania and the merger through absorption was
completed on 21 October 1999 (the date when Bancorex was erased from the Trade
Register).
7.6. The provisions of Government Ordinance No. 39/1999, subsequently amended and
supplemented, allowed Banca Comercial Romn to carry out its business at
parameters close to those recorded prior to the merger. To this end, the ordinance set a
number of steps whereby Banca Comercial Romn took over only the viable assets of
Bancorex, while balance sheet and off-balance-sheet non-performing items, in net
amount of lei 3,801.7 billion, were transferred to BARA at the end of 1999.
8. In the course of the 1999, new legislative acts pushed forward the restructuring
process of Banca Agricol that had started in 1997. More precisely, they facilitated the
transfer of the banks investments in the Danube National Restructuring Fund to the limit
of lei 1,026 billion and of assets equalling lei 2,686 billion to BARA, as well as the
appointment of a managing committee.
9. The deterioration of the prudential and financial position of Banca Albina and
Bankcoop called for the National Bank of Romania to inflict sanctions on them, in the form
of limitation of operations, imposition of the special interbank operations settlement
80
regime and of the special supervision regime (starting 7 April 1999 in the case of Banca
Albina and 26 April 1999 in the case of Bankcoop).
9.1. The particularly serious situation of Banca Albina, that left it with no real possibilities
of recovery, determined the National Bank of Romania to revoke its operating licence as
of 13 May 1999 and to file an action before the court, requesting the start of bankruptcy
proceedings. The court accepted the petition on 25 May 1999 and subsequently the
control over the bank was taken over by a receiver appointed by the court. In the period
15 July - 24 August 1999, the Bank Deposit Guarantee Fund made the first payments
since its set-up, amounting to lei 361 billion, to cover a part of household deposits with
Banca Albina.
9.2. As far as Bankcoop was concerned, the negative net assets on record and the severe
liquidity crisis led the bank to default, leaving the banks recapitalisation as the only solution
for overcoming these problems. Given that no possible solutions for saving the bank
materialised by 19 November 1999, the Board of the National Bank of Romania filed
before the Bucharest Court a petition for the start of bankruptcy proceedings, which was
accepted by the ruling of 8 February 2000. The receivers of the bank were appointed and
the payments to depositors through the Bank Deposit Guarantee Fund were initiated.
10. Through the take-over of non-performing assets by Bank Asset Recovery Agency, the
state incurred costs with the restructuring of Bancorex and Banca Agricol amounting to
lei 13,558 billion and USD 591 million. In addition, the expenses of the Bank Deposit
Guarantee Fund with the payments made to the depositors of Banca Albina totalled lei
361 billion.
11. A group of three banks, i.e. Dacia Felix, Credit Bank and Banca Columna, that were
under different stages of reorganisation or bankruptcy proceedings under Law No.
64/1995, stood out as a distinct case.
11.1. In 1996, the National Bank of Romania, in its capacity as a creditor, took legal action
against Banca Dacia Felix and Credit Bank with a view to restructuring or going into
receivership of the two banks.
11.1.1. In virtue of the above mentioned law, the Cluj County Court gave a ruling on 24
November 1998 in favour of resumption of business at Banca Dacia Felix, based on a
reorganisation plan. The revised version of the reorganisation plan was approved by the
Cluj County Court Commercial and Disputed Claims Office on 18 October 1999. On the
same date the court also appointed an administrative receiver. The National Bank of
Romania disputed the reorganisation plan by all legal means, deeming it inadequate for
the banks recovery. At the end of 1999, the court was to give its ruling on the appeal in
cancellation lodged by the National Bank of Romania.
11.1.2. As far as Credit Bank was concerned, the civil Decision of 22 April 1999 of the
81
Supreme Court of Justice irrevocably validated the decision issued previously by the
National Bank of Romania on revocation of the banking licence. On 22 June 1999, the
decision regarding the start of judicial proceedings under Law No. 64/1995 was taken,
and a syndic judge was appointed in this respect. At the end of 1999, Credit Bank was
not yet declared bankrupt.
11.2. Following the actions filed by the two large creditors, the Savings Bank and the
State Ownership Fund, Banca Columna was declared insolvent on 25 November 1998,
thereby starting the judicial reorganisation under Law No. 64/1995. On 4 February 1999,
the bank submitted the reorganisation plan to the syndic judge. Nevertheless, the
creditors meeting has not yet analysed the plan, as the bank disputed the claims of a
number of creditors.
11.3. The still unsettled cases of the above mentioned banks have continued to affect the
NBRs authority and credibility, as well as the financial stability of the system.
12. Despite the restructuring measures undertaken, at the end of 1999 there were still
several banks with a fragile standing generally caused by poor performance and risky
practices. There is some danger that some of these banks might reach the point of default
on their debts. In such cases, the National Bank of Romania imposed a series of
measures aimed at improving their financial standing, i.e. limitation of bank operations,
interdiction/limitation of taking new household deposits, and it required that ailing banks
should submit recovery plans and report regularly on the progress made in their
implementation. Following the repeated discussions with the banks managers and
shareholders, the NBR concluded that the only solution for some of these banks would
consist in a capital increase.
B. Strengthening the banking supervision sector
Improving the legal framework
13. Enforcement of the new NBR Act, the Banking Act and the Bank Insolvency Act led to
the strengthening of the central banks independence and authority, whereas the
amendment of secondary legislation (norms, circulars and other regulations issued by the
central bank) envisaged the consolidation of the NBRs capacity to regulate, supervise
and, if necessary, close problem banks, as well as to forming a basis for more effective
banking supervision and a coherent legal framework in accordance with the specific EU
regulations.
14. The regulations issued by the NBR in the course of 1999 brought about a number of
new issues, such as:
82
the banks obligation to increase their registered capital to minimum lei 100 billion by
30 April 2000 (Norms No. 5/ 15 April 1999 issued by the National Bank of Romania) in
accordance with the EU directives in this area;
the banks obligation to improve their prudential behaviour by making full provisions
for interests overdue for 90 days on loans given to non-bank customers, as well as for
loans granted to and deposits made with banks, overdue for 30 days, irrespective of
the value of collateral (Circular No. 6/ 26 April 1999 issued by the NBR);
tightening requirements on capital adequacy ratio (by raising it from 8 to 12 percent),

on large exposure limits and connected lending (Norms No. 8/ 1 June 1999 issued by
the NBR), in view of turning banks into stable organisations, able to deal with real
difficulties and with constraints external to the banking system;
devising an instrument necessary for the implementation of the Bank Insolvency Act
by setting the calculation methodology for banks assets and liabilities, in view of
determining whether it is insolvent or not (Norms No. 9/ 27 September 1999 issued by
the NBR);
tightening requirements on bank licensing by updating regulations in conformity with

Law No. 58/1998 The Banking Act; the amendments concerned mainly the content
of the documentation submitted when requiring the operating licence, the obligation to
fully pay the start-up capital, and the specification of financial and banking expertise
of bank managers and internal auditors (Norms No. 2/ 22 January 1999 issued by the
NBR, amended by Norms No. 10/ 20 December 1999);
setting the terms on which changes concerning the banks name, head-office,
business object, registered capital, significant shareholders, the appointment of new
bank managers, expansion of the territorial network, the opening of representative
offices abroad, the independent auditors may be made (Norms No. 3/ 22 January
1999 issued by the NBR, modified by Norms No. 11/ 20 December 1999);
regulating the organisation and operation of the Credit Information Bureau,

establishing its information system, organisation and management of the Central
Credit Register and the Overdue Credit Register, and disclosure of information to
users, thus allowing banks to gather information on bad debtors in due time
(Regulation No. 1/ 21 May 1999 issued by the NBR).
15. In the context of the problems that the banking system was facing, the National Bank
of Romania was permanently concerned with maintaining public confidence in the
banking system. The steps taken with this end in view referred to improving the legal
framework on the activity of the Bank Deposit Guarantee Fund (Government Emergency
Ordinance No. 110/1999 for amending Government Emergency Ordinance No. 39/1996).
The amendments were aimed both at making the operation of the deposit guarantee
scheme flexible, by specifying the right time for the Fund to intervene and by shortening
the payment period, and at increasing the statutory funds for the payment of the
guaranteed deposits by raising the annual contributions of banks and by authorising the
National Bank of Romania to grant loans to the Fund, when its payment obligations outrun
the financing resources.
83
The capacity of the Fund to operate was proved in the case of the bankruptcy of Banca
Albina, when the action of covering household deposits was completed in 40 days.
The existence of the deposit guarantee mechanism reduces the systemic risk that a bank
failure might generate. It thus becomes possible to exercise a firm supervision by using
market economy levers all the way to declaring bankruptcy of failed banks. This
consequence is not to be wished for, but the society must bear the costs of the banking
system restructuring, as the case may be.
Reorganisation of banking supervision
16. The reorganisation of the banking supervision within the National Bank of Romania
was aimed at increasing its effectiveness by integrating the supervision function into a
single department and by a better allocation of the existing internal resources. Staff
previously working with the Licensing, Regulation, and Prudential Supervision of Banks
General Department and with the Control General Department took the 101 positions of
the new department.
The restructuring process allowed the Board of the National Bank of Romania to set an
ambitious short-term objective, namely the reduction of the on-site inspection cycle from
two years to one year.
Increasing exigency in controlling and sanctioning banks
17. Following the strengthening of on-site supervision, the inspection programmes
approved by the NBR Board in 1999 were fully carried out at 24 banks, i.e. Demirbank,
Eximbank, Banca Turco-Romn, Mindbank, Banca Comercial Unirea, Bankcoop,
Banca Albina, ABN AMRO Bank, Libra Bank, Banca Comercial West Bank, Banca Dacia
Felix, Banca de Credit Industrial si Comercial, Banca InternaTional a Religiilor, Banca
Romn de Scont, Banca Comercial Ion Tiriac, Banca Bucuresti, Banca Agricol, Banca
Romn pentru Dezvoltare, Romanian International Bank, Banca de Credit si Dezvoltare
Romexterra, Bank~Austria Creditanstalt, Citibank, Raiffeisenbank, BNP-Dresdner Bank.
18. On-site examinations addressed the following supervision issues: the observance of
laws and regulations in force; capital adequacy dependant on the nature and extent of
risks, on the volume and trend of non-performing assets and on the allocations for credit
losses; adequacy of investment and financing policies, procedures, and practices; risk
concentration; volume and trend of misclassified assets; connected lending; level, trend
and stability of incomes; income sources; level of operating expenses; exposure to
market risks; securities transactions; the banks capacity to secure capital adequacy by
ploughing back profits; the efficiency of liquidity management policies and practices;
fund management strategies; information systems and financing plans; managements
84
capacity to identify, assess, monitor and control banking risks; accuracy, timeliness and
effectiveness of information available to management and of the risk management
systems; adequacy of internal audit systems; responsiveness to recommendations of
auditors and supervisory bodies; the overall performance of the bank and its risk profile.
19. On-site examinations performed during 1999 highlighted some of the general
problems faced by several banks, such as the lack of adequate policies for asset
management; under-capitalisation generated chiefly by subdued strength of shareholders
and declining profitability; poor risk management; methodologically and structurally
improper internal audit, unable to identify and disclose potential or actual risks to the
managers; poor performance of the management and board of directors. The NBR
auditors also found infringements of banking laws and prudential regulations (especially
of those on lending and risk provisioning) regarding connected lending, large exposure to
a single debtor, foreign exchange exposure, etc.
20. The aforesaid deficiencies called for measures to impose financial discipline by
increasing the exigency in sanctioning non-complying banks. The steps taken
materialised in a number of 148 warning notices sent to bank managers concerning the
non-observance of deadlines for the submission of prudential reports and the
methodology for their preparation, as well as in imposing penalties (written warnings,
fines, limitation of some operations, revocation of operating licence) on 14 banks.
Introduction of the early-warning and bank-rating system
21. The need to promote an effective banking supervision, in line with international
standards and practices, imposed the implementation of an early-warning system in the
Supervision Department. In March 1999, the system was designed in a simplified form and
it was subsequently improved and enlarged, becoming a bank-rating system in October.
The new early-warning and bank-rating system (CAMEL) represents a useful instrument
for assessing bank performance in view of identifying at an early stage financially and
operationally inefficient banks or banks showing unhealthy developments thus requiring a
more careful supervision by the authorities. Early identification of banks weaknesses
along with the findings of on-site examinations will help the supervisory body to
substantiate decisions.
The system relies on the assessment of five components (capital adequacy C, asset
quality A, management M, earnings E, and liquidity L), which consistently and
comprehensively reflect the financial standing of a bank, in accordance with the banking
laws and regulations in force. Each of the five components is assessed on a scale
ranging from 1 to 5 (1 meaning the best performance and 5 the lowest). In
addition, each bank is granted an overall rating, ranging from 1 to 5 as well, which is
determined based on the assessment of the five specific components.
85
Identifying the possibilities to improve the financial standing of problem banks and to root
out weaknesses uncovered by the early-warning and bank-rating system represents the
main concern of the regular analyses carried out by the National Bank of Romania in
collaboration with the management of the problem banks, the independent auditors, and
with the Romanian Bankers Association.
22. Following the analysis of developments of the key financial indicators, one may
conclude that the measures taken in the course of 1999 for strengthening supervision
have had positive effects.
In this respect, it is worth mentioning the positive trend in overdue claims, loans and
interests classified under doubtful and loss, the capital adequacy ratio, the overall risk
rate, as well as other financial and prudential indicators. This trend was also reflected by
an increase in the share of the assets of higher-rated banks in total bank assets towards
the end of the year.
Under the circumstances, some asset-quality indicators improved during 1999, e.g. the
share of loans and interests under doubtful and loss in the total loan portfolio declined
by 23 percentage points, from 58.51 percent to 35.39 percent, due to the take-over by
BARA of a share of the non-performing loan portfolio of Bancorex and Banca Agricol, as
well as to the enforcement of Norms No. 7/ 11 November 1998, issued by the NBR, on
writing off loans and interests relating to the executory loan agreements from the balance
sheet, as well as to several banks greater efforts to recover overdue claims.
Doubtful and overdue claims (net value) also posted a significant drop. Their share in total
assets shrank from 14.54 percent at end-1998 to merely 2.36 percent at end-1999; their
share in borrowed and capital funds moved down from 16.19 to 2.61 percent in the same
period and that in equity decreased from 253.64 at end-1998 to 31.21 percent at end1999.
After the sharp decline in the first six months of 1999, from 10.25 to 6.65 percent (caused
by the impact on the banks financial statements of the write-off of loans and interests
relating to the executory loan agreements from the balance sheet and of the provisions
made for interests due for more than 90 days Norms No. 7/1998 and Circular No. 6/1999
issued by the NBR), since September 1999 the capital adequacy ratio has taken an
upward trend, outrunning the threshold provided for by prudential norms, ranging
between 15.33 percent in September 1999 and 17.90 percent in December 1999.
The overall risk rate was 12.88 percentage points lower on 31 December 1999 compared
to the beginning of the year, declining from 53.54 to 40.66 percent.
86
Table 5. Developments of the key financial indicators

- percent -
1
2
3
4
5
6
7
8
9
10
11
12
13
Indicator
Capital adequacy ratio "1"
Equity ratio (Shareholders' equity / Total assets)
Loans (gross value)* / Total assets
Loans (gross value)* / Borrowed and capital funds
Interbank loans and investments (gross value)* / Total assets
Overdue loans (gross value)* / Total loans
Doubtful and overdue claims (net value) / Total assets
Doubtful and overdue claims (net value)** / Equity
Doubtful and overdue claims (net value) / Borrowed and
capital funds
Coverage of credit risk (Provisions made / Provisions required)
Credit risk ratio "1" (Loans and interests under "Loss" and
"Doubtful" gross value / Total loans and interests)
Overall risk rate
Current ratio (Current assets / Current liabilities)
31.12.98 30.06.99 31.12.99

10.25
6.65
17.90
6.08
7.93
7.55
34.71
32.23
30.81
43.14
39.50
37.04
24.39
22.68
26.46
32.21
23.36
14.76
14.54
7.67
2.36
253.64
231.67
31.21
16.19
73.84
8.15
97.66
2.61
102.69
58.51
53.54
95.73
49.15
51.09
95.21
35.39
40.66
94.29
* Indicators were calculated based on balance sheet data.

** Data on equity were taken from the prudential report on equity funds (Norms Nos. 16/1995 and 7/1999 issued
by the NBR). By using the accounting information from the Statement of Net Assets (Norm No. 9/1999 issued
by the NBR), the ratio was 24.49 percent on 31 December 1999.
Bank privatisation
23. In 1999, the privatisation of state-owned banks represented one of the key objectives
of the structural adjustment programme supported by the World Bank and the
International Monetary Fund. In this respect, the privatisation process of Banca Romn
pentru Dezvoltare and Banc Post was completed in the first semester of 1999. The
majority interest, i.e. 51 percent, of Banca Romn pentru Dezvoltare was sold to the
French bank Socit Gnrale, while General Electric Capital Corporation and Banco
Portugues de Investimento acquired the controlling interest, i.e. 45 percent, in Banc Post.
At the moment, private capital in Banca Romn pentru Dezvoltare and in Banc Post
accounts for 90 percent and 83 percent respectively.
24. Against a relatively unchanged number of banks throughout 1999, the structure of the
banking system saw significant alterations in the wake of the following events:
Banca Comercial Carpatica was licensed on 15 July 1999;
the Savings Bank was included on 17 September 1999 in the category of banks
licensed in virtue of Law No. 58/1998;
three banks, Romanian legal entities, and two branches of foreign banks were erased
from the Bank Register following the revocation of their operating licences (Credit
Bank on 22 April 1999, Banca Albina on 13 May 1999, Bancorex on 31 July 1999,
Chase Manhattan, Bucharest branch on 14 June 1999, and Socit Gnrale,
Bucharest branch on 10 December 1999).
87
25. At the end of 1999, the Romanian banking system consisted of 34 banks, Romanian
legal entities (of which Banca Dacia Felix and Banca Columna were in different stages of
reorganisation procedures, Bankcoop was undergoing bankruptcy proceedings, and
Banca Agricol was managed by a managing committee appointed by the NBR) and 7
branches of foreign banks.
The movements in the number of banks, Romanian legal entities, classified by the nature
of their share capital, starting 1994, is presented below:
Table 6. The number of Romanian banks by type of capital
1994 1995 1996 1997 1998 1999
Total, of which:
Fully or majority state-owned capital, of which:
- fully state-owned capital
- majority state-owned capital
Fully or majority private capital, of which:
- fully or majority domestic capital
- fully or majority foreign capital
20
7
1
6
13
8
5
24
7
1
6
17
9
8
31
7
1
6
24
14
10
33
7
1
6
26
13
13
36
7
1
6
29
13
16
34
4
1
3
30
11
19
It should be noted that during 1994-99, the number of majority state-owned banks halved,
concurrently with the four-fold increase in the number of banks with majority foreign
capital, reaching a share greater than 50 percent in the total number of banks. On 31
December 1999, out of the 11 banks with majority Romanian private capital, 4 were fully
owned by domestic private investors, and out of the 19 banks with majority foreign
capital, 8 were fully owned by foreign investors.
26. The classification of banks by the nature of share capital as a share in the banking
systems net assets and share capital respectively, on 31 December 1998 compared to
31 December 1999, is shown below:
Table 7. Classification of banks by share capital and net assets
Number
of banks
1998 1999
Fully or majority
domestic capital
of which:
- fully or majority
state-owned capital
- fully or majority
private capital
Fully or majority
foreign capital
Total
88
20
Share capital
Total
1998
1999
bill.lei
%
bill.lei
%
15 3,693.7 72.53
4 2,999.8
693.9
Net assets
Total
1998
bill.lei
%
1999
bill.lei
%
5,794.7 60.42 106,683.9
84.88 88,645.2
56.44
58.91
4,084.3
42.58 94,647.7
75.30
79,038.2
50.33
13.62
1,710.4
17.83 12,036.2
9.58
9,607.0
6.12
15.12 68,407.5
100.0 157,052.8
43.56
100.0
13
11
16
36
19 1,398.9 27.47
34 5,092.6 100.0
3,796.4 39.58 19,011.3

9,591.1 100.0 125,695.2
At the end of 1999, banks share capital was 88 percent higher, in nominal terms, than
that recorded a year ago, chiefly in the wake of the actions that banks undertook in order
to fulfil the minimum capital requirement of lei 100 billion by 30 April 2000.
27. The structure of the Romanian banks capital changed in the period 31 December
1998 - 31 December 1999 as follows:
Table 8. Structure of Romanian banks' capital
Total capital, of which:

- Romanian State, represented by Ministry of Finance
- State Ownership Fund
- Other domestic investors
- Foreign investors
Share capital
Share in total
(bill.lei)
(%)
31.12.98 31.12.99 31.12.98 31.12.99
5,092.6 9,591.1
100.00
100.00
220.0
220.0
4.32
2.29
1,865.1
2,787.1
36.62
29.06
1,673.3
3,705.8
32.86
38.64
1,334.2
2,878.2
26.20
30.01
According to the data disclosed, during 1999 the share of the State Ownership Funds
equity interest in the total volume of banks capital declined by 8 percentage points, from
36.62 to 29.06 percent, in favour of other domestic and foreign investors, whose shares in
total capital rose by around 6 and 4 percentage points respectively, mainly due to the
privatisation of the two majority state-owned banks, i.e. Banca Romn pentru Dezvoltare
and Banc Post.
Albeit marked by important changes in 1999 (the privatisation of the two above-mentioned
banks and the financial restructuring of Bancorex and Banca Agricol), which reduced
the market share of fully or majority state-owned banks by approximately 25 percent from
the beginning of the year, state-owned banks continued to hold the dominant position in
the domestic banking market, posting a 50.33 percent share in total bank assets on 31
December 1999. The share of banks with majority foreign capital in total assets jumped
from 15.12 percent at end-1998 to 43.56 percent at end-1999.
The value of net assets and share capital (in billions of lei) recorded as of 31 December
1999 is set out in Table 9.
89
Table 9. Net assets and share capital as of 31 December 1999

- billions of lei -
Banks Romanian legal entities

I. Banks with fully or majority Romanian capital
1. Banks with fully or majority state-owned capital
1.1. Banks with fully state-owned capital
1. Savings Bank
1.2. Banks with majority state-owned capital
1. Banca Comercial Romn S.A.
2. Banca Agricol S.A.
3. Banca de Export-Import
a Romniei - EXIMBANK S.A.
2. Banks with fully or majority private capital
2.1. Banks with fully Romanian capital
1. Banca Romn pentru Relansare
Economic - Libra Bank S.A.
2. Banca Comercial "Unirea" S.A.
3. Banca Romn de Scont S.A. (ASTRA)
4. BANKCOOP - Banca General de
Credit i Promovare S.A.
2.2. Banks with majority Romanian capital
1. Banca pentru Mic Industrie
i Liber Iniiativ - Mindbank S.A.
2. Banca "Dacia Felix" S.A.
3. Banca Transilvania S.A.
4. Banca de Credit i Dezvoltare Romexterra S.A.
5. Banca Comercial West Bank S.A.
6. Banca Comercial "CARPATICA" S.A.
7. Banca Internaional a Religiilor S.A.
II. Banks with fully or majority foreign capital
2.1. Banks with fully foreign capital
1. Banca Bucureti S.A.
2. ABN Amro Bank Romnia S.A.
3. Citibank Romnia S.A.
4. International Commercial
Black Sea Bank - Romnia S.A.
5. Raiffeisenbank (Romnia) S.A.
6. BNP - Dresdner Bank (Romnia) S.A.
7. Bank Austria Creditanstalt S.A.
8. Romanian International Bank S.A.
2.2. Banks with majority foreign capital
1. Banca Romn pentru Dezvoltare S.A.
2. Banca Comercial "Ion iriac" S.A.
3. Banc Post S.A.
4. Banca de Credit Industrial i Comercial S.A.
5. Banca Romneasc S.A.
6. Banca Turco-Romn S.A.
7. Banca Comercial "Columna" S.A.
8. Banca Comercial "Robank" S.A.
9. Banca de Credit "PATER" S.A.
10. Banca Daewoo - Romnia S.A.
11. DEMIRBANK (Romnia) S.A.
90
Net assets
% Share capital
%
157,053 100.00
9,591 100.00
88,645 56.44
5,795 60.42
79,038 50.33
4,084 42.58
16,895 10.76
220
2.29
16,895 10.76
220
2.29
62,143 39.57
3,864 40.29
50,055 31.87
2,527 26.34
7,511
4.78
1,081 11.28
4,577
9,607
1,872
2.91
6.12
1.19
256
1,710
1,093
2.67
17.84
11.39
188
207
105
0.12
0.13
0.07
52
100
50
0.55
1.04
0.52
1,373
7,735
0.87
4.93
890
618
9.28
6.45
572
1,024
1,427
600
617
82
3,414
68,408
17,312
3,047
5,795
3,121
0.36
0.65
0.91
0.38
0.39
0.05
2.17
43.56
11.02
1.94
3.69
1.99
100
59
100
59
50
50
200
3,797
849
235
56
183
1.05
0.61
1.04
0.62
0.52
0.52
2.09
39.58
8.85
2.45
0.58
1.90
492
1,334
389
2,525
610
51,096
23,482
6,549
6,419
1,525
852
6,891
643
1,627
443
905
1,762
0.31
0.85
0.25
1.61
0.39
32.53
14.95
4.17
4.09
0.97
0.54
4.39
0.41
1.04
0.28
0.58
1.12
64
77
102
78
55
2,948
1,742
207
107
73
90
346
100
50
59
75
98
0.67
0.80
1.06
0.82
0.57
30.73
18.18
2.16
1.11
0.76
0.94
3.60
1.04
0.52
0.62
0.78
1.02
Chapter 6. Currency issue and the Romanian payments system

A. Currency issue
1. In 1999, the NBR issued new denominations, redesigned the existing denominations and
retired from circulation the damaged notes to get in line with international standards.
The following notes were withdrawn from circulation: the lei 1,000 and the lei 5,000 notes
issued in 1991 and 1992 (during 15 January 31 March 1999) and the lei 500 note issued in 1992 (starting 1 October 1999). The new lei 500 coin was put into circulation on
15 March 1999 and on 2 August 1999 the lei 2,000 note (the first polymer-based note in
Europe) was issued on the occasion of the total eclipse of the sun. The redesigned lei
10,000 note was issued on 15 July 1999 in line with the theme and graphical design
adopted by the issue of the lei 50,000 note in 1996 and the introduction of new security
features meant to prevent counterfeiting.
2. In 1999, the NBR launched, pursuant to its statutory powers, four numismatic coin issues:
a gold coin with face value of lei 1,000 and a silver coin with face value of lei 100
(achieved through the proof minting technique) on the occasion of the visit His Holiness Pope John Paul II made to Romania;
an issue consisting of a coin destined to current circulation and a numismatic coin,

both with face value of lei 500, launched on the occasion of the total eclipse of the
sun of 11 August 1999. On the same occasion one million folders were launched,
each containing a polymer-based numismatic banknote with face value of lei 2,000;
a lei 100 silver coin on the 100th anniversary of the Antarctic expedition of the Belgica ship;
a lei 100 gold coin featuring the Golden Helmet found at Poiana Cotofenesti (Prahova
county) on the occasion of the gold history programme.
B. The Romanian payments system

I. The National Payments System of the NBR
3. The pyramid-like national payments system connects the real sector to the financial
and banking sectors and allows the central bank to intervene in monetary policy matters.
The system is a source of current information and an efficient tool for prompt monetary
policy intervention based on the permanent monitoring of the use of in transit amounts
between banks.
91
4. During 1999, the National Payments System experienced growth, both in terms of
quality and value, of the payment documents settled through the banking system and
the State Treasury.
4.1. The number of payment instruments settled in 1999 (payment orders, cheques, bills
of exchange and promissory notes) increased by 4 percent from 1998, totalling 12.4 million documents (a daily average of more than 48,600). Of these, about 12.1 million
documents were processed through the net settlement sub-system and 216,000 instruments (up 75 percent compared to 1998) through the gross settlement sub-system. The
number of instruments settled through the special settlement sub-system was 7.6 times
higher versus 1998, totalling 95,000.
4.2. The total value of final settlements performed through the National Payments System
in 1999 was about 4,095 trillion (lei 16,000 billion daily), exceeding eight times the GDP,
performance similar to that of the systems in developed countries.
5. Settlement velocity of payment instruments, standardised according to the principles
set forth by the European legislation, was the same as in the prior years, at the level of
the velocity of the systems in the West-European countries: about 3.6 days for settling a
payment order worth less than lei 500 million and 5 days for settling a cheque.
6. The final settlement of securities operations through settlement accounts opened with
the NBR for the stock market and the OTC market amounted to about lei 841 billion in
1999. The final settlements through the settlement accounts of EU/CEMEA VISA INTERNATIONAL and EUROPAY reached lei 88 billion, four times higher versus 1998, which
indicates the expansion of the electronic payment systems in Romania.
7. In 1999, the NBR continued to perform the final settlement of documents submitted by
banks under special settlement regime, namely Dacia Felix (as of 26 September 1996),
Columna (since 7 August 1997), Credit Bank (reopened on 11 August 1998 and closed
on 12 May 1999), Banca Albina (as of 6 April 1999) and Bankcoop (as of 24 May 1999).
8. During 1999, as a result of the changes undergone by the banking system, the National Bank of Romania opened a new current account for Banca Comercial Carpatica
and closed the current accounts of the following banks: Chase Manhattan, Socit Gnrale, Bancorex, and Credit Bank.
9. Irrevocable final settlements regarding principal repayment and payment of interest
on interbank deposits in the money market kept increasing, reaching lei 470 trillion, lei 20
trillion more than in 1998.
10. The final settlement of operations on the primary and secondary markets for government securities was performed through the end-of-day gross settlement sub-system and
reached lei 156 trillion (twice as much the value attained in 1998).
92
11. The secondary market for government securities expanded further so that at end1999 the volume of transactions was seven times higher than in 1998 (lei 115,294.4 billion versus lei 16,096.4 billion).
12. The composition of transactions on the secondary market for government securities
altered in the year under consideration. Operations of banks with their customers held the
largest share (60.7 percent as against 20.8 percent in 1998). Among interbank transactions,
open market operations of the central bank, which were aimed at fulfilling its monetary policy
goals, still held an overwhelming share (90.3 percent versus 91.5 percent the year before).
13. The increase in the number of government securities transactions on the secondary
market was induced by both the rise in the number of licensed banks (from 36 to 42 year
on year) and the 2.8-time growth in the record accounts of government securities
opened in the name of bank customers (from 250 to 713 year on year).
II. Payment Incident Bureau
14. Information on the payment instruments rejected, lost, stolen or destroyed that are
conveyed by reporting entities (banks and NBR branches) is managed through the
electronic data-collection system (PIB). As a service provider for banks and their
customers through the National Payments File and the Credit Risk National File, the
Payment Incident Bureau facilitates access to information on accountholders with high
risk potential involved in major payment incidents.
15. Dissemination of credit risk information by the Payment Incident Bureau is achieved
either on own initiative in order to warn the banking system, thus mitigating the risk of
new payment incidents, or at the request of the banks, in their own name or in the name
of their customers, with a view to substantiating further decisions on the security of the
banking business. Accordingly, in 1999, 16,584 query applications were filed concerning the information managed by the Payment Incident Bureau.
16. During 1999, the Payment Incident Bureau recorded 127,697 payment incidents
worth around lei 4,044 billion. In terms of value, more than 99 percent of them were debit
payment instruments rejected for lack of deposits, the remainder consisting of lost, stolen, destroyed and cancelled debit payment instruments. Out of 11,883 accountholders
involved in the said incidents, 91 percent are enrolled in the Credit Risk National File, 43
percent of them being banned from issuing cheques.
17. The Payment Incident Bureau extended its co-operation with the public authorities
(Home Office and the Prosecutors Office attached to the Supreme Court of Justice)
during 1999, providing information to more than 460 query applications to be used for
the penal briefs involving entities recorded with the Payment Incident Bureau.
93
Chapter 7. Operations with the State Treasury, management of international reserves, international activity
and other activities of the National Bank of Romania
Chapter 7. Operations with the State Treasury, management of

international reserves, international activity and
other activities of the National Bank of Romania
A. Operations with the State Treasury
1. In its capacity as administrator of the General Account of Treasury pursuant to
provisions of Art. 29 of Law No. 101/1998, the NBR granted in 1999 overnight loans to
bridge the gap between receipts into and payments out of the current account of the
State Treasury, up to 7 percent of budget revenues collected in 1998. Compared to the
previous year, the annual daily average of the amounts used to this end dropped
sharply, from lei 166 billion to only lei 13 billion in 1999. The considerable liquidity needs
the State Treasury had to cope with at the beginning of 1999 caused this ceiling to be
exhausted during the first quarter.
The interest rate on these loans ranged between 48 and 105 percent in line with the
interbank market indicator BUBID-O/N at the date the credits were granted.
2. Against the same background, the NBR made 27 overnight placements with banks
from the funds deposited with the General Account of Treasury. The interest rate on
these placements ranged from 41 to 202 percent, in step with the interbank market
indicator BUBOR-O/N at the date the placement was made. A one-week deposit with a
69 percent interest rate was made in liaison with the Ministry of Finance.
3. During 1999, by order of the minister of finance, the NBR launched 117 government
securities issues that were destined to cover the budget deficit and help take over the
debts of Bancorex and Banca Agricol by the public debt. Seventy-six of these issues
were discount issues and forty-one were interest-bearing issues. The government
securities issues had different maturities: 1 month, 3 months, 6 months, 12 months, but
the 3-month T-bill issues had the upper hand. The discount T-bill issues were all
denominated in lei, while ten interest-bearing T-bill issues were denominated in US
dollars.
The 107 T-bill issues denominated in lei totalled lei 84,388.5 billion, of which lei 34,304.5
billion represented the value of the new T-bill issues. About 80 percent of total
investments were placed by auction and the remainder by public subscription.
The value of government securities issues denominated in US dollars was USD 600.4
million.
94
B. Management of international reserves

4. 1999 saw a large volume of public and publicly-guaranteed foreign debt repayments,
as well as a large volume of net foreign exchange purchases from the interbank forex
market that reached a record high in the past few years.
5. The prospects of large foreign debt payments maturing in 1999, limited access to
foreign financing due to the downgrading of Romania and the failure in concluding an
arrangement with the IMF, as well as the IMFs request to reschedule the private debt
(according to the burden-sharing concept) generated the international financial circles
serious concern regarding Romanias creditworthiness, which persisted throughout the
year.
6. The efficient and transparent functioning of the forex market made it possible to the
National Bank of Romania to become a net foreign exchange buyer on the interbank
forex market with more than USD 764 million.
7. For want of external financing, the NBR concluded with the foreign banks operating in
Romania two club loan agreements, worth USD 172 million with 12-month maturity. This
amount added to the first tranche of the stand-by arrangement concluded with the IMF in
August 1999. In this setting, foreign debt repayments by the NBR did not affect forex
reserves.
8. Inflows to foreign exchange reserves consisted mainly of the following:
inflows from foreign borrowings previously contracted by the Ministry of Finance:

USD 292.1 million;
the first tranche of the stand-by arrangement concluded with the IMF: USD 72.2
million;
foreign borrowings (USD 272 million) contracted by the NBR, of which Club Loan I
(USD 108 million); Club Loan II (USD 64 million); the deposit by the Bank of China
(USD 100 million);
purchases on the interbank market: USD 1,843 million;
interests from forex reserves: USD 21 million;
inflows from raising minimum reserves in foreign exchange: almost USD 962 million;
inflows to the foreign exchange reserve from privatisation carried out by the State
Ownership Fund (USD 566.4 million) and other surrenders to the foreign exchange
95
reserve and the foreign exchange fund for the Energy Supply Programme that kept
providing revenues to the foreign exchange reserve (USD 158 million);
other inflows (dividends, seizure of foreign exchange, return of unused amounts):

USD 4 million.
9. In 1999, gold reserves of the National Bank of Romania moved up from 100.3 tonnes
to 103.4 tonnes chiefly as a result of gold purchases and swapping part of the silver
reserve into gold. Unlike the precedent years, the gold stock placed abroad rose from
12.5 tonnes to 50.4 tonnes and incomes rose accordingly.
10. Payments from foreign exchange reserves consisted mainly of the following:
principal repayment and interest payments related to the foreign public debt worth
USD 1,532.6 million; the repayment of the SAMURAI I bond issue and the interest
payments related to the SAMURAI II bond issue (USD 500 million) as well as the
repayment of the EUROBOND issue (USD 225 million) held the largest share;
repayment of principal and payment of interest related to the maturing government

securities denominated in foreign exchange issued by the Ministry of Finance (USD
359.3 million);
payments to the IMF (principal repayment and interest payments: USD 163.8 million);
interest payable on minimum reserves in foreign exchange kept by banks with the
National Bank of Romania (USD 13.7 million);
redemption of the foreign-exchange bonds of ROMTELECOM (USD 145.6 million);
sales on the interbank forex market (USD 1,078.6 million);
outflows related to minimum reserves (USD 786.9 million);
repayment of capital and payment of interest related to the publicly guaranteed debt
by the Ministry of Finance (USD 198.7 million);
other payments (USD 27.5 million): quotas and subscriptions to international financial
institutions, payments under the agreements concluded with Germany and payments
related to operations performed by the National Bank of Romania.
96
C. International activity of the National Bank of Romania

11. In the meeting held on 10-11 December 1999, the European Council decided to
begin negotiations on EU membership with the six applicant countries in the second
wave, including Romania.
Preparations for Romanias integration with the European Union continued in 1999,
focusing on co-ordination and monitoring of the adoption of the acquis communautaire
as regards the topics relevant to the central bank. Thus, in early 1999 the bilateral
screening sessions carried out an analytical examination of the practical implementation
of the three chapters concerning the banking business: free movement of capital
movements, liberalisation of banking services, as well as the Economic and Monetary
Union. Moreover, the association sub-committee regarding domestic market and the
Romania-EU association committee held meetings during 1999 that highlighted the
progress made by Romania towards accession in the first stage, according to the
Europe Agreement, and the start of the second stage.
12. Starting with 1998, the PHARE programmes for Romania have been remodelled
towards reinforcing the NBR administrative and institutional capacity to adopt and
implement the acquis communautaire pursuant to the objectives set out in Romanias
Accession Partnership and in the National Programme for the Adoption of the Acquis. In
this vein, the National Bank of Romania was allocated EUR 2 million under the PHARE
1998 Financial Memorandum in progress during 1999-2001 to support the following
projects:
12.1. Institutional Development Programme for the National Bank of Romania and
Strengthening of Banking Supervision carried out via a twinning project between the
National Bank of Romania and a consortium of European central banks (Banque de
France, De Nederlandsche Bank N.V., Banca dItalia) led by Banque de France. The
advisors appointed by the above-mentioned banks provide technical assistance on the
following issues: regulation and supervision of the banking sector, internal audit and
control, balance of payments statistics, gradual liberalisation of the capital account,
human resource management, and designing of an IT system for the management. The
amount allotted to this project equalled EUR 850,000.
12.2. The project for computerisation of the NBR accounting department and for the
achievement of an IT system for the management worth EUR 1,150,000 is to be carried
out consistent with the standard tender procedure. The tender documents were
prepared during 1999.
13. Moreover, the Government of Romania and the European Commission endorsed, out
of the package of projects proposed by the National Bank of Romania via 1999 PNAR for
the 2000 PHARE budget, the project on The Interbank Payments System in amount of
97
EUR 8-10 million. The project is geared towards introduction of a real-time gross
settlement system, a computerised system for clearing, settlement and storage of
government securities, and a computerised system for automated clearing houses.
Experts of the NBR prepared the draft project in 1999.
14. Similar to the previous years, the National Bank of Romania has strengthened,
expanded and diversified its relationships with central banks in other countries as well as
with the international financial circles, playing a more active part on capital markets.
Romanias relationships with the international financial institutions improved in 1999 as
well.
14.1. On 5 August 1999, the IMFs Executive Board approved a new stand-by
arrangement for Romania, amounting to SDR 400 million, for a period of seven months.
As a result of non-fulfilment of certain performance criteria under the Memorandum of
economic policies concluded between the Government of Romania and the IMF
throughout the period of the loan arrangement only the first SDR 53 million tranche was
disbursed, on 12 August 1999.
Against this backdrop, Romania became a net creditor to the IMF, with principal
repayments and interest payments totalling SDR 119 million compared with only SDR 53
million in loans granted (extension of the said arrangement was negotiated in early
2000).
In February 1999, Romanias participation quota to the IMFs capital was raised from
SDR 751.4 million to SDR 1,030.2 million.
14.2. In 1999, Romania signed three loan agreements with the IBRD, amounting to USD
335 million, of which the private sector adjustment loan (PSAL) accounted for USD 300
million. The drawings under these loans totalled USD 151.4 million, to which USD 171
million in loans taken previously (including USD 41 million in publicly guaranteed loans)
were added. Repayments to the IBRD summed USD 58.6 million.
As of 31 December 1999 there were signed fifty-five agreements between Romania and
the EBRD. The agreements amounted to EUR 1,451.5 million, Romania thus ranking
second after the Russian Federation in terms of total funding.
During 1999, six agreements were signed with a view to ensuring financing of the
following projects:
five loan projects amounting to EUR 56 million in the energy sector, water treatment
and distribution, and communications, as well as a lending facility granted to Banca
Transilvania for small- and medium-sized enterprise financing;
a project of supporting privatisation of Banca Romn pentru Dezvoltare by the

EBRD, which invested EUR 24.5 million in the share capital of the former.
98
By the year 2002, the EBRD envisages funds totalling EUR 500 million for Romania, of
which 80 percent are intended for the private sector.
15. Similar to the preceding years, along with the officials of the Ministry of Finance, the
NBR representatives in the IBEC and IIB Boards took part in the annual meetings of
these institutions held in Moscow. In 1999, activity was geared mainly towards the
stabilisation of the financial standing of these institutions by regulating the debt and
obligations of some member states to the aforementioned banks, on the one hand, and
by regulating the debt of these institutions to Western creditors, on the other.
Development programmes until 2005 for the two banks were also endorsed during these
meetings.
16. At end-1999, Romanias foreign claims arising from foreign trade and international
economic co-operation agreements concluded prior to 1989 amounted to USD 2,225.5
million (7.2 percent less than a year earlier) and 1,726.6 million of transferable roubles
(up 1.7 percent over 1998).
The decline in foreign exchange-denominated claims was caused by repayment of debt
due by Peru and Zambia, the re-assessment of claims on Iraq, as well as by retrieval of
claims on Libya pursuant to enforcement of trade agreements.
Foreign exchange-denominated claims on Iraq, Sudan, Syria and Mozambique made up
the largest share. Cuba and Ukraine hold the greatest amount of debt outstanding in
transferable roubles.
As a matter of fact, retrieval of foreign claims by Romania constitutes a complex
procedure upon which the fragility of the international political and economic conditions
has a sizeable impact.
D. Other activities
17. Restructuring and reorganisation of the National Bank of Romania. Following
enforcement of the NBR Act Law No. 101/1998 and of the Banking Act Law No.
58/1998, 1999 saw completion of the NBR reorganisation project aimed at achieving an
optimum correlation between the banks organisation chart and the array of activities,
objectives and responsibilities incumbent upon it in an attempt to improve steering of the
central bank relative to its foremost pillars: policies, regulation, supervision, and
operations. The new organisation chart provides a clear picture of the radical change
meant to improve the activities within the National Bank of Romania and revive its
competencies. The central banks head-office includes fifteen restructured departments,
among which there are also new ones, such as Financial and Banking Policies
Department, the Research and Publications Department, the Statistics Department. The
99
first stage of the NBR shake-up resulted in 881 redundancies (272 at the head-office and
609 in the territorial network) as well as a case-by-case ranking of twenty-two branches
(into first, second, third, and special ranks) and nineteen agencies.
17.1. Adoption of a new strategy within the institutional development of the National Bank
of Romania took into consideration the phasing-out of some activities and the
establishment of the National Settlement Centre as a commercial company where the
central bank is a shareholder, pursuant to Art. 57 in the NBR Act.
17.2. All these changes are part of a broad-based process of reform and adjustment to
market requirements in an effort to prepare the central bank for integration with the EU. In
this respect, the banking laws enforced in 1998 come in line with the guidelines set forth in
the White Paper governing the harmonisation of Romanian laws with EUs rulebook.
17.3. Concerned with integration with the EU, the National Bank of Romania redoubled
its efforts towards restructuring and improving activities in order to have in place
well-functioning, competitive structures. Thus, in early 2000, it signed an important
co-operation agreement with a consortium of three Western European central banks
aimed at the implementation of twinning programmes for management and development
of human resources so as to attain its future objectives.
18. The publications issued by the National Bank of Romania of Romania ensure
transparency of the foreign exchange and monetary stance, as well as of the actions
taken, and, at the same time, provide information on the central banks own activities,
the developments in the financial and banking system, as well as in the economic
sector.
18.1. The NBR publications were first issued in 1992 and have since increased by
volume and variety. The number of publications expanded, as well as the mailing list,
which includes government institutions, central banks, consultancy firms, international
financial institutions, rating agencies, universities, libraries, embassies, banks, research
institutes, etc.
18.2. In 1999, the National Bank of Romania issued and disseminated the following
publications: Annual Report (submitted to the Parliament, by law), Monthly Bulletin,
Quarterly Bulletin, Working Papers, National Accounts (in association with the National
Commission for Statistics), Monthly Survey, and occasional papers.
18.3. In order to facilitate public access to financial information, the National Bank of
Romania provides, on a daily basis, data on developments in foreign exchange and
money markets to newspapers published in either Romanian or English.
19. The IT Services Department is chiefly responsible for ensuring IT support and
developing the conditions favourable for enhancing efficiency within the central bank.
During 1999, the department was particularly concerned with preparing, testing and
100
devising alternative plans to render the computer network compatible with the year 2000
the endeavour ended up successfully. Efforts were also made to carve out the
application serving as an IT support for the Credit Information Bureau as well as to
prepare the participation in RO 9805.02.02 PHARE project underlying computerisation of
accounting operations and realisation of an IT system for the management.
20. In 1999, among the responsibilities incumbent upon the NBR Legal Department
were analysing and endorsing the amendments and supplementations to the three laws
governing the banking business, i.e. The Banking Act Law No. 58/1998, The NBR Act
Law No. 101/1998, and Bank Insolvency Act Law No. 83/1998. In addition, the Legal
Department is involved in drafting regulations issued by the National Bank of Romania,
as well as in analysing and endorsing draft laws submitted by the Government and the
Parliament of Romania. The legal advisors represented the National Bank of Romania in
210 cases (of which 140 civil cases, 7 criminal cases, 10 commercial cases, and 53
administrative contentious cases).
21. In order to strengthen accounting and financial discipline, the inspections made by
the Internal Audit Department officials during 1999 were conducted both at NBR county
branches and the departments within the head-office. In the wake of these inspections,
prompt corrective actions were taken to address the ascertained drawbacks, as well as
to fend off their re-emergence.
22. In 1999, staff training came under the impact of the sweeping changes affecting the
structure, the goals and the tasks of the financial and banking system in Romania. In
light of new requirements and priorities, as well as in the context of preparations for EU
accession new features will be brought to the fore, such as tackling high-priority issues
pending Romanias integration with the EU, shifting the focus from the quantitative to the
qualitative approach through a more exacting selection of participants and teaching
methods, tailoring the training programme to the changes that emerged in the banks
organisation chart, especially in the wake of restructuring of the National Bank of
Romania.
The strategy and the training techniques were little changed compared with the previous
years. Domestically, some 223 employees of the NBR head-office and branches
attended short-term seminars and courses, foreign language courses, evening and open
learning with the Romanian Banking Institute, post-graduate courses organised by the
Academy of Economics. There were 123 employees of the National Bank of Romania
that participated in seminars and courses abroad, whereas international co-operation
relied widely on the central banks old-established ties with international financial
institutions such as the IMF, the EBRD, the IBRD, as well as with central banks in
advanced free-market economies.
101
23. In 1999, similar to the years past, the National Bank of Romania provided financial
support to a great number of cultural and education centres signing forty-eight
sponsorship contracts to the amount of lei 16 billion. Among the beneficiaries there were
the Romanian Academy, the Academy of Economics in Bucharest, West University in
Timisoara, the Architects Union of Romania, the Jurists Association in the banking
system.
24. In 1999 too, the National Bank of Romania organised a variety of seminars,
conferences (the Mihail Manoilescu International Conference), and scientific meetings
chaired by renowned personages in the economic and monetary fields: Jeffrey Sachs,
Lawrence R. Klein Nobel Economics Prize Laureate, Joseph Stiglitz Prime Vice
President of the World Bank.
102
Part III
Balance sheet and profit and loss account
of the National Bank of Romania
Chapter 8. The balance sheet of the National Bank of Romania as of 31 December 1999
Chapter 8. The balance sheet of the National Bank of Romania

as of 31 December 1999
1. The annual balance sheet of the National Bank of Romania was prepared consistent
with the provisions of:
Law No. 101/1998 The National Bank of Romania Act;
Accounting Law No. 82/1991, with subsequent amendments and additions;
The Chart of Accounts and the Methodological Norms specifying the use of the
National Bank of Romanias accounts;
The guidelines of the Ministry of Finance on actions for closing the financial year.
2. The balance sheet items as of 31 December 1999 match the data recorded in the
synthetic trial balance, which are consistent with the findings of the stocktaking.
3. Starting 1 January 1999, the National Bank of Romania adopted a new Chart of
Accounts and the Methodological Norms for its implementation, prepared in accordance
with the provisions of Law No. 101/1998 The National Bank of Romania Act and with
the national accounting standards.
4. The changes that the new Chart of Accounts brought about consisted mainly in the
distinct classification of monetary assets and liabilities depending on their maturity. The
records were kept based on accrual accounting which, in contrast to cash accounting,
requires claims and liabilities to be recognised in the period they refer to rather than
when they are collected and paid.
5. For taxation purposes, the deductibility of certain expenses (e.g. protocol-related and
social expenses) is limited by law to the share in the profits.
6. The balance sheet of the National Bank of Romania as of 31 December 1999 was
drawn up consistent with the following accounting assumptions: prudence, consistency, the
going concern, the matching principle, periodicity, and non-set-off of assets against liabilities.
7. The National Bank of Romanias relationships with local and central public authorities,
with settlement, monetary, banking, and international financial institutions, the Treasury,
the banks operating in Romania, as well as with other financial organisations are
regulated by laws, Government decisions, ordinances and emergency ordinances,
orders issued by the Ministry of Finance, regulations issued by the National Bank of
Romania, contracts and bilateral conventions.
105
Underlying principles for drawing-up the balance sheet

1. Separate disclosure of assets and liabilities;
2. Assets for which depreciation or provisions were calculated are disclosed at net value;
3. Interest accrued or due, receivable or payable, is disclosed next to the balance sheet item it is
calculated on;
4. Foreign-exchange-denominated assets and liabilities are revalued on a monthly basis at the
exchange rate set on the last day of the month. The gold stock and the SDRs are revalued on an
annual basis at the value on the last day of the year. All differences resulting from the revaluation
of gold, SDRs, forex assets and liabilities are recorded in the revaluation adjustment account,
which increases or decreases the special revaluation account at year-end (pursuant to Art. 44 of
Law No. 101/1998);
5. Tangible and intangible fixed assets are recognised at cost, except for land and buildings that
were revalued on 1 January 1999 under Government Decision No. 983/1998 on the revaluation of
land, buildings and constructions with special destination.
6. All tangible fixed assets except for land are depreciated according to their useful lives. The
National Bank of Romania uses the straight-line depreciation method;
7. No depreciation is calculated for fixed assets in course;
8. Stock is recognised at acquisition cost and it is written-off from the books by applying the
weighted-average cost method;
9. The stocks of gold and other precious metals are disclosed at book cost;
10. Prepaid expenses and accrued revenues recorded in course of the year are disclosed as assets
and liabilities respectively, in the Adjustment account of the balance sheet.
11. Maintenance and repairs of tangible fixed assets are recorded as expenses, while renewals are
capitalised by adding the value of the renewal to the historical cost;
12. Interest revenues and expenses are recognised in the period they refer to, according to the
accrual accounting. Commissions and fees charged to customers are recorded as revenues
when the transactions are performed;
13. Tax expenses concern:
- income tax (80 percent of taxable income);
- wage tax;
- other taxes due;
and are calculated, recorded and paid to the state budget in conformity with tax features
in Romania.
106
Table 10. Balance Sheet of the National Bank of Romania

- billions of lei -
31.12.1998
31.12.1999
ASSETS
60,884.7
98,740.4
1999/1998
(%)
162.2
1. Cash and similar items

2. Precious metals and stones
Interest receivable
3. Foreign assets
Interest receivable on time deposits
Interest receivable on securities
4. Securities
Interest receivable
5. Loans granted to banks
Allowance for loan losses
Interest receivable
Allowance for interest losses
13.0
652.0
x
41,796.3
49.9
250.6
9,141.8
845.3
555.5
x
487.4
x
42.2
1,066.7
16.1
71,330.1
324.1
556.0
16,838.9
1,472.8
2,181.6
383.7
647.5
305.5
325.5
163.6
x
170.7
649.5
221.9
184.2
174.2
392.7
x
132.8
x
57.9
29.7
32.1
32.9
55.4
110.8
1,662.9
3,920.7
3,084.8
2,743.9
908.6
3,596.3
165.0
23.2
116.6
LIABILITIES
60,884.7
98,740.4
162.2
1. Notes and coin in circulation

2. Bonds issued by the NBR
Interest payable
12,306.0
10,357.3
x
18,676.4
5,365.8
68.3
151.8
51.8
x
3. Foreign liabilities
Interest payable on time deposits
Interest payable on loans taken
20,272.1
x
x
34,731.6
28.3
96.7
171.3
x
x
4. General Account of Treasury

5. Banks' accounts with the NBR
Interest payable
22.9
12,428.6
5.3
2,846.7
30,963.4
17.5
12,431.0
249.1
330.2
12.1
5.3
402.2
5,078.2
11.6
210.7
337.5
5,596.6
95.9
3,975.50
83.9
110.2
6. Other loans
Accrued interest
7. Interest receivable - total
8. Settlements from operations with the IMF
9. Other assets
6. Other bank deposits

7. Interest payable - total
8. Other liabilities
9. Capital, funds and reserve accounts
107
Table 11. Structure of assets and liabilities
Assets
in foreign currency
in lei
Liabilities
in foreign currency
in lei
31.12.98
billions of lei
Share
(%)
31.12.99
billions of lei
60,884.7
41,796.3
19,088.4
60,884.7
20,272.1
40,612.6
100.0
68.6
31.4
100.0
33.3
66.7
98,740.4
71,330.1
27,410.3
98,740.4
34,731.6
64,008.8
Share
(%)
100.0
72.2
27,8
100.0
35.2
64.8
1999/1998
change (%)
62.2
70.7
43.6
62.2
71.3
57.6
8. Total assets of the central bank as of 31 December 1999 amounted to lei 98,740.4
billion, the majority of which 72.2 percent are foreign assets, whereas foreign
liabilities account for 35.2 percent of total liabilities.
9. Analysis of assets. In the period 31 December 1998 31 December 1999 the NBRs
assets rose by 62.2 percent, from lei 60,884.7 billion to lei 98,740.4 billion.
Table 12. Structure of assets
31.12.98
billions of lei
Total assets
1. Foreign assets
2. Securities
3. Loans granted to banks
4. Precious metals
5. Fixed assets, stocks
6. Interest receivable
7. Other assets
60,884.7
41,796.3
9,141.8
555.5
652.0
1,119.1
1,662.9
5,957.1
Share
(%)
100.0
68.6
15.0
0.9
1.1
1.8
2.7
9.8
31.12.99
billions of lei
Share
(%)
98,740.4
71,330.1
16,838.9
2,181.6
1,066.7
1,188.7
2,743.9
3,390.5
100.0
72.2
17.1
2.2
1.1
1.2
2.8
3.4
1999/1998
change (%)
62.2
70.7
84.2
292.7
63.6
6.2
65.0
-43.1
9.1. Foreign assets increased by lei 29,533.8 billion or 70.7 percent, posting the
following structure:
SDR holdings with the International Monetary Fund moved lei 171.1 billion higher as a
result of SDR purchases, collected interests and the favourable exchange rate
differences;
monetary gold, consisting of ingots and coins at international standards, rose by 74.6
percent over 1998, due both to purchases from the domestic market and to the
revaluation of the gold stock at the price of lei 170,703/gram at end-1999;
demand and time deposits shrank by lei 12,605 billion;
108
foreign securities balance stood at lei 28,122 billion as at 31 December 1999, 4.7
times higher compared to 1998, and was made up of lei 22,676 billion worth of forex
government securities and lei 5,446 billion worth of bonds purchased by the National
Bank of Romania.
foreign investments, in amount of lei 21,692 billion, increased by 2.4 times from a
year earlier. The National Bank of Romania has interests in: the International
Monetary Fund, the International Bank for Reconstruction and Development, the Bank
for International Settlements, the European Bank for Reconstruction and
Development, the Multilateral Investment Guarantee Agency, and in the International
Financial Corporation.
At the end of 1999, the balance sheet showed the following international reserves:
Table 13. International reserves as of 31 December 1999
equivalent of USD thou.
I. Foreign exchange reserves

of which:
- at sight
- deposits
- investments
1,559,869
522,018
247,000
790,851
II. Gold reserves

of which:
- at sight
- deposits
924,306
III. Total reserves

of which:
- at sight
- deposits
- investments
2,484,175
808,849
115,457
1,330,867
362,457
790,851
9.2. Securities, in the form of Treasury certificates acquired by the National Bank of
Romania from the secondary market for government securities, increased their share in
total assets from 15 percent in 1998 to 17.1 percent in 1999 and they rose from lei
9,141.8 billion to lei 16,838.9 billion in absolute terms.
9.3. Loans increased their share in total assets from 0.9 percent in 1998 to 2.2 percent in
1999, due mostly to them loans granted to banks undergoing restructuring. In view of
preventing default risks (credit risk, as well as the interest or liquidity risk) associated to
granting these loans, the National Bank of Romania issued the Norms on the calculation,
setting-up, write-down and write-off of specific provisions for loan and interest losses
and it made provisions for these losses in amount of lei 731.1 billion.
109
9.4. Fixed assets and stocks, i.e. land, buildings, transport means, materials, other
assets, declined as a share in total assets from 1.8 percent in 1998 to 1.2 percent in
1999, whereas in absolute terms they rose from lei 1,119.1 billion to lei 1,188.7 billion.
10. Analysis of liabilities. The rise in total liabilities was determined mainly by the
movements in foreign liabilities and banks accounts with the National Bank of Romania.
Table 14. Structure of liabilities
Total liabilities
1. Currency in circulation
2. Foreign liabilities, bonds issued
and deposits taken
3. General Account of State Treasury
4. Banks' current accounts
5. Capital, funds, reserves
31.12.98
billions of lei
60,884.7
12,306.0
30,629.4
Share
100.0
20.2
50.3
22.9
12,428.6
5,078.2
419.6
0.0
20.5
8.3
0.7
31.12.99
98,740.4
18,676.4
40,097.4
Share
(%)
100.0
18.9
40.6
1999/1998
change (%)
62.2
51.8
30.9
2,846.7
30,963.4
5,596.6
559.9
2.9
31.3
5.7
0.6
12,331.0
149.1
10.2
33.4
(%) billions of lei
10.1. Currency in circulation made up 18.9 percent of total liabilities, representing an

own source for asset financing. Currency in circulation rose by approximately lei 6,370
billion year on year, due chiefly to the increase in cash payments consisting of:
redundancy payments; indexation of pensions and other social security benefits;
payments to cover individuals requests of withdrawals, mostly from Bancorex and
Bankcoop; cash payments to depositors of Banca Albina.
10.2. Total debt to foreign financial institutions and banks, including bonds issued by the
NBR, made up 40.6 percent of total liabilities, a smaller share than that of foreign assets.
The main obligations of the NBR towards the international financial institutions stemmed
mainly from:
the SDR-denominated loans taken from the International Monetary Fund tantamount
to lei 27,551.2 billion, which posted a lei 14,774.4 billion rise year over year, due to
the increase in Romanias membership quota with the IMF, to loans taken from the
IMF, and to favourable exchange rate differences arising from the SDR revaluation;
deposits of IBRD and of the Multilateral Investment Guarantee Agency, totalling lei
179 billion and lei 2.7 billion respectively;
time deposits taken from central banks worth lei 1,867.9 billion;
loans from foreign banks amounting to lei 3,596.2 billion.
110
Bonds issued by the National Bank of Romania on foreign markets, i.e. SAMURAI II
bonds on the Japanese market, were valued at lei 5,365.8 billion on 31 December 1999.
10.3. At the end of 1999, banks accounts with the NBR stood at lei 30,963.4 billion or
31.3 percent of total liabilities and consisted of:
required reserves in lei equalling lei 17,336.4 billion;
amounts frozen at the request of the Court in amount of lei 15.6 billion;
banks deposits in lei worth lei 2,662 billion;
the special settlement account for the Romanian Governments stake in the
International Commercial Black Sea Bank, with a balance of lei 66 billion;
required reserves in foreign currency worth lei 10,876 billion;
failed banks accounts totalling lei 7.4 billion.
10.4. The capital of the National Bank of Romania rose by lei 46.5 billion to lei 146.5
billion since the beginning of the reported period, accounting for 5.7 percent of total
liabilities, including own funds and reserves.
10.5. The special revaluation account showed nil balance, since it was used to cover the
amounts not yet settled with the government budget according to Law No. 97/1997
regarding Romanias membership quotas with the IMF.
111
Chapter 9. Profit and loss account

Table 15. Profit and Loss Account
REVENUES
1. Operating revenues
- Interests on credit lines
- Revenues from commissions and fees
- Interests on Treasury certificates
- Interests and other revenues in foreign exchange
- Revenues from favourable exchange rate differences
- Revenues from favourable differences from revaluation
of forex assets and liabilities and of precious metals
- Revenues from operations with precious metals
2. Other revenues
TOTAL
EXPENSES
1. Operating expenses
- Interests paid to banks and Treasury
- Interests and commissions for IMF loans
- Interests and commissions in foreign exchange
for loans taken by the NBR from other sources
and other expenses in foreign exchange
- Unfavourable differences from revaluation
of forex assets and liabilities and of
precious metals (Law No. 97/1997)
- Expenses from operations with forex securities
- Note printing and coin mintage-related expenses
- Expenses from operations with securities in lei
- Expenses from operations with precious metals
- Other expenses
2. Overheads
- Salaries and wages
- Expenses with provisions
- Other general expenses
3. Total expenses (1+ 2)
4. Profit
TOTAL
- billions of lei 1999/1998

31.12.1998* 31.12.1999
change (%)
5,911.8
10,915.6
84.6
625.2
1,308.9
109.4
391.7
719.9
83.8
2,904.0
6,427.4
121.3
1,614.5
2,069.1
28.2
212.3
308.6
45.4
108.2
55.9
22.4
5,934.2
81.7
136.1
11,051.7
31.12.1998*
31.12.1999
5,460.5
3,288.5
294.0
8,314.6
4,599.6
439.8
1999/1998
change (%)
52.3
39.9
49.6
1,543.1
1,552.5
0.6
108.2
132.1
85.3
0.0
9.2
461.3
326.5
134.8
5,921.8
12.4
5,934.2
1,075.1
233.8
279.4
124.2
10.1
1,579.2
521.3
731.1
326.7
9,893.8
1,158.0
11,051.7
x
713.9
174.1
x
x
9.8
242.3
59.7
x
142.4
67.1
9,238.7
86.2
* For data comparability, the structure was brought in line with the new chart of accounts.
112
x
46.2
507.6
86.2
Analysis of revenues and expenses

According to the data on revenues, as shown in the profit and loss account as of 31
December 1999, the following deserve mention:
the main source of income of the National Bank of Romania in 1999 consisted in
interest on government securities in amount of lei 6,427.3 billion, i.e. 58.2 percent of
total revenues;
interest on loans granted and revenues from commissions and fees for interbank
settlements equalled lei 2,028.8 billion, or 18.4 percent of total revenues;
interest on forex deposits, dividends on foreign investments and revenues from forex
securities operations totalled lei 2,069.1 billion, or 19 percent of total revenues;
interest revenues in gold and silver and exchange-rate differences arising from
operations with precious metals stood at lei 81.6 billion.
Total expenses were 67 percent higher over the end of 1998. Operating expenses
accounted for 84 percent of the total, i.e. lei 8,314.6 billion, the remaining 16 percent
being general expenses.
The main operating expenses came under the following headings:
interest paid/due to banks and the Treasury, up 39.8 percent year over year to lei
4,599.6 billion, or 55.3 percent of total operating expenses. These expenses
consisted of: interest for required reserves; interest for banks deposits with the
National Bank of Romania, and the interest for the balance of the General Account of
Treasury kept with the central bank;
foreign exchange interest, commissions and fees for loans taken from the IMF, worth
lei 439 billion, or 5.3 percent of total operating expenses;
interest for interbank loans and commissions in foreign exchange, in amount of lei
1,371 billion, accounting for 16.5 percent of total operating expenses;
expenses incurred from operations with foreign-exchange-denominated securities,

equalling lei 1,075 billion, or 12.9 percent of total operating expenses;
note-printing and coin-mintage-related expenses, totalling lei 233.8 billion and

expenses arising from operations with precious metals, in amount of lei 124.2 billion.
Overheads increased approximately 3.5 times over 1998 to lei 1,579 billion, accounting
for 15.9 percent of the total, and consisted of the following:
provisions worth lei 731 billion, or 46 percent of total overheads according to the
Norms on provisioning issued by the National Bank of Romania;
113
salaries and wages, in amount of lei 521.3 billion, accounting for 5.3 percent of total
expenses incurred by the National Bank of Romania and around 33 percent of total
overheads;
other overhead expenses, totalling lei 326.7 billion, or 3.3 percent of total expenses
incurred by the National Bank of Romania.
Gross income as of 31 December 1999 amounted to lei 1,157.9 billion, of which lei 4.5
billion were transferred to the reserve fund pursuant to Art. 40 of Law No. 101/1998 (NBR
Act).
Income tax expenses, as shown in the monthly tax returns, equalled lei 955.9 billion.
Net income, in amount of lei 197.5 billion, was distributed in accordance with Art. 45 of
Law No. 101/1998.
114
Part IV
Objectives and guidelines
Chapter 10. Guidelines of the NBRs policies for 2000 and outlook for 2000-04
Chapter 10. Guidelines of the National Bank of Romanias

policies for 2000 and outlook for 2000-04
A. Main guidelines for 2000
1. In the context of the medium-term development of the Romanian economy and taken
into consideration the goals aimed at by the authorities, the year 2000 is viewed as
crucial for the strategy covering the period 2000-04. After three consecutive years of
recession, the major targets for 2000 are the deceleration of inflation and the resumption
of economic growth. Starting from these objectives, monetary policy targets for 2000
were drafted as an integral part of a consistent and clearly defined economic
programme, according to which each major objective should rely on one instrument at
least.
2. The key objectives of the economic programme lying at the heart of the monetary
policy stance and the monetary programme for 2000 focus on:
the reduction of inflation to 27 percent (December/December);
the resumption of economic growth at an annual rate of 1.3 percent;
the maintenance of the general government deficit to 3 percent of GDP, under the
circumstances of the consolidation of tax system reform;
the containment of the current account deficit to USD 1,400 million at most;
the rise in exports and imports (by about 11 percent);
the increase in international reserves to USD 3.4 billion (the rise in foreign exchange
reserves to USD 2.5 billion, accounting for over 3 months of import cover), including
financing from the World Bank, EU and the IMF;
strengthening the control over state-owned sectors revenues.
3. In order to reach the disinflation target, the monetary policy stance will be cautious
and tight to properly offset possible inflationary pressures induced by the tax reform
(enforced with a view to underpinning saving and, implicitly, resuming investment) and
adjustment of administered prices.
4. The monetary programme further relies on the monetary anchor as long as the
economic mechanisms and behaviour patterns that justified the option for this strategy
underwent no changes meant to impose or make possible the use of another antiinflationary anchor.
117
5. The monetary programme was drafted starting from the assumption that in the wake of
the strong decline in demand for money in the first half of 2000, the second half of the
year would witness a reversal of the trend; this assumption was mirrored by money
velocity, which was projected to accelerate in the first part of the year, and gradually
decelerate towards the end of the year, to reach a level similar to that recorded in
December 1999. In calibrating monetary aggregates for 2000, the projected evolution of
demand for money was taken into account, as monetary aggregates are the benchmarks
in terms of which monetary policy would gauge the supply of money.
6. The monetary programme was drafted starting from the assumption that the exchange
rate regime will continue to be predicated on managed floating, expecting for this year a
slight real appreciation of the domestic currency against the US dollar (not more than 2-3
percent based on CPI) consistent with preserving the external competitiveness gains
achieved in 1999.
7. Seen from the perspective of harmonising objectives and instruments of monetary
policy with the projected tightness of monetary policy stance, the interest rates will
remain at relatively high real positive levels, despite a downward trend, which will be
manifest especially in the latter part of the year, when consolidation of disinflation gains
is expected. This development will provide good reasons for a lasting reduction of
inflation expectations and will help the medium- and long-term real interest rates to drop.
In addition, as a result of external financing of the budget deficit in the latter half of the
year pressures on the domestic interest rates will ease and the excessively-high risk
premium will decrease.
8. In order to implement the monetary programme, the NBR will use chiefly money
market instruments. From the standpoint of this objective, the new regulation on open
market operations approved in the first quarter of 2000 makes available to the central
bank, both legally and technically, the array of instruments used by the European Central
Bank for the proper conduct of open market operations in compliance with both current
and prospective circumstances. Apart from diversification of monetary policy
instruments, enforcement of the aforementioned regulation will further enhance the
development of the interbank money market and of secondary market for government
securities. Admittedly, one of the benefits of this regulation will be the opportunity
provided to the central bank to resort to deposit-taking by auction, since the adoption of
competitive procedures enhances the efficiency of this instrument. On the basis of the
new provisions, repo and reverse repo transactions will expand the more so as the widescale sterilisation operations are unavoidable in 2000.
9. The monetary policy for 2000 stemming from the monetary programme approved by
the NBR Board focuses on the following quantitative parameters:
118
9.1. The increase in broad money by 28.6 percent mainly on account of the rise in the lei
component (by 29.8 percent); starting the remonetisation of the Romanian economy
following the bottoming out in demand for money in the latter half of the year; this will be
underpinned by consolidation of confidence in the domestic currency and banking
system, by economic growth and by seasonal factors (such as the trend in currency in
circulation, in deposits with the Savings Bank in December, etc.).
9.2. The increase in net foreign assets of the banking system by USD 885 million, which
will back this years more than 75 percent increase in money creation; the official
financing sources (IMF, IBRD, EU, EIB) will mainly contribute to the increase in external
claims, and the official international reserves will expand by more than USD 1 billion;
9.3. The containment of domestic credit growth rate at 16.5 percent, against the
backdrop of a 27.5 percent increase in non-government credit, while preventing the nongovernment sector to be crowded out of the credit market.
10. In its steadfast commitment to increase the effectiveness of supervision, the NBR set
about the adoption of some measures aiming mainly to:
complete the early warning and bank rating system;
improve the mechanism for sanctioning banks infringing the regulations in

force;
improve legislation on bankruptcy (the NBR should be empowered to declare

a bank insolvent before recording negative net assets);
introduce a new regulation on provisioning based exclusively on clients

creditworthiness;
perform annual on-site inspection;
create the technical framework to harmonise the accounting regulations with

the International Accounting Standards;
consider the possible involvement of the Deposit Guarantee Fund before a

bank is declared bankrupt;
enhance exigency in appointing the banks top executives;
apply tighter conditions in licensing a bank, by imposing higher minimum

capital and establishing minimum requirements for banks own funds;
participation in the privatisation of banks with majority state-owned capital.
119
11. Permanently concerned with adjusting its publications to the domestic needs of
every stage and to international practices, the publication policy pursued by the NBR
focuses every year on permanently improving the content, structure and layout of the
papers.
11.1. The objectives for 2000 regarding the improvement of the publication activity of the
NBR are the following:
improving the quality and quantity of the monthly bulletin content that will include
information and brief analyses of real economy, prices, exchange rate, foreign trade,
public finance, monetary aggregates, monetary policy measures and a statistical
section; the publication will periodically include a leading article dealing with the
major economic, financial and monetary developments of the period under review;
ceasing publication of quarterly bulletins and preparing a half-yearly publication
entitled Inflation Report;
carrying out a financial and banking survey and publishing the results;
sending press releases on the evolution of monetary aggregates and international
reserves (monthly) and analyses on financial market developments (weekly).
11.2. The NBR web site (effective starting the beginning of May 2000) was envisaged to
complete the present system of disseminating information. It provides data on the
evolution of the key macroeconomic and monetary indicators, the forex, money and
government securities markets, and the NBR publications. The web site also presents the
organisation chart and the tasks of the NBR, the legislative acts on banking business etc.
B. Outlook for 2000-04
12. From the objectives standpoint, the timeframe considered in drawing up the mediumterm strategy can be divided into two stages:
12.1. The first stage (2000-01) focuses on restoring the credibility of the public
institutions. This will be achieved through speeding up reforms, particularly structural
adjustment reforms that will pave the way to substantive disinflation and removal of some
important sources of quasi-fiscal deficits.
12.2. The second stage (2002-04) will deal with the initiation of the real and nominal
convergence process. The main feature of this stage will be the maintenance of relatively
high growth rates.
13. The monetary policy is aimed at achieving a sustainable reduction in inflation. During
2000-01 efforts will be made to ensure a more substantial disinflation, while in 2002-04
the monetary policy will help consolidate the disinflation gains, alongside the attempt to
prevent the real costs of stabilisation from increasing.
120
13.1. The outcome of such monetary policy will be visible towards the end of 2004 when
a single-digit inflation rate (based on CPI) will be achieved, i.e. about 9 percent. Given
the basic adjustment of inflation expectations, the sharp downward trend in inflation will
result from a trade-off between more ambitious targets and their higher feasibility and
credibility. In view of these facts, annual inflation rate might be less than 3 percent
during 2008-10.
I. Monetary policy
Monetary policy goals
14. To attain the inflation target for 2000-01, the NBR will control the reserve money, and
as an intermediary variable, broad money (M2) will be monitored. The projections of
these variables also take account of the fact that (especially starting with 2001) money
velocity will improve amid step-by-step restoration of demand for money; the tight
monetary policy stance will be maintained under the conditions of prudent
macroeconomic policies.
15. The following measures will be taken in order to attain the inflation objective during
2002-04:
the monetary policy strategy will shift from the monetary aggregate to inflation
targeting. This implies that the monetary policy and, more extensively, the
macroeconomic policies should be subordinated to this goal;
the analytical instruments will consist in the framework provided by the aggregate
indices, among which the monetary conditions index (that includes the
developments of the monetary aggregates, interest rates, exchange rate,
international reserves) will play the key role. The shift in the monetary policy strategy
and in the analytical instruments will be achieved based on the following: (i)
internalisation of some substantial disinflationary gains according to the programme;
(ii) improvement of the credibility of decision-makers in the macroeconomic area;
and (iii) lasting reduction of inflation expectations.
Monetary policy instruments

16. The monetary policy instruments will be developed so as to become more
compatible with the market economy in order to boost the effectiveness of the monetary
policy.
16.1. During 2000-01, the following measures will be taken to increase the effectiveness
of the monetary policy:
121
the infrastructure necessary for the use of market instruments will be created;
the instruments will be diversified (stress will be laid on beginning to use instruments
with high transaction potential).
The success of these measures is conditional on reducing fiscal dominance, which will
enable both longer-term investment and gradual cut in interest rates. Removal of fiscal
dominance will restrain the crowding-out of the non-government sector by the
government sector on the credit market. The reduction in government credit will be
achieved through structural adjustments in the real economy, downsizing of the public
sector, as well as consolidation and the concurrent drop in the stock of public debt, the
domestic one in particular.
16.2. During 2002-04, the following actions will be taken to boost the efficiency of
monetary policy:
open-market operations will prevail in liquidity management and in monetary policy
implementation to the detriment of more administrative instruments (such as reserve
requirements) that will recede into the background. This will be achieved in correlation
with the estimated disinflationary gains and the cut in real interest rates;
the central bank is set to regain the net creditor position vis--vis the banking system,
which will allow it to exert an effective influence on the evolution of short-term nominal
interest rates.
II. Exchange rate policy
17. During 2000-02, the managed floating regime will remain in force in an attempt to
keep the real exchange rate close to the equilibrium level. A moderate real appreciation
of the exchange rate relative to its equilibrium level (2-3 percent per annum) that would
not hurt the objective of conserving the external competitiveness (chiefly amid the
general increase in productivity prompted also by the speeding-up of the real sector
reform) will be tolerated. On the contrary, the moderate appreciation could help
accommodate the convergence trend, in the longer term, of prices for non-tradables
between Romania and the EU.
18. Exchange rate is set to become more stable and predictable, as changes in the real
sector will bring about rising capital flows; such developments will clear the way for
Romanias joining the ERM2 before adopting the single currency.
122
External position
Persistence of current account deficits
19. During 2000-02, resumption of economic growth, coupled with the envisaged
structural adjustment will lead (against the background of maintaining the exchange rate
around the equilibrium level) to persistence and even a slight widening of current
account deficits.
20. A downward trend in current account deficits as a share of GDP might be expected
from 2002 onwards, though the gap between imports and exports will carry on beyond
2004. Real-sector changes will result in the adjustment of the demand for imports and
the cut in the inelastic segment of the loss-making, poorly restructured industries
(accompanied by higher demand for imported inputs in close correlation with the faster
pace of economic growth), as well as in a boost to exports (productivity and efficiency
gains in outward-oriented sectors will play a major part). Nevertheless, it is not the size of
current account deficits that matters, but deficit financing, which cannot be achieved
without an increase in autonomous, long-lasting capital flows.
Debt service
21. Romanias public and publicly guaranteed foreign debt service (based on the
existing commitments) will experience a slight increase by 2002, which will be followed
by a steady decline in 2003-05. At the same time, a different approach to foreign financing,
meaning that both indebtedness and repayment will be complementary for a period of
ten years at least, will allow for a controlled growth of the foreign debt stock to as much
as USD 11-12 billion at the end of the timeframe laid down in the medium-term strategy.
22. The prospects of more consistent and long-lasting capital inflows, which will thus
boost external financing and credibility in domestic reform, require monetary policy
measures in order to mop up these flows. Full sterilisation would imply high costs and,
last but not least, a prolongation of central banks net debtor position vis--vis the
banking system and the slowdown in the progressive cut in real interest rates, thereby
impeding on the objective of achieving lasting economic growth. The alternative to this is
a partial drainage of excess liquidity, while the banks must strive to build foreign
exchange reserves complementary to the official ones.
Liberalisation of capital flows
23. The ongoing capital account liberalisation will aim to speed this process in an
attempt to achieve harmonisation with EU laws and practices. If in 2000 capital inflows are,
to a large extent, liberalised, the restrictions on capital outflows will be subject to a gradual
reduction, starting from longer maturities to short ones, whereas the cumulative ceiling
on private-sector external indebtedness will be lowered gradually as well, so that only
large-value transactions will need to be endorsed by the central bank starting with 2003.
123
ORGANISATION CHART OF THE NATIONAL BANK OF ROMANIA

at December 31, 1999
BOARD
OF DIRECTORS
GOVERNOR
VICE - GOVERNOR
FIRST VICE - GOVERNOR
Monetary Policy Committee
MONETARY POLICY DEPARTMENT

Monetary Analysis Division
Monetary Forecasting Division
International Relations and EU Integration
Division
MARKET OPERATIONS DEPARTMENT

Market Operations Division
State Treasury Operations Division
Foreign Reserve Management Division
VICE - GOVERNOR
Supervision Committee
FINANCIAL AND BANKING POLICIES

DEPARTMENT
Analysis and Strategy Division
Banking Regulation Division
Licensing Division
Banking Risk Division
HUMAN RESOURCES DEPARTMENT

Human Resources Management Division
Professional Training Division
The NBR Museum and the Conference Hall
LEGAL DEPARTMENT
RESEARCH AND PUBLICATIONS DEPARTMENT

Economic Research Division
Publications Division
Documentation and Library Division
BANK OPERATIONS DEPARTMENT

Settlements Division
Issuance and Treasury Division
SUPERVISION DEPARTMENT
Synthesis Division
Inspection Division I
Inspection Division II
Inspection Division III
SECRETARIAT
STATISTICS DEPARTMENT
Statistical Reporting Division
Data Processing Division
Statistical Analysis and Information Division
IT DEPARTMENT
IT Systems Division
Network Administration Division
Legislation, Authorisation and Legal

Documentation Division
Contract Assistance and Disputed Claims
Division
INTERNAL AUDIT DEPARTMENT
LOGISTICS DEPARTMENT
Secretariat Division
Bank Correspondence Division
Public Relations and Protocol Division
Archives Division
ACCOUNTING DEPARTMENT
Financial Division
Accounting Division
Internal Financial Audit Division
BRANCHES AND AGENCIES
Investment and Procurement Division

Transport Division
General Administration Division
Technical Services and Maintenance
Division
Bank Security Division
Social Relations Division
The NBR Internal Audit Division

The Governor's Control Division
BANKING SETTLEMENTS DEPARTMENT
Net Settlements Division
Gross Settlements Division
Special Settlements Division
Design and Operational Co-ordination Division
Payment Incident Bureau Division
Computer Operations Division
Structures Management Division
Logistics Division
International relationships of the National Bank of Romania
INTERNATIONAL RELATIONSHIPS OF THE NATIONAL BANK OF ROMANIA

A. Romania's participation in the international financial institutions
In 1972, Romania joined the International Monetary Fund (IMF) and the International Bank for
Reconstruction and Development (IBRD).
At end-1999, Romanias capital subscription to the IMF and the IBRD amounted to SDR
1,030.2 million (since February 1999) and USD 483 million respectively. On 5 August 1999, the
IMFs Executive Board approved a new stand-by arrangement for Romania in amount of SDR
400 million for 240 days. The first tranche of SDR 53 million was released on 12 August 1999.
The two international institutions opened accounts with the National Bank of Romania for the
equivalent in lei of the subscribed capital and lei-denominated foreign exchange credits granted
by the IMF; at the end of each financial year (30 April), the IMF updates its amounts in lei
deposited with the NBR, according to then-applying SDR/USD and USD/ROL exchange rates.
Pursuant to Law No. 97/1997, which approves, amends and supplements Government
Ordinance No. 30/1996, starting July 1996, all claims and liabilities incumbent on the Romanian
Government in respect of IMF transactions have been registered with the NBR balance sheet;
the NBR acts on behalf of the Romanian Government in relationships with the IMF, while the
Ministry of Finance is in charge of relationships with the IBRD.
In 1990, Romania joined the International Financial Corporation (IFC) and the Multilateral
Investment Guarantee Agency (MIGA) both affiliated to the World Bank , with subscribed
capital in amount of USD 2.6 million and USD 6 million respectively.
In 1990 too, Romania joined the European Bank for Reconstruction and Development (EBRD);
subscribed capital amounts to EUR 96 million, with the Ministry of Finance acting on behalf of the
Romanian Government.
In June 1996, following approval of Law No. 67 ratifying the Agreement on Establishment of
the International Commercial Black Sea Bank by the Parliament, Romania became a shareholder
in this bank with an equity interest of SDR 135 million (13.5 percent of the start-up capital equal
to SDR 1,000 million). The bank started operations on 1 June 1999, and the Ministry of Finance
acts on behalf of the Romanian Government.
B. Relationships of the National Bank of Romania with other foreign banks

The NBR has been developing financial and banking relationships with a great number of
banks worldwide.
The NBR has opened correspondent accounts with the following foreign banks:
Bank of England
Oesterreichische Nationalbank
Banque Nationale de Belgique
Bank of Canada
Danmarks Nationalbank
Schweizerische Nationalbank
Suomen Pankki Finlands Bank
Banque de France
Deutsche Bundesbank
Banca dItalia
The Bank of Japan
128
Norges Bank
De Nederlandsche Bank
Banco de Portugal
Federal Reserve Bank of New York
Banco de Espaa
Sveriges Riksbank
Bank for International Settlements
Fuji Bank, Tokyo
Bank of Tokyo
Gnrale Bank Brussels
UBS Zurich
Banks in Romania
BANKS IN ROMANIA*
BANK
HEAD OFFICE
CAPITAL TYPE
BANCA NAIONAL A
ROMNIEI
Bucureti, Str. Lipscani nr.25,

sector 3
state-owned capital
LICENCING
DATE
BANKS - ROMANIAN LEGAL ENTITIES
Banca Comercial Romn1)
Bucureti, Bd. Regina Elisabeta, nr.5,

sector 3
majority state-owned and domestic

private capital
1990
Banca Agricol
Bucureti, Str. Smrdan, nr.3,

sector 3

private capital
1990
Casa de Economii i
Consemnaiuni (CEC)2)
Bucureti, Calea Victoriei, nr.13,

sector 3
state-owned capital
1949
Banca Romn pentru

Dezvoltare (BRD)
Bucureti, Str. Doamnei nr.4,

sector 3
majority foreign and domestic

private and state-owned capital
1990
Banca Comercial "Ion iriac"
Bucureti, Calea Victoriei,

nr.15, sector 3
foreign and domestic private

capital
1991
Banca General de Credit

i Promovare - BANKCOOP 3)
Bucureti, Str. Ion Ghica nr.13,

sector 3
domestic private capital
1990
BANC POST
Bucureti, Bd. Libertii, nr.18,

bl. 104, sector 5

private capital
1991
Banca Turco - Romn
Bucureti,
Str. Ion Cmpineanu 16, sector 1
state-owned and foreign private

capital
1994
Banca Internaional a Religiilor

(BIR)
Bucureti, Piaa Unirii, nr. 27,

bl. 15-16, sector 4

and foreign private capital
1994
10
ABN AMRO Bank (Romnia)
Bucureti, Bd. Expoziiei, nr.2,

World Trade Center, unit.2.23, sector 1
foreign private capital
1995
11
Banca de Export-Import a
Romniei (EXIMBANK)
Bucureti, Spl. Independenei, nr.15,

sector 5

private capital
1992
12
Citibank Romnia
Bucureti, Bd. Iancu de Hunedoara,

nr.8, sector 1
1996
13
Banca Bucureti
Bucureti, Piaa Gh. Cantacuzino,

nr.6, sector 2
1994
14
Banca Columna 4)
Bucureti, Bd. Primverii nr. 29,

sector 1

capital
1994
15
Banca Transilvania
Cluj-Napoca,
Bd. Eroilor, nr.36

capital
1994
16
Banca de Credit Industrial i

Comercial
Bucureti, Str. Doamnei, nr.17-19,

sector 3
majority foreign private capital
1993
17
Banca Comercial "ROBANK"
Bucureti, Bd. Unirii, nr.59, sector 3

capital
1995
18
Banca Daewoo (Romnia)
Bucureti,
International Business Center,
Bd. Carol I, nr. 34-36, et.1, sector 2

capital
1997
* 31 December 1999
1)
The bank underwent a merger through absorption with BANCOREX as at 21 October 1999.
2)
Reorganised as joint stock banking company pursuant to Law No. 66/1996.
3)
On 19 November 1999, the NBR commenced bankrupcy proceedings against Bankcoop

in accordance with the provisions of Law No. 83/1998.
4)
Under reorganisation pursuant to Law No. 64/1995 amended by Law No. 99/1997 on fast-track privatisation measures.
129
Banks in Romania
- continued -
BANK
HEAD OFFICE
CAPITAL TYPE
LICENCING
DATE
19
Banca pentru Mic Industrie i

Liber Iniiativ MINDBANK
Bucureti, Calea Griviei,

nr. 248, sector 1

capital
1990
20
Banca Romneasc
Bucureti, Bd. Unirii, nr. 35, Bl. A3,

sector 3

capital
1993
21
Banca de Credit i Dezvoltare

ROMEXTERRA
Trgu Mure,
Piaa Trandafirilor, nr. 21
majority state-owned and

1994
22
Banca de Credit PATER
Bucureti, Bd. Carol I,

nr.34-36,et. VI, sector 2

capital
1995
23
Banca Comercial West Bank
Arad, Str. Revoluiei, nr.88

capital
1996
24
Banca Romn pentru Relansare

Economic LIBRA BANK
Bucureti, Str. Cpt. av.

Al. erbnescu, nr.50, sector 1
1996
25
Banca Romn de Scont
Braov, Str. Turnului nr.5
1996
26
Banca Comercial "UNIREA"
Bucureti, Str. Johann Strauss,

nr.1, sector 2
1996
27
DEMIRBANK (Romnia)
Bucureti, Splaiul Unirii, nr.16,

sector 4

capital
1997
28
Commercial Bank of Greece

(Romnia)
Bucureti, Str. Berzei,

nr.19, sector 1
1996
29
Raiffeisenbank (Romnia)
Bucureti, Bd. Unirii, nr. 74,

bl. J3B, aripa 2-3, sector 3
1997
30
Banca "DACIA FELIX" 5)
Cluj-Napoca,
Str. Memorandumului, nr.28
domestic and foreign private

capital
1991
31
Bank~Austria Creditanstalt
Romnia
Bucureti, Str. Grigore Mora,

nr. 37, sector 1
1998
32
ROMANIAN
INTERNATIONAL BANK
Bucureti, str. Iuliu Teodori, nr1,

sector 5
1998
33
BNP - Dresdner Bank

(Romnia)
Bucureti, Str. C.A. Rosetti,

nr. 36, sector 2
1998
34
Banca Comercial "CARPATICA"
Sibiu, Bd. Mihai Viteazu, bl. 42
domestic and foreign private

capital
1999
II
1
ING Bank NV
- Bucharest Branch -
Bucureti, os. Kiseleff,

nr.11-13, sector 1
1994
Banque Franco - Roumaine

Bucureti, P-a Charles de Gaulle,

nr. 3-5, sector 1
1990
MISR Romanian Bank

Bucureti, Bd. Unirii, nr.66,

bl.K3, sector 3
1987
Frankfurt Bukarest Bank AG

Bucureti, Bd. Carol I,

nr.34-36, sector 2
1979
National Bank of Greece

Bucureti, Splaiul Unirii, nr.4,

bl. B3, tronson 3, sector 4
1996
Banca Italo - Romena SpA

- Bucharest Branch United Garanti Bank International
N.V. Amsterdam
Bucureti, Bd. Carol I, nr.34-36

sector 2
1996
Bucureti, Str. Paris, nr.30,

sector 1
1998
6
7
5)
BANKS - FOREIGN LEGAL ENTITIES
Under reorganisation in accordance with Law No. 64/1995 modified pursuant to Government Emergency Ordinance No.58/1997.
130
Papers published in the quarterly bulletins issued by the National Bank of Romania
PAPERS PUBLISHED IN THE QUARTERLY BULLETINS ISSUED

BY THE NATIONAL BANK OF ROMANIA BETWEEN 1992 - 1999
1992
1 Controlling the growth in broad money
2 Development of placements and resources of commercial banks
(December 1990 - March 1992)
3 Banking system and prudential banking supervision in Romania
4 Report on overdue payments of economic agents
1993
1 Exchange rate system and analysis indicators
2 Main developments of the aggregate balance sheet of commercial banks during 1992
and the first half of 1993
3 Establishment of the State Treasury Account and its impact on monetary policy
4 Arrangements between Romania and the International Monetary Fund during 1991-1993
1994
1 Use of reserve requirements as reflected in the monetary policy pursued by the National
2 Developments in monetary policy: performances and limitations
3 Introduction of a full-fledged inter-bank foreign exchange market a significant event for
the foreign exchange policy of the National Bank of Romania
Fifty years of monetary co-operation: Bretton Woods 1944 - 1994
4 National Bank of Romania's business surveys
1995
1 Statement of the National Bank of Romania's Governor at the press conference of
April 20, 1995
Monetary policy and macroeconomic stability in Romania
2 Address delivered by the National Bank of Romania's Governor at the 115th anniversary of
the establishment of the National Bank
Address delivered by the National Bank of Romania's Governor on the occasion of
inaugurating the Bucharest Stock Exchange
Paper-based inter-bank payments multilateral netting
131
Papers published in the quarterly bulletins issued by the National Bank of Romania
3 Instruments of monetary policy in Romania

4 IMF approves extension and augmentation of stand-by credit to Romania
Address delivered by the National Bank of Romania's Governor at the Romania's Parliament
(Senate) on November 22, 1995
Analysis of inter-enterprise payments arrears
1996
1 Romanian payments system
2 National Bank of Romania in international financial market
3 Development of minimum reserve requirements during March 1992 - September 1996
4 Payments Incidents Bureau (PIB)
1997
1 International investment position of Romania
Romania's relationships with international financial bodies
2 Government securities market
3 The Romanian payments system
4 Closure of the 1997 financial year on 31 December - a breakthrough
1998
1 The Payment Incidents Bureau - One year of operation
2 Loan guarantee funds
3 New provisions on minimum reserve requirements
4 The single currency (euro) - the keystone to achieve the Economic and Monetary Union
1999
1 Credit Information Bureau
2 Monetary policy instruments
3 Romania's foreign trade. Developments and prospects
4 The impact of the euro upon the economies of Central and East European countries
132
Main papers issued by the NBR and forwarded to the Parliament
MAIN PAPERS ISSUED BY THE NATIONAL BANK OF ROMANIA AND

FORWARDED TO THE PARLIAMENT
in 1999
1. Annual Report 1998.

2. Quarterly Bulletins.
3. Monthly Bulletins.
133
Main rules and regulations adopted in the economic area in 1999
MAIN RULES AND REGULATIONS ADOPTED IN THE ECONOMIC AREA

IN 1999
Law No. 21/18 January 1999 governing prevention of money laundering and imposition of
sanctions. The law provides for customer identification procedures and processing of
information related to money laundering as well as for the establishment of the National Bureau
for Money Laundering Combat and Prevention (Monitorul Oficial al Romniei, Part I, No.
18/21.01.1999).
Law No. 30/26 January 1999 regarding the promotion of exports via the following measures:
the halving of profit tax on exports, partial payment of interest on export-related contracts from
budgetary funds, initiation and financing by the Government of export promotion actions
(Monitorul Oficial al Romniei, Part I, No. 35/28.01.1999).
Romanias Government Ordinance No. 11/28 January 1999 approving the 1999 external
public indebtedness ceiling worth USD 3,100 million for Romania. The Government and the
National Bank of Romania are empowered to contract and guarantee external borrowings to
the above-mentioned amount (Monitorul Oficial al Romniei, Part I, No. 36/29.01.1999).
Romanias Government Ordinance No. 36/29 January 1999 on state support to farmers for
purchasing tractors, harvesters, farming machinery and equipment, as well as domestically made
irrigation installations. The Ordinance holds that farmers may take soft loans from banks, the
Ministry of Food and Agriculture covering 70 percent of interest on such loans. The lending
conditions and the persons eligible for taking the loans are also specified herein (Monitorul
Oficial al Romniei, Part I, No. 47/30.01.1999).
Romanias Government Emergency Ordinance No. 11/24 February 1999 stipulating the tax
breaks to companies, as well as the terms and conditions relating to these incentives. The
taxpayers meeting all their obligations due to the 1999 budget in full and on time shall enjoy a
1/12 reduction in each obligation. For 2000, the legal entities fulfilling these conditions shall
enjoy a 5 percent reduction in each obligation on a monthly basis (Monitorul Oficial al
Romniei, Part I, No. 79/25.02.1999).
Law No. 36/8 March 1999 on the 1999 government budget assuming lei 86,884.4 billion worth
of revenues and lei 93,384.4 billion worth of expenditures on a deficit amounting to lei 6,500
billion. The act stipulates the treatment of public revenues, the treatment and destination of
public spending, as well as details on local budgets and special fund budgets (Monitorul
Law No. 37/8 March 1999 on the 1999 social security budget setting both revenues and
expenditures at lei 37,264.3 billion. For 1999, revenues to the unemployment benefit fund shall
stand at lei 5,884 billion and expenditures at lei 6,333 billion on a deficit of lei 449 billion
137
The Statute of the National Health Insurance House issued on 15 February 1999 lays down
the powers of this organisation, the rights and duties of managers, as well as the organisations
relationships with county insurance houses (Monitorul Oficial al Romniei, Part I, No. 114/
19.03.1999).
Romanias Government Emergency Ordinance No. 21/22 March 1999 on exemption from
payment of import duties relative to raw materials to be used for own production by foreign
investors provided that the resultant finished products were classified under the six- or eightdigit tariff code in the Romanian Import Customs Tariff similar to imports of raw materials
Order No. 8/2 April 1999, issued by the National Securities Commission, with a view to
approving Regulation No. 5/1999 on turning open-ended investment companies into venture
capital funds (Monitorul Oficial al Romniei, Part I, No. 213/14.05.1999).
Romanias Government Decision No. 267/8 April 1999 for alteration of Art. 3 and 4 under
Government Decision No. 592/1993, which approves the Regulation on organisation
procedures for tenders, submission of tender bids, and the announcement of successful
bidders (Monitorul Oficial al Romniei, Part I, No. 155/14.04.1999).
Romanias Government Decision No. 296/15 April 1999 on the gross minimum wage in
amount of lei 450,000 per month for a full-time job of 172 working hours as from 1 May 1999
Law No. 81/11 May 1999 with reference to public debt. The law stipulates the purposes for
which the Government is empowered to take or guarantee domestic and foreign borrowings by
the agency of the Ministry of Finance alone, repayment terms and conditions, matters relating
to government securities, the powers of the Ministry of Finance as regards foreign public debt,
the use of foreign borrowings for deficit financing purposes, imports and investment ordered
by the Government, issuance of government guarantees for domestic and foreign borrowings,
the establishment of risk funds for such borrowings, as well as the executory sale of collateral
Romanias Government Emergency Ordinance No. 75/1 June 1999 as regards financial
audit. The ordinance defines the audit and the financial auditor, stipulates the powers of the
Romanian Auditors Chamber concerned with granting and revoking the auditors licence, as
well as with organisation and co-ordination of audit. The eligibility criteria for financial auditors
and the conditions for an auditors terms of office are also stipulated herein (Monitorul Oficial al
Romniei, Part I, No. 256/4.06.1999).
Romanias Government Decision No. 445/3 June 1999 sets the incentives to Automobile
Dacia joint-stock company and the terms and conditions linked to the deal with Renault.
138
Renaults investment amounts to USD 129.6 million in the first year, and to the minimum amount
of USD 269.7 million, including the price paid for the shares, in investment in the coming five
years (Monitorul Oficial al Romniei, Part I, No. 260/7.06.1999).
Law No. 115/28 June 1999 on the responsibilities of ministers (Monitorul Oficial al Romniei,
Part I, No. 300/28.06.1999).
Romanias Government Decision No. 563/15 July 1999 on the approval of the National
Privatisation Strategy for 1999 setting the privatisation targets, the legal and institutional
framework, as well as privatisation and development policies by sector (Monitorul Oficial al Romniei, Part I, No. 343/20.07.1999).
Law No. 133/20 July 1999 in support of private entrepreneurs to set up and develop SMEs by
putting in place a business-friendly environment, development programmes, as well as
granting economic, financial, banking and tax incentives concurrently with measures to
correlate policies and boost SMEs (Monitorul Oficial al Romniei, Part I, No. 349/ 23.07.1999).
Romanias Government Ordinance No. 44/13 August 1999 on ratification of the Loan
Agreement worth USD 300 million between Romania, via the Ministry of Finance, and the
International Bank for Reconstruction and Development on private sector structural
adjustment, signed in Washington on 17 June 1999 (Monitorul Oficial al Romniei, Part I, No.
387/16.08.1999).
Romanias Government Ordinance No. 73/27 August 1999 relative to profit tax. The
Ordinance defines the applicability, the regulations for setting the incomes, some international
tax-related issues, regulations for associations without legal personality, as well as the
procedure for adding up the incomes, setting and paying income tax and inflicting penalties
Romanias Government Decision No. 961/18 November 1999 on indexation of the
supplementary allowance for parents with children. Starting 1 November 1999, the
supplementary allowance for parents with children shall be subject to a 25 percent indexation
consistent with Art. 5, para (1), letters (a)-(c) under Law No. 119/1997 (Monitorul Oficial al Romniei, Part I, No. 567/ 19.11.1999).
Romanias Government Decision No. 978/24 November 1999 concerning some measures to
implement the Enterprise Restructuring and Occupational Redeployment Programme (RICOP),
the Programme co-ordinator, the Steering Committee of RICOP, the five RICOP areas, and the
list of commercial companies subject to restructuring/privatisation/ liquidation according to the
Restructuring Plan for each area. In order to implement the said Programme, the RICOP
Management Unit shall be established (Monitorul Oficial al Romniei, Part I, No.
574/25.11.1999).
139
Romanias Government Emergency Ordinance No. 191/6 December 1999 regarding

rectification of the budget for fiscal 1999 (Monitorul Oficial al Romniei, Part I, No. 598/
8.12.1999).
Law No. 188/8 December 1999 concerning the status of civil servants, as well as the
organisation of civil service. Under the terms of the act, all the employees in public
government and public institutions make up the civil service staff (Monitorul Oficial al Romniei, Part I, No. 600/8.12.1999).
Law No. 190/9 December 1999 setting the conditions for granting mortgage loans for realestate investment, the institutions that grant such loans, and the eligible borrowers. The
mortgage loan for real-estate investment is intended for financing of construction, purchasing,
refurbishment, consolidation or extension of buildings for housing, industrial or commercial
purposes. The loan shall be granted for ten years at least to individuals and for five years at
least to legal entities (Monitorul Oficial al Romniei, Part I, No. 611/14.12.1999).
Law No. 203/28 December 1999 sets the conditions for non-residents to be granted work
permits valid in Romania. The work permit shall have a validity of six months and may be
extended for 6-month periods upon request (Monitorul Oficial al Romniei, Part I, No. 646/
30.12.1999).
Romanias Government Decision No. 1066/29 December 1999 approving the
Methodological Norms for enforcement of Romanias Government Ordinance No. 73/1999 on
income tax (Monitorul Oficial al Romniei, Part I, No. 2/5.01.2000).
Romanias Government Emergency Ordinance No. 207/29 December 1999 governs
establishment and organisation of the Ministry of Public Affairs within the central public
administration. The said Ministry is subordinated to the Government and secures
implementation of both strategy and policies pursued by the Government with respect to
public administration (Monitorul Oficial al Romniei, Part I, No. 649/30.12.1999).
Romanias Government Emergency Ordinance No. 218/29 December 1999 amending
Romanias Government No. 44/1997 regarding suspension of the tax on farming income. The
Ordinance holds that the tax on farming income is to be suspended until 1 January 2001
140
Main rules and regulations adopted in the banking area in 1999
MAIN RULES AND REGULATIONS ADOPTED IN THE BANKING AREA

IN 1999
Romanias Government Ordinance No. 2/21 January 1999 approving Resolution No. 53/2/30
January 1998 adopted in Washington D.C. by the IMF Council of Governors as regards the
increase in IMF membership quotas the 11th general review. Romanias membership quota is
raised from SDR 754.1 million to SDR 1,030.2 million (Monitorul Oficial al Romniei, Part I, No.
19/21.01.1999).
Romanias Government Ordinance No.23/29 January 1999 governing establishment and
operation of guarantee funds involved solely in partial collateralisation of loans or other
financing instruments taken by small and medium-size enterprises from banks or other
institutions. The Ordinance makes specifications about the establishment of collective loan
collateralisation consortia and of co-guarantee funds (Monitorul Oficial al Romniei, Part I, No.
42/29.01.1999).
Official Statement issued by the Board of Directors of Bank Deposit Guarantee Fund on
raising the guaranteed ceiling related to deposits of individuals natural entities with banks, from
lei 31,211,000 per depositor to lei 35,362,000 following the indexation to the consumer price index.
The ceiling is valid for the first half of 1999 (Monitorul Oficial al Romniei, Part I, No. 52/05.02.1999).
Romanias Government Emergency Ordinance No. 24/25 March 1999 amends several
provisions of Law No. 58/1998 The Banking Act relative to bank managers and the legal
entities eligible to become founders or major shareholders; moreover, it rescinds provisions
under Art. 26. para. 2 of the said Law (Monitorul Oficial al Romniei, Part I, No.
130/31.03.1999).
Romanias Government decision No. 387/18 May 1999 on the organisation and operation of
Bank Asset Recovery Agency (BARA), a specialised institution within central public
government, having legal personality, subordinated to the Government and under the direct
guidance of the Prime Minister. The Agency is in charge of recovering non-performing bank
assets from state-owned banks in preparation for privatisation (Monitorul Oficial al Romniei,
Part I, No. 224/20.05.1999).
Law No. 119/12 July 1999 approving Government Ordinance No. 92/1998 for acceptance by
Romania of the Project of the 4th Amendment to the IMFs Articles of Agreement, passed
through Resolution No. 52-4 made by the IMF Council of Governors on 23 September 1997
Romanias Government Ordinance No. 39/29 July 1999 as concerns conclusion of
restructuring of Banca Romn de Comer Exterior Bancorex and its merger through
absorption with Banca Comercial Romn (Monitorul Oficial al Romniei, Part I, No.
363/30.07.1999).
141
Main rules and regulations adopted in the banking area in 1999
Official Statement issued by the Board of Directors of the Bank Deposit Guarantee Fund on
raising the ceiling related to deposits of individuals natural entities from lei 35,362,000 per
depositor to lei 46,253,000 (Monitorul Oficial al Romniei, Part I, No. 367/2.08.1999).
Romanias Government Ordinance No. 76/30 August 1999 on approval of the SDR 400
million Stand-By Arrangement between Romania and the International Monetary Fund and
Romanias Government Memorandum on economic policies, as agreed with the International
Monetary Fund (Monitorul Oficial al Romniei, Part I, No. 422/31.08.1999).
Law No. 156/12 October 1999 on modification and supplementation of the NBR Act Law No.
101/1998; the NBR capital, reserve fund and risk provisions, coins and other items made of
gold, silver or other precious metals and gemstones are tax-exempt (Monitorul Oficial al
Romniei, Part I, No. 500/18.10.1999).
Romanias Government Emergency Ordinance No. 178/9 November 1999 holds that
majority privately owned banks might increase the share capital from the reserves comprising
exchange rate gains extant at 31 December 1998 according to their balance sheets. The
increase in banks share capital by resorting to the above-mentioned reserves shall be
approved by the National Bank of Romania (Monitorul Oficial al Romniei, Part I, No.
551/11.11.1999).
Romanias Government Emergency Ordinance No. 186/19 November 1999 for altering and
supplementing Law No. 83/1998 on the bankruptcy procedure for banks (Monitorul Oficial al
Romniei, Part I, No. 567/19.11.1999).
142
Main regulations issued by the National Bank of Romania in 1999
MAIN REGULATIONS ISSUED BY THE NATIONAL BANK OF ROMANIA

IN 1999
Norms No. 1/7 January 1999 regarding the setting up of the new computer-assisted bank
register to be kept at the National Bank of Romania. It is available for the public at the National
Bank of Romania head office or branches. Upon the date the present norms come into effect,
Norms No. 4/1992, issued by the National Bank of Romania, on the register of banking
companies shall be repealed (Monitorul Oficial al Romniei, Part I, No. 12/19.01.1999).
Order No. 1/21 January 1999 stipulates that banks, Romanian legal entities, and branches of
banks foreign legal entities are compelled to enter the Trade Register by specifying their
main business agreed upon by the National Bank of Romania within 60 days from the date the
present order is published in Monitorul Oficial al Romniei (Monitorul Oficial al Romniei, Part I,
No. 57/9.02.1999).
Norms No. 3/22 January 1999 specify the terms according to which the position of a bank
may undergo changes with the view of ensuring prudential supervision. The norms provide for
the National Bank of Romanias prior approval for changes related to the name, address, main
business, amount of registered capital, major shareholders, appointment of new members in
the bank's management, expansion of the domestic branch network and opening
representative offices abroad, the independent auditor (Monitorul Oficial al Romniei, Part I,
No. 58/10.02.1999).
Circular No. 1/27 January 1999 sets the interest rates on minimum reserve requirements in
January 1999 maintenance period at 10.55 per cent for reserves in lei and 3.55 per cent for
reserves in US dollars (Monitorul Oficial al Romniei, Part I, No. 52/5.02.1999).
Circular No. 2/17 February 1999 amends and supplements Regulation No. 4/1998 on reserve
requirements regime, setting the fluctuation limits at zero percent for the minimum level of the
required reserves and at 110 percent for the maximum level of the required reserves. Changes
in the minimum reserve requirements regime address the following: (i) the calculated reserve
base shall be enlarged by including in transit accounts in foreign exchange; (ii) the
maintenance and monitoring periods shall be shortened from one month to 15 days, and they
shall no longer overlap; (iii) in transit accounts shall be considered as non-remunerated
demand deposits and shall be taken into account when calculating the interest rate paid by
the NBR on minimum reserve requirements; (iv) monetary authority shall be explicitly entitled to
put into operation, for a limited period, a special regime of reserve requirements for banks
under restructuring as decided on by the NBR. The updated version of Regulation No. 4/1998
on reserve requirements regime shall be republished in Monitorul Oficial al Romniei.
Provisions of this circular shall be effective as of 1 March 1999 (Monitorul Oficial al Romniei,
Part I, No. 83/26.02.1999).
143
Circular No. 3/19 February 1999: as from 15 March 1999, the NBR shall put into circulation
the new coin with face value of lei 500, which shall circulate along with the old lei 500 banknote
issued in 1992. Characteristics, layout, and the procedure of putting it into circulation are also
specified (Monitorul Oficial al Romniei, Part I, No. 99/9.03.1999).
Circular No. 4/25 February 1999 sets the interest rates on minimum reserve requirements for
February 1999 maintenance period at 10.55 percent for reserves in lei and 3.40 percent for
those in US dollars (Monitorul Oficial al Romniei, Part I, No. 99/9.03.1999).
Circular No. 5/26 February 1999 lays down the banks' accounting method concerning
recognition of specific operations, drawing up the ledger, trial balance and financial and
accounting reporting. In addition, the circular covers the following specifications: (i) a financial
and accounting statement shall be carried out and forwarded periodically to the specialised
department of the National Bank of Romania; (ii) organisation and conduct of banks'
accounting; (iii) targets to take account of when auditing and certifying banks' annual balance
sheets (Monitorul Oficial al Romniei, Part I, No. 194 bis/4.05.1999).
Decision No. 1/26 February 1999 places Bancorex joint-stock company under special
administration. Therefore, the special administrator takes over all the tasks of the bank's Board
of Directors, implements decisions of the General Meeting of Shareholders, and decides on
the optimal conditions concerning preservation of assets and collection of outstanding debts in
the interest of depositors and other creditors. Within 45 days from his appointment, the special
administrator shall submit to the NBR Board a written report on the financial position of
Bancorex joint-stock company (Monitorul Oficial al Romniei, Part I, No. 84/1.03.1999).
Circular No. 6/8 March 1999 holds that banks, Romanian legal entities, shall set up risk
provisions for past-due interests as well as for some types of loans and placements with other
banks. Thus, banks shall calculate and set up monthly risk provisions for interest on credit to
non-banks unless the respective amounts were collected within 90 days at least from due date. The
same procedure shall apply to bank placements and related claims that were not collected
within 30 days from due date (Monitorul Oficial al Romniei, Part I, No. 175/ 26.04.1999).
Circular No. 7/11 March 1999 sets the interest rates on minimum reserves relative to March
1999 maintenance periods at 10.55 percent for minimum reserves in lei and at 3.20 percent for
minimum reserves in US dollars (Monitorul Oficial al Romniei, Part I, No. 115/ 19.03.1999).
Norms No. 5/15 March 1999 set the minimum registered capital of banks, Romanian legal
entities, and the capital endowment of branches of foreign banks licensed to operate in
Romania at lei 100 billion. Banks licensed by the NBR and other licensees which, upon coming into
force of the present norms, were not yet operational, shall hold registered capital and capital
endowment respectively, of lei 100 billion at least until 30 April 2000 (Monitorul Oficial al
Romniei, Part I, No. 157/15.04.1999).
144
Decision No. 2/6 April 1999 in virtue of which Albina Bank joint-stock company is placed
under special supervision for 60 days as of 7 April 1999. The supervisory committee shall
primarily be responsible for: (i) working out the recovery plan required by the National Bank of
Romania, (ii) monitoring implementation of the plan, (iii) regular valuation of asset quality,
solvency and liquidity, and (iv) endorsement of decisions made by the banks statutory bodies
respecting the prudential and financial standing of the bank.
Circular No. 8/13 April 1999 in virtue of which the interest rates on minimum reserves relative
to April 1999 maintenance periods are set at 9 percent for reserves in lei and 3.15 percent for
those in US dollars (Monitorul Oficial al Romniei, Part I, No. 169/ 22.04.1999).
Norms No. 7/16 April 1999 stipulate that banks shall calculate the amount of own funds on a
monthly basis pursuant to their monthly financial statements and submit the reporting form
filled in consistent with the present Norms to the National Bank of Romania, the Licensing,
Regulation and Prudential Supervision of Banks General Department. The reporting deadline is
at most 10 days from the end of the month for which the own funds were calculated (Monitorul
Decision No. 3/23 April 1999 in virtue of which the special supervisory committee for
Bankcoop joint-stock company is designated for 120 days as of 26 April 1999. The members
and powers of the committee are similar to those stated in the case of Albina Bank and refer to
overcoming the current financial crisis faced by the bank and bringing its prudential indicators
back to normal parameters.
Norms No. 8/26 April 1999 specify that the National Bank of Romania shall monitor solvency,
large exposure, and loans granted to persons in special relations with the bank, own staff, and
related parties, to apply to banks having Romanian legal personality. Written information on the
above-mentioned issues as set out in the present Norms shall be submitted to the National Bank of
Romania, the Licensing, Regulation and Prudential Supervision of Banks General Department
within 25 days from the end of the reported month. The present Norms show the calculation
procedure for selected indicators and set their lower and upper bounds, as the case may be
(Monitorul Oficial al Romniei, Part I, No. 245/ 1.06.1999).
Decision No. 4/29 April 1999 in terms of which the special administration of Bancorex jointstock company is extended to 9 months at most. Furthermore, the special administrator shall
submit regular reports on the financial position of Bancorex to the National Bank of Romania
Circular No. 9/6 May 1999 on putting into circulation, starting 7 May, of two numismatic coins
a gold coin with lei 1,000 face value and a silver coin with lei 100 face value dedicated to
the visit of His Holiness Pope John Paul II to Romania (Monitorul Oficial al Romniei, Part I, No.
234/ 26.05.1999).
145
Circular No. 10/13 May 1999 sets the interest rates on minimum reserves relative to May
maintenance periods at 8.5 percent for reserves in lei and 3.15 percent for reserves in US
dollars (Monitorul Oficial al Romniei, Part I, No. 225/20.05.1999).
Decision No. 5/13 May 1999 in virtue of which, the licence of Albina Bank joint-stock
company is revoked and an application for imposition of bankruptcy proceedings on the
bank is filed with the Court by the National Bank of Romania. The decision made by the NBR
Board is based on complaints of the central banks supervisory officials concerning the
severe impairment of bank prudential norms as regards lending, loan classification and
specific risk provisioning, setting lending and deposit rates, as well as the report drawn up
by the Surveillance Committee pinpointing the banks insolvency (Monitorul Oficial al
Romniei, Part I, No. 215/17.05.1999).
Regulation No. 1/21 May 1999 regards the organisation and operation of the Credit
Information Bureau. It sets the information system, organisation and management of the
Central Credit Register and the Overdue Credit Register, and disclosure of information to the
users. Moreover, the regulation stipulates the terms and conditions under which the banks
Romanian legal entities and branches of foreign banks in Romania foreign legal entities
shall send in their reports containing information on credit risk, conciliation procedure for
settling complaints about track record accuracy, as well as sanctions to be imposed in case
of impairment of provisions of the present regulation (Monitorul Oficial al Romniei, Part I,
No. 614/16.12.1999).
Circular No. 12/11 June 1999 with regard to putting into circulation the redesigned
banknote with lei 10,000 face value as of 15 July 1999. The lei 10,000 note issued in 1994
will remain in circulation until the National Bank of Romania decides to call it in. The features,
layout, and safety elements of the new banknote, as well as sanctions to be applied in case
of counterfeiting, are also set out herein (Monitorul Oficial al Romniei, Part I, No.
289/23.06.1999).
Circular No. 13/11 June 1999 sets the interest rates on minimum reserves relating to June
maintenance periods at 10 percent for reserves in lei and 3.05 percent for reserves in US
dollars (Monitorul Oficial al Romniei, Part I, No. 289/23.06.1999).
Circular No. 16/12 July 1999 with regard to putting into circulation by the National Bank of
Romania of a polymer-based note with lei 2,000 nominal value as from 2 August 1999. The
circular specifies the technical characteristics, layout, and safety features of the new banknote
as well as the penalties to be inflicted in case of counterfeiting (Monitorul Oficial al Romniei,
Part I, No. 334/15.07.1999).
146
Circular No. 17/14 July 1999 sets the interest rates on minimum reserve requirements relating
to 1-15 July 1999 maintenance period at 10 percent for minimum reserves in lei and 3.05
percent for minimum reserves in US dollars. For the period 16-31 July 1999, interest rates were
set at 22.5 percent for minimum reserves in lei and 3.6 percent for minimum reserves in US
dollars (Circular No.14/25 June 1999) (Monitorul Oficial al Romniei, Part I, No.
341/19.07.1999).
Decision No. 9/31July 1999 issued by the NBR Board of Directors, regarding revocation of
licence of Banca Romn de Comer Exterior Bancorex joint-stock company (Monitorul
Circular No. 20/12 August 1999 sets interest rates on minimum reserve requirements for
August maintenance periods are set at 22.5 percent for minimum reserves in lei and 3.6
percent for minimum reserves in US dollars (Monitorul Oficial al Romniei, Part I, No.
384/13.08.1999).
Specifications No. 2/31 August 1999 on recognising the main operations pertaining to
merger, dissolution, and liquidation of banks (Monitorul Oficial al Romniei, Part I, No.
462/24.09.1999).
Circular No. 22/10 September 1999 amends several provisions under Regulation No. 3/1997
issued by the National Bank of Romania on foreign exchange operations, previously amended
by Circulars Nos. 7/1998 and 25/1998 (Monitorul Oficial al Romniei, Part I, No. 449/
15.09.1999).
Circular No. 23/13 September 1999 sets interest rates on minimum reserve requirements for
September 1999 at 22.5 percent for minimum reserves in lei, at 3.6 percent for minimum
reserves in US dollars, and at 2.75 percent for those in euro (Monitorul Oficial al Romniei, Part
I, No. 453/ 17.09.1999).
Circular No. 27/13 October 1999 in virtue of which interest rates on minimum reserve
requirements relating to October 1999 maintenance periods are set at 22.5 percent for
reserves in lei, at 3.6 percent for reserves in US dollars, and at 1.7 percent for reserves in euro
Circular No. 28/20 October 1999 modifies and supersedes Appendix 4 of Regulation No.
4/1998 on the mandatory reserve regime, subsequently modified, supplemented, and
republished in Monitorul Oficial al Romniei No. 121/24 March 1999. The Circular comes into
force as of 1 November 1999 (Monitorul Oficial al Romniei, Part I, No. 516/25.10.1999).
147
Circular No. 29/20 October 1999: Starting with 1 15 November maintenance period, the
reserve requirement ratios are set at 25 percent for deposits in lei and 20 percent for deposits
in foreign exchange. Starting with 1 15 December maintenance period, the reserve
requirement ratios are set at 30 percent for deposits in lei and at 20 percent for deposits in
foreign exchange (Monitorul Oficial al Romniei, Part I, No. 516/ 25.10.1999).
Circular No. 30/9 November 1999 in virtue of which interest rates on minimum reserve
requirements relating to November 1999 maintenance periods are set at 23.5 percent for
reserves in lei, at 3.4 percent for reserves in US dollars, and at 2.1 percent for reserves in euro
Circular No. 32/13 December 1999 sets interest rates on minimum reserve requirements
related to December 1999 maintenance periods at 31 percent for reserves in lei, at 3.4 percent
for reserves in US dollars, and at 2.1 percent for reserves in euro (Monitorul Oficial al Romniei,
Part I, No. 615/16.12.1999).
Norms No. 10/20 December 1999 supplementing Norms No.2/1999 on licensing of banks.
Bank managers shall comply with the principles of honesty required by the position they were
nominated for and shall be eligible under the terms of Art. 25 of Law No. 58/1998 (Monitorul
148
List of
charts
Main Macroeconomic Indicators........................................................................
5o
Real GDP............................................................................................................
Share of Consolidated Government Budget Deficit in GDP..............................
Current Account Deficit in GDP.........................................................................
6o
6o
6o
Share of Consumption and Investment in GDP.................................................

Share of Exports and Imports in GDP................................................................
Share of the Private Sector in GDP....................................................................
7o
7o
7o
Share of the Private Sector in Selected Economic Sectors...............................

Industry and Agriculture..............................................................................
Investment and Construction......................................................................
Domestic and Foreign Trade......................................................................
8o
8o
8o
8o
Industrial Output, Labour Productivity and Salary Earnings..............................

Employment in Industry and Unemployment Rate in Economy.........................
9o
9o
Balance of Payments......................................................................................... 10o

Current Account Balance................................................................................... 11o
Trade Balance.................................................................................................... 11o
Foreign Trade by Group of Countries................................................................ 12o
Commodity Composition of Foreign Trade........................................................ 12o
Gross International Reserves............................................................................. 13o
Net International Reserves................................................................................. 13o
External Debt and External Debt Service........................................................... 14o
Share of MLT External Debt in GDP................................................................... 14o
Share of External Debt Service in Exports of Goods and Services.................... 14o
Prices in Economy.............................................................................................. 15o
Consumer Prices................................................................................................ 15o
Broad Money (Annual Data)............................................................................... 16o
Broad Money and GDP Deflator........................................................................ 16o
Money Velocity................................................................................................... 16o
Broad Money (Monthly Data)............................................................................. 17o
Foreign Exchange Deposits............................................................................... 17o
Broad Money and Consumer Prices.................................................................. 18o
Prices and Broad Money.................................................................................... 18o
Reserve Money, Refinancing and Treasury Account Balance.......................... 19o
Average Reserve Money Multipliers.................................................................. 19o
Refinancing Credits............................................................................................ 20o
Main Interest Rates on Refinancing Credits....................................................... 21o
Interest Rates Applied within the Banking System............................................ 21o
Interbank Money Market (Monthly Data)............................................................ 22o
Interbank Money Market (Daily Data)................................................................ 23o
Interbank Forex Market (Daily Data)..................................................................
Foreign Exchange Market Operations........................................................
Average Exchange Rate.............................................................................
Inflation and Exchange Rate.......................................................................
24o
24o
24o
24o
Bucharest Stock Exchange................................................................................ 25o

Composition of Banks by Ownership................................................................. 26o
Main Macroeconomic Indicators

percent
Real GDP (annual change)
5.4
1998
3.2
1999
Inflation rate (Dec./Dec.)
40.6
54.8
Unemployment rate
10.3
11.5
Share of Consolidated Government

Budget Deficit in GDP
3.1
2.0
Current account balance

in GDP
7.2
3.8
Direct and portfolio investment

in GDP
5.2
0.9
External debt
(medium- and long- term) in GDP
22.4
24.8
Net real average

salary earnings
6.8
0.7
Source: National Commission for Statistics, Ministry of Finance and National Bank of Romania
5o
Real GDP
annual percentage change
7.1
3.9
3.9
1.5
3.2
5.4
5.6
6.9
8.8
12.9
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Source: National Commission for Statistics
Share of Consolidated Government Budget Deficit in GDP

percent
3.2
1.0
-0.4
-1.9
-2.0
-2.6
-3.5
-3.1
-3.9
1990
1991
-4.6
1992
1993
1994
1995
1996
1997
1998
1999
Current Account Deficit in GDP

percent
-1.4
-3.5
-3.8
-4.5
-5.0
-6.1
-7.2
-7.3
-8.0
-8.7
1990
1991
1992
1993
6o
1994
1995
1996
1997
1998
1999
Share of Consumption and Investment in GDP

80
percent
70
60
household
consumption
50
40
public
consumption
30
gross investment
20
10
0
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Share of Exports and Imports in GDP

40
percent
30
20
net exports
10
exports
0
imports
10
20
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Share of the Private Sector in GDP

percent
54.9
61.0
61.5
1998
1999
58.1
45.3
38.9
34.8
23.6
26.4
16.4
1990
1991
1992
1993
1994
1995
1996
1997
7o
Share of the Private Sector in Selected Economic Sectors

Industry and Agriculture
100%
90%
80%
70%
60%
agricultural output
50%
industrial output
40%
30%
20%
10%
0%
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Investment and Construction

100%
90%
80%
70%
60%
50%
investment
40%
construction
30%
20%
10%
0%
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Domestic and Foreign Trade

100%
90%
80%
70%
exports
60%
50%
imports
40%
retail sales
30%
services to population
20%
10%
0%
1990
1991
1992
1993
8o
1994
1995
1996
1997
1998
1999
Industrial Output, Labour Productivity and Salary Earnings

30
annual percentage change
industrial
output
(gross
series)
20
10
0
real wage
& salary
earnings
in industry
10
20
1992=100 (percentage change)
30
60
40
20
labour
productivity
per employee
in industry
1990
1991
1992
1993
1994
1995
1996
1997
1998
20
1999
Employment* in Industry and Unemployment Rate in Economy

3,000
percent
thousands of persons
2,500
15
10
employment
in industry
2,000
*)
unemployment
rate
(right-side scale)
Starting December 1997, research samples were changed
1,500
0
1995
1996
1997
1998
1999
9o
Balance of Payments
12,000
millions of USD
10,000
8,000
6,000
4,000
2,000
-2,000
-4,000
exports fob
imports fob
trade balance
4,000
current account balance

net capital inflow
2,000
-2,000
2,500
2,000
net direct and portfolio

investment
1,500
1,000
500
0
1,500
1,000
reserve assets (NBR)
500
0
500
1,000
1990
1991
1992
Source: National Bank of Romania
10o
1993
1994
1995
1996
1997
1998
1999
Current Account Balance

500
millions of USD
-500
-1,000
-1,500
-2,000
-2,500
-3,000
1993
1994
1995
1996
1997
1998
1999
Trade Balance
1,200
millions of USD; monthly data
1,000
800
600
trade balance
400
imports fob
exports fob
200
0
200
400
600
1992
1993
1994
1995
1996
1997
1998
1999
11o
Foreign Trade by Group of Countries

imports cif
exports fob
100%
100%
90%
90%
European Union
80%
80%
70%
70%
USA and other
developed countries
60%
50%
60%
50%
developing
countries
40%
40%
countries in
transition
30%
30%
20%
20%
Russian Federation
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1999
1998
1997
1996
1995
1994
1993
0%
1992
0%
1991
10%
1990
10%
Commodity Composition of Foreign Trade

imports cif
exports fob
100%
100%
90%
80%
80%
food items
70%
60%
60%
light industry
products
40%
50%
40%
crude oil and

petroleum products
30%
heavy industry
products
20%
20%
10%
12o
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1999
1998
1997
1996
1995
1994
1993
1992
1991
0%
1990
0%
Gross International Reserves

annual
monthly
millions of USD (end of period)
5,000
5,000
NBR's reserves
4,500
4,500
banks' reserves
4,000
4,000
gold
1999
0
1998
0
1997
500
1996
500
1995
1,000
1994
1,000
1999
1,500
1998
1,500
1997
2,000
1996
2,000
1995
2,500
1994
2,500
1993
3,000
1992
3,000
1991
3,500
1990
3,500
Net International Reserves

annual
monthly

4,000
4,000
NIR
3,500
3,500
net convertible
currencies
3,000
3,000
gold
1999
1,000
1998
1,000
1997
500
1996
500
1995
1994
1999
500
1998
500
1997
1,000
1996
1,000
1995
1,500
1994
1,500
1993
2,000
1992
2,000
1991
2,500
1990
2,500
13o
External Debt and External Debt Service

10,000
9,000
8,000
7,000
external debt
(medium &
long-term)
debt service
(including
short-term debt)
6,000
5,000
4,000
3,000
2,000
1,000
0
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Share of MLT External Debt in GDP

24.8
24.6
percent
22.4
20.4
15.3
12.7
15.5
12.7
4.0
0.6
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Source: National Commission for Statistics, National Bank of Romania
Share of External Debt Service in Exports of Goods and Services

percent
36.3
36.2
25.9
18.5
14.7
13.5
16.5
15.2
4.1
0.8
1990
1991
1992
14o
1993
1994
1995
1996
1997
1998
1999
Prices in Economy
400
annual indices
350
300
CPI (average)
250
PPI (average)
GDP deflator
200
150
100
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Consumer Prices
100
percent; logarithmic scale
percent
75
10,000
1,000
50
100
quarterly
change
annualised monthly
change
(right-side scale)
change on a year earlier
(right-side scale)
25
10
1
1991
1992
1993
1994
1995
1996
1997
1998
1999

500
indices; previous Dec.=100
500
total
400
400
food items
non-food items
services
300
300
200
200
100
100
1992
1993
1994
1995
1996
1997
1998
1999
15o
Broad Money (Annual Data)

150,000
billions of lei; end of period
100%
140,000
90%
130,000
120,000
foreign exchange
deposits
80%
110,000
70%
100,000
90,000
time and restricted

deposits
60%
80,000
household savings
50%
70,000
60,000
40%
demand deposits
50,000
30%
40,000
30,000
20%
20,000
currency outside
banks
10%
10,000
1999
1998
1997
1996
1995
1994
1999
1998
1997
1996
1995
0%
1994
Money Velocity
Broad Money and GDP Deflator

400
annual indices
times
GDP deflator
350
8
7
M2 (average)
6
M2 (end of period)
300
5
4
250
3
200
velocity of M2
(average)
150
2
1
velocity of M2
(end of period)
Source: National Commission for Statistics,

1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
100
Source: National Commission for Statistics,

16o
Broad Money (Monthly Data)

150,000
billions of lei; end of period
100%
foreign exchange deposits

90%
time and restricted deposits
120,000
80%
household savings
70%
demand deposits
90,000
60%
currency outside banks
50%
60,000
40%
30%
30,000
20%
10%
0%
1994
1995
1996
1997
1998
1999
1994
1995
1996
1997
1998
1999
Foreign Exchange Deposits

3,000
2,500
2,000
1,500
time deposits
1,000
500
demand deposits
0
2,500
2,000
1,500
household
deposits
corporate
deposits
1,000
500
0
1994
1995
1996
1997
1998
1999
17o
Broad Money and Consumer Prices

500
indices; compared to the same period of previous year
400
consumer
prices
currency
outside banks
300
broad money
(M2)
foreign exchange
deposits
200
100
1994
1995
1996
1997
1998
1999
Prices and Broad Money

3,400
indices; December 1993=100
3,100
2,800
2,500
2,200
1,900
broad money
(M2)
1,600
industrial
producer prices
1,300
consumer
prices
1,000
700
400
100
1994
1995
1996
1997
18o
1998
1999
Reserve Money, Refinancing and Treasury Account Balance

billions of lei; daily average
36,000
32,000
28,000
24,000
20,000
16,000
12,000
8,000
currency
outside banks
4,000
vault cash
banks' reserves
with NBR
100%
90%
refinancing
credits
80%
Treasury account
balance
70%
60%
50%
40%
30%
20%
10%
0%
1992
1993
1994
1995
1996
1997
1998
1999
Average Reserve Money Multipliers

7
6
5
4
3
multiplier
for M2
multiplier
for M1
1
0
1992
1993
1994
1995
1996
1997
1998
1999
19o
Refinancing Credits
10,000
billions of lei; daily average
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
1992
1993
1995
1996
credit granted with derogation from regulations
lombard
special
auction
preferential
structural
20o
1994
1997
1998
1999
Main Interest Rates on Refinancing Credits

600
percent per annum

average rate
structural
500
auction
lombard
400
300
200
100
0
1991
1992
1993
1994
1995
1996
1997
1998
1999
1998
1999
Interest Rates Applied within the Banking System

160
percent per annum

lending rate (NBR)
140
lending rate (banks)

deposit rate (banks)
120
100
80
60
40
20
0
1991
1992
1993
1994
1995
1996
1997
21o
Interbank Money Market (Monthly Data)

percent per annum
billions of lei
2,000
400
daily average
transactions volume
1,500
300
average interest rate
(right-side scale)
1,000
200
500
100
0
1996
12,000
1997
1998
billions of lei
1999
percent per annum
300
daily average interbank

deposits
250
10,000
average interest rate
(right-side scale)
8,000
200
6,000
150
4,000
100
2,000
50
0
1996
22o
1997
1998
1999
Interbank Money Market (Daily Data)

6,000
percent per annum
billions of lei
600
5,000
daily average transactions volume
500
4,000
average interest rate (right-side scale)
400
3,000
300
2,000
200
1,000
100
0
Jan-97
16,000
0
Jan-98
Jan-99
billions of lei
percent per annum

daily average interbank deposits
14,000
350
average interest rate (right-side scale)
12,000
400
300
10,000
250
8,000
200
6,000
150
4,000
100
2,000
50
0
Jan-97
350
0
Jan-98
Jan-99
percent per annum
300
BUBOR (1 week)
BUBID (1 week)
250
200
150
100
50
0
Jan-97
Jan-98
Jan-99
23o
Interbank Forex Market (Daily Data)

Foreign Exchange Market Operations
240
464.5
millions of USD
daily volume (total)
200
NBR's purchases, net

interbank operations
160
120
80
40
0
40
Dec-99
Nov-99
Oct-99
Sep-99
Aug-99
Jul-99
Jun-99
May-99
Apr-99
Mar-99
Feb-99
Jan-99
Dec-98
Nov-98
Oct-98
Sep-98
Aug-98
Jul-98
Jun-98
May-98
Apr-98
Mar-98
Feb-98
Jan-98
80
Average Exchange Rate
Dec-99
Nov-99
Oct-99
Sep-99
Aug-99
Jul-99
Jun-99
May-99
Apr-99
Mar-99
Feb-99
Jan-99
Dec-98
Nov-98
Oct-98
Sep-98
Aug-98
Jul-98
Jun-98
May-98
Apr-98
Mar-98
Feb-98
lei/US dollar
Jan-98
6,000
7,000
8,000
9,000
10,000
11,000
12,000
13,000
14,000
15,000
16,000
17,000
18,000
19,000
Inflation and Exchange Rate

300
percent change; previous Dec.=100
250
inflation rate
(CPI based)
200
150
average
exchange rate
(ROL/USD)
100
50
0
1993
1994
1995
1996
1997
1998
1999
24o
Bucharest Stock Exchange

7,000
billions of lei
number
6,000
180
number of
transactions
5,000
210
150
turnover
40
number (millions)
billions of lei
shares traded
10,000
72,214.3
market capitalisation
30
Nov-99
Sep-99
Jul-99
0
May-99
0
Mar-99
30
Jan-99
1,000
Nov-98
60
Sep-98
2,000
Jul-98
90
May-98
3,000
Mar-98
120
Jan-98
4,000
7,500
1,200
Nov-99
Sep-99
Jul-99
May-99
Mar-99
Jan-99
Nov-98
0
Sep-98
0
Jul-98
2,500
May-98
10
Mar-98
5,000
Jan-98
20
points
BET-C index (lei)
1,000
BET index (lei)
800
600
400
200
Nov-99
Sep-99
Jul-99
May-99
Mar-99
Jan-99
Nov-98
Sep-98
Jul-98
May-98
Mar-98
Jan-98
Source: Bucharest Stock Exchange
25o
Composition of Banks by Ownership

number; end of period
share in total consolidated balance sheet
50
100%
45
90%
40
80%
35
70%
30
60%
25
50%
20
40%
15
30%
10
20%
10%
0%
1992 1993 1994 1995 1996 1997 1998 1999
state-owned capital
majority state-owned capital
domestic & foreign private capital
state-owned & domestic private capital
state-owned & private (domestic & foreign) capital
state-owned & foreign private capital
foreign banks branches

26o
1992 1993 1994 1995 1996 1997 1998 1999
List of
tables
Methodological Specifications..................................................4*
1. Gross Domestic Product...........................................................6*
2a. Main Macroeconomic Indicators (annual data) ........................8*
2b. Main Macroeconomic Indicators (monthly data) ....................12*
3. Composition of Foreign Trade by Group of Countries............15*
4. Wage and Salary Earnings by Main Sector of Activity............16*
5. Consumer Prices and Industrial Producer Prices ...................17*
6a. State Budget ...........................................................................18*
6b. Local Budgets.........................................................................18*
6c. Social Security Budget ...........................................................19*
7. Balance of Payments .............................................................20*
8a. International Investment Position ............................................22*
8b. Arrangements with EBRD .......................................................26*
8c. Loan Arrangements with IBRD................................................27*
9. Money Market Indicators ........................................................28*
10. Interest Rates Applied by the National Bank of Romania.......29*
11. Interest Rates Applied by Banks ............................................30*
12. Capital Market.........................................................................31*
13a. Interbank Foreign Exchange Market.......................................33*
13b. Activity of Foreign Exchange Bureaus....................................34*
14. Balance Sheet of the National Bank of Romania ....................35*
15. Aggregate Balance Sheet of Banks........................................43*
16. Consolidated Monetary Survey...............................................53*
17. Monetary Survey .....................................................................57*
18. Domestic Credit ......................................................................59*
19. Broad Money...........................................................................61*
20. Broad Money and Credit Dynamics........................................62*
21. Refinancing from the National Bank of Romania ....................63*
22. Reserve Money .......................................................................64*
23. Currency Issue Composition by Denomination ......................65*
24a. Aggregate Survey of Banks Classified Credit........................66*
24b. Aggregate Survey of Banks' Risk Provisions ..........................66*
24c. Solvency Ratio ........................................................................66*
Symbols
...
0
x
p.a.
= missing data
= nil
= less than 0.5 but more than nil
= it is not the case
= per annum
Methodological specifications
Annual Report 1999
METHODOLOGICAL SPECIFICATIONS
Annexes 2a, 2b, 3, 4 Monthly data are provisional and will be updated on a yearly basis, namely
economic indicators will be based on company structural surveys and social
indicators on specific yearly surveys.
Simple chronological means are calculated as follows:
1
No. of months - 1
[ (value of indicator recorded in the month prior to the period

2
under review + value of indicator recorded in the last

month of the period under review) + value of indicator
recorded in the other months of the period under review]
e.g. simple chronological mean for one year:
1
12
(December of previous year + December of current year) + (January +... +
November)]
Annex 12
The BET (Bucharest Exchange Trading) index is the BSEs first official index,
reflecting the overall trend in prices of the 10 most liquid shares traded at the
bourse. It is calculated as a weighted (capitalised) average of the securities that
make up the index portfolio. Its reference value was set at 1,000 points on 19
September 1997.
Annex 13a
Monthly volume of forex transactions represents the sum of the highest daily
levels of sales and purchases in the forex market.
Annual average volume of forex transactions is calculated as an arithmetic mean
of monthly forex transactions during the year.
Annex 14
Interbank assets cover refinancing credits to banking companies, State

Treasury's placements with banks and forex deposits with banks.
Interbank liabilities include commercial banks' lei and forex deposits with the
central bank and the State Treasury accounts balance (receipts and payments
accounts relative to state budget, local budgets, social security budget and
extra-budgetary funds with commercial banks as operations performed through
the General Account of Treasury). Starting December 1996, interbank liabilities
include commercial banks reserves only.
Other assets / liabilities include items (accounts) relative to the central bank's
own activity (assets fixed assets, debtors, projected expenses, etc.; liabilities
settlements, creditors, etc.).
Until December 1995, the item "Other assets" included profit payments while
"Other liabilities" included gross profit. At present, the net profit is included under
the heading "Capital accounts (own funds)".
Beginning with December 1994, the item "Other liabilities" also encompasses the
amount derived from the difference between "Purchases of SDRs from the IMF"
4*
Annual Report 1999
Methodological specifications
calculated in terms of the exchange rate leu/SDR in force on the last day of the
period and the same item calculated in terms of the accounting exchange rate
leu/SDR annually established on April 30.
Other bank deposits relate to lei and forex deposits of banks held prior to coming
into operation.
Annexes 14,16
Monetary gold represents the central bank's holdings of gold and it is part of
international reserves. The National Bank of Romania's stock of monetary gold is
valued in US dollars at the price on the London Bullion Market on the last day of
the month. Until February 1996 and during December 1996 - February 1997, the
stock of gold was valued in lei (national currency) at a sole domestic price; the
latter was applied when recording gold inflows and outflows. During February
1996 - November 1996 and starting March 1997, price changes affect current
inflows and outflows only. The stock of gold is revalued at year-end only.
General Account of Treasury includes receipts and payments accounts related to
the state budget, local budgets, social security budget and extrabudgetary funds
with commercial banks.
Annex 16
Net foreign assets of banks are calculated by subtracting foreign liabilities in

convertible currency from foreign assets in convertible currency (reserve assets
plus equity interests in foreign banks).
Reserve foreign assets include the following items:
monetary gold (the monetary gold stock of the NBR is valued in US dollar at
London market price on the last day of the month);
SDR holdings;
convertible currencies, which cover the following elements: foreign currency
and cheques, banks deposits abroad, foreign securities, and others.
Annex 24c
Solvency ratio represents the ratio between banks own funds (own capital plus
additional capital) and risk-weighted assets plus other risk-weighted off balance
sheet items.
5*
Annual Report 1999
Statistical Section
1. GROSS DOMESTIC PRODUCT

Period
GDP formation
TOTAL
Industry
Construction Agriculture Transport
Trade,
Immovable Financial Public
Adjustment Other
and
and
tourism,
dealings,
for imputed 1)
forestry
telecom-
hotels and health,
munication
restaurants education
banking
admini-
services stration
output
of bank
and other
services
services
billions of lei (in current prices)
1985
817.4
376.1
55.1
122.1
54.0
48.1
68.8
19.7
20.3
25.6
78.8
1986
838.6
396.4
57.1
115.5
56.0
47.4
69.1
17.3
18.5
22.7
84.0
1987
845.2
398.4
58.4
113.6
67.8
53.1
69.4
18.8
19.3
29.3
75.7
1988
857.0
403.8
56.9
122.4
65.8
54.5
70.5
16.9
19.0
22.8
70.0
1989
800.0
369.3
43.9
115.2
53.8
46.0
67.6
16.7
20.2
11.6
78.9
1990
857.9
347.6
46.0
187.1
49.4
53.2
77.6
23.2
23.9
19.9
69.7
1991
2,203.9
834.6
96.1
415.9
147.1
296.5
197.1
57.9
68.1
47.2
137.8
1992
6,029.2
2,311.0
290.1
1,147.9
514.3
859.5
547.9
322.2
203.3
281.0
114.0
1993
20,035.7
6,781.4
1,040.0
4,205.8
2,014.6
2,057.7
1,692.9
1,014.5
620.2
847.9
1,456.5
1994
49,773.2
18,018.3
3,251.3
9,897.6
4,354.0
4,075.8
4,361.6
2,375.7
1,611.1
1,990.7
3,818.6
1995
72,135.5
23,711.3
4,755.1
14,269.2
5,576.6
7,570.2
6,611.2
3,588.1
2,691.9
2,175.0
5,536.9
1996
108,919.6
36,181.5
7,067.5
20,949.1
9,804.7
12,722.3
10,753.5
3,243.1
3,355.2
2,222.3
7,065.0
1997
250,480.2
88,997.4
13,155.8
45,349.6
1,253.9
21,034.9
1998 a)
368,260.7
101,165.8
19,611.9
53,681.9
25,468.4
24,814.1
22,570.4 3,357.4
6,986.1
158,240.3
1,567.4
37,128.2
1999 b)
521,735.5
144,955.3
25,189.2
72,594.8
2,037.6
54,182.0
226,851.9
composition (%)
1985
100.0
46.0
6.7
14.9
6.6
5.9
8.5
2.4
2.5
3.1
9.6
1986
100.0
47.3
6.8
13.8
6.6
5.7
8.2
2.1
2.2
2.7
10.0
1987
100.0
47.1
6.9
13.5
8.0
6.3
8.2
2.2
2.3
3.5
9.0
1988
100.0
47.1
6.6
14.3
7.6
6.4
8.2
2.0
2.2
2.7
8.2
1989
100.0
46.2
5.5
14.4
6.7
5.8
8.4
2.1
2.5
1.4
9.9
1990
100.0
40.5
5.4
21.8
5.8
6.2
9.0
2.7
2.8
2.3
8.1
1991
100.0
37.9
4.4
18.9
6.7
13.5
8.9
2.6
3.1
2.1
6.3
1992
100.0
38.3
4.8
19.0
8.5
14.3
9.1
5.3
3.4
4.7
1.9
1993
100.0
33.8
5.2
21.0
10.1
10.3
8.4
5.1
3.1
4.2
7.3
1994
100.0
36.2
6.5
19.9
8.7
8.2
8.8
4.8
3.2
4.0
7.7
1995
100.0
32.9
6.6
19.8
7.7
10.5
9.2
5.0
3.7
3.0
7.7
11.7
9.9
3.0
3.1
2.0
6.5
9.9
8.9
1.3
43.0
2.8
0.5
8.4
0.4
10.1
0.4
10.4
22.0
1996
100.0
33.2
6.5
19.2
9.0
1997
100.0
35.5
5.3
18.1
10.2
1998 a)
100.0
27.5
5.3
14.6
1999 b)
100.0
27.8
4.8
13.9
43.5
annual change (%)
1985
0.1
2.8
4.7
0.5
1.9
7.1
1.5
5.7
3.0
5.4
1986
2.4
4.9
3.8
5.3
2.2
1.3
0.8
1.4
9.0
3.4
6.5
1987
0.8
6.2
1.2
4.4
4.0
12.0
0.6
73.3
4.7
83.1
19.3
1988
0.5
1.0
2.6
5.5
1.8
2.5
1.4
11.2
1.9
17.7
22.2
1989
5.8
8.4
19.9
6.8
3.8
7.6
1.7
50.9
3.7
39.1
15.5
1990
5.6
16.7
1.1
37.3
21.4
9.3
8.5
17.3
14.0
28.8
34.7
1991
12.9
12.8
19.4
12.3
8.8
25.6
3.4
0.3
8.0
5.7
26.0
1992
8.8
13.7
5.6
12.9
4.0
9.1
7.4
39.7
10.8
50.8
5.7
1993
1.5
1.0
24.7
13.6
2.8
9.1
0.6
0.5
1.9
0.5
89.8
1994
3.9
3.4
27.4
2.9
0.8
0.9
5.4
1.7
9.7
1.7
0.2
1995
7.1
5.6
6.7
4.6
1.7
21.8
7.1
1.4
4.4
2.9
11.6
12.5
12.5
14.2
7.1
5.3
4.4
13.8
9.9
39.6
6.2
10.2
53.7
7.6
12.9
2.4
10.1
3.9
1996
3.9
6.9
0.8
4.2
6.4
1997
6.9
5.9
20.3
1.3
9.5
1998 a)
5.4
3.3
1.6
10.1
1999 b)
3.2
3.1
9.6
4.7
5.1
Source: National Commission for Statistics.

1) Net taxes on product and customs duties; a) Semi-final data; b) Provisional data.
6*
Annual Report 1999
Statistical Section
1. GROSS DOMESTIC PRODUCT

Period
Use of GDP
TOTAL
Gross fixed
Change
Final consumption
capital
in stocks
Total
Exports,
Households General
formation
Statistic
Private non-profit net
government
differences
institutions
serving
households
billions of lei (in current prices)

1985
817.4
246.3
23.6
491.9
408.4
83.5
33.2
22.4
1986
838.6
249.0
39.4
497.2
416.7
80.5
35.5
17.5
1987
845.2
245.5
23.5
516.8
441.9
74.9
52.8
6.6
1988
857.0
240.2
3.1
532.3
454.7
77.6
80.1
1.3
1989
800.0
238.9
24.6
563.9
463.4
93.2
7.3
21.8
0.1
1990
857.9
169.8
89.7
679.5
557.7
114.3
7.5
81.1
0.0
1991
2,203.9
317.0
301.1
1,672.5
1,323.7
333.9
14.9
86.7
0.0
1992
6,029.2
1,156.9
736.7
4,642.5
3,750.8
861.1
30.6
506.9
1993
20,035.7
3,583.7
2,212.2
15,235.8
12,670.3
2,473.2
92.3
996.0
1994
49,773.2
10,095.7
2,252.6
38,452.4
31,442.0
6,851.8
158.6
1,027.5
1995
72,135.5
15,424.9
2,085.1
58,662.4
48,545.1
9,877.0
240.3
4,036.9
1996
108,919.6
24,998.5
3,161.4
89,939.4
75,288.8
14,273.9
376.7
9,179.7
1997
250,480.2
55,074.2
501.3
213,772.8
188,416.2
17,865.5
1998 a)
368,260.7
71,350.2
7,604.1
319,310.2
266,009.9
24,291.9
1,064.7
53,300.3
30,003.8
1999 b)
521,735.5
96,308.9
7,569.1
439,721.4
363,285.2
76,436.2
21,863.9
composition (%)
1985
100.0
30.1
2.9
60.2
50.0
10.2
4.1
2.7
1986
100.0
29.7
4.7
59.3
49.7
9.6
4.2
2.1
1987
100.0
29.0
2.8
61.2
52.3
8.9
6.2
0.8
1988
100.0
28.0
0.4
62.1
53.1
9.1
9.4
0.1
1989
100.0
29.9
3.1
70.5
57.9
11.6
0.9
2.7
0.0
1990
100.0
19.8
10.5
79.2
65.0
13.3
0.9
9.5
0.0
1991
100.0
14.4
13.6
75.9
60.1
15.1
0.7
3.9
0.1
1992
100.0
19.2
12.2
77.0
62.2
14.3
0.5
8.4
1993
100.0
17.9
11.1
76.0
63.2
12.3
0.5
5.0
0.1
1994
100.0
20.3
4.5
77.3
63.2
13.8
0.3
2.1
1995
100.0
21.4
2.9
81.3
67.3
13.7
0.3
5.6
1996
100.0
23.0
2.9
82.6
69.1
13.1
0.3
8.4
1997
100.0
22.0
0.2
85.3
75.2
7.1
8.1
4.2
1998 a)
100.0
19.4
2.1
86.7
72.2
9.7
0.4
14.5
1999 b)
100.0
18.5
1.5
84.3
69.6
14.7
annual change (%)

1985
0.1
1.7
30.2
0.7
1.7
4.7
5.9
49.4
1986
2.4
1.1
68.6
0.5
1.3
3.6
2.0
11.9
1987
0.8
1.4
39.2
3.4
5.4
6.9
63.7
77.1
1988
0.5
2.1
85.2
2.1
1.9
3.5
52.1
1989
5.8
1.6
1.4
0.6
6.0
36.8
1990
5.6
35.6
8.9
8.1
14.1
3.7
1991
12.9
31.6
19.9
11.8
16.2
10.6
25.1
50.3
1992
8.8
11.0
36.6
5.6
7.5
2.2
6.4
28.2
1993
1.5
8.3
20.7
1.2
0.9
2.7
5.0
17.9
1994
3.9
20.7
56.6
3.8
2.6
11.0
29.9
72.3
1995
7.1
6.9
53.7
10.8
13.0
1.0
3.0
8.2
1996
3.9
5.7
21.1
7.0
8.0
1.5
20.3
41.6
1997
6.9
3.0
4.3
3.0
11.6
10.0
4.7
1998 a)
5.4
5.1
4.1
4.6
49.3
1999 b)
3.2
10.8
45.4
4.5
4.9
45.4
7*
Annual Report 1999
Statistical Section
2a. MAIN MACROECONOMIC INDICATORS (annual data)
INDICATORS
1. Gross domestic product
U.M.
bill.lei
1985
1986
1987
1988
1989
1990
1991
817.4
838.6
845.2
857.0
800.0
857.9
2,203.9
0.1
2.4
0.8
0.5
5.8
5.6
12.9
1.1. Annual rate
1.2. GDP deflator
% annual
100.3
100.2
100.0
101.9
99.1
113.6
295.1
1.3. GDP/capita
thou.lei/pers.
36.0
36.7
36.8
37.2
34.6
37.0
95.1
bill.lei
491.9
497.2
516.8
532.3
563.9
679.5
1,672.5
2.1. Annual rate
0.7
0.5
3.4
2.1
1.4
8.9
11.8
2.2. Share in GDP
60.2
59.3
61.1
62.1
70.5
79.2
75.9
bill.lei
246.3
249.0
245.5
240.2
238.9
169.8
317.0
2. Final consumption
3. Gross fixed capital formation

3.1. Annual rate
1.7
1.1
1.4
2.1
1.6
35.6
31.6
3.2. Share in GDP
30.1
29.7
29.0
28.0
29.9
19.8
14.4
4. Industrial output 1)
0.3
2.2
2.3
0.7
5.3
23.7
22.8
1.1
1.0
26.9
220.1
0.8
5.5
9.3
6.2
5.1
2.9
0.8
...
2.9
2.5
0.3
1.4
17.2
25.5
0.8
21.7
...
...
...
...
...
0.8
37.0
3.9
20.1
4.1. Industrial producer prices 1)

5. Agriculture output 1)
6. Domestic trade
6.1. Retail sales* 1)
share of private sector
6.2. Commercial services delivered to population 1)
7. Foreign trade
7.1. Exports fob, total
mill.USD
10,174.4
9,763.1
10,491.8
11,392.5
10,487.4
5,775.4
4,265.7
7.2. Imports fob, total
mill.USD
8,402.4
8,084.1
8,312.7
7,642.6
8,437.7
9,202.5
5,372.0
7.3. Balance
mill.USD
+1,772.0
+1,679.0
+2,179.1
+3,749.9
+2,049.7
3,427.1
1,106.3
121.1
120.8
126.2
149.1
124.3
62.8
79.4
7.4. Coverage of imports through exports
mill.USD
1,381.0
1,395.0
2,043.0
3,922.0
2,514.0
3,337.0
1,012.0
9. Foreign debt
mill.USD
6,830
6,875
6,272
2,106
174
230
1,143
10. Net average nominal wage and salary earnings 1)
...
1.0
0.6
2.6
4.0
10.5
120.6
10.1. Net average real wage and salary earnings 1)
...
0.0
0.3
0.4
2.8
5.1
18.3
11.1. Average 2)
0.8
1.0
0.9
2.2
1.1
5.1
170.2
11.2. End of period 3)
...
...
...
...
1.1
37.7
222.8
11. Inflation rate
Source: National Commission for Statistics, National Office of Trade Register, Ministry of Finance, and National Bank of Romania.
1) Annual change; 2) Average level of current year compared to the average level of previous year; 3) December of current year compared to
December of previous year; a) semi-final data; b) provisional data *) except for motorcars and motorcircles starting 1997.
8*
Annual Report 1999
Statistical Section
1992
1993
1994
1995
6,029.2
20,035.7
8.8
1.5
3.9
7.1
3.9
6.9
5.4
3.2
300.0
327.4
239.1
135.3
145.3
247.0
155.4
146.4
% annual
264.6
880.5
2,189.7
3,180.4
4,817.8
11,109.8
16,365.0
4,642.5
15,235.8
38,452.4 58,662.4
89,939.4
5.6
1.2
3.8
10.8
7.0
4.3
4.1
4.5
2.1. Annual rate
77.0
76.0
77.3
81.3
82.6
85.3
86.7
84.3
2.2. Share in GDP
1,156.9
3,583.7
10,095.7 15,424.9
24,998.5
55,074.2
71,350.2
96,308.9
11.0
8.3
20.7
6.9
5.7
3.0
5.1
10.8
3.1. Annual rate
19.2
17.9
20.3
21.4
23.0
22.0
19.4
18.5
3.2. Share in GDP
21.9
1.3
3.3
9.4
6.3
7.2
17.0
8.0
4. Industrial output 1)
184.8
165.0
140.5
35.1
49.9
156.6
33.2
42.2
13.3
12.9
0.2
4.5
1.3
3.4
7.6
5.5
49,773.2 72,135.5
1996
108,919.6
1997
1998 a)
250,480.2 368,260.7
213,772.8 319,310.2
1999 b)
U.M.
521,735.5
bill.lei
INDICATORS
1. Gross domestic product
1.1. Annual rate
1.2. GDP deflator
23,231.6 thou.lei/pers.
439,721.4
bill.lei
bill.lei
1.3. GDP/capita
2. Final consumption
3. Gross fixed capital formation
4.1. Industrial producer prices 1)

5. Agriculture output 1)
6. Domestic trade
17.3
7.6
8.5
29.0
15.3
12.1
4.1
5.0
45.8
65.0
71.1
74.3
76.7
85.2
90.6
93.2
15.6
41.2
20.8
20.1
7.7
17.4
20.2
5.3
35.4
42.6
54.0
58.4
59.8
67.4
54.2
67.6
6.1. Retail sales* 1)

6.2. Commercial services delivered to population 1)
7. Foreign trade
4,363.4
4,892.2
6,151.3
7,910.0
8,084.5
8,431.3
8,301.5
8,503.0
mill.USD
7.1. Exports fob, total
5,784.1
6,020.1
6,562.4
9,487.0
10,555.0
10,411.4
10,926.6
9,595.1
mill.USD
7.2. Imports fob, total
1,420.7
1,127.9
411.1 1,577.0
2,470.5
1,980.1
2,625.1
1,092.1
mill.USD
7.3. Balance
75.4
81.3
83.4
76.6
81.0
76.0
88.6
1,564.0
1,174.0
428.0 1,774.0
2,571.0
2,137.0
2,968.0
1,288.0
mill.USD
2,479
3,357
4,597
5,482
7,209
8,584
9,308
8,436
mill.USD
9. Foreign debt
170.0
196.5
137.7
48.9
51.9
96.8
69.9
44.8
10. Net average nominal wage and salary earnings 1)
13.0
16.7
0.4
12.6
9.5
22.7
6.8
0.7
10.1. Net average real wage and salary earnings 1)
93.7
7.4. Coverage of imports through exports
11. Inflation rate

210.4
256.1
136.7
32.3
38.8
154.8
59.1
45.8
11.1. Average 2)
199.2
295.5
61.7
27.8
56.9
151.4
40.6
54.8
11.2. End of period 3)
9*
Annual Report 1999
Statistical Section

INDICATORS
U.M.
1985
1986
1987
1988
1989
1990
1991
1992
12. State budget

revenues
bill.lei
300.1
333.7
334.6
331.0
348.5
212.7
496.8
1,363.9
expenditures
bill.lei
282.0
302.9
281.4
286.7
288.4
210.2
537.9
1,627.0
deficit ()/surplus (+)
bill.lei
+18.1
+30.8
+53.2
+44.3
+60.1
+2.5
41.1
263.1
2.2
3.7
6.3
5.2
7.5
0.3
1.9
4.4
number
6,182
18,872
mill.USD
537.9
896.3
%/year
3.0
18.0
50.5
end of period
bill.lei
318.8
344.0
359.2
395.9
420.9
514.4
1,033.3
1,856.1
average (for velocity)
bill.lei
318.8
331.4
351.6
377.6
408.4
478.0
603.5
1,209.6
end of period
times/year
2.56
2.44
2.35
2.16
1.90
1.67
2.13
3.25
average
times/year
2.56
2.53
2.40
2.27
1.96
1.79
3.65
4.98
gross
bill.lei
12.9
20.8
21.2
30.1
55.3
47.6
233.3
763.3
net
bill.lei
98.6
82.8
66.9
0.7
50.5
42.0
4.1
322.4
17.1. annual average
lei/USD
17.14
16.15
14.56
14.28
14.92
22.43
76.39
307.95
17.2. end of period
lei/USD
15.73
15.28
13.74
14.37
14.44
34.71
189.00
460.00
thou.pers. 22,724.8
22,823.5
22,940.4
23,053.6
23,151.6
23,206.7
23,185.1
22,789.0
10,586.1
10,669.5
10,718.6
10,805.4
10,945.7
10,839.5
10,785.8
10,458.0
thou.pers.
7,689.3
7,746.3
7,772.9
7,876.7
8,323.0
8,142.2
7,483.5
6,627.4
private sector
thou.pers.
53.9
318.5
453.2
20. Unemployment 4)
thou.pers.
337.4
929.0
3.0
8.2
12.1. Percentage of state budget balance in GDP

13. Foreign investors
foreign exchange capital
14. Discount rate
15. Broad money
15.1. Velocity
16. Foreign assets in convertible currencies

(including gold)
17. Exchange rate
18. Population
19. Employment, total, of which: 4)
employees
20.1. unemployment rate 4)
thou.pers.
Source: National Commission for Statistics, National Office of Trade Register, Ministry of Finance, and National Bank of Romania.
4) End of period.
10*
Annual Report 1999
Statistical Section

1993
1994
1995
1996
1997
1998 a)
1999 b)
U.M.
INDICATORS
12. State budget
3,792.4
8,860.2
12,888.3
18,372.8
43,834.5
67,215.5
93,230.3
bill.lei
revenues
4,313.6
10,930.4
15,858.0
23,732.0
52,896.6
77,616.6
106,886.7
bill.lei
expenditures
521.2
2,070.2
2,969.7
5,359.2
9,062.1
10,401.0
13,656.3
bill.lei
deficit ()/surplus (+)
2.6
4.2
4.1
4.9
3.6
2.8
2.6
29,392
40,941
44,638
48,557
54,198
63,255
71,318
number
1,264.6
2,261.8
2,562.5
3,139.3
3,464.2
3,648.5
4,364.0
mill.USD
70.0
65.3
39.6
35.0
47.2
38.0
35.0
%/year
12.1. Percentage of state budget balance in GDP

13. Foreign investors
foreign exchange capital
14. Discount rate
15. Broad money
4,472.4
10,648.7
18,278.1
30,334.6
62,150.4
92,529.9
134,122.5
bill.lei
end of period
2,764.4
6,652.2
13,107.7
22,219.5
45,116.4
70,212.5
106,348.6
bill.lei
average (for velocity)

15.1. Velocity
4.48
4.67
3.95
3.59
4.03
3.98
3.89
times/year
end of period
7.25
7.48
5.50
4.90
5.55
5.24
4.91
times/year
average
16. Foreign assets in convertible currencies
(including gold)
2,518.0
5,490.4
6,263.8
12,175.8
40,143.4
42,499.7
68,333.7
bill.lei
gross
1,155.7
1,866.7
724.3
683.1
15,935.3
16,162.1
41,380.8
bill.lei
net
17. Exchange rate
760.05
1,655.09
2,033.26
3,082.60
7,167.94
8,874.81
15,332.93
lei/USD
17.1. annual average
1,276.00
1,767.00
2,578.00
4,035.00
8,023.00
10,951.00
18,255.00
lei/USD
17.2. end of period
22,755.3
22,730.6
22,681.0
22,607.6
22,545.9
22,489.0
22,456.0
10,062.0
10,011.6
9,493.0
9,379.0
9,023.0
6,385.3
5,900.0
5,707.0
5,634.0
5,125.0
5,024.8
725.8
1,111.4
1,369.5
1,332.0
1,531.0
1,164.7
1,223.9
998.4
657.6
881.4
1,025.1
1,130.3
10.4
10.9
9.5
6.6
8.9
10.3
11.5
thou.pers. 18. Population
thou.pers. 19. Employment, total, of which: 4)

4,615.6
thou.pers.
thou.pers.
11*
thou.pers.
%
employees
private sector
20. Unemployment 4)
20.1. unemployment rate 4)
Annual Report 1999
Statistical Section
2b. MAIN MACROECONOMIC INDICATORS (monthly data)

Period
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Industrial output (unad- Foreign trade (fob, mill.USD)

justed series; % change) Exports
Imports
Balance
monthly cumulative,
compared to
the same
period of the
previous year
1.9
3.8
497
520
23
2.9
7.4
613
626
13
17.6
10.4
598
871
273
8.9
9.3
606
707
101
6.4
10.0
704
867
163
0.3
9.2
708
860
152
4.5
9.2
714
854
140
5.1
9.0
662
760
98
0.4
9.2
668
726
58
5.5
9.7
687
806
119
1.2
9.8
763
921
158
15.4
9.4
690
969
279
1.2
8.5
618
776
158
1.1
7.7
627
735
108
13.2
5.7
701
838
137
1.4
7.5
689
895
206
5.8
8.2
712
886
174
3.7
7.8
663
801
138
6.3
9.0
703
924
221
5.9
8.6
655
763
108
0.9
8.8
670
816
146
8.8
9.3
710
1,011
301
1.7
9.2
682
1,004
322
12.4
6.3
655
1,106
451
4.3
13.0
607
774
167
0.9
14.4
643
694
51
1.7
12.5
693
683
10
9.3
8.1
700
803
103
0.1
4.2
734
920
186
3.3
2.8
772
948
176
0.1
0.7
790
990
201
0.8
1.8
698
766
68
2.2
3.5
749
822
72
12.5
4.4
713
937
224
1.3
5.1
671
956
285
18.4
7.2
660
1,118
459
6.6
24.0
616
664
48
0.8
24.0
699
711
12
10.0
21.9
733
917
184
9.3
21.1
667
894
227
1.6
20.2
678
966
288
0.2
19.2
740
982
243
3.3
18.9
745
1,026
281
0.9
18.6
616
764
148
10.8
17.3
691
1,037
346
2.0
16.9
741
1,012
271
7.1
17.4
682
905
223
8.0
17.0
694
1,049
355
7.7
12.8
589
702
114
5.1
11.1
625
673
48
10.9
9.6
680
756
76
8.9
8.9
587
731
144
0.8
9.3
652
802
150
1.0
9.4
728
841
113
3.2
9.3
776
791
15
1.8
8.9
727
709
18
7.1
8.8
779
776
2
1.2
9.1
770
869
99
3.2
8.4
807
952
145
9.9
8.0
784
992
209
Coverage of
imports
through
exports (%)
95.6
97.9
68.7
85.7
81.2
82.3
83.6
87.1
92.0
85.2
82.8
71.2
79.6
85.3
83.7
77.0
80.4
82.8
76.1
85.8
82.1
70.2
67.9
59.2
78.5
92.7
101.4
87.2
79.8
81.4
79.7
91.1
91.2
76.1
70.2
59.0
92.8
98.3
79.9
74.6
70.2
75.3
72.6
80.6
66.6
73.2
75.4
66.2
83.8
92.9
89.9
80.3
81.3
86.6
98.1
102.5
100.3
88.7
84.7
79.0
Current
account
balance, from
the beginning
of the year
(mill.USD)
Medium- and
long-term
foreign debt
at end of
period
(mill.USD)
50
165
433
642
670
786
960
914
1,022
1,136
1,323
1,774
169
315
493
698
923
1,069
1,362
1,457
1,592
1,924
2,262
2,571
184
219
250
396
597
864
1,094
1,198
1,277
1,565
1,787
2,137
64
33
224
481
786
1,059
1,332
1,475
1,848
2,192
2,477
2,968
142
192
277
429
590
721
711
708
634
708
914
1,288
4,690
4,754
4,918
4,969
4,914
4,934
4,957
4,868
4,895
4,904
4,978
5,482
5,416
5,530
5,621
5,570
6,116
6,450
6,620
6,630
6,579
7,182
7,243
7,209
7,164
7,351
7,562
7,617
7,754
8,089
7,921
7,849
8,265
8,344
8,270
8,584
8,490
8,478
8,181
8,203
8,271
8,385
8,411
8,426
8,699
8,857
8,773
9,308
8,886
8,472
8,408
8,377
7,910
7,591
7,786
7,989
8,134
8,196
8,200
8,436
Net monthly average wage and

salary earnings
nominal
real
(lei/pers.)
monthly (monthly
change change)
(%)
(%)
1)
1)
170,885
13.9
15.6
173,758
1.7
0.3
182,803
5.2
4.3
199,030
8.9
7.2
199,702
0.3
0.8
205,080
2.7
1.4
218,535
6.6
3.9
230,338
5.4
4.4
229,543
0.3
1.9
242,612
5.7
2.1
252,217
4.0
0.1
282,995
12.2
8.2
256,563
9.3
10.4
248,880
3.0
4.8
262,237
5.4
3.6
301,558
15.0
12.9
293,508
2.7
7.6
294,148
0.2
0.8
333,797
13.5
5.6
343,090
2.8
1.0
341,361
0.5
2.8
374,633
9.7
6.1
380,375
1.5
4.1
433,692
14.0
3.4
396,892
8.5
19.5
456,305
15.0
3.2
507,026
11.1
15.0
591,867
16.7
9.2
567,647
4.1
8.1
580,978
2.3
0.0
621,728
7.0
6.3
650,641
4.7
1.1
710,242
9.2
5.7
797,194
12.2
5.4
820,842
3.0
1.3
940,495
14.6
9.6
884,424
6.0
10.4
878,620
0.7
7.3
954,305
8.6
4.6
1,045,498
9.6
6.7
999,233
4.4
6.6
1,040,621
4.1
2.8
1,098,549
5.6
4.2
1,122,880
2.2
1.6
1,139,952
1.5
1.1
1,170,924
2.7
1.1
1,191,510
1.8
0.1
1,360,261
14.2
11.7
1,240,941
8.8
11.4
1,294,259
4.3
1.4
1,411,363
9.0
2.5
1,479,672
4.8
0.0
1,460,453
1.3
6.3
1,513,514
3.6
1.4
1,603,869
6.0
4.2
1,624,183
1.3
0.1
1,629,938
0.4
2.8
1,656,981
1.7
2.4
1,751,585
5.7
1.6
1,990,080
13.6
10.4
x
23.7
5,775
9,203 3,427
62.8
3,337
230.0
3,381
x
22.8
4,266
5,372 1,106
79.4
1,012
1,143.0
7,460
x
21.9
4,363
5,784 1,421
75.4
1,564
2,479.0
20,140
x
1.3
4,892
6,020 1,128
81.3
1,174
3,357.0
59,717
x
3.3
6,151
6,562
411
93.7
428
4,596.8
141,951
x
9.4
7,910
9,487 1,577
83.4
1,774
5,482.1
211,373
x
6.3
8,085
10,555 2,471
76.6
2,571
7,208.9
321,169
x
7.2
8,431
10,411 1,980
81.0
2,137
8,584.3
632,086
x
17.0
8,302
10,927 2,625
76.0
2,968
9,308.1
1,073,898
x
8.0
8,503
9,595 1,092
88.6
1,288
8,435.5
1,554,737
Source: National Commission for Statistics, Ministry of Finance, Register of Commerce, and National Bank of Romania.
1) Data at the bottom of the table are average monthly changes during the year.
12*
3.2
9.1
8.8
9.9
5.8
3.0
3.6
6.7
3.1
3.2
0.5
1.1
0.7
2.0
1.6
0.9
0.2
1.2
0.2
0.5
Annual Report 1999
Statistical Section

Period
(continued)
Monthly
Monthly
change of change of
consumer producer
prices
prices
(%)
(%)
1)
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Employment in
economy
(thou. pers.)
Unemployment
State budget
(end of period)
cumulative from the beginning of the
Unemployed Unemploy-year (bill.lei)
total
ment rate Revenues
Expenditures Deficit ()
(thou. pers.)
(%)
Surplus (+)
Discount
rate
(% p.a.)
2)
Average interest rates

of commercial banks
(non-bank clients)
(% p.a.) 2)
lending
deposit
1)
2.0
1.4
0.9
1.6
1.1
1.3
2.6
1.0
1.6
3.5
4.1
3.7
1.2
1.9
1.7
1.9
5.3
1.0
7.5
3.8
2.4
3.4
5.8
10.3
13.7
18.8
30.7
6.9
4.3
2.3
0.7
3.5
3.3
6.5
4.3
4.5
4.9
7.2
3.8
2.7
2.3
1.3
1.3
0.6
2.7
3.9
1.9
2.2
3.0
2.9
6.4
4.8
5.3
5.1
1.7
1.2
3.2
4.2
4.0
2.9
1.3
1.5
0.5
4.1
2.6
3.7
3.3
1.6
1.9
2.4
2.8
2.6
2.6
3.3
2.8
4.1
3.7
3.6
13.2
4.8
4.0
2.1
2.1
2.4
8.9
17.0
52.6
5.2
5.8
4.4
1.5
0.6
2.5
1.7
3.4
2.1
3.0
2.7
1.7
2.2
1.4
0.8
0.2
0.7
1.3
1.2
1.7
1.3
2.5
4.0
6.7
5.4
3.5
7.2
3.0
3.7
3.2
4.1
2.8
3.9
5,802.0
5,857.0
5,928.0
5,925.0
5,965.0
5,967.0
5,993.0
5,930.0
5,893.0
5,862.0
5,783.0
5,707.0
5,648.0
5,638.0
5,706.0
5,794.0
5,841.0
5,865.0
5,875.0
5,826.0
5,802.0
5,762.0
5,715.0
5,634.0
5,508.0
5,502.0
5,532.0
5,503.0
5,529.0
5,501.0
5,482.0
5,406.0
5,310.0
5,225.0
5,135.0
5,125.0
5,287.0
5,250.0
5,217.0
5,252.0
5,259.0
5,248.0
5,214.0
5,165.0
5,155.0
5,105.6
5,060.8
5,024.8
4,931.3
4,897.7
4,881.8
4,862.1
4,823.6
4,778.2
4,760.5
4,736.1
4,713.5
4,697.8
4,672.8
4,615.6
1,234.9
1,245.4
1,229.0
1,183.7
1,151.8
1,114.7
1,085.5
1,061.8
1,038.0
1,007.1
985.5
998.4
1,042.2
1,055.3
1,031.4
926.7
862.7
798.0
736.4
692.6
664.6
659.4
644.6
657.6
702.5
748.1
757.7
731.0
709.5
727.9
720.3
708.5
721.1
763.4
816.4
881.4
920.1
961.7
953.4
933.9
907.2
883.9
871.0
848.3
857.2
894.6
940.0
1,025.1
1,103.5
1,183.9
1,182.7
1,153.5
1,133.0
1,121.8
1,114.2
1,075.0
1,073.6
1,064.5
1,090.6
1,130.3
11.0
11.1
10.9
10.5
10.3
9.9
9.7
9.5
9.2
9.0
8.8
9.5
9.0
10.1
9.8
8.0
8.2
6.0
7.0
6.0
6.3
6.3
6.1
6.6
7.0
7.5
7.5
7.3
7.1
7.3
7.2
7.1
7.2
7.6
8.1
8.9
9.3
9.7
9.6
9.4
9.2
8.9
8.8
8.7
8.7
9.0
9.5
10.3
11.1
12.0
11.9
11.6
11.4
11.3
11.3
10.9
10.9
10.8
11.1
11.5
807.4
1,674.5
2,741.1
3,687.4
4,721.5
5,746.2
6,749.2
7,849.8
9,096.6
10,296.6
11,572.8
12,888.3
1,307.8
2,534.2
3,680.9
4,951.9
6,964.6
8,258.4
9,625.8
11,094.6
12,551.5
14,207.3
15,991.3
18,372.8
2,128.0
4,224.9
6,469.8
9,962.2
13,944.8
17,222.9
20,728.0
24,429.5
28,814.7
33,624.2
38,150.9
43,834.5
5,404.6
9,628.9
13,890.2
19,906.5
24,539.9
30,095.1
36,210.1
41,195.3
47,148.8
54,517.4
60,160.2
67,215.5
9,945.4
14,653.2
23,133.4
30,970.9
37,516.0
43,755.5
52,637.8
61,373.5
66,936.0
76,868.0
84,908.4
93,230.3
56.3
54.0
52.1
51.1
49.4
48.1
48.0
47.9
46.1
42.8
44.0
47.5
48.9
55.4
57.9
56.5
56.9
57.4
56.8
55.4
55.0
55.2
54.7
53.6
53.2
69.7
108.0
112.7
109.0
91.4
69.0
52.8
49.8
48.1
50.5
55.6
59.8
62.0
62.1
60.7
57.4
53.2
48.5
47.0
47.9
53.0
54.3
58.9
58.7
59.2
61.9
64.5
69.8
72.6
75.6
72.4
68.6
61.7
60.7
62.0
44.3
41.7
39.4
37.6
35.2
37.6
37.5
36.1
34.1
30.9
31.1
32.4
34.0
36.7
38.0
37.8
38.5
38.7
38.7
38.7
38.9
38.8
38.9
38.9
39.0
58.7
96.6
94.9
87.5
73.8
47.4
38.4
33.6
32.7
32.9
34.1
36.3
40.1
40.6
39.6
38.2
34.3
32.4
32.1
33.5
37.5
40.4
42.3
42.5
44.5
46.1
47.9
49.8
49.1
52.1
48.7
46.1
42.9
40.7
41.3
2.7
8.1
8,142.2
x
x
212.7
210.2
+2.5
3.0
3.8
10.3
11.5
7,483.5
337.4
3.0
496.8
537.9
41.1
18.0
14.8
9.6
6.1
6,627.4
929.0
8.2
1,363.9
1,627.0
263.1
50.5
49.6
12.1
9.6
6,385.3
1,164.7
10.4
3,792.4
4,313.6
521.2
70.0
58.9
4.1
4.8
5,900.0
1,223.9
10.9
8,860.2
10,930.4
2,070.2
65.3
91.4
2.1
2.3
5,707.0
998.4
9.5
12,888.3
15,858.0
2,969.7
39.6
48.6
3.8
4.1
5,634.0
657.6
6.6
18,372.8
23,732.0
5,359.2
35.0
55.8
8.0
8.1
5,125.0
881.4
8.9
43,834.5
52,896.6
9,062.1
47.2
63.7
2.9
1.5
5,024.8
1,025.1
10.3
67,215.5
77,616.6
10,401.0
38.0
56.9
3.7
4.1
4,615.6
1,130.3
11.5
93,230.3
106,886.7
13,656.3
35.0
65.9
2) Annual data at the bottom of the table are chronological means; interest rates are calculated as weighted arithmetic means.
35
8.6
28.3
33.8
58.9
36.5
38.1
51.6
38.3
45.4
13*
622.6
1,568.9
2,779.6
3,942.6
5,165.5
6,634.4
7,945.4
9,336.7
10,737.3
12,324.8
13,806.2
15,858.0
1,515.0
2,846.0
4,475.5
5,934.8
7,561.1
9,501.2
11,287.5
12,998.8
15,411.2
17,870.6
20,189.6
23,732.0
2,465.7
4,565.6
8,452.2
12,395.8
16,255.6
20,371.6
26,022.0
30,258.6
34,703.0
39,384.5
44,717.7
52,896.6
5,359.2
10,436.8
16,770.4
24,972.0
30,427.5
37,124.7
43,054.4
47,491.7
54,403.9
61,897.9
68,230.1
77,616.6
6,914.1
16,029.0
24,778.7
33,240.9
41,674.2
50,869.0
61,760.1
70,205.9
77,735.4
88,499.4
96,534.4
106,886.7
+184.8
+105.6
38.5
255.2
444.0
888.2
1,196.1
1,486.9
1,640.7
2,028.2
2,233.4
2,969.7
207.2
311.8
794.6
983.0
596.5
1,242.9
1,661.7
1,904.2
2,859.7
3,663.3
4,198.3
5,359.2
337.7
340.7
1,982.5
2,433.6
2,310.9
3,148.7
5,294.0
5,829.1
5,888.3
5,760.3
6,566.9
9,062.1
+45.4
807.9
2,880.1
5,065.5
5,887.5
7,029.6
6,844.3
6,296.5
7,255.2
7,380.5
8,069.9
10,401.0
+3,031.3
1,375.9
1,645.4
2,270.0
4,158.3
7,113.5
9,122.3
8,832.4
10,799.4
11,631.4
11,626.0
13,656.3
55.0
48.5
44.0
40.0
40.0
40.0
40.0
35.0
35.0
33.0
33.0
34.1
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
50.0
50.0
50.0
50.0
50.0
50.0
44.7
40.0
40.0
40.0
40.0
40.0
40.0
40.0
40.0
40.0
40.0
40.0
40.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
35.0
Annual Report 1999
Statistical Section

Period
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
(continued)
Foreign assets; end
of period (convertible
currencies less gold)
(bill.lei) 2)
gross
net
3,798.5
3,725.5
3,605.8
3,522.0
3,475.5
3,644.8
3,536.4
3,390.4
3,159.8
3,152.4
3,843.5
4,252.9
3,856.0
4,035.3
4,602.0
4,218.0
5,264.1
5,867.6
6,027.8
5,586.3
5,625.7
7,233.8
7,411.3
8,766.1
10,975.0
14,183.9
13,678.5
16,062.5
16,744.5
19,904.9
22,924.8
24,151.1
28,420.7
28,871.4
30,589.0
31,145.6
30,255.0
29,749.7
28,828.4
28,199.0
28,343.2
29,103.3
28,821.0
28,578.0
27,302.2
26,613.3
24,817.9
32,344.2
32,994.0
31,807.7
36,914.2
37,646.1
31,514.2
30,168.1
33,491.0
40,089.5
44,238.5
46,317.4
47,754.0
50,704.8
97.9
241.6
601.8
775.8
711.8
667.2
720.9
853.3
1,140.6
1,327.6
1,178.5
1,286.6
1,558.7
1,980.6
1,790.9
1,950.0
2,038.8
2,190.0
2,451.8
2,708.6
2,756.2
3,013.0
3,444.4
3,990.3
6,183.5
7,912.2
7,077.4
4,820.7
4,217.9
41.5
1,855.1
2,374.3
4,654.2
4,513.4
6,268.3
6,937.6
5,871.9
5,833.0
3,706.3
3,386.1
3,425.7
3,589.7
3,534.5
3,439.6
1,448.7
324.3
1,764.4
6,006.6
5,161.3
1,909.1
2,434.4
1,996.4
3,107.1
5,005.1
8,131.8
13,721.3
17,716.8
19,895.6
21,185.6
23,751.8
Domestic credit; end Broad money (M2); end of

Exchange rate on forex market 3)
of period
period (bill.lei) 2)
lei/USD
lei/EUR 4)
(billions of lei) 2)
Total
M1
Quasi
average
end
average
end
total, net of which,
money
of period
of period
credit
to nongovernment
9,174.3
9,852.0
10,447.7
3,998.2
6,449.5
1,776.00
1,780
2,193.48
2,219
9,475.5
10,216.2
10,565.7
3,846.9
6,718.8
1,798.85
1,810
2,247.95
2,292
10,169.9
10,735.3
11,191.2
4,068.7
7,122.5
1,832.57
1,847
2,380.43
2,441
10,799.4
11,174.0
11,504.6
4,241.7
7,262.9
1,864.95
1,879
2,472.80
2,502
11,183.1
11,515.6
12,037.9
4,354.7
7,683.2
1,911.20
1,937
2,500.86
2,571
11,872.5
11,897.7
12,753.4
4,639.0
8,114.4
1,955.82
1,975
2,578.50
2,619
12,670.7
12,463.5
13,352.2
4,990.6
8,361.6
1,994.29
2,018
2,655.95
2,700
13,580.1
13,117.4
14,078.7
5,252.8
8,825.9
2,045.91
2,069
2,663.30
2,637
14,213.2
14,044.6
14,622.3
5,516.3
9,105.9
2,100.00
2,128
2,677.29
2,762
15,390.7
14,955.3
15,395.8
5,905.6
9,490.2
2,166.20
2,225
2,812.59
2,916
16,388.6
15,860.6
16,607.2
6,249.5
10,357.8
2,395.27
2,547
3,107.32
3,291
17,399.0
16,435.4
18,278.1
7,083.2
11,194.9
2,558.00
2,578
3,263.61
3,299
17,963.8
16,779.0
18,254.0
6,557.1
11,696.9
2,599.24
2,640
3,289.00
3,245
18,733.5
17,494.9
18,904.6
6,376.2
12,528.4
2,773.71
2,859
3,468.00
3,630
19,340.2
18,075.3
19,359.7
6,416.1
12,943.6
2,872.60
2,937
3,606.14
3,671
20,079.1
18,656.7
19,797.5
6,740.3
13,057.2
2,911.14
2,913
3,630.29
3,582
20,207.3
19,369.2
20,644.4
7,078.8
13,565.6
2,930.41
2,951
3,599.41
3,610
21,521.6
19,882.6
21,405.2
7,347.9
14,057.4
2,988.00
3,028
3,698.30
3,747
22,895.7
21,015.3
22,580.7
7,843.2
14,737.5
3,063.22
3,135
3,841.17
3,983
23,584.7
21,517.1
23,235.7
8,078.6
15,157.1
3,143.91
3,162
3,989.95
4,029
24,869.5
22,159.8
24,113.5
8,506.4
15,607.1
3,201.19
3,261
4,036.57
4,090
27,275.4
23,787.3
25,927.6
9,515.8
16,411.9
3,295.74
3,375
4,125.65
4,280
29,022.8
25,064.6
27,687.9 10,168.1
17,519.8
3,478.19
3,591
4,421.67
4,545
31,450.0
26,841.4
30,334.6 11,173.4
19,161.3
3,733.89
4,035
4,648.61
5,005
36,765.2
32,168.3
33,623.2
9,724.8
23,898.4
4,963.40
5,932
6,009.00
7,041
41,867.4
37,344.3
37,805.2
8,901.8
28,903.4
6,895.70
7,744
7,981.60
8,851
40,298.4
35,081.5
37,865.6
8,948.2
28,917.4
7,235.90
6,996
8,321.19
8,100
39,368.7
34,636.7
39,747.4 10,096.2
29,651.2
7,048.52
7,095
8,050.00
8,018
40,414.8
35,971.4
41,641.1 10,551.1
31,090.0
7,090.71
7,110
8,116.81
8,130
37,697.2
36,195.7
43,956.9 11,854.1
32,102.8
7,172.29
7,032
8,120.10
7,932
40,393.2
37,373.0
47,822.5 12,805.5
35,017.1
7,164.26
7,354
7,899.57
7,917
41,991.1
39,668.3
49,317.5 13,387.3
35,930.2
7,445.24
7,471
7,950.57
8,182
42,591.9
38,216.6
51,526.7 14,762.9
36,763.8
7,528.82
7,613
8,255.68
8,429
44,722.3
39,733.2
53,259.2 15,240.2
38,019.0
7,702.09
7,741
8,612.43
8,815
45,959.9
36,246.0
56,404.3 15,577.8
40,826.5
7,808.15
7,860
8,915.50
8,820
47,432.0
35,900.7
62,150.4 18,731.1
43,419.3
7,960.25
8,023
8,858.65
8,867
49,348.2
38,245.7
60,260.1 15,150.9
45,109.2
8,293.40
8,248
9,016.85
8,912
51,784.3
40,260.8
61,838.6 15,620.7
46,217.9
8,230.90
8,105
8,962.05
8,862
54,559.2
41,319.1
63,809.7 15,366.3
48,443.5
8,207.09
8,490
8,915.00
9,135
56,981.5
42,404.3
64,884.6 15,665.2
49,219.4
8,379.62
8,345
9,152.05
9,197
59,184.2
43,726.5
66,869.1 16,126.6
50,742.5
8,477.25
8,511
9,415.70
9,399
61,185.4
45,141.1
69,478.4 17,311.5
52,166.9
8,569.36
8,670
9,450.32
9,494
64,456.6
46,296.3
70,993.4 17,410.1
53,583.3
8,699.43
8,744
9,563.52
9,674
66,460.5
47,782.1
72,798.2 17,906.3
54,891.9
8,781.24
8,924
9,687.38
9,943
70,928.3
51,007.0
75,068.3 18,638.0
56,430.3
9,041.19
9,162
10,435.55
10,763
73,953.3
53,924.6
76,567.7 18,189.1
58,378.6
9,380.68
9,592
11,285.59
11,417
77,814.1
56,435.6
79,196.1 18,759.2
60,436.9
9,908.86
10,082
11,592.58
11,616
79,919.4
59,086.5
92,529.9 22,109.7
70,420.1
10,528.64
10,951
12,383.77
12,788
82,678.5
62,212.3
91,953.6 18,227.6
73,725.9
11,353.60
11,614
13,185.79
13,245
90,075.0
65,429.6
96,526.5 18,699.6
77,827.0
12,271.00
12,774
13,748.90
14,080
95,227.6
72,138.3 100,764.1 19,301.7
81,462.4
14,053.52
14,925
15,301.40
16,006
93,463.3
71,660.1
98,920.7 19,478.1
79,442.6
14,792.62
14,992
15,835.43
15,889
96,194.0
73,664.9 100,167.7 20,612.3
79,555.4
15,237.81
15,622
16,201.52
16,340
92,441.2
61,861.3 103,497.7 22,466.0
81,031.6
15,756.50
15,840
16,359.04
16,343
92,110.4
56,874.0 108,978.4 23,592.6
85,385.8
15,920.95
16,037
16,487.19
17,166
89,131.0
56,687.1 110,926.1 23,453.4
87,472.7
16,100.95
16,220
17,079.70
17,089
91,620.8
57,470.9 114,171.1 24,340.9
89,830.2
16,359.45
16,488
17,181.90
17,605
94,337.0
59,601.0 116,383.3 24,289.1
92,094.2
16,705.57
16,870
17,895.87
17,627
97,046.1
62,112.4 119,743.2 23,965.8
95,777.4
17,446.73
17,893
18,056.03
18,101
101,340.4
57,719.5 134,122.5 29,668.9 104,453.6
17,996.43
18,255
18,210.32
18,331
24.6
19.4
553.7
747.2
478.0
232.3
245.7
22.43
35
35.0
26.2
674.6
809.7
603.5
316.4
287.1
76.39
189
197.2
61.8
1,255.1
1,421.7
1,238.9
758.0
480.9
307.95
460
755.0
166.7
2,640.2
3,095.6
2,759.6
1,450.3
1,309.3
760.05
1,276
884.60
2,534.7
73.2
5,523.7
6,844.1
6,637.6
2,807.8
3,829.8
1,655.09
1,767
1,967.56
3,572.8
739.9 12,350.8
12,399.3
13,085.0
4,906.1
8,178.9
2,033.26
2,578
2,629.51
5,519.8
2,376.8 22,493.2
20,453.3
22,184.8
7,813.1
14,371.7
3,082.60
4,035
3,862.90
20,538.5
759.5 40,959.3
36,167.2
44,934.3 12,233.5
32,700.8
7,167.94
8,023
8,090.93
28,529.7
3,272.3 62,527.6
46,169.7
69,925.4 17,213.7
52,711.7
8,874.81
10,951
9,988.36
37,871.6
9,595.3 92,079.6
63,176.2 106,279.9 22,026.4
84,253.5
15,332.93
18,255
16,295.26
2) Annual data at the bottom of the table are chronological means; interest rates are calculated as weighted arithmetic means.
3) Reference exchange rate until March 11, 1997; 4) ECU until December 1998.
14*
1,446
2,134
3,299
5,005
8,867
12,788
18,331
Annual Report 1999
Statistical Section
3. COMPOSITION OF FOREIGN TRADE BY GROUP OF COUNTRIES

- percent; end of period Period
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Exports fob
Developed countries
Total
EU
countries
60.0
62.1
63.5
63.7
62.8
62.5
62.9
62.6
62.6
62.2
62.0
61.7
61.6
62.7
61.3
60.2
60.2
60.1
60.4
60.7
61.3
62.2
62.4
62.2
68.2
69.0
67.9
66.8
66.0
65.2
65.7
65.4
65.3
65.0
65.0
64.9
72.3
71.7
71.6
70.7
71.4
71.9
72.5
72.5
72.6
72.4
72.4
72.2
74.3
74.2
73.7
73.7
74.1
74.3
74.2
73.5
73.3
73.2
72.7
72.2
53.7
53.0
55.0
53.3
53.3
53.6
54.4
54.4
54.6
54.5
54.2
54.2
55.8
57.0
55.6
54.3
54.6
54.5
55.0
55.2
55.9
56.7
56.8
56.5
58.6
60.2
58.2
56.8
56.8
56.5
57.4
57.0
57.1
56.8
56.8
56.5
62.3
62.5
63.0
62.5
63.3
63.6
64.6
64.4
64.5
64.6
64.7
64.5
69.2
69.0
68.2
68.0
67.4
67.3
67.3
66.6
66.6
66.5
66.0
65.5
Countries in Developing
Other
transition
countries
developed from
countries Central &
Eastern
Europe
6.3
10.4
29.6
9.1
11.0
26.9
8.5
11.7
24.8
10.4
11.2
25.1
9.5
10.5
26.7
8.9
10.5
27.0
8.5
10.2
26.9
8.2
10.2
27.2
8.0
10.5
26.9
7.7
10.7
27.1
7.8
10.9
27.1
7.5
11.2
27.1
5.8
9.4
29.0
5.7
10.7
26.6
5.7
11.4
27.3
5.9
11.3
28.5
5.6
11.7
28.1
5.6
12.5
27.4
5.4
12.7
26.9
5.5
12.6
26.7
5.4
12.6
26.1
5.5
12.3
25.5
5.6
12.3
25.3
5.7
12.2
25.6
9.6
8.6
23.2
8.8
8.8
22.2
9.7
10.2
21.9
10.0
10.3
22.9
9.2
10.9
23.1
8.7
11.5
23.3
8.3
11.6
22.7
8.4
11.9
22.7
8.2
12.4
22.3
8.2
12.8
22.2
8.2
13.0
22.0
8.4
13.2
21.9
10.0
10.7
17.0
9.2
11.8
16.5
8.6
12.0
16.4
8.2
12.2
17.1
8.1
12.1
16.5
8.3
11.8
16.3
7.9
11.4
16.1
8.1
11.5
16.0
8.1
11.4
16.0
7.8
11.5
16.1
7.7
11.5
16.1
7.7
11.5
16.3
5.1
11.2
14.5
5.2
11.3
14.5
5.5
11.0
15.3
5.7
10.9
15.4
6.7
10.5
15.4
7.0
10.3
15.4
6.9
10.3
15.5
6.9
10.6
15.9
6.7
10.5
16.2
6.7
10.8
16.0
6.7
11.5
15.8
6.7
11.8
16.0
44.1
33.9
10.2
45.1
36.9
8.2
42.9
35.2
7.7
48.7
41.4
7.3
56.0
48.2
7.8
61.7
54.2
7.5
62.2
56.5
5.7
64.9
56.5
8.4
72.2
64.5
7.7
72.2
65.5
6.7
1) Including Russian Federation.
36.4
34.2
25.1
15.4
13.9
11.2
12.2
13.2
11.5
11.8
19.5
20.7
32.0
35.9
30.1
27.1
25.6
21.9
16.3
16.0
15*
Imports cif
Developed countries
Total
EU
countries
68.4
65.2
61.3
60.4
60.2
60.1
60.4
59.9
59.5
60.3
59.9
60.0
62.4
61.3
61.2
60.8
60.9
61.2
61.9
62.2
62.0
61.9
61.5
61.6
55.7
56.5
58.8
58.7
60.6
60.8
61.6
61.2
61.7
62.0
62.1
62.7
61.6
62.9
64.3
64.7
64.9
66.1
66.2
66.1
66.2
66.1
66.1
66.3
65.1
66.9
68.1
69.0
70.1
70.6
70.9
70.6
69.9
69.4
68.9
68.5
56.7
51.9
49.4
49.4
50.0
50.3
50.9
50.6
50.6
50.6
50.5
50.5
52.3
50.8
51.3
51.6
51.7
52.2
53.1
53.3
53.0
52.9
52.5
52.3
46.5
48.3
50.7
50.3
50.4
50.8
51.8
51.6
51.7
51.9
52.1
52.5
51.4
53.7
55.2
55.6
56.0
57.1
57.5
57.5
57.1
57.3
57.6
57.7
57.3
59.4
60.6
61.0
61.4
61.6
62.1
62.0
61.5
61.1
60.6
60.4
31.2
38.1
50.3
57.6
60.4
60.0
61.6
62.7
66.3
68.5
21.8
28.7
41.3
45.3
48.2
50.5
52.3
52.5
57.7
60.4
Countries in Developing
Other
transition
countries
developed from
countries Central &
Eastern
Europe
11.7
21.5
10.1
13.3
22.9
11.9
11.9
24.2
14.5
11.0
23.2
16.4
10.2
22.6
17.2
9.8
22.8
17.1
9.5
23.0
16.6
9.3
22.8
17.3
8.9
22.4
18.1
9.7
22.2
17.5
9.4
21.8
18.3
9.5
21.8
18.2
10.1
21.8
15.8
10.5
23.0
15.7
9.9
23.4
15.4
9.2
23.2
16.0
9.2
22.1
17.0
9.0
21.5
17.3
8.8
21.1
17.0
8.9
21.5
16.3
9.0
22.0
16.0
9.0
21.7
16.4
9.0
21.5
17.0
9.3
21.3
17.1
9.2
22.2
22.1
8.2
24.0
19.5
8.1
25.9
15.3
8.4
23.9
17.4
10.2
22.8
16.6
10.0
21.8
17.4
9.8
20.9
17.5
9.6
21.1
17.7
10.0
21.2
17.1
10.1
21.6
16.4
10.0
21.9
16.0
10.2
21.9
15.4
10.2
23.8
14.6
9.2
23.7
13.4
9.1
22.8
12.9
9.1
23.0
12.3
8.9
22.2
12.9
9.0
21.7
12.2
8.7
21.3
12.5
8.6
21.4
12.5
9.1
21.4
12.4
8.8
21.8
12.1
8.5
21.9
12.0
8.6
21.6
12.1
7.8
22.0
12.9
7.5
19.5
13.6
7.5
18.4
13.5
8.0
17.6
13.4
8.7
17.0
12.9
9.0
16.8
12.6
8.8
17.0
12.1
8.6
17.2
12.2
8.4
17.9
12.2
8.3
18.5
12.1
8.3
19.1
12.0
8.1
19.7
11.8
9.4
9.4
9.0
12.3
12.2
9.5
9.3
10.2
8.6
8.1
37.6
29.0
26.5
21.6
23.4
21.8
21.3
21.9
21.6
19.7
31.2
32.9
23.2
20.8
16.2
18.2
17.1
15.4
12.1
11.8
Annual Report 1999
Statistical Section
4. WAGE AND SALARY EARNINGS BY MAIN SECTOR OF ACTIVITY

Period
Monthly net nominal averages (lei/person)

Total
Industry Construc- Agricultion
ture
economy
Transport
Trade
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
170,885
173,758
182,803
199,030
199,702
205,080
218,535
230,338
229,543
242,612
252,217
282,995
256,563
248,880
262,237
301,558
293,508
294,148
333,797
343,090
341,361
374,633
380,375
433,692
396,892
456,305
507,026
591,867
567,647
580,978
621,728
650,641
710,242
797,194
820,842
940,495
884,424
878,620
954,305
1,045,498
999,233
1,040,621
1,098,549
1,122,880
1,139,952
1,170,924
1,191,510
1,360,261
1,240,941
1,294,259
1,411,363
1,479,672
1,460,453
1,513,514
1,603,869
1,624,183
1,629,938
1,656,981
1,751,585
1,990,080
212,799
216,401
221,852
242,197
245,930
246,022
275,173
284,016
273,133
282,275
304,644
344,131
300,576
329,067
333,018
389,060
377,085
368,952
392,375
420,633
430,465
471,890
451,234
537,845
483,142
557,018
572,683
761,606
698,057
750,691
737,455
818,747
865,672
1,034,712
995,295
1,135,484
1,070,663
1,041,752
1,101,354
1,239,273
1,174,668
1,158,142
1,192,972
1,247,866
1,265,615
1,373,040
1,405,350
1,521,335
1,433,776
1,513,194
1,587,753
1,649,247
1,647,262
1,688,922
1,843,584
1,868,075
1,868,344
1,875,625
1,960,969
2,291,873
145,953
154,502
154,863
165,617
163,533
168,445
179,249
189,082
193,587
205,473
217,842
248,133
204,864
211,899
223,912
255,576
247,608
247,880
269,246
284,306
280,711
295,542
312,892
383,297
319,464
360,343
408,262
469,458
440,917
460,803
475,832
522,093
577,710
628,088
660,832
807,089
681,311
704,332
764,123
825,151
776,422
804,067
839,822
890,963
905,840
916,590
937,409
1,114,735
956,074
1,004,627
1,105,179
1,200,255
1,137,937
1,164,601
1,266,644
1,295,543
1,326,610
1,354,296
1,449,564
1,548,311
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
3,381
3,333
3,749
3,587
3,764
2,936
3,790
7,460
7,499
7,981
6,752
8,850
6,857
8,206
20,140
20,508
21,438
17,151
25,229
18,075
20,973
59,717
62,388
64,189
49,053
71,548
52,751
62,663
141,951 146,999 164,945 112,922 166,573 124,038 149,888
211,373 227,469 224,855 171,148 253,344 168,777 225,914
321,169 350,039 332,082 254,194 397,682 250,282 304,649
632,086 693,437 617,101 469,680 772,902 459,497 608,716
1,073,898 1,123,208 1,046,703 764,924 1,232,669 846,730 1,274,216
1,554,737 1,626,438 1,488,955 1,111,828 1,769,052 1,234,137 1,886,674
1) Calculated on data published by National Commission for Statistics.
167,154
167,703
186,612
204,149
205,653
211,383
225,773
243,497
242,540
254,508
263,637
288,853
258,031
257,490
275,574
319,649
312,177
306,135
374,193
379,937
373,365
412,022
415,392
458,797
419,845
498,698
560,295
651,368
624,526
631,450
689,039
711,672
767,905
859,118
867,152
969,965
921,223
923,759
1,003,089
1,107,938
1,043,216
1,091,878
1,181,771
1,180,172
1,195,908
1,222,038
1,224,320
1,383,185
1,248,765
1,305,378
1,482,738
1,516,062
1,490,831
1,584,344
1,709,101
1,725,436
1,717,917
1,740,349
1,892,300
2,104,032
173,463
183,127
184,924
196,142
210,998
220,980
231,487
247,939
242,475
252,948
256,777
273,002
238,269
245,191
261,202
293,462
301,214
306,071
353,843
360,299
352,204
388,527
388,173
423,183
366,848
418,941
472,042
536,761
562,053
599,253
649,478
680,004
723,104
790,821
796,507
897,370
814,722
821,482
923,690
971,264
974,959
1,046,079
1,100,361
1,117,821
1,147,582
1,160,732
1,159,639
1,322,109
1,141,117
1,190,723
1,328,456
1,360,979
1,369,923
1,458,873
1,523,866
1,586,174
1,653,138
1,610,798
1,687,504
1,955,904
148,331
158,331
159,211
161,596
160,937
165,825
177,333
181,902
183,911
195,262
207,846
252,533
203,380
201,600
211,479
235,164
237,092
241,098
264,967
267,181
266,827
294,001
306,802
360,228
303,157
333,082
362,605
395,940
520,873
425,490
456,229
483,448
539,764
557,428
574,815
647,605
607,622
604,834
636,585
721,181
727,426
750,920
810,974
823,233
831,120
847,968
864,413
952,815
878,290
921,257
1,015,101
1,061,322
1,084,589
1,114,392
1,207,898
1,199,787
1,158,417
1,196,705
1,223,249
1,280,923
Indices, as compared to the same period of previous year (%)1)

Public
Total
Industry Construc- Agricul- Trans- Trade Public
tion
ture
port
adminisadminis- economy
tration
tration
167.9 161.6
167,066
183.1 186.4 167.9 183.2
179.6
163.3 153.0
172,286
175.1 178.9 170.6 179.1
157.5
162.3 160.2
176,352
154.9 170.0 156.7 165.2
165.4
157.7 153.1
189,945
148.9 157.0 161.6 160.3
165.2
157.9 155.8
187,440
157.5 148.8 173.4 161.5
147.2
156.4 151.9
192,534
153.9 147.4 169.8 159.8
154.2
153.2 152.6
206,716
152.5 156.6 143.5 153.6
165.2
149.7 147.9
211,698
151.1 148.1 145.6 152.1
155.2
149.6 150.1
212,153
145.3 148.2 143.1 150.9
162.5
151.2 157.7
220,311
152.1 151.6 133.9 156.5
145.2
150.4 153.6
222,070
145.0 147.1 152.7 158.9
140.2
142.5 149.9
308,625
137.7 150.1 143.5 154.8
132.3
150.1 154.4
266,726
137.4 137.1 141.2 140.4
159.7
143.2 153.5
223,603
133.9 127.3 152.1 137.1
129.8
143.5 147.7
230,886
141.2 132.8 150.1 144.6
130.9
151.5 156.6
243,872
149.6 145.5 160.6 154.3
128.4
147.0 151.8
236,795
142.8 147.3 153.3 151.4
126.3
143.4 144.8
242,408
138.5 145.4 150.0 147.2
125.9
152.7 165.7
285,458
152.9 149.4 142.6 150.2
138.1
149.0 156.0
287,779
145.3 146.9 148.1 150.4
135.9
148.7 153.9
284,474
145.3 145.1 157.6 145.0
134.1
154.4 161.9
308,472
153.6 150.6 167.2 143.8
140.0
150.8 157.6
318,019
151.2 147.6 148.1 143.6
143.2
153.3 158.8
439,560
155.0 142.6 156.3 154.5
142.4
154.7 162.7
368,710
154.0 149.1 160.7 155.9
138.2
183.3 193.7
424,716
170.9 165.2 169.3 170.1
189.9
193.3 203.3
474,911
180.7 171.5 172.0 182.3
205.7
196.3 203.8
485,912
182.9 168.4 195.8 183.7
199.2
193.4 200.1
481,719
186.6 219.7 185.1 178.1
203.4
197.5 206.3
511,553
195.8 176.5 203.5 185.9
211.0
186.3 184.1
523,553
183.5 172.2 187.9 176.7
183.4
189.6 187.3
566,445
188.7 180.9 194.6 183.6
196.8
208.1 205.7
630,237
205.3 202.3 201.1 205.8
221.5
212.8 208.5
712,290
203.5 189.6 219.3 212.5
230.9
215.8 208.8
799,181
205.2 187.4 220.6 211.2
251.3
216.9 211.4
1,034,756
212.1 179.8 211.1 210.6
235.4
222.8 219.4
981,942
222.1 200.4 221.6 213.3
266.3
192.6 185.2
940,078
196.1 181.6 187.0 195.5
221.3
188.2 179.0
1,008,785
195.7 175.6 192.3 187.2
212.4
176.6 170.1
1,163,170
180.9 182.1 162.7 175.8
239.4
176.0 167.0
1,213,869
173.5 139.7 168.3 176.1
252.0
179.1 172.9
1,236,709
174.6 176.5 154.3 174.5
241.8
176.7 171.5
1,209,700
169.4 177.8 161.8 176.5
231.1
172.6 165.8
1,314,681
164.4 170.3 152.4 170.7
232.1
160.5 155.7
1,369,317
158.7 154.0 146.2 156.8
217.3
146.9 142.2
1,437,995
146.8 152.1 132.7 145.9
201.9
145.2 141.2
1,468,963
145.6 150.4 141.2 141.9
183.8
144.6 142.6
1,945,386
147.3 147.1 134.0 138.1
188.0
140.3 135.6
1,584,859
140.1 144.5 133.9 140.3
161.4
147.3 141.3
1,633,458
144.9 152.3 145.3 142.6
173.8
147.9 147.8
1,710,948
143.8 159.5 144.2 144.6
169.6
141.5 136.8
1,729,124
140.1 147.2 133.1 145.5
148.7
146.2 142.9
1,680,720
140.5 149.1 140.2 146.6
138.5
145.4 145.1
1,722,401
139.5 148.4 145.8 144.8
139.3
146.0 144.6
1,833,034
138.5 148.9 154.5 150.8
151.5
144.6 146.2
1,848,047
141.9 145.7 149.7 145.4
140.6
143.0 143.6
1,893,685
144.1 139.4 147.6 146.5
138.3
141.5 142.4
2,018,761
138.8 141.1 136.6 147.8
140.4
147.0 154.6
1,947,106
145.5 141.5 139.5 154.6
132.5
146.3 152.1
3,037,950
147.9 134.4 150.6 138.9
156.2
16*
110.5
220.6
270.0
296.5
237.7
148.9
151.9
196.8
169.9
144.8
109.5
225.0
273.5
304.2
235.6
154.7
153.9
198.1
162.0
144.8
105.2
212.9
268.6
299.4
257.5
136.3
147.7
185.8
169.6
142.3
118.1
188.2
254.0
286.0
230.2
151.6
148.5
184.8
162.9
145.4
117.9
235.1
285.1
283.6
232.8
152.1
157.0
194.4
159.5
143.5
110.4
233.5
263.6
291.8
235.1
136.1
148.3
183.6
184.3
145.8
109.5
216.5
255.6
298.8
239.2
150.7
134.9
199.8
209.3
148.1
Annual Report 1999
Statistical Section
5. CONSUMER PRICES AND INDUSTRIAL PRODUCER PRICES

Period
Monthly change
- percent Index as compared to the same period

of previous year
Industrial Consumer prices
services producer Total food
nonservices
prices
items
food
items
101.1
162.1 157.3
162.4
148.3 165.9
102.7
151.4 150.7
154.7
143.5 159.0
106.4
142.1 140.4
139.6
138.1 152.5
107.4
133.3 134.6
133.7
132.5 145.1
110.1
127.8 129.6
127.7
128.6 140.8
114.5
130.1 128.0
126.5
127.0 137.4
117.6
131.5 129.2
129.6
126.1 138.3
121.0
132.1 128.2
129.1
124.5 137.0
124.6
130.2 125.3
124.4
123.2 136.2
130.1
131.3 124.3
122.6
122.8 135.6
136.4
131.4 125.8
123.3
124.7 139.0
140.4
132.0 127.8
125.6
126.5 140.4
100.8
133.7 126.7
123.2
127.0 140.0
103.0
136.0 127.3
123.7
127.6 140.8
106.3
139.2 128.3
125.2
128.4 140.3
108.3
139.2 128.7
126.4
127.4 141.6
112.5
140.8 134.2
134.2
131.1 143.4
114.2
140.7 133.8
134.8
130.4 140.0
123.8
154.2 140.3
137.8
140.7 147.8
132.1
159.0 144.2
140.4
145.6 153.4
136.6
162.3 145.3
142.0
146.3 154.0
141.3
161.6 145.1
142.2
146.0 152.5
145.5
160.6 147.4
145.0
149.7 149.7
153.6
160.4 156.9
155.2
160.3 153.6
114.4
170.4 176.2
169.8
184.8 174.2
133.5
193.0 205.4
208.6
204.0 199.1
184.8
286.5 264.0
270.2
256.2 266.9
202.0
289.6 276.8
278.3
272.8 286.4
208.6
295.4 274.0
267.5
279.4 284.9
222.4
297.8 277.4
268.7
282.0 299.2
225.9
267.1 259.8
253.8
260.9 280.5
236.8
256.4 259.1
258.6
255.1 275.2
255.3
252.6 261.4
258.0
257.9 286.9
279.3
251.8 269.2
263.9
265.1 303.6
293.5
255.0 265.4
259.8
258.5 309.9
303.9
254.3 251.4
245.6
242.6 303.9
111.6
224.2 231.9
232.0
213.0 296.4
118.6
200.3 209.3
199.6
202.8 269.9
123.1
134.7 166.1
155.6
167.4 202.4
130.1
131.0 159.6
150.7
158.7 195.8
133.0
127.6 156.6
147.6
155.3 193.6
135.1
125.5 155.0
146.0
155.6 184.5
141.2
123.5 156.0
145.3
156.9 189.7
143.8
123.1 151.7
138.5
155.7 184.5
151.2
122.4 150.8
139.3
153.5 180.0
161.1
122.0 147.1
133.6
152.2 175.3
164.8
120.5 143.8
130.6
148.9 170.5
168.2
119.8 140.6
126.5
146.8 168.2
106.0
119.2 138.1
124.0
146.3 159.7
108.8
120.6 132.5
118.0
141.4 154.3
114.3
126.6 135.8
120.6
146.2 156.2
122.0
130.5 138.7
124.2
148.3 157.7
141.7
133.2 142.8
127.2
147.3 179.2
158.5
141.7 148.2
127.8
154.0 197.3
168.0
145.6 148.6
127.6
153.9 200.1
170.7
149.9 149.5
128.8
154.5 199.6
175.6
152.8 150.2
130.1
156.3 195.3
187.6
157.1 150.6
132.4
154.0 195.9
192.3
158.8 153.7
134.5
159.2 196.3
194.7
162.9 154.8
136.7
160.2 194.7
Annual average index
139.5
126.9 105.1
104.5
105.5 105.5
285.4
320.1 270.2
286.2
267.8 235.7
262.7
284.8 310.4
336.6
294.2 280.4
382.8
265.0 356.1
348.9
369.0 340.3
174.1
240.5 236.7
236.2
232.8 250.8
140.4
135.1 132.3
131.9
129.6 142.7
153.6
149.9 138.8
136.4
139.1 146.9
303.9
256.6 254.8
251.4
252.5 276.5
168.2
133.2 159.1
148.4
160.2 192.1
194.7
142.2 145.8
127.8
152.3 184.1
Index as compared to the end of previous year
Consumer prices
Industrial Consumer prices
nonservices producer Total food
nonTotal food
items
food
prices 1)
items
food
items
items
1.3
2.0
3.0
1.1
1.1
101.3 102.0
103.0
101.1
1.5
1.4
1.5
1.3
1.6
102.8 103.5
104.6
102.4
0.5
0.9
0.3
1.0
3.6
103.3 104.4
104.9
103.4
4.1
1.6
1.4
2.1
0.9
107.5 106.1
106.4
105.5
2.6
1.1
0.7
1.0
2.6
110.3 107.3
107.2
106.6
3.7
1.3
0.1
1.9
4.0
114.3 108.7
107.3
108.6
3.3
2.6
3.1
1.9
2.7
118.1 111.5
110.6
110.7
1.6
1.0
0.0
1.5
2.8
120.0 112.6
110.6
112.4
1.9
1.6
1.2
1.6
3.0
122.3 114.4
111.9
114.2
2.4
3.5
3.5
3.3
4.4
125.2 118.4
115.8
118.0
2.8
4.1
3.8
4.2
4.9
128.7 123.2
120.2
122.9
2.6
3.7
4.5
2.9
3.0
132.0 127.8
125.6
126.5
2.6
1.2
1.1
1.5
0.8
102.6 101.2
101.1
101.5
3.3
1.9
1.9
1.8
2.1
105.9 103.1
103.0
103.3
2.8
1.7
1.5
1.5
3.3
108.9 104.9
104.5
104.9
4.1
1.9
2.4
1.3
1.8
113.4 106.9
107.0
106.3
3.7
5.3
6.9
3.9
3.9
117.6 112.7
114.5
110.5
3.6
1.0
0.6
1.4
1.5
121.8 113.8
115.2
112.0
13.2
7.5
5.4
10.0
8.4
137.9 122.4
121.3
123.2
4.8
3.8
1.9
5.0
6.8
144.5 127.0
123.7
129.4
4.0
2.4
2.3
2.1
3.4
150.3 130.1
126.6
132.1
2.1
3.4
3.6
3.2
3.4
153.4 134.5
131.1
136.3
2.1
5.8
5.8
6.8
3.0
156.6 142.2
138.7
145.5
2.4 10.3
11.9
10.2
5.6
160.4 156.9
155.2
160.3
8.9 13.7
10.6
17.1
14.4
108.9 113.7
110.6
117.1
17.0 18.8
25.2
12.3
16.7
127.4 135.0
138.5
131.5
52.6 30.7
31.4
27.5
38.4
194.4 176.5
182.0
167.7
5.2
6.9
5.5
7.9
9.3
204.5 188.7
192.0
180.9
5.8
4.3
2.8
6.4
3.3
216.4 196.7
197.3
192.5
4.4
2.3
1.0
2.4
6.6
225.9 201.2
199.3
197.1
1.5
0.7
0.5
1.7
1.6
229.3 202.6
198.3
200.5
0.6
3.5
3.9
2.7
4.8
230.7 209.8
206.1
206.0
2.5
3.3
2.1
3.2
7.8
236.5 216.7
210.4
212.6
1.7
6.5
6.0
6.0
9.4
240.5 230.7
223.1
225.3
3.4
4.3
4.1
4.1
5.1
248.7 240.6
232.2
234.6
2.1
4.5
5.8
3.4
3.5
254.3 251.4
245.6
242.6
3.0
4.9
4.5
2.8
11.6
103.0 104.9
104.5
102.8
2.7
7.2
7.7
7.0
6.2
105.8 112.4
112.5
110.0
1.7
3.8
2.5
5.2
3.8
107.6 116.6
115.3
115.7
2.2
2.7
2.1
2.3
5.7
109.9 119.8
117.8
118.3
1.4
2.3
0.7
4.1
2.2
111.5 122.5
118.6
123.2
0.8
1.3
0.0
2.6
1.6
112.4 124.1
118.5
126.4
0.2
1.3
1.0
2.6
4.5
112.6 125.7
117.4
129.7
0.7
0.6
1.0
1.9
1.9
113.4 126.5
116.3
132.2
1.3
2.7
2.7
1.8
5.1
114.9 130.0
119.3
134.5
1.2
3.9
1.6
5.1
6.5
116.2 135.0
121.3
141.4
1.7
1.9
1.8
1.9
2.3
118.2 137.6
123.4
144.0
1.3
2.2
2.5
1.9
2.1
119.8 140.6
126.5
146.8
2.5
3.0
2.5
2.5
6.0
102.5 103.0
102.5
102.5
4.0
2.9
2.5
3.4
2.7
106.6 106.0
105.0
106.0
6.7
6.4
4.7
8.8
5.0
113.7 112.7
109.9
115.3
5.4
4.8
5.2
3.7
6.7
119.9 118.2
115.6
119.6
3.5
5.3
3.1
3.4
16.2
124.0 124.5
119.3
123.7
7.2
5.1
0.5
7.3
11.8
132.9 130.8
119.8
132.7
3.0
1.7
1.2
2.6
6.0
136.9 133.0
118.4
136.1
3.7
1.2
0.0
2.2
1.6
141.9 134.6
118.5
139.1
3.2
3.2
3.6
2.9
2.9
146.5 138.9
122.8
143.2
4.1
4.2
3.4
3.6
6.8
152.5 144.7
127.0
148.3
2.8
4.0
3.4
5.3
2.5
156.7 150.4
131.3
156.2
3.9
2.9
4.1
2.5
1.3
162.9 154.8
136.7
160.2
Average monthly change
8.1
2.7
2.0
3.4
2.8
254.1 137.7
126.5
149.0
11.5 10.3
12.0
9.0
9.1
350.5 322.8
387.7
281.0
6.1
9.6
10.2
9.3
8.4
204.0 299.2
319.7
289.5
9.6 12.1
11.6
12.9
11.8
295.4 395.5
371.2
428.6
4.8
4.1
4.2
3.7
4.7
173.4 161.7
164.3
155.1
2.3
2.1
1.9
2.0
2.9
132.0 127.8
125.6
126.5
4.1
3.8
3.7
4.0
3.6
160.4 156.9
155.2
160.3
8.1
8.0
7.8
7.7
9.7
254.3 251.4
245.6
242.6
1.5
2.9
2.0
3.3
4.4
119.8 140.6
126.5
146.8
4.1
3.7
2.6
4.0
5.7
162.9 154.8
136.7
160.2
1) Calculated on data published by National Commission for Statistics.
Note: Starting January 1998, the producer price index is calculated for domestic output.
Industrial
producer
prices
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
17*
Annual Report 1999
6a. STATE
Period REVENUES
Total
Current revenues
Capital
Total
Fiscal revenues
Non-fiscal revenues
Total
of which:
revenues
Profit tax Wage tax VAT and
Customs
excises
duties
Jan.98
5,404.6 4,757.7 4,643.1 1,309.2
1,121.7
1,840.2
256.1
114.6
609.3
Feb.
9,628.9 8,328.6 8,097.5 1,952.9
1,655.0
3,660.8
581.6
231.1
781.3
Mar.
13,890.2 12,427.1 12,059.1 2,544.9
2,178.1
5,892.3
983.7
368.0
913.8
Apr.
19,906.5 17,832.1 17,238.7 4,378.3
2,821.4
7,831.5
1,352.2
593.5 1,504.3
May
24,539.9 22,357.4 21,465.2 4,902.1
3,653.8
9,966.4
1,749.3
892.2 1,584.5
Jun.
30,095.1 26,959.3 25,895.1 5,330.4
4,475.6
12,486.0
2,109.6
1,064.3 2,049.6
Jul.
36,210.1 32,677.5 31,445.8 6,935.9
5,373.7
14,903.6
2,512.6
1,231.7 2,415.4
Aug.
41,195.3 37,426.2 36,010.9 7,451.7
6,337.3
17,502.4
2,886.7
1,415.4 2,624.6
Sep.
47,148.8 43,185.1 41,576.1 7,866.3
7,182.7
21,049.5
3,377.2
1,609.1 2,789.6
Oct.
54,517.4 50,452.2 48,733.5 9,693.5
8,027.8
24,656.4
4,062.2
1,718.7 2,875.9
Nov.
60,160.2 56,024.8 54,123.6 10,358.6
8,889.4
27,697.5
4,833.6
1,901.3 2,929.5
Dec.
67,215.5 62,681.0 60,677.9 10,845.6 10,094.9
30,924.5
5,741.4
2,003.1 3,228.1
Jan.99
9,945.4 5,932.9 5,794.4 1,701.3
815.9
2,544.5
358.7
138.4 4,000.0
Feb.
14,653.2 10,492.5 10,212.4 2,661.5
1,081.0
4,993.8
824.5
280.1 4,131.3
Mar.
23,133.4 16,663.2 16,172.4 3,543.0
1,521.1
8,632.0
1,495.6
490.8 6,403.7
Apr.
30,970.9 24,135.6 23,393.3 5,731.8
2,206.2
11,990.5
2,093.1
742.3 6,739.7
May
37,516.0 30,453.4 29,428.2 6,565.5
2,942.7
15,465.1
2,707.9
1,025.1 6,937.0
Jun.
43,755.5 36,431.4 35,247.4 6,907.1
3,637.3
19,150.8
3,391.2
1,184.0 7,136.8
Jul.
52,637.8 44,926.9 43,606.6 9,355.1
4,344.1
23,388.3
4,027.6
1,320.3 7,497.2
Aug.
61,373.5 53,250.7 51,781.1 10,931.8
5,131.5
28,154.0
4,700.2
1,469.6 7,867.5
Sep.
66,936.0 62,688.3 59,934.6 11,844.7
5,938.0
33,477.8
5,428.2
2,753.7 3,943.3
Oct.
76,868.0 72,542.4 69,618.2 14,693.6
6,532.8
38,622.6
6,177.7
2,924.3 3,995.6
Nov.
84,908.4 80,487.3 77,110.4 15,859.8
6,442.8
43,822.5
7,002.8
3,376.9 4,053.3
Dec.
93,230.3 88,640.2 85,019.0 16,646.0
7,207.6
48,639.1
7,846.7
3,621.2 4,201.2
Source: Ministry of Finance.
EXPENDITURES
Total
of which:
Education, Health
culture
5,359.2
10,436.8
16,770.4
24,972.0
30,427.5
37,124.7
43,054.4
47,491.7
54,403.9
61,897.9
68,230.1
77,616.6
6,914.1
16,029.0
24,778.7
33,240.9
41,674.2
50,869.0
61,760.1
70,205.9
77,735.4
88,499.4
96,534.4
106,886.7
714.9
1,545.1
2,566.2
3,429.2
4,436.4
6,014.7
6,780.2
7,571.9
8,513.3
9,549.4
10,740.3
12,268.1
1,122.7
2,335.9
3,682.1
4,994.2
6,217.4
8,322.3
9,890.7
10,655.2
11,644.8
12,994.8
14,271.1
15,742.7
337.0
768.2
1,310.6
1,778.2
2,469.7
3,035.3
1,889.5
1,283.5
1,753.4
2,042.8
2,381.9
3,183.9
208.3
478.6
834.8
1,120.8
1,407.2
1,866.2
2,119.6
2,422.5
2,678.3
2,842.3
3,224.9
3,517.5
6b. LOCAL
Period
REVENUES
Total
of which:
Own revenues
Total
Fiscal revenues
NonCapital
Total
of which:
fiscal
revenues
Profit
Taxes and Taxes and
Agricultural revenues
tax
duties from duties from revenue
tax
population juridical
persons
Jan.98
846.9
151.8
109.5
9.1
59.6
20.4
0.4
37.2
5.1
Feb.
1,927.3
338.3
235.2
14.4
135.4
45.3
1.4
86.6
16.4
Mar.
3,212.3
705.8
512.0
25.0
262.7
152.3
2.5
170.2
23.7
Apr.
4,315.2
946.9
672.6
56.2
343.3
182.6
2.9
236.4
38.9
May
5,381.0 1,177.3
811.7
78.4
420.1
202.7
3.5
319.5
46.0
Jun.
6,461.9 1,481.8 1,049.6
89.2
527.2
289.3
3.5
378.3
54.0
Jul.
7,494.1 1,784.1 1,294.0
175.9
614.3
323.0
3.8
429.5
60.5
Aug.
8,379.5 1,981.9 1,421.9
179.2
693.8
341.7
3.7
491.6
68.4
Sep.
9,463.7 2,292.6 1,665.9
183.7
807.4
436.9
4.0
548.0
78.6
Oct.
10,628.9 2,569.8 1,873.8
221.6
918.4
470.9
4.1
606.5
89.5
Nov.
11,798.9 2,812.0 2,053.9
219.2
1,033.7
500.5
4.3
660.2
97.9
Dec.
13,453.0 3,326.8 2,475.9
221.7
1,295.6
594.6
4.4
732.9
117.9
Jan.99
1,090.0
491.1
392.2
71.2
269.9
22.7
0.4
68.7
30.1
Feb.
2,561.1
976.5
773.7
86.4
579.6
48.0
0.6
151.5
51.3
Mar.
3,919.2 1,649.4 1,301.2
104.7
951.8
137.9
0.9
265.2
83.0
Apr.
5,165.7 2,153.4 1,642.8
187.5
1,144.4
172.3
1.0
403.9
106.7
May
6,361.8 2,632.6 1,962.2
183.6
1,396.5
208.6
1.1
542.7
127.7
Jun.
8,170.2 3,783.0 2,818.0
203.9
1,881.0
509.0
1.5
653.3
149.2
Jul.
9,744.6 4,499.4 3,246.4
259.4
2,144.6
578.8
1.6
761.0
179.2
Aug.
11,182.4 5,151.5 3,574.7
271.9
2,384.7
625.4
1.6
870.8
207.5
Sep.
13,281.8 6,488.2 4,165.6
287.1
2,708.9
835.7
1.8
979.3
235.6
Oct.
14,955.2 7,180.9 4,580.9
350.9
2,964.2
892.8
2.0 1,089.5
264.7
Nov.
17,700.4 8,051.6 4,993.2
367.6
3,257.7
952.6
2.1 1,214.3
303.1
Dec.
21,205.9 7,557.3 5,848.6
391.4
3,786.2
1,196.7
2.4 1,375.8
332.9
18*
Amounts
broken
down from
salary tax
for local
budgets
370.9
840.2
1,319.5
1,799.2
2,211.7
2,625.7
2,977.8
3,255.7
3,592.6
4,038.9
2,977.8
4,998.0
474.1
942.7
1,116.0
1,176.3
1,153.7
1,169.2
1,250.4
1,293.4
1,332.9
1,533.5
1,250.4
1,293.4
Subsidies
from
the State
budget
316.5
736.5
1,174.8
1,503.1
1,918.5
2,275.0
2,643.5
3,037.0
3,463.2
3,898.6
4,376.3
5,054.5
17.2
39.1
74.4
108.1
163.6
236.1
297.1
342.6
373.1
455.1
692.0
834.5
Statistical Section
BUDGET
- billions of lei; cumulative from the beginning of the year BALANCE Period
Pensions and National Public
allowances defence order
448.8
904.4
1,366.7
1,914.4
2,482.1
3,047.7
3,623.7
4,202.7
4,776.6
5,374.5
6,003.9
6,815.7
631.5
1,300.8
2,075.2
2,709.0
3,528.8
4,307.2
5,048.7
5,804.0
6,486.2
7,333.0
8,159.8
9,069.9
373.7
877.8
1,278.8
1,679.5
2,173.5
2,678.5
3,143.3
3,726.9
4,518.4
5,159.3
5,750.6
6,707.6
564.2
1,195.3
1,857.9
2,512.2
3,246.3
3,942.7
4,647.0
5,314.4
5,920.1
6,568.4
7,348.4
8,347.2
297.0
615.3
961.3
1,265.1
1,622.9
2,023.3
2,526.6
2,984.0
3,429.9
3,948.9
4,496.2
5,205.1
453.1
941.2
1,594.5
2,106.3
2,722.4
3,248.7
3,903.1
4,457.2
5,026.1
5,785.5
6,514.2
7,535.6
Public
Scientific Economic activities
authorities research Total
of which:
Industry Agriculture, Transport & teleforestry
communications
102.9
6.6
300.9
133.4
40.0
108.9
279.9
35.1
773.5
343.6
135.9
264.4
460.6
76.1
1,515.6
478.1
510.2
486.2
660.9
187.8
2,693.0
635.5
1,352.5
651.9
867.4
229.8
3,480.8
793.2
1,809.6
812.6
1,119.9
317.7
4,169.1
947.7
2,141.9
971.9
1,344.0
386.1
5,142.2 1,168.0
2,462.4
1,304.1
1,560.9
447.6
5,786.8 1,301.1
2,693.2
1,513.3
1,830.9
582.7
6,846.4 1,469.2
3,147.0
1,890.0
2,072.4
705.7
7,855.0 1,657.3
3,507.8
2,243.0
2,321.7
814.1
8,976.1 1,856.9
3,992.1
2,604.9
2,866.9 1,049.7 10,682.6 2,057.9
4,539.8
3,357.5
121.4
9.8
736.1
136.6
90.7
496.3
367.1
39.0
1,527.8
286.9
396.9
821.2
637.4
148.7
2,696.0
467.2
631.7
1,540.0
915.4
220.4
3,592.8
637.8
862.6
2,005.3
1,221.0
285.9
5,594.9
959.8
1,794.7
2,692.6
1,623.1
368.7
7,281.1 1,187.9
2,511.2
3,292.6
1,933.0
456.6
8,955.3 1,394.5
3,240.2
3,937.8
2,223.8
531.0 10,286.8 1,617.2
3,621.7
4,603.0
2,537.4
615.8 11,389.5 1,822.2
3,914.4
5,151.5
2,890.6
678.9 12,845.5 2,121.2
4,227.2
5,894.7
3,362.9
804.8 14,057.4 2,425.6
4,584.5
6,361.0
4,108.5 1,019.5 15,819.2 2,795.5
4,974.6
7,212.8
BUDGETS
Total
720.5
1,761.9
2,957.5
4,044.3
5,114.7
6,208.6
6,986.7
7,898.3
9,004.3
10,208.0
11,391.6
13,379.2
789.9
2,112.9
3,327.2
4,579.3
5,826.4
7,382.2
8,916.1
10,340.8
12,242.5
13,959.3
16,594.8
20,828.5
of which:
Social
and
cultural
expenditures
235.3
566.7
936.4
1,270.7
1,580.8
1,910.0
1,909.9
1,974.8
2,206.8
2,479.2
2,763.6
3,175.7
186.3
501.5
835.7
1,128.7
1,424.8
1,766.4
2,103.0
2,399.6
2,757.7
3,145.8
3,714.4
4,679.7
Interests
related
to public
debt
2,217.3
3,460.7
5,262.1
8,603.9
9,245.4
9,973.9
12,660.4
13,675.8
14,079.8
15,815.5
16,251.6
16,611.5
2,242.3
6,519.8
9,118.6
12,355.2
14,022.0
15,707.2
19,904.6
22,799.9
25,036.8
29,450.4
30,979.1
33,347.0
+45.4
807.9
2,880.1
5,065.5
5,887.5
7,029.6
6,844.3
6,296.5
7,255.2
7,380.5
8,069.9
10,401.0
+3,031.3
1,375.9
1,645.4
2,270.0
4,158.3
7,113.5
9,122.3
8,832.4
10,799.4
11,631.4
11,626.0
13,656.3
6c. SOCIAL
SECURITY
BUDGET
- billions of lei; cumulative from the beginning of the year EXPENDITURES
Transfers
from
State
budget
505.5
1,050.3
1,767.4
2,485.3
3,035.8
4,239.4
4,993.0
5,539.5
6,138.7
6,702.1
7,394.4
8,396.9
798.1
1,097.6
1,470.5
1,784.2
2,259.7
2,812.2
3,228.2
3,713.7
4,089.2
4,620.2
5,068.9
5,237.6
BALANCE
Public
Public
Economic
services & authorities actividevelopties
ment,
housing,
water
supply
299.3
45.9
134.9
+126.4
713.1
147.8
321.4
+165.5
1,200.9
260.6
534.4
+254.8
1,610.7
387.8
741.3
+270.9
2,056.7
498.9
934.8
+266.3
2,473.1
629.4 1,142.9
+253.2
2,869.9
768.8 1,373.8
+507.5
3,313.4
901.8 1,632.8
+481.2
3,739.4 1,053.3 1,916.8
+459.5
4,216.8 1,234.1 2,169.6
+420.9
4,677.1 1,423.0 2,399.4
+407.3
5,531.8 1,794.0 2,719.2
+73.8
384.2
75.9
137.7
+300.1
982.6
274.7
336.2
+448.2
1,485.5
481.8
493.3
+592.0
2,042.6
689.9
672.9
+586.5
2,576.2
885.1
869.3
+535.4
3,255.7 1,103.6 1,094.2
+788.1
3,878.8 1,340.3 1,328.3
+828.5
4,444.0 1,544.0 1,549.4
+841.6
5,038.8 1,760.7 1,767.7 +1,039.3
5,671.6 2,011.5 2,010.8
+995.8
6,794.9 2,357.1 2,313.2 +1,105.6
7,979.2 3,016.8 2,844.4
+377.4
- billions of lei;
cumulative from the beginning of the year REVENUES EXPENBALANCE
Period
DITURES
Jan.98
1,232.9
Feb.
2,447.9
Mar.
3,813.3
Apr.
5,334.5
May
6,725.0
Jun.
8,754.3
Jul.
10,442.4
Aug.
11,913.7
Sep.
13,282.9
Oct.
15,000.2
Nov.
20,799.5
Dec.
23,382.9
Jan.99
2,476.8
Feb.
4,862.6
Mar.
7,570.1
Apr.
10,345.1
May
13,374.0
Jun.
16,521.2
Jul.
19,669.3
Aug.
22,933.6
Sep.
26,367.0
Oct.
29,781.9
Nov.
33,362.9
Dec.
37,792.7
19*
1,391.4
2,818.9
4,241.5
5,933.2
7,593.7
9,306.9
11,120.4
13,155.4
14,924.0
17,073.3
23,742.9
26,537.8
2,814.6
5,697.0
8,580.6
11,674.5
14,917.1
18,136.1
21,325.1
24,734.7
28,289.3
31,765.0
35,433.1
39,035.2
158.5
371.0
428.2
598.7
868.7
552.6
677.9
1,241.7
1,641.1
2,073.1
2,943.3
3,155.0
337.8
834.4
1,010.5
1,329.4
1,543.1
1,614.9
1,655.8
1,801.1
1,922.3
1,983.1
2,070.2
1,242.5
Jan.98
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Jan.99
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Annual Report 1999
Statistical Section
7. BALANCE OF PAYMENTS
- millions of USD ITEM
1. CURRENT ACCOUNT (A+B+C)
A. Goods and Services
a. Goods fob (exports/imports )
b. Services
Transportation
Tourism
Other services
B. Incomes
Compensation of employees
Direct investment income
Portfolio investment income
Other capital investment (interest)
C. Current transfers
Government sector
Other sectors
2. CAPITAL AND FINANCIAL ACCOUNT (A+B)
A. Capital account
a. Capital transfers
Government sector
Other sectors
b. Purchases/Sales of non-produced non-financial assets
B. Financial account
a. Direct investment
Abroad
In Romania
b. Portfolio investment
Assets
Liabilities
c. Other capital investment
Assets
1. Long term loans and credits
2. Short term loans and credits
3. Long term outstanding exports bills
4. Short term outstanding exports bills
5. Currency and cheques
6. Residents' deposits abroad
7. Other assets
longterm
shortterm
Liabilities
1. Credits and loans from the Fund
4. Long term outstanding imports bills
5. Short term outstanding imports bills
7. Non residents deposits in Romania
longterm
shortterm
d. In transit accounts
e. Barter and clearing accounts
f. Reserve assets (NBR)
Monetary gold
SDRs
Reserve position with the IMF
Foreign exchange
3. NET ERRORS AND OMISSIONS
*) Provisional data
Credit
10,402
9,648
8,085
1,563
572
529
462
79
8
5
1
65
675
70
605
1996
Debit
12,973
12,503
10,555
1,948
692
666
590
388
2
24
17
345
82
23
59
Balance
2,571
2,855
2,470
385
120
137
128
309
6
19
16
280
593
47
546
Credit
10,889
9,955
8,431
1,524
588
526
410
204
14
4
0
186
730
82
648
1997
Debit
13,026
12,349
10,411
1,938
565
681
692
526
1
30
76
419
151
18
133
Balance
2,137
2,394
1,980
414
23
155
282
322
13
26
76
233
579
64
515
5,206
152
152
152
0
0
5,054
265
0
265
1,222
0
1,222
3,218
679
1
13
52
478
7
88
40
0
40
2,539
0
1,415
67
293
425
0
338
1
0
1
42
4
303
0
53
0
250
2,992
0
0
0
0
0
2,992
2
0
2
0
0
0
2,408
953
21
17
41
438
12
363
61
0
61
1,455
356
510
150
214
206
0
19
0
0
0
0
62
520
0
1
0
519
2,214
152
152
152
0
0
2,062
263
0
263
1,222
0
1,222
810
274
20
4
11
40
5
275
21
0
21
1,084
356
905
83
79
219
0
319
1
0
1
42
58
217
0
52
0
269
6,958
43
43
43
0
0
6,915
1,229
9
1,220
1,067
10
1,057
4,433
1,128
2
111
92
344
20
332
227
0
227
3,305
164
2,220
29
310
412
0
170
0
0
0
75
44
67
0
47
0
20
5,918
0
0
0
0
0
5,918
5
0
5
184
16
168
3,876
1,166
26
135
55
249
24
584
93
0
93
2,710
136
1,212
97
366
561
0
336
2
0
2
85
36
1,732
0
149
0
1,583
1,040
43
43
43
0
0
997
1,224
9
1,215
883
6
889
557
38
24
24
37
95
4
252
134
0
134
595
28
1,008
68
56
149
0
166
2
0
2
10
8
1,665
0
102
0
1,563
357
357
1,097
1,097
20*
Annual Report 1999
Statistical Section
7. BALANCE OF PAYMENTS
- millions of USD Credit
10,668
9,519
8,302
1,217
504
260
453
263
45
13
1
204
886
73
813
1998
Debit
13,636
12,798
10,927
1,871
633
458
780
705
6
154
121
424
133
21
112
Balance
2,968
3,279
2,625
654
129
198
327
442
39
141
120
220
753
52
701
Credit
10,832
9,870
8,503
1,367
536
252
579
158
92
2
3
61
804
79
725
1999*
Debit
12,120
11,381
9,595
1,786
571
402
813
561
7
52
89
413
178
22
156
7,686
39
39
39
0
0
7,647
2,063
11
2,052
510
32
478
4,047
1,165
10
122
95
182
5
694
57
0
57
2,882
0
1,738
328
341
395
0
80
0
0
0
11
5
1,011
0
102
0
909
4,963
0
0
0
0
0
4,963
23
2
21
380
31
349
4,345
954
25
86
57
169
20
568
29
0
29
3,391
126
1,396
564
449
719
0
137
0
0
0
39
8
168
0
0
0
168
2,723
39
39
39
0
0
2,684
2,040
9
2,031
130
1
129
298
211
15
36
38
13
15
126
28
0
28
509
126
342
236
108
324
0
57
0
0
0
28
3
843
0
102
0
741
5,522
46
46
44
2
0
5,476
1,076
8
1,068
207
48
159
3,443
914
25
60
103
382
8
290
46
0
46
2,529
72
1,692
432
145
141
0
47
0
0
0
4
8
738
0
1
0
737
5,114
1
1
0
1
0
5,113
69
24
45
916
28
888
3,184
665
7
81
87
398
15
53
24
0
24
2,519
139
1,369
318
316
354
0
23
0
0
0
21
12
911
5
10
0
896
245
245
880
ITEM
Balance
1,288 1. CURRENT ACCOUNT (A+B+C)
1,511 A. Goods and Services
a. Goods fob (exports/imports )
1,092
b. Services
419
Transportation
35
Tourism
150
Other services
234
403 B. Incomes
Compensation of employees
85
Direct investment income
50
Portfolio investment income
86
Other capital investment (interest)
352
626 C. Current transfers
Government sector
57
Other sectors
569
408 2. CAPITAL AND FINANCIAL ACCOUNT (A+B)
45 A. Capital account
a. Capital transfers
45
Government sector
44
Other sectors
1
b. Purchases/Sales of non-produced non-financial assets
0
363 B. Financial account
a. Direct investment
1,007
Abroad
16
In Romania
1,023
b. Portfolio investment
709
Assets
20
Liabilities
729
c. Other capital investment
259
Assets
249
18
21
3. Long term outstanding exports bills
16
4. Short term outstanding exports bills
16
7
6. Residents' deposits abroad
237
7. Other assets
22
longterm
0
shortterm
22
Liabilities
10
1. Credits and loans from the Fund
67
323
114
4. Long term outstanding imports bills
171
5. Short term outstanding imports bills
213
0
7. Non residents deposits in Romania
24
0
longterm
0
shortterm
0
d. In transit accounts
17
e. Barter and clearing accounts
4
f. Reserve assets (NBR)
173
Monetary gold
5
SDRs
9
Reserve position with the IMF
0
Foreign exchange
159
880 3. NET ERRORS AND OMISSIONS
21*
Annual Report 1999
Statistical Section
8a. INTERNATIONAL INVESTMENT POSITION

- millions of USD; end of period Period
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Reserve foreign assets

Foreign
in the banking system
assets in
Total
Monetary SDR
Convertible months
gold
holdings currencies of
imports
3,051.8
2,982.0
2,902.1
2,839.2
2,749.3
2,811.3
2,712.2
2,594.4
2,443.2
2,374.1
2,483.6
2,625.1
2,488.1
2,421.2
2,600.0
2,458.5
2,800.3
2,931.2
2,923.3
2,779.4
2,722.8
3,143.1
3,042.3
3,144.3
2,772.2
2,766.8
2,882.2
3,173.1
3,269.1
3,733.8
4,014.4
4,112.4
4,620.6
4,588.2
4,702.8
4,670.9
4,498.1
4,486.8
4,246.9
4,253.5
4,188.8
4,188.5
4,130.4
4,013.6
3,806.7
3,623.8
3,323.4
3,791.7
3,668.1
3,321.8
3,300.1
3,345.9
2,809.5
2,674.9
2,837.4
3,222.6
3,602.3
3,623.0
3,573.3
3,653.6
986.9
993.2
1,021.6
1,036.6
1,025.6
1,037.3
1,031.8
1,026.2
1,030.2
1,028.8
1,045.0
1,046.1
1,096.3
1,079.4
1,101.1
1,078.0
1,084.5
1,062.1
1,070.4
1,082.8
1,066.9
1,069.6
1,048.9
1,041.5
989.1
1,000.7
993.1
974.6
992.7
980.7
953.0
956.1
961.9
936.6
889.7
867.5
913.9
900.5
935.5
959.3
944.8
918.2
920.7
891.6
934.2
936.5
947.3
924.3
922.5
924.4
907.4
915.9
871.7
849.5
830.4
831.3
1,001.0
958.2
983.3
966.6
56.2
36.5
37.8
38.9
37.8
22.6
23.7
6.7
6.7
6.8
10.1
56.1
16.9
1.5
2.6
3.5
30.6
2.8
2.9
12.6
3.0
3.1
32.3
4.1
3.9
0.9
0.9
82.0
75.8
76.1
74.1
66.8
149.3
151.2
126.0
103.9
104.0
83.2
80.2
80.5
57.6
37.1
37.3
17.2
14.6
14.9
22.5
1.2
1.2
1.3
0.5
1.2
17.9
0.4
6.5
7.0
0.9
10.1
2,008.7
1,952.3
1,842.7
1,763.7
1,685.9
1,751.4
1,656.7
1,561.5
1,406.3
1,338.5
1,428.5
1,522.9
1,374.9
1,340.3
1,496.3
1,377.0
1,685.2
1,866.3
1,850.0
1,684.0
1,652.9
2,070.4
1,961.1
2,098.7
1,779.2
1,765.2
1,888.2
2,116.5
2,200.6
2,677.0
2,987.3
3,089.5
3,509.4
3,500.4
3,687.1
3,699.5
3,480.2
3,503.1
3,231.2
3,213.7
3,186.4
3,233.2
3,172.4
3,104.8
2,857.9
2,672.4
2,353.6
2,866.2
2,744.4
2,396.1
2,392.2
2,428.8
1,919.9
1,825.0
2,000.5
2,391.3
2,601.3
2,657.8
2,589.1
2,676.9
4.0
3.3
2.9
2.8
2.5
2.2
1.9
1.9
1.9
1.9
2.0
1.9
2.5
2.5
2.3
2.0
2.4
2.5
2.4
2.5
2.1
2.5
2.3
2.1
2.1
2.1
2.2
2.4
2.4
2.7
3.1
3.2
3.6
3.6
3.7
3.6
4.1
4.3
3.6
3.5
3.3
3.4
3.4
3.3
3.2
2.6
2.3
2.7
3.4
3.0
2.8
2.9
2.2
2.1
2.3
2.7
3.0
3.0
2.8
2.8
Medium- and long-term external debt

A. By creditor
Total
Multilateral
Total
of which:
IMF
EU
IBRD
4,690.1
4,753.8
4,918.3
4,969.4
4,913.5
4,934.2
4,957.5
4,867.9
4,895.1
4,903.8
4,977.5
5,482.1
5,416.2
5,529.8
5,620.6
5,569.8
6,115.8
6,450.5
6,620.1
6,630.0
6,578.6
7,182.2
7,242.6
7,208.9
7,164.3
7,351.2
7,562.2
7,616.7
7,753.5
8,089.2
7,920.5
7,848.5
8,264.9
8,343.9
8,269.8
8,584.3
8,490.5
8,478.2
8,180.7
8,203.1
8,270.6
8,384.6
8,410.9
8,426.4
8,699.3
8,857.4
8,773.0
9,308.1
8,886.0
8,472.1
8,407.8
8,377.0
7,909.9
7,590.5
7,786.4
7,989.3
8,134.1
8,195.8
8,199.8
8,435.5
673.1
695.2
720.2
731.6
735.4
742.7
747.1
756.4
760.9
768.1
784.2
794.2
800.4
808.7
911.8
921.6
937.3
955.8
972.0
986.7
995.5
1,006.9
1,015.1
1,022.0
1,027.1
1,037.0
1,032.7
1,037.0
1,038.9
1,119.6
1,120.6
1,127.6
1,374.8
1,383.1
1,384.9
1,391.7
1,381.1
1,390.8
1,393.1
1,404.5
1,412.2
1,423.9
1,425.9
1,433.7
1,444.7
1,449.4
1,460.9
1,469.4
1,467.0
1,474.8
1,472.2
1,478.4
1,486.2
1,499.0
1,496.7
1,655.9
1,664.3
1,675.6
1,686.2
1,703.1
22*
2,752.6
2,784.9
2,869.0
2,915.8
2,859.2
2,861.4
2,839.8
2,764.9
2,746.5
2,730.7
2,782.2
2,786.6
2,703.9
2,709.5
2,762.2
2,720.7
2,673.8
2,704.0
2,761.2
2,750.2
2,720.8
2,758.7
2,755.4
2,720.5
2,694.8
2,660.9
2,663.3
2,757.5
2,775.2
2,819.5
2,796.1
2,780.8
3,153.5
3,201.1
3,180.8
3,391.9
3,262.1
3,256.8
3,050.6
3,083.0
3,137.1
3,284.5
3,299.6
3,322.4
3,428.9
3,470.2
3,452.6
3,688.5
3,653.0
3,402.8
3,369.5
3,384.0
3,350.5
3,359.8
3,455.1
3,689.7
3,727.8
3,741.4
3,749.9
3,883.1
1,307.8
1,301.9
1,319.9
1,332.6
1,266.8
1,261.6
1,219.2
1,150.7
1,110.6
1,078.7
1,042.7
1,039.2
977.6
956.1
912.1
863.6
795.1
784.4
783.3
752.2
722.3
716.4
692.9
650.9
630.4
607.1
594.9
669.1
670.9
630.3
615.5
600.8
686.8
691.7
669.1
641.8
642.3
629.3
624.5
625.0
607.2
581.7
583.2
567.2
582.6
598.6
552.1
538.6
536.3
513.0
496.7
495.9
456.7
427.2
435.1
500.8
497.9
500.0
464.8
458.5
567.3
576.2
601.4
605.9
604.2
603.5
608.8
579.9
590.7
596.3
659.0
652.6
626.8
646.1
637.5
627.2
623.9
631.1
647.9
649.9
639.7
646.8
645.4
632.6
605.4
582.9
590.5
576.3
579.7
575.3
547.2
551.5
568.4
582.9
571.8
641.0
632.3
630.1
428.2
434.2
436.9
431.8
440.0
436.1
464.0
471.3
456.3
461.3
450.5
226.0
219.9
217.3
214.5
211.5
219.4
216.0
218.9
214.2
207.4
205.9
Bilateral
Total
EBRD
149.7
156.1
163.8
174.1
181.3
182.1
184.1
183.2
188.6
191.2
198.7
203.1
205.1
203.3
206.7
209.7
209.6
224.2
245.1
248.5
247.8
260.1
264.0
278.3
287.1
285.6
296.1
315.5
317.4
326.6
333.7
321.0
325.4
343.4
347.3
464.9
370.4
367.2
366.7
376.5
422.5
429.5
431.1
467.5
479.2
489.8
502.8
674.4
688.9
681.5
674.0
685.6
684.4
684.1
693.3
700.1
705.3
715.5
725.2
803.6
908.9
921.3
951.7
960.8
949.4
959.3
968.1
949.6
965.1
974.5
953.7
1,204.7
1,216.1
1,250.8
1,259.0
1,239.1
1,228.6
1,233.0
1,262.9
1,264.8
1,257.9
1,273.2
1,279.3
1,301.3
1,260.4
1,235.4
1,236.8
1,223.9
1,239.3
1,239.6
1,195.9
1,199.2
1,195.5
1,197.9
1,159.9
1,164.9
1,136.6
1,127.3
1,089.4
1,098.6
1,112.1
1,103.8
1,105.2
1,076.3
1,129.5
1,147.0
1,113.6
1,142.5
1,107.2
1,046.9
1,013.3
958.7
950.1
926.6
936.0
928.9
965.9
956.4
937.4
942.2
of which:
China
92.4
93.4
102.1
102.1
87.8
87.5
87.3
77.3
77.3
78.7
58.8
57.4
54.9
56.2
55.0
41.2
40.2
40.5
42.2
42.7
37.8
37.7
36.7
35.8
23.8
22.9
22.7
22.5
23.2
22.7
15.4
14.9
15.4
15.4
15.1
15.1
14.8
14.7
14.3
14.4
14.6
14.2
14.6
14.6
15.6
16.1
15.4
15.7
15.3
15.0
14.5
14.2
14.2
13.9
14.5
14.2
14.4
14.1
13.6
13.5
Annual Report 1999
Statistical Section

(continued)
- millions of USD; end of period -
Period
Canada
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
236.6
239.6
242.6
243.7
246.2
253.9
254.3
257.4
262.8
262.6
263.3
263.7
267.6
266.7
267.9
267.4
267.2
267.4
267.8
267.9
267.9
267.4
267.4
267.1
294.0
277.3
278.2
278.8
280.7
281.5
280.4
280.5
265.0
265.2
265.0
286.5
262.6
262.9
246.0
245.1
245.6
245.4
243.1
225.4
225.8
224.7
224.8
249.7
247.8
247.8
230.3
230.3
230.3
230.3
228.2
210.8
210.9
210.6
210.6
218.4
USA
140.9
140.9
140.9
137.3
127.1
124.1
122.4
122.4
116.2
112.8
102.7
97.2
115.8
132.3
132.3
130.6
120.4
117.4
117.4
117.4
117.4
122.3
127.9
133.8
123.2
121.8
122.7
120.9
119.9
118.3
118.3
118.3
115.8
112.2
97.8
78.7
77.0
74.7
74.4
74.4
75.1
75.7
75.7
75.7
80.9
77.6
69.6
55.7
55.7
55.6
55.6
55.6
55.6
55.6
55.6
55.6
55.6
55.2
52.1
51.1
Italy
87.1
87.1
84.9
86.1
90.7
91.4
93.8
91.2
92.9
100.3
103.8
106.8
107.7
111.4
111.4
111.3
115.1
117.3
118.1
119.3
118.4
118.7
119.3
117.1
111.4
106.9
107.4
105.1
106.1
106.1
94.2
95.1
98.3
99.8
97.5
96.3
94.6
94.1
87.2
88.7
89.7
88.3
83.9
82.8
88.4
89.8
86.9
87.9
68.9
66.7
64.3
64.3
63.1
62.0
58.1
57.1
58.1
57.1
55.0
54.9
Germany
93.2
95.0
102.4
103.3
108.6
112.8
117.1
121.5
125.4
130.2
135.3
389.6
384.6
394.5
404.0
398.0
398.7
403.1
427.5
427.7
426.7
438.7
438.7
447.5
429.8
411.9
411.8
402.7
406.8
407.8
389.9
392.2
404.0
412.6
402.8
424.7
422.6
418.2
410.7
421.6
435.5
426.5
436.5
427.3
461.4
472.1
455.4
457.8
449.9
436.5
424.2
415.9
410.7
407.3
422.1
420.9
422.5
413.8
397.8
392.0
Japan
108.5
110.8
122.0
129.0
130.0
127.5
122.4
110.6
107.9
106.3
106.5
104.9
101.1
103.3
101.1
102.0
99.1
98.4
99.4
99.4
97.6
94.7
95.3
94.5
88.5
86.8
87.0
85.0
92.7
94.3
90.8
91.1
88.9
89.5
84.8
83.0
82.6
80.6
78.5
78.1
75.0
72.6
69.5
69.0
73.5
84.6
80.5
86.9
81.1
78.3
79.1
78.9
77.6
77.9
78.0
82.0
117.4
117.9
120.9
121.2
Private banks
Total
of which:
Germany
880.4
890.1
923.3
914.4
915.4
907.2
935.9
932.8
953.2
957.1
950.7
1,175.8
1,170.6
1,248.2
1,274.2
1,261.8
1,356.0
1,394.9
1,448.5
1,429.1
1,422.9
1,655.7
1,662.3
1,550.0
1,594.6
1,678.2
1,789.7
1,828.2
1,812.4
1,725.6
1,735.7
1,664.2
1,645.5
1,648.0
1,647.9
1,694.0
1,688.2
1,702.3
1,662.5
1,633.0
1,622.3
1,630.2
1,637.7
1,664.1
1,682.8
1,654.2
1,636.1
1,657.7
1,562.9
1,518.3
1,518.3
1,530.6
1,525.7
1,469.4
1,481.1
1,427.4
1,427.1
1,506.3
1,482.4
1,476.1
142.6
147.2
156.8
150.9
147.4
141.7
141.5
140.3
141.1
141.8
141.3
145.7
143.5
159.4
167.7
168.6
180.5
227.2
240.2
257.1
256.7
255.8
260.7
279.3
303.7
302.0
299.6
293.7
335.6
330.8
315.1
319.5
321.9
314.5
308.6
249.9
255.8
250.6
245.2
247.0
243.9
237.6
239.4
235.5
247.5
257.4
254.0
261.6
255.1
242.3
231.1
230.3
228.9
215.6
216.7
215.4
213.9
216.7
204.0
192.9
23*
France
324.4
328.8
341.0
336.0
344.9
344.1
352.3
346.2
355.9
354.9
351.3
353.8
348.8
359.8
357.6
349.6
342.6
343.6
367.3
364.4
353.4
384.9
384.8
348.4
367.5
359.7
363.6
362.1
363.7
366.8
366.0
375.1
377.2
390.9
382.4
415.6
388.4
387.0
379.7
382.6
384.9
375.8
378.7
379.3
386.4
398.6
387.1
449.9
409.8
409.6
458.0
455.1
452.4
442.2
450.2
443.3
430.3
442.5
433.6
398.1
USA
196.8
196.8
195.2
193.4
192.3
190.0
190.0
187.3
185.6
182.2
172.5
168.1
178.0
178.2
177.3
174.8
176.1
174.6
174.8
173.6
173.9
183.7
188.8
191.4
190.0
257.5
334.8
356.6
345.3
325.3
337.5
308.2
303.1
302.1
295.9
175.2
181.7
181.7
174.1
172.1
175.0
180.6
192.5
234.8
232.1
238.1
235.0
209.8
205.6
205.2
196.3
184.5
184.3
184.3
176.4
167.1
167.5
221.5
226.5
224.6
United
Kingdom
82.1
82.1
82.1
82.9
83.4
83.4
103.6
104.1
104.8
104.6
108.0
222.0
222.5
270.5
271.3
271.3
358.0
365.1
371.4
386.8
382.1
563.4
533.8
423.9
478.6
478.6
477.0
445.0
417.4
365.4
366.5
336.4
386.3
389.0
423.2
423.7
491.4
504.4
478.1
429.3
410.4
393.6
371.9
352.8
346.2
281.8
285.4
270.1
255.4
254.9
244.7
242.1
241.6
220.7
217.7
223.9
232.3
210.1
206.6
191.9
Debt securities
Total
of which:
CS First Boston
Germany
x
x
x
x
x
x
x
x
x
x
x
x
1.7
x
1.9
x
2.9
x
6.4
x
51.3
x
64.7
x
68.6
x
71.7
x
71.6
x
82.3
x
575.8
x
820.7
x
829.7
x
853.0
x
845.4
x
1,114.5
x
1,159.0
x
1,224.8
x
1,120.0
x
1,268.8
x
1,354.2
x
1,319.6
x
1,404.9
x
1,767.8
345.2
1,719.8
326.5
1,723.7
330.2
1,739.3
340.7
1,747.4
347.5
1,709.6
339.4
1,755.9
335.3
1,843.8
331.7
1,843.2
329.7
1,837.3
327.3
1,843.3
333.6
1,848.2
336.7
1,814.3
331.2
1,796.5
339.2
1,787.2
335.3
1,850.9
358.2
1,963.2
363.9
1,931.7
352.6
1,880.1
357.8
1,845.9
349.9
1,771.2
338.1
1,750.7
329.0
1,742.2
325.1
1,288.4
320.9
1,051.2
316.5
1,070.8
328.4
1,072.6
323.2
1,084.9
327.6
1,064.3
320.6
1,055.6
310.3
1,039.4
308.0
Annual Report 1999
Statistical Section

Period
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
(continued)
- millions of USD; end of period Medium- and long-term external debt (continued)
A. By creditor (continued)
B. By debtor
Other private creditors Total
Public
Publicly
Private comDebt securities (continued)
Supplier credits
Total
of which:
Total
of which:
debt
guaranteed mercial debt
Nomura Securities Merrill Lynch
Canada Germany
USA
debt
(non-guaranJapan
UK
teed)
x
x
131.4
75.9
27.4
16.7
0.3
4,690.1 3,012.4
1,318.2
359.4
x
x
138.9
75.9
34.2
18.7
0.3
4,753.8 3,045.4
1,342.0
366.3
x
x
151.1
75.9
36.5
23.2
0.3
4,918.3 3,143.7
1,380.0
394.5
x
x
154.5
75.9
35.5
24.0
0.4
4,969.4 3,187.9
1,384.7
396.9
x
x
162.3
75.9
43.0
27.2
2.9
4,913.5 3,110.4
1,403.6
399.5
x
x
174.8
75.9
48.1
31.4
3.1
4,934.2 3,109.7
1,426.7
397.9
x
x
178.4
75.9
48.1
33.5
3.2
4,957.5 3,081.2
1,474.3
401.9
x
x
183.5
75.9
54.3
35.1
3.3
4,867.9 2,986.2
1,472.5
409.2
x
x
188.3
75.9
58.8
39.2
3.3
4,895.1 2,968.9
1,503.1
423.1
x
x
194.7
75.9
62.9
40.3
3.3
4,903.8 2,951.7
1,523.3
428.8
x
x
197.7
75.9
63.9
41.9
3.3
4,977.5 2,975.9
1,525.0
476.6
x
x
196.6
75.9
68.3
53.8
3.5
5,482.1 3,388.4
1,560.1
533.6
x
x
205.2
75.9
69.9
51.9
3.5
5,416.2 3,287.6
1,582.3
546.4
x
x
193.5
59.6
74.1
56.1
3.5
5,529.8 3,355.4
1,599.2
575.2
x
x
195.8
59.6
72.5
58.0
3.7
5,620.6 3,418.1
1,614.5
588.0
x
x
198.9
59.6
73.6
67.1
3.8
5,569.8 3,354.6
1,608.3
606.9
477.8
x
211.6
59.6
77.8
69.9
3.8
6,115.8 3,864.7
1,612.4
638.6
474.5
225.0
223.1
59.6
81.3
74.8
4.7
6,450.5 4,087.9
1,637.9
724.7
479.7
225.0
234.9
59.6
90.0
83.0
5.0
6,620.1 4,143.6
1,687.3
789.2
479.6
225.0
245.5
59.6
88.6
87.4
5.5
6,630.0 4,072.7
1,718.4
838.9
470.8
225.0
242.3
59.6
86.0
89.4
5.4
6,578.6 4,020.5
1,722.5
835.6
720.1
225.0
264.6
59.6
96.5
115.6
5.5
7,182.2 4,474.4
1,791.4
916.5
724.9
225.0
264.1
59.6
95.5
122.5
7.6
7,242.6 4,438.8
1,806.4
997.5
719.1
275.0
276.1
59.6
76.9
136.4
15.8
7,208.9 4,326.0
1,848.4
1,034.5
673.2
225.0
348.5
59.6
90.0
146.1
7.7
7,164.3 4,215.3
1,891.9
1,057.0
660.5
370.9
363.3
59.6
86.7
144.7
7.7
7,351.2 4,161.3
2,003.2
1,186.7
661.6
445.9
367.8
59.6
83.5
150.5
7.8
7,562.2 4,158.9
2,119.8
1,283.5
646.5
445.6
352.5
59.6
79.2
135.0
9.2
7,616.7 4,181.3
2,138.7
1,296.7
705.5
446.6
381.7
59.6
79.7
140.1
10.2
7,753.5 4,234.6
2,184.8
1,334.2
717.4
446.8
388.0
59.6
76.9
148.7
9.3
8,089.2 4,572.9
2,174.8
1,341.6
690.8
446.4
323.0
46.0
78.2
150.0
9.2
7,920.5 4,475.6
2,118.6
1,326.3
692.6
446.4
320.1
46.0
76.0
160.5
13.1
7,848.5 4,453.0
2,034.0
1,361.5
676.7
446.1
363.0
46.0
72.4
168.1
14.6
8,264.9 4,827.1
2,065.8
1,372.0
680.8
446.2
368.7
46.0
55.2
180.8
19.4
8,343.9 4,840.9
2,098.0
1,405.0
645.3
445.6
375.9
46.0
54.7
195.7
27.2
8,269.8 4,766.1
2,106.9
1,396.8
631.4
495.4
247.2
46.0
50.0
330.3
44.9
8,584.3 4,815.9
2,037.8
1,730.6
655.3
496.9
205.5
28.5
51.0
354.3
30.7
8,490.5 4,819.1
2,051.7
1,619.6
639.6
496.6
189.1
14.9
49.7
359.5
30.9
8,478.2 4,798.2
2,059.7
1,620.4
623.4
496.3
170.3
0.2
48.5
370.6
29.7
8,180.7 4,569.7
1,974.1
1,636.8
619.7
496.3
168.4
0.2
46.5
376.8
30.2
8,203.1 4,568.9
1,969.5
1,664.6
595.2
507.4
164.4
0.2
46.3
386.5
30.9
8,270.6 4,552.1
1,973.4
1,745.1
576.5
508.0
156.3
44.5
395.5
31.8
8,384.6 4,515.4
1,972.2
1,897.0
577.1
508.6
158.1
x
45.4
413.8
34.0
8,410.9 4,539.8
1,972.3
1,898.8
572.4
508.5
155.8
x
44.0
420.7
33.8
8,426.4 4,513.1
1,941.7
1,971.6
610.2
499.8
160.4
x
45.3
446.7
34.7
8,699.3 4,681.2
1,988.4
2,029.7
702.1
501.4
162.2
x
44.5
460.6
42.4
8,857.4 4,779.7
2,020.9
2,056.7
668.4
500.8
176.7
x
42.7
462.3
42.0
8,773.0 4,709.7
2,008.0
2,055.3
720.8
497.7
269.7
x
45.3
669.6
83.8
9,308.1 4,814.4
2,152.5
2,341.2
704.7
497.2
250.9
x
39.9
466.2
50.1
8,886.0 4,753.8
2,071.1
2,061.1
680.6
471.7
246.1
x
37.7
486.9
51.5
8,472.1 4,396.8
2,188.3
1,887.0
688.0
468.6
243.0
x
35.1
513.1
51.1
8,407.8 4,363.1
2,170.1
1,874.6
685.5
468.6
238.7
x
34.3
522.8
48.4
8,377.0 4,313.8
2,150.0
1,913.2
246.9
462.5
242.5
x
35.2
552.6
49.3
7,909.9 3,826.0
2,159.5
1,924.4
247.8
237.5
241.5
x
37.1
542.1
52.6
7,590.5 3,539.0
2,151.5
1,900.0
260.4
233.4
245.4
x
37.6
598.0
54.2
7,786.4 3,645.9
2,187.9
1,952.6
273.9
234.0
243.7
x
34.9
627.0
57.1
7,989.3 3,891.9
2,169.3
1,928.1
284.7
224.5
245.9
x
34.3
682.4
66.1
8,134.1 3,985.8
2,149.6
1,998.6
285.9
219.7
253.6
x
33.7
673.8
43.8
8,195.8 3,965.4
2,224.3
2,006.2
293.1
215.0
249.3
x
32.0
725.3
77.3
8,199.8 3,923.8
2,244.5
2,031.5
291.2
215.1
256.9
x
42.6
837.8
102.7
8,435.5 3,917.9
2,251.3
2,266.3
24*
Annual Report 1999
Statistical Section

Period
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
(continued)
Short-term commercial claims and liabilities
Total
Commercial claims
Total
Cash against Export
documents letters
(incasso)
of credit
470.6
392.1
496.5
515.2
425.1
414.7
423.0
337.1
404.7
432.5
507.5
221.9
288.9
372.6
139.0
149.8
162.3
229.5
242.5
420.2
477.1
458.5
593.4
561.3
608.2
714.2
632.0
620.3
555.3
565.4
521.9
520.5
520.9
580.9
486.6
529.4
409.9
416.4
56.9
157.5
191.5
147.0
208.1
212.8
203.2
185.6
123.0
134.9
113.4
105.8
106.4
72.2
72.0
47.6
89.6
192.9
17.4
104.6
121.7
78.8
457.8
537.8
460.8
469.2
574.1
584.2
490.3
571.4
556.0
550.8
561.9
606.6
526.0
512.6
655.1
663.9
657.5
586.3
581.3
543.9
477.9
550.9
571.5
566.9
484.8
484.2
595.4
539.2
580.8
566.1
534.4
526.5
507.6
480.5
496.2
471.7
457.2
441.6
451.6
437.6
440.3
454.0
470.4
455.8
426.0
427.2
451.1
458.5
471.8
458.4
463.3
463.0
470.7
480.3
447.4
626.0
444.0
465.1
508.1
473.9
153.0
148.8
152.3
153.5
224.5
228.1
139.9
191.7
196.6
172.7
182.5
255.9
180.0
207.8
191.1
236.1
203.3
167.8
180.9
183.1
162.6
177.1
180.8
180.6
185.9
186.4
212.0
181.5
209.4
204.4
178.4
190.2
179.1
188.3
183.4
185.8
179.6
179.2
185.3
199.8
202.1
195.0
210.6
219.5
209.8
204.4
194.2
187.0
187.8
183.2
186.7
178.8
194.2
189.6
174.5
177.9
182.8
184.4
183.1
173.7
286.3
373.3
294.1
298.3
327.8
329.8
326.1
357.0
335.3
339.0
345.4
299.8
291.0
251.3
379.6
345.8
371.1
331.1
313.3
285.4
240.7
296.1
310.7
321.4
240.9
228.6
306.4
280.4
290.4
282.5
278.0
265.5
254.9
214.8
229.4
226.2
214.1
198.3
197.2
165.2
168.1
189.4
192.3
175.7
165.2
170.7
182.3
179.3
209.6
196.6
203.4
208.3
207.4
217.2
201.5
356.7
202.0
209.6
221.1
219.4
- millions of USD; end of period Commercial liabilities

Received
Total
Cash against Import
guarantees
documents letters
(incasso)
of credit
18.5
15.7
14.4
17.4
21.8
26.3
24.3
22.7
24.1
39.1
34.0
50.9
55.0
53.5
84.4
82.0
83.1
87.4
87.1
75.4
74.6
77.7
80.0
64.9
58.0
69.2
77.0
77.3
81.0
79.2
78.0
70.8
73.6
77.4
83.4
59.7
63.5
64.1
69.1
72.6
70.1
69.7
67.5
60.6
51.0
52.1
74.6
92.1
74.4
78.6
73.2
75.9
69.2
73.6
71.4
91.3
59.2
71.1
103.9
80.8
938.9
940.9
967.9
991.4
1,006.0
1,005.5
923.4
918.5
970.7
995.2
1,081.2
828.5
814.9
885.2
794.1
813.7
819.8
815.8
823.8
964.1
955.0
1,009.4
1,164.9
1,128.2
1,093.0
1,198.4
1,227.4
1,159.5
1,136.1
1,131.5
1,056.3
1,047.0
1,028.5
1,061.4
982.8
1,001.1
867.1
858.0
508.5
595.1
631.8
601.0
678.5
668.6
629.2
612.8
574.1
593.3
585.2
564.3
569.7
535.2
542.7
527.9
537.0
433.1
461.3
360.5
386.4
395.1
25*
58.9
59.4
60.4
73.4
84.2
114.3
90.5
93.9
142.6
141.4
160.1
172.3
190.6
204.6
222.8
234.0
292.0
328.8
380.9
450.6
429.3
446.6
474.3
474.7
527.1
552.0
567.7
569.7
580.2
589.7
594.2
601.8
602.9
606.4
477.1
471.3
436.2
437.0
141.0
204.8
212.1
198.6
215.5
214.4
209.6
219.9
224.3
231.5
228.3
244.5
241.6
249.8
259.4
250.9
253.2
159.4
176.1
160.7
164.7
159.9
534.2
533.7
548.4
565.8
570.0
534.4
456.9
461.0
418.1
423.5
503.7
545.8
516.6
572.9
428.9
433.7
381.5
340.7
298.2
362.0
374.2
401.8
525.5
410.0
296.5
356.5
352.9
320.9
267.0
245.6
161.3
172.7
189.5
210.6
247.6
258.3
211.4
206.7
168.2
189.3
203.4
164.9
216.9
214.5
171.4
134.8
123.0
150.6
152.1
133.1
142.8
109.4
107.4
109.2
93.8
89.0
108.2
123.1
116.7
128.1
Issued
guarantees
331.4
333.4
344.7
342.1
341.7
346.7
362.1
349.7
396.1
416.6
403.7
96.7
96.7
96.7
131.4
131.4
131.7
131.7
131.7
138.5
138.5
138.5
142.6
142.6
157.7
159.1
177.0
125.2
141.9
149.9
145.7
125.9
121.4
128.3
143.5
151.4
145.0
142.0
148.9
149.3
169.3
183.5
193.8
191.2
194.1
205.5
156.1
178.9
179.8
168.8
161.8
157.0
157.1
134.2
132.1
129.3
120.3
53.3
55.5
61.2
Trade
related
credits
14.4
14.4
14.4
10.1
10.1
10.1
13.9
13.9
13.9
13.7
13.7
13.7
11.0
11.0
11.0
14.6
14.6
14.6
13.0
13.0
13.0
22.5
22.5
22.5
17.1
17.1
17.1
19.3
19.3
19.3
28.8
28.8
28.8
34.7
34.7
34.7
32.8
29.7
35.2
36.1
29.9
29.0
27.3
24.0
27.4
34.7
52.1
15.3
10.8
7.5
10.6
7.5
8.2
17.0
37.5
35.2
36.3
7.6
31.4
27.7
Other
liabilities
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
78.4
94.6
113.7
112.7
124.4
127.7
127.0
126.3
117.8
85.9
81.4
79.9
85.4
41.7
42.6
15.2
15.6
17.1
25.1
25.0
24.5
26.7
17.9
18.6
17.0
14.2
10.3
12.9
11.6
10.6
16.6
20.4
20.3
20.5
15.7
18.1
18.2
Annual Report 1999
Statistical Section
8b. ARRANGEMENTS CONCLUDED WITH EBRD

- millions of EUR Date of concluding
the arrangement
Sector
27.02.1992
public
142.00
15 years / 3 years
14.09.1992
public
27.22
6.5 years / 1.5 years
14.09.1992
private
65.63
7 years / 1.6 years
26.10.1992
public
1.00
8 years / 0.5 years
23.04.1993
public
79.69
13 years / 3 years
09.06.1994
public
24.90
14 years / 5 years
19.04.1994
private
49.81
10 years / 3 years
19.04.1994
public
7.69
3 years / 1/2 years
09.04.1995
public
27.89
15 years / 3 years
10.11.1995
public
78.10
14 years / 5 years
06.12.1995
private
14.94
7 years / 1.6 years
23.07.1996
public
72.32
15 years / 3 years
05.08.1996
public
15.94
15 years / 3 years
05.08.1996
public
52.90
15 years / 3 years
20.11.1996
public
85.57
15 years / 4 years
13.04.1997
public
44.83
15 years / 5 years
04.08.1997
public
74.71
15 years / 4 years
1 LEVENTIS Iai-Bihor
06.08.1993
private
4.97
7 years / 2 years
2 VIROLITE
02.12.1993
private
14.05
8 years / 3 years
12 years / 2.5 years
A. Government-guaranteed loans
1 ROMTELECOM
Law No. 59/1992
2 PETROM
Law No. 119/1992
3 Banca Agricol S.A.
Law No.125/1992
4 EUROVISION
5 European roads rehabilitation
Law No. 49/1993
6 Wholesale market
Law No. 126/1994
7 Banca Romn pentru Dezvoltare S.A.
Gov.Ordinance No. 25/1994
8 Banca Romn pentru Dezvoltare S.A. II
9 Development of municipal utilities
Law No. 121/1995
10 RENEL
11 Banca Agricol S.A.
12 CFR (Romanian Railways) rehabilitation
13 Water supply and distribution system in Jiu
Valley
14 Bucharest-Piteti Highway
15 N.D.A. restructuring
16 Thermal energy preservation
17 Municipal utilities II
Law No. 186/1997
Value
Repayment and grace period
865.14
B. Loans without Government guarantee
452.81
3 ATHENEE PALACE HOTEL
09.11.1994
private
14.23
4 IT Banca Agricol S.A.
09.12.1994
private
6.73
7 years / 2 years
5 BANKCOOP
12.12.1994
private
5.35
5 years / 1.5 years
6 LEVENTIS Timi
05.05.1995
private
4.29
7 Banca Ion iriac S.A.
27.07.1995
private
19.92
3 years / 1.5 years
8 ROMPAK
17.01.1996
private
7.47
5 years / 2.3 years
9 PROMPT S.A.
19.06.1996
private
3.12
10 Breweries
Banca Comercial Romn - energy
preservation
12 VIROLITE-extension
08.10.1996
private
18.93
8 years / 3 years
18.12.1996
public
8.69
28.04.1997
private
1.99
3 years / 1.5 years
13 MOBIFON GSM
02.10.1997
private
97.46
9 years / 3 years
14 ARCTIC
14.10.1997
private
12.94
7 years / 2 years
11
15 ROMTELECOM
06.01.1998
private
99.62
7 years / 2 years
16 EPH Grain
08.01.1998
private
7.97
7 years / 3 years
17 Continental Hotel
24.06.1998
private
11.46
18 BANC POST - Conversion subordinated loan
05.07.1998
private
19 DANONE SRL
13.10.1998
private
20 PARMALAT
17.11.1998
private
5.01
3 years / 1.5 years
21 IRIDE
17.12.1998
private
18.88
7 years / 3 years
22 SAMSUNG - OTELINOX
18.12.1998
private
17.93
7 years / 2 years
23 MOBIFON Ph.II
24 SICAL
20.01.1999
05.11.1999
private
private
9.96
8.97
25 DALKIA ESCO Romania
14.12.1999
private
26 BANCA TRANSILVANIA SME Facility
17.12.1999
private
27 SUEZ - LYONNAISE MPF

Timioara Water Concession
21.12.1999
private
26*
10 years / 3 years
10 years with an option to total or partial conversion
9.96
into shares
6.18
5 years / 2years
9 years / 3 years
6,5 years / 1,5 years
granted from a regional fund available for 10 years
7.05
(Dexia FondElec Energy)
EURO 125,000 exposure/customer and 6-month
4.98
grace period
24.70
15 years / 3 years
Annual Report 1999
Statistical Section
8b. ARRANGEMENTS CONCLUDED WITH EBRD

(continued)
- millions of EUR Date of

concluding the
arrangement
Sector
C. Capital investment
Value
Repayment and grace period
133.53
09.04.1993
private
7.00
2 Capital Group S.A.
29.04.1993
private
1.70
3 Banca Bucureti
15.06.1993
private
1.64
4 EMCOM-SIEMENS
17.12.1993
private
6.22
5 Danube Holding LTD
30.10.1996
private
3.66
6 Post-privatization fund
16.09.1997
private
12.21
7 Banca Bucureti
17.12.1997
private
8 ROMCIM-LAFARGE
21.01.1998
private
20.02.1998
private
10 IMGB/FECNE
24.09.1998
private
11 BRD Privatisation
24.11.1999
private
TOTAL
the EBRD can sell shares to a strategic

partner within 8 years
on medium-term, shares will be sold to
Romanian/ foreign investors
shares will be bought by the Greek
party within 5 years
the EBRD will sell shares to investment
beneficiaries by December 31, 2000
an initial 8-year period, with option for
2-year extension
equity capital for 4 -7 years, afterwards
shares can be sold
1.84 initial terms are mentioned

69.90
after 6 years the shares may be sold to

a third parties
2.79 initial terms are mentioned

investment in support of privatisation.
Equity capital up to 49% of the social
withdrawal from investment is
20.47 envisaged over 3-7 years by selling
shares on the market or direct to IFI
6.10
1,451.48
(USD 1,457.07 million)
8c. LOAN ARRANGEMENTS WITH IBRD

- millions of USD Date of
concluding the
arrangement
Approving law
19.01.1996
Gov. Ordinance No. 14/23.01.1996
A. Public loans
1. FESAL
Value
Repayment period
2,751.50
280.00
2001-2015
2. SAL
02.06.1992
Law No. 63/08.07.1992
400.00
1998-2009
3. Private farmers
15.06.1992
Law No. 89/22.07.1992
100.00
1998-2009
4. TACI (esential goods imports)
03.07.1991
Law No. 57/01.08.1991
180.00
1997-2006
5. Health care
07.10.1991
Law No. 79/23.12.1991
150.00
1997-2008
6. Petroleum
01.06.1994
Gov. Ordinance No. 42/1994
175.60
1999-2014
120.00
1998-2010
50.00
1999-2014
7. Roads
30.04.1993
Law No.50/07.07.1993
8. Education reform
23.05.1994
Gov. Ordinance No.24/1994
9. Industrial development
21.03.1995
Law No. 68/1995
175.00
2000-2014
10. Labour force and social security
23.08.1995
55.40
2000-2015
11. Water supply and distribution
02.08.1996
25.00
2002-2016
12. Higher education reform
02.10.1996
50.00
2002-2016
13. Social protection
01.07.1997
50.00
2002-2017
2002-2017
14 ASAL
01.07.1997
350.00
15. Roads II
01.07.1997
150.00
2002-2017
16. School rehabilitation
02.10.1998
70.00
2002-2017
17. Real Estate Register
23.01.1998
25.50
2003-2017
18. Child protectoin
15.07.1998
5.00
2003-2018
19. Cultural heritage
23.12.1998
5.00
2004-2018
20. Social development fund
20.01.1999
10.00
2004-2018
17.06.1999
25.00
2004-2019
17.06.1999
300.00
2004-2019
21 Private and Institutional

Bridging Loan
22 Private Sector
Adjustment Loan
B. Publicly guaranteed loans
1. RENEL (Power rehabilitation)
2. SNCFR (Romanian Railway
Public Company)
3. General Inspectorate
for Communications
260.00
29.08.1995
110.00
2000-2015
19.01.1996
120.00
2001-2016
29.05.1998
30.00
2003-2018
27*
Annual Report 1999
Statistical Section
9. MONEY MARKET INDICATORS

Interbank operations
Period
Deposits
daily average; average
lei billions
interest rate
(% p.a.)
Government securities (new issues and roll-over)
1-week
1-week
Transactions
BUBID
BUBOR
daily
average
average
average
average; interest rate interest rate interest rate
(% p.a.)
lei billions
(% p.a.)
(% p.a.)
average interest rate*

nominal
value;
lei billions
Discount T-bills
nominal
average
interest rate
value;
(% p.a.)
lei billions
average
yield
(% p.a.)
1996 Jan.
1,709.6
48.2
142.3
61.2
197.2
45.0
Feb.
1,820.8
50.1
230.4
68.6
44.0
51.4
332.5
45.0
Mar.
1,780.0
50.8
277.7
70.6
650.4
53.5
Apr.
1,900.7
52.8
266.8
68.2
339.0
54.3
May
1,903.0
53.4
281.3
67.2
298.9
53.3
52.3
61.1
Jun.
1,901.6
54.4
270.9
62.8
748.7
59.8
Jul.
1,918.7
54.9
332.5
60.5
501.0
57.9
Aug.
1,871.1
54.9
292.9
59.4
538.0
50.3
Sep.
1,675.8
56.6
273.8
62.5
650.5
50.2
Oct.
1,741.3
55.4
266.5
61.7
2,629.0
50.5
Nov.
1,946.1
53.9
285.6
60.3
245.8
49.4
Dec.
1,917.0
55.3
342.3
62.1
47.4
51.7
899.4
63.3
1997 Jan.
2,037.1
59.3
342.4
67.5
50.4
55.3
3,065.6
174.3
Feb.
1,690.7
115.6
400.9
208.1
95.6
108.2
250.3
186.0
Mar.
1,985.5
217.8
622.3
294.3
204.4
241.7
899.4
144.0
Apr.
2,435.5
149.6
520.3
161.6
133.1
163.5
3,626.8
172.1
May
2,669.0
101.4
451.8
92.6
92.0
114.3
1,254.1
92.5
Jun.
3,436.2
61.3
511.5
51.7
46.4
59.4
899.4
48.0
Jul.
4,844.2
48.5
893.3
42.0
35.0
48.6
3,626.8
44.0
Aug.
4,790.8
36.6
960.4
37.2
27.5
39.4
1,132.0
60.0
1,979.7
50.9
Sep.
5,820.4
39.9
1,375.8
40.1
35.3
43.8
3,374.5
34.0
988.1
39.0
Oct.
7,540.9
47.2
1,647.5
47.9
42.3
50.6
898.4
45.8
Nov.
8,725.6
64.8
1,065.2
79.6
72.2
88.2
4,500.0
80.0
763.3
87.0
Dec.
8,400.2
90.3
1,258.3
101.4
78.7
102.4
2,448.2
98.6
1998 Jan.
7,429.3
102.7
1,349.5
109.7
94.5
145.3
2,849.0
104.4
Feb.
7,171.8
105.6
1,068.8
108.5
96.8
133.1
2,126.4
90.5
Mar.
8,307.0
93.5
1,456.6
89.8
83.1
105.7
693.0
75.0
Apr.
7,665.1
76.7
1,133.2
77.4
67.8
88.4
4,484.6
69.5
May
7,545.1
52.6
1,073.7
35.7
23.9
51.5
2,911.0
47.9
Jun.
6,735.2
45.5
783.9
51.5
36.3
61.1
1,781.1
41.3
Jul.
5,176.5
41.6
809.6
35.9
26.3
47.8
6,647.0
42.5
Aug.
5,081.4
50.0
819.7
52.2
35.8
59.7
5,014.2
47.9
Sep.
5,591.6
81.9
1,093.6
95.2
66.8
96.2
4,360.7
50.3
57.3
Oct.
6,547.4
81.3
1,507.8
84.9
68.4
95.9
4,999.8
Nov.
7,277.1
105.7
1,915.9
103.6
84.2
113.9
687.7
65.6
Dec.
7,159.3
140.0
1,772.8
132.1
104.3
159.0
4,210.0
76.0
707.7
72.7
1999 Jan.
6,097.9
68.7
1,258.2
62.8
51.4
86.8
4,458.7
70.3
Feb.
5,920.0
110.4
1,559.5
107.9
83.6
127.0
1,075.0
88.6
5,960.1
89.5
Mar.
5,684.8
132.8
1,471.6
127.8
84.6
160.7
5,291.5
78.3
Apr.
3,990.8
150.1
1,260.6
124.7
91.7
170.4
8,571.0
103.5
3,227.8
77.0
May
5,461.8
84.6
1,597.3
78.7
61.1
107.3
716.3
69.0
7,657.3
106.9
Jun.
6,659.4
88.9
1,259.0
70.5
65.2
99.1
5,394.7
71.5
5,736.6
100.3
75.8
Jul.
3,604.9
71.7
1,128.7
61.8
50.7
89.8
3,235.7
66.7
1,856.8
Aug.
4,212.2
54.6
1,394.8
43.5
47.0
78.8
5,820.4
68.8
Sep.
6,092.9
42.6
1,588.4
39.1
35.8
62.0
2,376.1
61.3
3,456.3
55.8
Oct.
9,550.8
46.4
1,014.6
43.6
36.2
48.1
1,300.0
60.8
3,840.9
52.1
Nov.
7,537.7
54.2
1,152.0
57.4
53.5
61.0
5,063.5
Dec.
6,575.8
65.2
1,549.8
61.6
59.1
68.9
4,225.6
64.1
5,127.2
*) Until April 24, 1997 government securities were placed through public subscribtion (fixed interest rate set up by the Ministry of Finance).
Afterwards, the placement procedure was auction (uniform price).
28*
58.9
76.0
Annual Report 1999
Statistical Section
10. INTEREST RATES APPLIED BY THE NATIONAL BANK OF ROMANIA

Period
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
- percent per annum on credits

on reserve requirements
granted
USD bank EURO
nonstructural auction
special 2) preferential lombard 4) granted
average bank lei
bank
directed according rate
1)
reserves reserves
3)
with
with NBR with NBR reserves
impairment structural to Law No.
with NBR
of
135/1996
regulations
70.0
x
x
10.1
x
x
x
x
30.6
10.00
x
x
70.0
175.5
x
16.6
250.0
x
x
x
120.5
10.00
x
x
58.0
66.6
58.0
23.4
130.0
x
x
x
62.4
25.00
x
x
55.0
64.0
55.0
17.2
105.0
x
x
x
57.1
18.00
x
x
48.5
59.9
50.7
15.5
99.0
x
x
x
52.9
16.00
x
x
44.0
53.7
45.4
15.5
99.0
x
x
x
47.1
16.00
x
x
40.0
48.2
40.0
15.0
99.0
x
x
x
42.2
15.00
3.00
x
40.0
47.4
40.0
15.0
99.0
x
x
x
42.0
15.00
3.00
x
40.0
44.5
40.0
14.7
99.0
x
x
x
41.9
15.00
3.00
x
40.0
43.0
40.0
14.9
99.0
x
x
x
44.6
15.00
3.00
x
35.0
40.7
35.0
12.3
90.0
x
x
x
41.4
12.00
3.00
x
35.0
38.1
35.0
12.3
90.0
x
x
x
40.8
12.00
3.00
x
33.0
37.7
33.0
10.1
90.0
x
x
x
41.2
9.00
2.00
x
33.0
51.1
42.7
10.1
90.0
x
x
x
43.3
9.00
2.00
x
63.9
45.0
10.0 6) 100.0
x
x
x
47.2
9.10
2.00
x
5) 35.0
35.0
65.1
45.0
13.0
100.0
x
x
x
48.9
10.00
2.00
x
35.0
67.0
45.0
13.0
100.0
x
x
x
49.7
10.00
2.00
x
35.0
65.1
45.0
13.0
100.0
x
x
x
47.5
10.00
2.00
x
35.0
60.4
45.0
13.0
90.0
27.5
x
x
44.5
12.00
3.00
x
35.0
59.7
45.0
13.0
90.0
28.0
x
x
43.0
12.00
3.00
x
35.0
54.2
45.0
13.0
90.0
28.5
x
x
42.4
12.00
3.00
x
35.0
49.0
45.0
13.0
90.0
29.5
x
x
55.4
12.00
3.00
x
35.0
49.4
45.0
13.0
90.0
31.0
x
x
35.5
12.00
3.00
x
35.0
54.1
45.0
13.0
90.0
33.0
x
x
36.7
12.00
3.00
x
35.0
49.0
35.0
13.0
90.0
34.5
x
x
38.5
12.00
3.00
x
35.0
50.3
35.0
13.0
90.0
36.5
x
x
39.4
12.00
3.00
x
35.0
52.7
36.2
13.0
90.0
39.0
x
x
40.3
12.00
3.00
x
50.0
58.8
50.0
13.0
90.0
48.4
x
x
52.1
12.00
3.00
x
50.0
128.1
x
13.0
154.1
50.1
426.5
50.0
64.4
12.00
3.00
x
50.0
266.7
x
13.0
543.5
52.2
238.5
50.0
93.5
22.00
3.00
x
50.0
184.9
x
13.0
200.0
53.4
173.2
50.0
68.4
30.00
3.00
x
50.0
x
x
13.0
200.0
53.9
160.0
50.0
58.8
30.00
3.00
x
50.0
x
x
13.0
200.0
53.1
x
50.0
51.0
30.00
3.00
x
44.7
x
x
13.0
188.7
51.0
x
44.5
45.2
15.00
1.50
x
40.0
x
x
13.0
140.0
40.0
x
40.0
40.0
15.00
1.50
x
40.0
x
x
13.0
140.0
40.0
x
40.0
40.0
15.00
1.50
x
40.0
x
51.8
13.0
140.0
40.0
x
40.0
40.5
15.00
1.50
x
40.0
x
84.6
13.0
140.0
40.0
x
40.0
65.6
15.00
1.50
x
40.0
x
x
13.0
140.0
40.0
x
40.0
52.6
15.00
1.50
x
40.0
x
x
13.0
140.0
40.0
x
40.0
46.0
15.00
1.50
x
40.0
x
x
13.0
140.0
40.0
x
40.0
44.3
15.00
1.50
x
40.0
x
x
13.0
140.0
40.0
x
40.0
40.0
15.00
1.50
x
40.0
x
x
13.0
140.0
40.0
x
40.0
40.0
15.00
1.50
x
40.0
x
x
13.0
140.0
40.0
x
40.0
40.0
15.00
1.50
x
40.0
x
x
13.0
140.0
40.0
x
40.0
40.0
15.00
1.50
x
40.0
x
x
13.0
140.0
40.0
x
40.0
40.0
10.50
3.50
x
35.0
x
x
13.0
95.0
35.0
x
35.0
35.0
10.00
3.50
x
35.0
x
x
13.0
95.0
35.0
x
35.0
35.0
10.00
3.30
x
35.0
x
x
13.0
95.0
35.0
x
35.0
35.0
10.00
3.30
x
35.0
x
x
13.0
95.0
35.0
x
35.0
35.0
10.00
3.30
x
35.0
x
x
13.0
95.0
35.0
x
35.0
35.0
10.25
3.30
x
35.0
x
x
13.0
95.0
35.0
x
35.0
35.0
10.55
3.55
x
35.0
x
35.0
13.0
95.0
35.0
x
35.0
35.0
10.55
3.40
x
35.0
x
35.0
13.0
95.0
35.0
x
35.0
35.0
10.55
3.20
x
35.0
x
35.0
x
95.0
35.0
x
35.0
35.0
9.00
3.15
x
35.0
x
35.0
x
95.0
35.0
x
35.0
35.0
8.50
3.15
x
35.0
x
35.0
x
95.0
35.0
x
35.0
35.0
10.00
3.05
x
35.0
x
35.0
x
95.0
35.0
x
35.0
35.0 7) 22.50 8) 3.60
x
35.0
x
35.0
x
95.0
35.0
x
35.0
35.0
22.50
3.60
x
35.0
x
35.0
x
95.0
35.0
x
35.0
35.0
22.50
3.60
2.75
35.0
x
35.0
x
95.0
35.0
x
35.0
35.0
22.50
3.60
1.70
35.0
x
35.0
x
95.0
35.0
x
35.0
35.0
23.50
3.40
2.10
35.0
x
35.0
x
95.0
35.0
x
35.0
35.0
31.00
3.40
2.10
1) Credit lines until July 31, 1995; 2) Fixed term credit until July 31, 1995; 3) Special credit until July 31, 1995;
4) Overdraft credit until July 31, 1995; 5) 33 % during December 1-14, 1995; 6) 90 % during December 1-14, 1995;
7) 10 % during July 1-15, 1999; 8) 3.05 % during July 1-15, 1999.
29*
Annual Report 1999
Statistical Section
11. INTEREST RATES APPLIED BY BANKS

- percent per annum Period
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Lending rate
average
non-bank
customers
80.6
60.6
54.5
52.4
50.9
49.1
48.0
46.5
46.5
46.3
44.1
41.5
41.9
43.7
46.9
52.0
53.5
52.4
52.7
53.0
52.5
51.9
52.0
52.2
51.5
50.6
51.1
70.6
112.6
105.6
98.7
83.9
60.6
46.7
44.9
44.6
51.1
60.4
63.3
65.1
63.5
58.8
51.4
47.6
44.3
42.1
46.6
51.6
55.8
63.7
53.0
58.2
62.5
63.2
63.4
66.2
67.8
62.4
59.0
53.2
52.7
55.2
86.4
61.8
56.3
54.0
52.1
51.1
49.4
48.1
48.0
47.9
46.1
42.8
44.0
47.5
48.9
55.4
57.9
56.5
56.9
57.4
56.8
55.4
55.0
55.2
54.7
53.6
53.2
69.7
108.0
112.7
109.0
91.4
69.0
52.8
49.8
48.1
50.5
55.6
59.8
62.0
62.1
60.7
57.4
53.2
48.5
47.0
47.9
53.0
54.3
58.9
58.7
59.2
61.9
64.5
69.8
72.6
75.6
72.4
68.6
61.7
60.7
62.0
interbank
operations
(including relations
with NBR)
57.8
56.7
48.9
47.3
47.2
43.8
43.3
42.0
42.1
41.8
38.1
37.4
40.9
39.0
40.8
42.7
42.2
42.4
41.6
42.9
44.3
42.1
42.6
41.8
41.4
41.3
42.1
73.4
123.1
93.7
77.5
51.4
36.5
28.5
31.6
38.3
52.4
71.5
71.7
73.1
66.8
54.1
36.9
33.0
30.1
27.7
42.9
44.8
59.4
76.7
36.1
55.4
64.6
58.2
42.1
46.9
36.6
32.4
31.4
34.8
36.6
42.6
30*
Deposit rate
average
non-bank
customers
71.5
47.4
40.8
38.7
37.4
36.4
34.4
36.1
38.4
37.5
35.9
33.3
33.7
36.7
37.1
40.6
41.6
41.2
41.4
41.8
41.7
40.9
41.0
40.9
41.1
41.0
42.9
62.9
107.1
94.8
86.4
65.1
47.3
38.3
35.0
34.7
40.9
45.7
48.2
50.9
50.2
45.8
40.1
36.0
33.6
34.1
39.0
43.2
49.4
54.6
45.0
51.3
53.2
53.3
50.8
49.2
49.6
47.8
43.7
42.8
41.0
42.1
42.5
49.5
44.3
41.7
39.4
37.6
35.2
37.6
37.5
36.1
34.1
30.9
31.1
32.4
34.0
36.7
38.0
37.8
38.5
38.7
38.7
38.7
38.9
38.8
38.9
38.9
39.0
58.7
96.6
94.9
87.5
73.8
47.4
38.4
33.6
32.7
32.9
34.1
36.3
40.1
40.6
39.6
38.2
34.3
32.4
32.1
33.5
37.5
40.4
42.3
42.5
44.5
46.1
47.9
49.8
49.1
52.1
48.7
44.0
42.9
40.7
41.3
interbank
operations
(including relations
with NBR)
100.3
44.3
36.9
35.4
35.0
34.4
32.4
33.1
40.4
40.1
37.7
37.4
40.9
38.8
44.0
48.8
49.2
49.0
48.1
48.0
48.8
48.2
48.4
47.3
47.1
46.9
53.6
75.6
124.6
94.5
78.9
55.8
47.1
38.0
39.9
45.4
64.9
87.2
98.1
100.5
89.9
74.1
49.5
44.9
41.6
48.8
77.0
77.5
100.8
129.2
65.0
101.8
89.7
82.0
54.7
49.8
49.2
41.4
38.6
41.7
45.3
49.6
Annual Report 1999
Statistical Section
12. CAPITAL MARKET

BUCHAREST STOCK EXCHANGE
Period
Shares traded No. of trades

(thou. pcs.)
Turnover
Value of
(billions of lei) average trade
1)
(thou.lei /
transaction)
0.6
6,230.9
Size of
average
trade
(shares /
transaction)
109
1995 Nov.
10
89
Dec.
33
290
1.9
6,584.5
114
Market
Market BET index
capitalisation composite (points)
2)
index
(billions of lei) (points)
271
259
1996 Jan.
50
628
2.2
3,454.7
80
366
Feb.
130
1,618
2.7
1,675.1
80
339
Mar.
238
2,600
4.4
1,675.8
92
290
Apr.
88
1,281
1.2
906.8
69
248
May
142
2,317
1.4
585.4
61
204
Jun.
87
1,382
0.8
560.9
63
162
Jul.
85
1,742
0.5
308.4
49
168
Aug.
102
1,831
0.7
408.2
56
203
Sep.
57
1,136
0.4
325.7
50
171
Oct.
82
1,529
0.5
299.2
53
151
Nov.
48
976
0.3
313.6
49
168
Dec.
34
728
0.2
300.6
46
231
1997 Jan.
237
1,903
2.0
1,033.4
125
317
Feb.
6,547
11,631
18.0
1,543.8
563
703
Mar.
19,647
30,779
26.6
864.5
638
710
Apr.
46,573
53,749
85.7
1,593.6
866
2,360
May
46,726
92,654
152.0
1,640.6
504
2,409
Jun.
96,778
90,026
336.5
3,737.3
1,075
4,342
Jul.
74,552
56,308
350.8
6,230.5
1,324
5,019
Aug.
51,996
56,931
224.8
3,947.8
913
5,565
1,000.0
955.9
Sep.
59,720
56,599
200.6
3,543.6
1,055
5,379
Oct.
75,961
75,647
235.0
3,106.4
1,004
6,022
941.0
Nov.
50,757
48,306
164.0
3,395.9
1,051
4,549
693.5
757.9
Dec.
49,309
32,797
120.5
3,673.9
1,503
5,056
1998 Jan.
53,286
40,197
123.7
3,076.6
1,326
5,229
727.7
Feb.
73,933
51,643
164.7
3,189.8
1,432
7,143
811.7
Mar.
129,060
66,148
343.0
5,185.6
1,951
6,663
1,000.0
793.1
Apr.
93,148
54,970
232.3
4,226.3
1,695
6,814
1,056.5
804.7
May
110,788
54,345
217.0
3,992.8
2,039
5,764
885.2
663.2
Jun.
76,272
45,967
136.0
2,959.4
1,659
5,651
856.2
636.7
Jul.
75,446
42,986
121.1
2,817.1
1,755
5,048
750.3
559.0
Aug.
47,795
33,937
66.7
1,966.8
1,408
3,628
521.8
359.9
Sep.
47,266
28,849
63.6
2,203.9
1,638
3,051
429.4
294.4
Oct.
52,157
25,976
45.2
1,739.1
2,008
3,328
451.1
295.8
Nov.
75,041
35,805
84.4
2,357.6
2,096
3,872
519.5
376.8
Dec.
51,259
24,749
64.7
2,616.0
2,071
3,922
488.6
377.7
1999 Jan.
47,118
27,125
81.3
2,998.1
1,737
4,152
506.0
379.3
Feb.
44,982
30,699
61.0
1,985.4
1,465
4,230
499.4
376.8
Mar.
93,103
32,548
121.8
3,740.8
2,860
4,101
471.4
363.6
Apr.
45,640
16,501
54.6
3,305.9
2,766
3,813
434.7
338.1
May
55,261
22,165
62.8
2,831.1
2,493
4,046
488.6
422.8
Jun.
69,691
24,878
76.4
3,069.8
2,801
4,757
558.4
524.4
Jul.
55,761
23,689
68.3
2,882.4
2,354
4,775
547.6
486.8
Aug.
38,543
20,303
65.4
3,221.2
1,898
5,409
606.7
561.7
Sep.
41,178
21,073
72.3
3,431.5
1,954
7,158
556.7
559.5
Oct.
50,076
17,969
67.8
3,770.4
2,787
6,898
533.8
574.3
Nov.
215,686
94,592
361.9
3,825.9
2,280
6,142
500.0
510.1
Dec.
143,794
73,358
139.5
1,901.2
1,960
5,725
472.8
448.5
Source: Bucharest Stock Exchange (BSE)

Note: Data concerning market capitalization, BET and composite index refer to the last trading session of the month.
1) Turnover/No. of trades
2) Total value of company shares dealt in BSE based on latest price of the month considered.
31*
Annual Report 1999
Statistical Section
12. CAPITAL MARKET

RASDAQ MARKET
Period
Shares traded No. of trades

Turnover
Value of
(thou. pcs.)
(billions of lei) average trade
1)
(thou.lei /
transaction)
Size of
average
trade
(shares /
transaction)
Market
Market
capitalisation composite index
(points)
2)
(billions of lei)
1996 Nov.
2,141
688
1.0
1,520
3,112
465
Dec.
4,866
2,384
2.5
1,052
2,041
1,215
1997 Jan.
9,912
5,698
20.4
3,578
1,740
2,427
Feb.
35,400
13,543
112.6
8,314
2,614
3,358
Mar.
44,740
18,513
74.1
4,004
2,417
4,530
Apr.
57,952
24,920
145.4
5,833
2,326
8,400
May
60,001
30,963
186.7
6,030
1,938
8,343
Jun.
86,357
39,695
388.7
9,791
2,176
12,588
Jul.
119,710
53,313
624.5
11,714
2,245
17,515
Aug.
93,115
54,437
391.2
7,187
1,711
16,930
Sep.
89,744
60,860
286.2
4,703
1,475
13,983
Oct.
80,360
64,082
227.2
3,546
1,254
13,062
Nov.
60,818
48,459
145.2
2,996
1,255
11,078
Dec.
58,336
32,618
228.4
7,001
1,788
12,033
1998 Jan.
69,360
45,515
166.3
3,655
1,524
11,490
Feb.
79,974
58,916
172.5
2,928
1,357
15,562
Mar.
121,929
75,573
460.5
6,093
1,613
15,202
Apr.
101,209
53,729
248.4
4,623
1,884
12,973
May
91,379
52,817
436.4
8,263
1,730
12,239
Jun.
87,106
47,032
220.6
4,691
1,852
10,958
Jul.
96,434
46,093
215.4
4,673
2,092
10,674
1,000.0
Aug.
79,932
39,484
165.9
4,202
2,024
8,885
771.5
Sep.
108,271
33,749
183.3
5,432
3,208
8,254
714.9
Oct.
162,512
30,551
327.0
10,704
5,319
8,007
712.0
Nov.
162,764
30,403
736.1
24,213
5,354
9,297
772.5
Dec.
240,540
28,450
463.7
16,300
8,455
8,643
716.2
1999 Jan.
183,249
27,254
280.5
10,291
6,724
9,141
771.5
Feb.
266,784
32,265
372.0
11,530
8,269
9,371
788.5
Mar.
215,978
33,072
419.8
12,693
6,531
9,714
796.8
Apr.
131,736
14,542
294.8
20,271
9,059
10,513
741.7
May
149,735
21,201
252.6
11,916
7,063
10,933
756.9
Jun.
165,971
22,374
275.8
12,328
7,418
11,165
757.6
Jul.
279,792
23,277
406.7
17,471
12,020
13,465
797.9
Aug.
277,904
20,686
430.4
20,804
13,434
14,067
792.7
Sep.
178,736
19,154
305.4
15,946
9,332
16,542
798.1
Oct.
134,159
17,709
225.1
12,709
7,576
18,613
820.8
Nov.
118,719
18,823
450.4
23,928
6,307
20,668
818.6
Dec.
116,159
13,478
223.3
16,564
8,618
17,861
871.2
Source: RASDAQ
Note: Data concerning market capitalization and composite index refer to the last trading session of the month.
1) Turnover/No. of trades
2) Total value of company shares dealt in BSE based on latest price of the month considered.
32*
Annual Report 1999
Statistical Section
13a. INTERBANK FOREIGN EXCHANGE MARKET

Period
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Volume of transactions (mill.USD)

total
change
301.7
366.0
353.7
264.9
341.8
342.6
432.7
423.8
421.3
423.1
383.9
452.7
349.3
302.9
314.0
341.7
360.8
354.6
404.8
371.0
386.9
320.0
293.8
466.4
272.4
342.9
488.0
1,042.9
858.8
690.7
881.2
759.5
698.6
889.1
789.8
962.1
947.8
849.9
1,172.4
1,117.1
980.8
933.3
1,177.3
1,228.1
1,513.6
1,768.4
1,719.6
2,220.2
1,644.0
2,302.7
1,838.9
1,287.3
1,854.9
1,455.7
1,692.6
1,557.8
1,824.9
1,953.0
2,501.9
1,853.1
Averages
...
36.5
65.6
66.6
238.4
375.7
355.5
723.0
1,302.4
1,813.9
Exchange rate
end of period
(lei/USD)
average
lei/USD
monthly
change (%)
192.0
64.3
12.1
89.0
77.0
0.7
90.2
9.0
2.4
1.7
39.2
68.8
103.4
46.4
11.1
27.7
19.0
6.2
50.2
33.8
15.9
66.9
26.2
172.6
194.0
70.5
145.1
554.8
184.0
168.2
190.5
121.6
61.0
190.5
99.3
172.3
14.3
97.9
322.5
55.4
136.2
47.5
244.0
50.8
285.5
254.8
48.8
500.6
576.2
658.7
463.8
551.6
567.6
399.2
236.9
134.8
267.0
128.2
548.9
648.8
1,780.00
1,810.00
1,847.00
1,879.00
1,937.00
1,975.00
2,018.00
2,069.00
2,128.00
2,225.00
2,547.00
2,578.00
2,640.00
2,859.00
2,937.00
2,913.00
2,951.00
3,028.00
3,135.00
3,162.00
3,261.00
3,375.00
3,591.00
4,035.00
5,932.00
7,744.00
6,996.00
7,095.00
7,110.00
7,032.00
7,354.00
7,471.00
7,613.00
7,741.00
7,860.00
8,023.00
8,248.00
8,105.00
8,490.00
8,345.00
8,511.00
8,670.00
8,744.00
8,924.00
9,162.00
9,592.00
10,082.00
10,951.00
11,614.00
12,774.00
14,925.00
14,992.00
15,622.00
15,840.00
16,037.00
16,220.00
16,488.00
16,870.00
17,893.00
18,255.00
1,776.00
1,798.85
1,832.57
1,864.95
1,911.20
1,955.82
1,994.29
2,045.91
2,100.00
2,166.20
2,395.27
2,558.00
2,599.24
2,773.71
2,872.60
2,911.14
2,930.41
2,988.00
3,063.22
3,143.91
3,201.19
3,295.74
3,478.19
3,733.89
4,963.40
6,895.70
7,235.90
7,048.52
7,090.71
7,172.29
7,164.26
7,445.24
7,528.82
7,702.09
7,808.15
7,960.25
8,293.40
8,230.90
8,207.09
8,379.62
8,477.25
8,569.36
8,699.43
8,781.24
9,041.19
9,380.68
9,908.86
10,528.64
11,353.60
12,271.00
14,053.52
14,792.62
15,237.81
15,756.50
15,920.95
16,100.95
16,359.45
16,705.57
17,446.73
17,996.43
0.1
1.3
1.9
1.8
2.5
2.3
2.0
2.6
2.6
3.2
10.6
6.8
1.6
6.7
3.6
1.3
0.7
2.0
2.5
2.6
1.8
3.0
5.5
7.4
32.9
38.9
4.9
2.6
0.6
1.2
0.1
3.9
1.1
2.3
1.4
1.9
4.2
0.8
0.3
2.1
1.2
1.1
1.5
0.9
3.0
3.8
5.6
6.3
7.8
8.1
14.5
5.3
3.0
3.4
1.0
1.1
1.6
2.1
4.4
3.2
...
x
29.2
1.0
171.8
137.3
20.2
367.5
579.4
511.5
x
x
x
x
x
x
x
x
x
x
22.43
76.39
307.95
760.05
1,655.09
2,033.26
3,082.60
7,167.94
8,874.81
15,332.93
7.7
15.0
7.3
8.4
3.7
3.1
3.2
6.5
2.4
4.6
33*
change as compared
change as
compared to the end to the same period of
of previous year (%) previous year (%)
0.1
28.0
1.4
20.4
3.3
14.4
5.1
11.6
7.7
15.3
10.3
17.3
12.4
18.3
15.3
21.2
18.4
21.6
22.1
23.6
35.0
36.4
44.2
44.2
1.6
46.4
8.4
54.2
12.3
56.8
13.8
56.1
14.6
53.3
16.8
52.8
19.8
53.6
22.9
53.7
25.1
52.4
28.8
52.1
36.0
45.2
46.0
46.0
32.9
91.0
84.7
148.6
93.8
151.9
88.8
142.1
89.9
142.0
92.1
140.0
91.9
133.9
99.4
136.8
101.6
135.2
106.3
133.7
109.1
124.5
113.2
113.2
4.2
67.1
3.4
19.4
3.1
13.4
5.3
18.9
6.5
19.6
7.7
19.5
9.3
21.4
10.3
17.9
13.6
20.1
17.8
21.8
24.5
26.9
32.3
32.3
7.8
36.9
16.5
49.1
33.5
71.2
40.5
76.5
44.7
79.7
49.7
83.9
51.2
83.0
52.9
83.4
55.4
80.9
58.7
78.1
65.7
76.1
70.9
70.9
x
x
x
x
x
x
x
x
x
x
50.3
240.6
303.1
146.8
117.8
22.8
51.6
132.5
23.8
72.8
Annual Report 1999
Statistical Section
13b. ACTIVITY OF FOREIGN EXCHANGE BUREAUS

- thousands of USD Period
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1991
1992
1993
1994
1995
1996
1997
1998
1999
Purchases
Total
27,197.2
30,976.3
36,458.9
33,695.5
42,071.0
42,251.4
45,849.0
54,029.8
51,585.2
42,255.7
41,362.4
39,584.3
27,741.4
28,449.2
29,097.2
31,310.0
34,928.5
33,710.6
39,265.9
43,100.3
37,431.2
39,055.8
34,587.8
33,408.5
36,734.5
85,850.1
75,028.7
96,345.1
113,828.6
81,036.2
77,381.6
83,060.2
60,501.5
58,721.1
51,279.7
56,877.6
50,217.3
87,271.2
112,184.1
122,978.2
119,630.6
123,395.0
135,039.8
148,902.6
138,449.6
144,150.3
142,923.9
172,675.9
111,579.1
118,870.4
141,507.2
157,966.0
188,868.1
198,323.3
219,674.5
245,624.7
199,625.6
201,038.6
175,700.7
189,774.5
Banks
2,926.7
3,300.4
5,178.3
6,239.6
6,260.0
7,762.4
8,906.1
11,547.1
9,305.5
6,441.2
6,794.3
11,567.9
1,999.0
3,098.5
3,125.6
4,576.6
6,086.2
4,728.6
5,857.9
7,847.2
5,850.2
4,238.6
2,457.7
3,277.0
4,726.9
51,827.5
45,651.4
45,615.6
46,803.9
28,202.5
32,919.2
36,451.8
20,124.2
15,240.9
9,292.5
11,656.4
8,339.1
27,222.4
23,284.5
33,653.8
36,550.9
30,084.2
37,315.0
49,144.0
30,246.2
31,189.7
23,038.4
30,296.3
35,854.4
25,266.7
24,771.4
43,503.7
80,702.8
84,956.9
91,990.1
107,239.6
80,126.1
58,889.3
36,294.8
41,201.2
Other bureaus
24,270.5
27,675.9
31,280.6
27,455.8
35,811.0
34,489.0
36,942.9
42,482.7
42,279.7
35,814.5
34,568.1
28,016.4
25,742.4
25,350.7
25,971.6
26,733.4
28,842.3
28,982.0
33,408.0
35,253.1
31,581.0
34,817.3
32,130.1
30,131.5
32,007.6
34,022.6
29,377.2
50,729.5
67,024.8
52,833.7
44,462.4
46,608.4
40,377.2
43,480.2
41,987.2
45,221.2
41,878.2
60,048.7
88,899.6
89,324.4
83,079.7
93,310.8
97,724.8
99,758.7
108,203.4
112,960.5
119,885.5
142,379.7
75,724.7
93,603.7
116,735.8
114,462.3
108,165.3
113,366.4
127,684.5
138,385.1
119,499.5
142,149.3
139,405.9
148,573.3
43,194.6
213,128.5
147,778.9
358,347.3
487,316.5
412,086.5
876,644.8
1,497,818.4
2,148,552.7
23,524.9
84,254.1
41,581.6
108,976.1
86,229.4
53,143.0
348,512.8
360,364.3
710,797.0
19,669.7
128,874.4
106,197.3
249,371.2
401,087.1
358,943.5
528,132.0
1,137,454.1
1,437,755.7
34*
Sales
Total
32,014.7
34,505.9
43,076.5
35,937.4
46,442.6
40,559.3
42,478.0
51,106.4
50,437.2
48,333.2
35,889.8
36,490.0
31,801.5
32,567.8
29,973.8
31,276.9
35,082.0
34,707.8
39,133.6
41,764.3
37,756.2
40,747.6
35,399.0
33,286.8
30,811.3
29,332.3
28,757.5
37,241.2
31,301.7
44,206.5
44,845.6
45,696.9
51,130.7
58,410.9
62,076.7
73,742.6
68,120.7
83,230.0
116,239.4
107,387.6
103,073.6
121,937.6
124,239.9
124,926.5
148,177.6
145,808.8
159,775.2
183,809.7
99,975.4
125,422.9
155,825.5
139,004.2
127,313.9
131,487.4
149,113.9
151,283.6
143,039.9
186,619.1
198,330.7
195,286.9
Banks
3,790.0
3,829.5
7,797.7
5,301.2
8,026.8
6,353.4
5,380.0
7,593.7
7,826.7
9,513.3
5,624.9
8,064.9
4,227.2
3,912.8
3,412.1
4,110.1
5,542.5
5,500.5
6,063.2
6,240.6
6,040.8
5,733.9
4,036.4
3,706.4
3,481.1
5,174.6
3,653.1
4,594.5
1,575.9
8,596.5
5,453.8
5,369.0
9,805.6
9,999.3
8,394.0
11,500.0
10,589.0
22,084.9
26,851.6
18,609.4
19,797.9
28,300.0
26,633.0
24,795.5
40,534.7
33,209.7
40,105.0
40,262.4
23,927.4
31,293.3
39,322.2
24,539.4
19,167.7
17,391.1
21,914.7
21,630.9
23,403.7
45,052.6
58,007.2
46,439.9
Other bureaus
28,224.7
30,676.4
35,278.8
30,636.2
38,415.8
34,205.8
37,098.0
43,512.7
42,610.5
38,819.9
30,264.9
28,425.1
27,574.3
28,655.0
26,561.7
27,166.8
29,539.5
29,207.3
33,070.4
35,523.6
31,715.4
35,013.7
31,362.7
29,580.4
27,330.2
24,157.7
25,104.5
32,646.7
29,725.8
35,610.0
39,391.8
40,327.9
41,325.2
48,411.7
53,682.6
62,242.7
57,531.7
61,145.0
89,387.9
88,778.2
83,275.8
93,637.6
97,606.9
100,131.0
107,642.9
112,599.1
119,670.2
143,547.3
76,048.0
94,129.6
116,503.3
114,464.8
108,146.3
114,096.3
127,199.2
129,652.8
119,636.3
141,566.6
140,323.5
148,847.0
27,878.2
187,170.5
115,558.5
307,201.2
497,271.0
423,497.2
537,554.1
1,486,726.6
1,802,703.5
11,433.5
62,868.7
18,575.5
45,125.3
79,102.2
58,526.5
77,597.4
331,773.0
372,089.9
16,444.7
124,301.8
96,983.0
262,075.9
418,168.8
364,970.8
459,956.7
1,154,953.5
1,430,613.6
Annual Report 1999
Statistical Section
14. BALANCE SHEET OF THE NATIONAL BANK OF ROMANIA

- millions of lei; end of period Period
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.*
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
ASSETS
FOREIGN ASSETS
Total
Gold
Convertible currencies
Total
Conver- Deposits
tible
with BIS
currencies and
cheques
Deposits
with FED
Deposits
with
foreign
banks
USA
Other Treasury
bills
447,403
28,167
27,059
917
516
391
10
917,173
165,545
125,834
29,707
923
20,754
451
7,580
2,002,527
400,062
358,772
39,148
282
512
532
28,287 9,535
5,821,481
1,233,359 1,179,371
51,569
507
2,160
29,586
19,315
13,708,498
2,749,581 1,704,473
397,328
62
129,378
52,983
214,904
13,528,124
2,585,792 1,709,004
317,498
97
31,722
98,286
187,393
13,558,895
2,451,121 1,713,097
338,803
144
23,019
89,694
225,945
13,631,519
2,461,308 1,717,297
405,735
238
36,746
14,126
354,626
13,199,098
2,531,703 1,721,624
528,488
62
33,404
141,227
353,796
14,447,596
2,331,329 1,725,956
365,466
38
29,746
19,350
316,332
15,505,406
2,791,697 1,983,979
690,146
35
23,951
32,787
633,373
15,799,689
2,805,066 1,989,900
717,687
48
53,623
149,051
514,965
15,985,630
2,761,688 1,993,816
751,826
107
23,313
185,987
542,419
16,718,961
2,697,639 1,999,936
681,216
266
9,207
169,611
502,132
17,406,029
2,715,195 2,005,146
695,003
62
11,663
172,155
511,123
18,760,409
2,852,151 2,009,051
817,283
177
89,587
275,099
452,420
18,072,556
2,872,139 2,010,863
716,601
256
79,046
230,498
406,801
17,883,136
2,753,601 2,013,361
695,568
109
52,486
170,873
472,100
17,809,230
2,574,393 2,016,327
553,865
41
9,054
115,016
429,754
18,284,435
2,839,875 2,064,788
770,814
58
6,332
300,890
463,534
17,546,793
2,742,488 2,071,558
663,349
315
19,941
182,550
460,543
21,628,016
3,660,402 2,082,860 1,487,293
171
22,788
943,410
520,924
22,467,276
4,274,254 2,086,929 1,879,710
204
27,706 1,035,632
816,168
22,348,533
3,883,079 2,094,473 1,066,746
313
34,519
34,425
997,489
22,245,126
3,654,661 2,101,529
976,786
117
12,489
41,832
922,348
23,240,963
3,801,544 2,206,601 1,166,631
251
21,586
210,040
934,754
25,449,812
5,069,575 2,227,932 2,080,430
78
99,215
759,158 1,221,979
26,377,211
4,924,236 2,237,656 1,327,071
267
18,830
3,471 1,304,503
20,753,695
5,651,553 3,429,498 1,487,811
412
33,434
499 1,453,466
21,956,693
6,725,314 3,437,347 2,304,970
186
63,224
54,376 2,187,184
24,807,626
7,306,944 3,441,258 3,034,430
380
29,461
113,322 2,891,267
24,587,085
7,766,747 3,482,332 3,533,441
422
18,823
758,204 2,755,992
26,905,346 11,431,935 3,524,223 6,582,641

327
27,234 1,709,310 4,845,770
33,952,085 11,977,728 3,596,920 7,131,019

226
33,810
505,760 6,591,223
39,624,209 15,185,101 3,666,749 10,281,402

395 2,664,328
701,851 6,914,828
41,136,883 16,901,771 3,776,438 12,041,472

246 1,753,843
864,196 9,423,187
40,879,023 16,954,122 3,834,957 9,849,002

5,245 1,315,248 1,879,751 6,648,758
44,223,684 21,101,349 3,882,668 11,187,099

379 1,583,185
948,975 8,654,560
43,729,337 20,955,666 3,977,731 12,178,144

1,185 1,560,114 1,959,451 8,657,394
48,266,765 21,746,608 4,034,017 12,255,113

511 1,564,532 1,376,532 9,313,538
48,612,053 26,596,305 8,997,727 12,088,655

555 1,912,897
662,194 9,513,009
48,779,136 26,779,688 9,133,061 13,563,050

1,188 1,838,255 1,717,771 10,005,836
48,088,616 26,271,201 9,160,306 13,034,158

275 1,645,677 1,479,684 9,908,522
48,113,807 26,249,638 9,225,814 12,336,236

336 1,218,922 1,442,599 9,674,379
48,437,377 27,177,299 9,264,503 13,507,898

476 1,184,196 1,956,529 10,366,697
51,882,799 27,739,223 9,305,427 12,446,304

1,133 1,191,281 2,182,597 9,071,293
51,790,221 27,882,109 9,340,461 11,072,976

1,166
910,158
851,178 9,310,474
53,327,831 29,128,483 9,430,006 10,862,422

628
964,710 1,080,105 8,816,979
52,729,048 27,935,163 9,460,003 10,809,418

617
854,201 1,259,530 8,695,070
53,789,576 27,014,055 9,477,186 9,882,007

304
919,918
563,643 8,398,142
53,839,895 26,177,174 9,501,944 9,064,103

300 1,601,555
909,704 6,552,544
51,662,461 24,187,042 9,530,427 8,169,265

375 1,649,736
135,195 6,383,959
55,254,473 25,210,706 10,155,485 9,056,675

580 3,710,955
111,028 5,234,112
60,477,963 29,132,986 10,167,009 8,514,456

21 2,843,302
838,746 4,832,387
63,158,256 27,003,597 10,177,402 6,469,031

341
463,167 1,072,550 4,932,973
66,839,945 28,095,238 10,194,878 7,166,814

205 1,376,482
709,035 5,081,092
68,468,787 28,533,486 10,201,141 7,102,455

105 1,295,333
774,319 5,032,699
77,897,046 23,075,768 10,235,459 6,890,088

793
493,578 1,353,453 5,042,264
74,840,504 20,093,618 10,245,314 6,123,923

282
424,830
489,492 5,209,319
80,034,984 24,666,220 10,293,466 6,750,868

30
344,273 1,086,569 5,319,996
85,521,920 31,101,138 10,332,340 7,080,276

1,455
275,781 1,187,189 5,615,851
87,480,025 33,766,594 10,365,959 6,378,122

1,534
245,024
948,780 5,182,784
92,454,283 36,362,596 10,388,202 3,174,807

1,584
293,904
886,391 1,992,928
93,164,879 35,101,264 10,415,730 3,969,954

1,668
667,599 1,224,012 2,076,676
99,755,894 45,491,075 17,628,942 4,511,964 11,316

667,069
470,149 3,363,430
Note: Since December 1992, foreign banks branches have been included.
*) Since December 1996, General Account of Treasury has appeared only in the NBR's balance sheet.
35*
SDR
holdings
with IMF
9,844
2,142
2,419
550,181
97,600
459,325
99,965
333,123
66,097
268,484
69,792
208,348
73,243
166,811
73,096
72,850
44,722
49,718
47,761
16,046
16,487
15,046
25,817
144,675
44,672
4,201
4,273
7,581
90,249
299,093
8,522
697,536
8,938
520,892
39,935
402,386
9,921
734,348
10,301
1,226,041
115,844
698,073
16,367
930,577
23,306
786,636
6,613
710,654
5,984
708,063
582,186
709,885
539,904
701,203
535,747
540,785
543,076
2,771,457
498,706
4,894,460 1,137,122
3,634,484 1,165,307
4,467,066
990,412
4,676,115
833,808
3,225,146
858,431
3,402,568
674,169
4,006,401
681,187
3,732,870
672,028
5,497,613
489,879
7,146,865
321,807
8,509,891
326,164
7,511,983
153,759
7,520,103
134,759
7,467,813
143,314
6,259,907
227,443
5,985,720
12,826
10,438,059
13,462
10,340,724
16,440
10,725,984
7,562
11,212,165
17,725
5,669,867
280,354
3,718,684
5,697
7,517,718
104,168
13,688,038
484
17,022,014
499
22,682,174
117,413
20,698,999
16,581
23,166,185
183,984
Other
convertible
foreign
assets
(medium- &
long-term
Treasury
certificates)
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
15,386
15,519
16,005
16,564
17,624
19,804
29,114
38,007
34,336
34,822
Annual Report 1999
Statistical Section

Period
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.*
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
(continued)
DOMESTIC ASSETS
Total
Vault Romania's quota (subscriptions)
cash Total
IMF
Total
Gold
419,236
751,628
1,602,465
4,588,122
10,958,917
10,942,332
11,107,774
11,170,211
10,667,395
12,116,267
12,713,709
12,994,623
13,223,942
14,021,322
14,690,834
15,908,258
15,200,417
15,129,535
15,234,837
15,444,560
14,804,305
17,967,614
18,193,022
18,465,454
18,590,465
19,439,419
20,380,237
21,452,975
15,102,142
15,231,379
17,500,682
16,820,338
15,473,411
21,974,357
24,439,108
24,235,112
23,924,901
23,122,335
22,773,671
26,520,157
22,015,748
21,999,448
21,817,415
21,864,169
21,260,078
24,143,576
23,908,112
24,199,348
24,793,885
26,775,521
27,662,721
27,475,419
30,043,767
31,344,977
36,154,659
38,744,707
39,935,301
54,821,279
54,746,886
55,368,764
54,420,782
53,713,431
56,091,687
58,063,615
54,264,819
487
826
1,410
1,743
1,583
1,444
1,452
1,543
1,818
1,473
1,720
1,701
2,035
1,704
1,442
1,604
1,340
1,511
1,298
1,459
1,436
1,351
1,859
1,804
1,850
1,785
2,020
3,645
3,276
3,508
3,387
3,552
3,257
3,442
3,557
3,799
3,722
3,953
4,653
4,846
3,613
3,757
4,529
4,548
3,939
4,427
8,445
9,063
9,935
11,465
12,056
9,533
9,278
10,552
14,200
14,905
12,907
13,019
14,582
24,310
43,823
29,033
28,634
28,595
30,847
26,975
46,049
217,283
701,777
1,850,061
1,850,443
1,851,325
1,852,413
1,853,354
2,312,229
2,339,434
2,340,839
2,342,993
2,344,940
2,348,141
2,358,766
2,359,790
2,361,836
2,369,030
2,371,636
2,370,844
3,327,769
3,331,048
3,342,699
3,343,589
3,345,895
3,349,647
3,357,746
3,372,396
3,434,994
3,494,788
3,470,103
3,473,371
7,594,712
7,620,395
7,631,259
7,636,775
7,641,261
7,645,681
7,649,701
7,655,040
7,662,118
7,659,667
7,670,636
7,678,234
8,852,447
8,966,364
8,969,065
8,975,046
8,987,064
8,999,596
9,016,148
9,046,607
9,068,639
12,209,955
12,281,432
12,329,525
21,581,963
21,633,037
21,639,582
21,626,696
21,633,688
21,646,383
21,670,446
21,692,406
26,211
42,577
204,521
660,125
1,778,223
1,778,223
1,778,223
1,778,223
1,778,223
2,228,915
2,228,915
2,228,915
2,228,915
2,228,915
2,228,915
2,228,915
2,228,915
2,228,915
2,228,915
2,228,915
2,228,915
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
7,306,038
7,306,038
7,306,038
7,306,038
7,306,038
7,306,038
7,306,038
7,306,038
7,306,038
7,306,038
7,306,038
7,306,038
8,474,462
8,474,462
8,474,462
8,474,462
8,474,462
8,474,462
8,474,462
8,474,462
8,474,462
11,577,232
11,577,232
11,577,232
20,808,086
20,808,086
20,808,086
20,808,086
20,808,086
20,808,086
20,808,086
20,808,086
2,094
3,401
11,339
36,599
98,590
98,590
98,590
98,590
98,590
123,577
123,577
123,577
123,577
123,577
123,577
123,577
123,577
123,577
123,577
123,577
123,577
176,603
176,603
176,603
176,603
176,603
176,603
176,603
176,603
176,603
176,603
176,603
176,603
405,067
405,067
405,067
405,067
405,067
405,067
405,067
405,067
405,067
405,067
405,067
405,067
469,848
469,848
469,848
469,848
469,848
469,848
469,848
469,848
469,848
469,848
469,848
469,848
844,470
844,470
844,470
844,470
844,470
844,470
844,470
844,470
- millions of lei; end of period -
SDR
2,023
3,286
26,597
85,847
231,252
231,252
231,252
231,252
231,252
289,863
289,863
289,863
289,863
289,863
289,863
289,863
289,863
289,863
289,863
289,863
289,863
414,240
414,240
414,240
414,240
414,240
414,240
414,240
414,240
414,240
414,240
414,240
414,240
950,125
950,125
950,125
950,125
950,125
950,125
950,125
950,125
950,125
950,125
950,125
950,125
1,102,074
1,102,074
1,102,074
1,102,074
1,102,074
1,102,074
1,102,074
1,102,074
1,102,074
1,877,767
1,877,767
1,877,767
3,374,963
3,374,963
3,374,963
3,374,963
3,374,963
3,374,963
3,374,963
3,374,963
36*
Convertible
currencies
1,748
2,839
9,465
30,549
82,291
82,291
82,291
82,291
82,291
103,148
103,148
103,148
103,148
103,148
103,148
103,148
103,148
103,148
103,148
103,148
103,148
147,408
147,408
147,408
147,408
147,408
147,408
147,408
147,408
147,408
147,408
147,408
147,408
338,102
338,102
338,102
338,102
338,102
338,102
338,102
338,102
338,102
338,102
338,102
338,102
392,173
392,173
392,173
392,173
392,173
392,173
392,173
392,173
392,173
392,173
392,173
392,173
704,865
704,865
704,865
704,865
704,865
704,865
704,865
704,865
Lei
IBRD
Total
20,346
33,051
157,120
507,130
1,366,091
1,366,091
1,366,091
1,366,091
1,366,091
1,712,327
1,712,327
1,712,327
1,712,327
1,712,327
1,712,327
1,712,327
1,712,327
1,712,327
1,712,327
1,712,327
1,712,327
2,447,073
2,447,073
2,447,073
2,447,073
2,447,073
2,447,073
2,447,073
2,447,073
2,447,073
2,447,073
2,447,073
2,447,073
5,612,744
5,612,744
5,612,744
5,612,744
5,612,744
5,612,744
5,612,744
5,612,744
5,612,744
5,612,744
5,612,744
5,612,744
6,510,367
6,510,367
6,510,367
6,510,367
6,510,367
6,510,367
6,510,367
6,510,367
6,510,367
8,837,444
8,837,444
8,837,444
15,883,788
15,883,788
15,883,788
15,883,788
15,883,788
15,883,788
15,883,788
15,883,788
376
718
3,854
12,357
24,922
24,959
25,045
25,151
25,242
25,405
51,444
51,567
51,712
51,881
52,158
53,077
53,166
53,343
53,965
54,191
54,122
54,231
54,451
62,876
62,953
63,235
63,561
64,178
65,445
70,862
76,036
73,900
74,183
74,237
102,542
103,336
103,810
104,195
104,575
104,920
105,386
106,028
105,620
106,719
106,305
106,779
215,738
215,949
216,463
217,360
218,370
219,769
222,251
224,144
227,456
233,598
233,789
235,587
280,039
280,601
281,124
281,889
282,980
285,901
286,934
ConLei
vertible
currencies
77
419
1,314
3,643
5,045
5,082
5,168
5,274
5,365
5,528
5,639
5,762
5,907
6,076
6,353
7,272
7,361
7,538
8,160
8,386
8,317
8,426
8,646
8,951
9,028
9,310
9,636
10,253
11,520
16,937
22,111
19,975
20,258
20,312
20,064
20,858
21,332
21,717
22,097
22,442
22,908
23,550
23,142
24,241
23,827
24,301
24,757
24,968
25,482
26,379
27,389
28,788
31,270
33,163
36,475
42,617
42,808
44,606
89,058
89,620
90,143
90,908
91,999
94,920
95,953
299
299
2,540
8,714
19,877
19,877
19,877
19,877
19,877
19,877
45,805
45,805
45,805
45,805
45,805
45,805
45,805
45,805
45,805
45,805
45,805
45,805
45,805
53,925
53,925
53,925
53,925
53,925
53,925
53,925
53,925
53,925
53,925
53,925
82,478
82,478
82,478
82,478
82,478
82,478
82,478
82,478
82,478
82,478
82,478
82,478
190,981
190,981
190,981
190,981
190,981
190,981
190,981
190,981
190,981
190,981
190,981
190,981
190,981
190,981
190,981
190,981
190,981
190,981
190,981
BIS
(lei)
337
1,835
4,465
12,387
17,153
17,279
17,571
17,930
18,241
18,794
19,172
19,585
20,085
20,657
21,599
24,725
25,026
25,628
27,744
28,511
28,278
27,909
29,394
30,433
30,695
30,695
31,792
34,859
39,170
57,585
75,174
67,913
68,874
69,059
68,214
70,913
72,524
73,835
75,126
76,301
77,805
79,591
80,504
82,416
81,009
82,620
84,164
84,882
86,629
89,677
93,114
97,871
106,306
112,742
124,003
144,884
165,764
172,531
174,647
176,559
159,367
160,056
163,765
163,765
177,209
IFC
(lei)
52
284
798
2,510
3,884
3,913
3,979
4,060
4,130
4,256
4,341
4,436
5,027
5,170
5,406
6,188
6,264
6,414
6,944
7,136
7,077
7,170
7,357
7,617
7,682
7,923
8,200
8,725
9,803
14,412
18,815
16,997
17,238
17,284
17,073
19,439
19,880
20,240
20,593
20,915
21,349
21,948
21,567
22,592
22,206
22,648
23,071
23,268
23,747
24,582
25,524
26,828
29,141
30,905
33,992
39,715
39,894
41,570
42,150
42,674
43,161
43,875
44,891
47,613
48,577
Annual Report 1999
Statistical Section

(continued)
Period
EBRD
(lei)
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.*
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
MIGA
(lei)
Credit to government
Total
Lei
Treasury
certificates
Other
Forex
Social
certificates certificates security
in lei
budget
**
Deficit
of
previous
year
**
Deficit
of
current
year
**
3,809
x
x
x
3,809
635
41,096
x
x
x
41,096
3,092
553
263,024
x
x
x
263,024
12,866 1,533
336,300
x
x
x
336,300
23,756 2,122 1,771,401
x
x
x
1,771,401
23,930 2,138 1,693,366
x
x
x 28,253 1,665,113
24,334 2,174 1,369,164

x
x
x 54,051 1,315,113
24,831 2,218 1,394,865

x
x
x 79,752 1,315,113
25,261 2,257 1,392,246

x
x
x 122,633 1,269,613
32,534 2,325 1,003,518

x
x
x 131,906
871,612
33,190 2,372
922,511
x
x
x 134,899
787,612
33,912 2,424
910,328
x
x
x 169,716
740,612
34,769 2,485
845,544
x
x
x 144,932
700,612
35,761 2,556
799,841
x
x
x 200,229
599,612
37,391 2,672
771,479
x
x
x 251,867
519,612
42,802 3,059
743,478
x
x
x 305,866
437,612
43,323 3,096 3,562,218

x
x
x 262,784
402,612 2,896,822
44,365 3,171 3,654,975
x
x
x 302,262 3,269,434
83,279
48,029 3,433 3,426,238
x
x
x 360,013 2,964,583
101,642
49,356 3,527 3,508,228
28,465
x
x 424,072 2,818,453
237,238
48,953 3,499 2,932,356
18,780
x
x 496,004 2,176,453
241,119
49,591 3,544 2,838,425
69,340
x
x 515,882 2,175,044
78,159
50,885 3,637 3,110,670
69,340
x
x 571,874 2,175,037
294,419
52,684 3,765 3,118,653
36,036
x
x 669,795 2,077,010
335,812
53,137 3,798 2,544,420
x
x 756,160 1,554,556
233,704
54,801 3,917 2,812,529
x
x 817,648 1,554,474
440,407
56,717 4,053 1,424,005
x
x 908,138
515,867
60,347 4,313 1,548,575
x
x 976,288
572,287
67,808 4,846
274,793
x
x
x
x
x
99,687 7,124
x
x
x
x
130,138 9,301
685,568 685,568
x
x
x
x
117,567 8,402
935,401 743,854
x
x
x
x
119,231 8,521
187,789 187,789
x
x
x
x
119,550 8,544
x
x
x
x
118,088 8,440
2,403
2,403
x
x
x
x
122,760 8,773
2,040
2,040
x
x
x
x
125,550 8,973
105,686 105,686
x
x
x
x
127,818 9,135
124,416 124,416
x
x
x
x
130,054 9,295
225,685 225,685
x
x
x
x
132,087 9,440 3,741,719 321,719 3,420,000
x
x
x
x
134,826 9,636 3,271,258 843,058 2,428,200
x
x
x
x
138,607 9,906 2,915,346 493,146 2,422,200
x
x
x
x
136,204 9,734 2,927,425 505,225 2,422,200
x
x
x
x
142,674 10,197 2,749,556 277,356 2,472,200
x
x
x
x
152,653 10,023 2,260,861 251,661 2,009,200
x
x
x
x
155,716 10,222 3,116,094 306,894 2,809,200
x
x
x
x
158,516 10,413 3,116,094 306,894 2,809,200
x
x
x
x
160,002 10,502 3,004,643
95,443 2,909,200
x
x
x
x
163,027 10,718 4,544,372 1,235,172 3,309,200
x
x
x
x
169,888 11,095 5,657,338 2,151,938 3,505,400
x
x
x
x
176,606 11,520 6,556,658 3,031,258 3,525,400
x
x
x
x
185,109 12,109 6,099,280 2,573,880 3,525,400
x
x
x
x
201,295 13,152 9,141,750 3,898,250 5,243,500
x
x
x
x
212,437 13,949 8,942,659 3,065,659 5,877,000
x
x
x
x
231,930 15,342 9,338,848 3,461,848 5,877,000
x
x
x
x
268,078 17,925 7,450,472 1,573,472 5,877,000
x
x
x
x
294,840 18,006 9,158,606 3,281,606 5,877,000
x
x
x
x
305,427 18,762 7,472,064 1,590,264 5,881,800
x
x
x
x
309,091 19,024 12,182,616 629,996 10,063,660 1,488,960
x
x
x
312,401 19,261 12,940,655 1,610,072 10,063,660 1,266,923
x
x
x
315,477 19,481 13,490,659
11,933,539 1,557,120
x
x
x
319,980 19,802 17,845,571
14,366,603 3,478,968
x
x
x
326,400 20,261 19,969,623
15,988,303 3,981,320
x
x
x
343,591 21,490 21,040,581
16,638,903 4,401,678
x
x
x
349,675 21,925 21,411,781
16,838,903 4,572,878
x
x
x
**) Since December 1996, this item has been included in General Account of Treasury.
37*
General
Account
of
Treasury
Interbank
assets
x
361,512
x
390,208
x
352,725
x 1,879,661
x 2,394,754
x 2,390,111
x 2,736,207
x 2,662,396
x 3,166,808
x 3,585,024
x 4,225,245
x 4,732,592
x 5,127,425
x 5,769,495
x 6,432,604
x 7,397,250
x 4,724,194
x 4,514,148
x 4,785,158
x 4,871,388
x 4,782,374
x 5,549,671
x 5,220,243
x 5,477,499
x 6,194,872
x 6,727,142
x 8,988,873
x 9,738,177
274,793 8,821,782
7,620,855
7,526,958
191,547 7,121,829
6,818,608
6,178,030
6,057,518
5,803,668
5,614,001
5,478,857
3,325,927
3,666,866
3,366,759
3,645,020
3,512,761
3,712,578
3,474,525
3,606,464
3,461,115
3,846,557
2,799,754
3,462,415
3,462,946
3,413,798
3,617,666
4,458,399
5,215,061
9,018,686
8,967,180
12,580,716
7,187,553
7,614,740
6,264,250
516,142
1,443,138
2,013,138
2,433,138
Other assets
Total
26,452
273,449
768,023
1,668,640
4,941,118
5,006,968
5,149,627
5,258,995
4,253,170
5,214,022
5,224,799
5,009,163
4,905,945
5,105,342
5,137,168
5,407,160
4,552,875
4,597,065
4,653,113
4,691,849
4,717,295
6,250,398
6,529,202
6,524,799
6,505,734
6,552,068
6,615,692
6,804,832
2,629,895
4,172,022
5,789,981
5,289,453
4,990,386
8,198,173
10,755,235
10,794,346
10,564,717
9,873,848
11,571,725
11,457,025
7,719,078
7,773,207
7,713,033
7,726,851
7,842,519
8,564,144
8,356,094
8,370,020
8,464,778
8,657,239
8,631,465
8,936,660
8,228,466
8,864,728
9,376,595
9,979,212
9,467,083
13,173,517
13,729,098
13,149,477
12,995,354
13,688,997
13,003,909
13,310,855
8,696,647
Annual Report 1999
Statistical Section

(continued)
- millions of lei; end of period LIABILITIES FOREIGN LIABILITIES

Total
Short-term
Total
Deposits Loans
of
from
foreign
foreign
banks
banks
Period
Settlements
with the
State
budget
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.*
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Settlements Other
with IMF
precious
(G.O. 30/ metals
1996)
Interests Profit
and com- paid
missions 1)
to be
received
Net unfaOther
vourable
differences
from forex
assets and
liabilities
revaluation
19,515
x
2,880
2,059
1,836
163
447,403
245,798
x
7,021
709
14,750
5,172
917,173
183,557
589,399
x 28,232
14,699
58,648
77,046
2,002,527
203,655
1,100,060
x 93,164
42,261
323,108
110,047
5,821,481
657,328
3,379,326
x 40,312 310,478
993,677
217,326 13,708,498 2,425,549

3,379,326
x 41,293 357,843
993,677
234,830 13,528,123 2,434,618

3,379,326
x 41,984 412,868 1,084,036
231,414 13,558,895 2,465,334

3,351,872
x 42,507 449,303 1,111,490
303,823 13,631,518 2,548,910

3,350,452
x 43,462 445,373
118,316
295,567 13,199,098 2,616,658

3,348,297
x 44,115 540,858
120,078
829,234
331,440 14,447,595 2,452,072
3,449,681
x 50,386 525,628
60,791
829,301
309,012 15,505,406 2,787,917
3,500,746
x 51,674 377,569
3,597
834,282
241,295 15,799,689 2,762,790
3,393,919
x 53,696 227,387
156,132
851,653
223,158 15,985,630 2,690,780
3,393,919
x 54,806 240,627
312,401
859,049
244,540 16,718,961 2,682,336
3,396,080
x 56,687 173,642
367,280
877,541
265,938 17,406,029 2,733,775
3,416,755
x 57,062 190,132
513,584
949,480
280,147 18,760,409 3,038,004
4,170,384
x 57,935
39,458
x
285,098 18,072,556 3,503,555

4,170,384
x 59,985
43,692
x
16,040
306,964 17,883,136 3,425,383
4,192,716
x 60,197
1,557
x
73,433
325,210 17,809,230 3,800,718
4,192,716
x 26,790
1,226
x
101,825
369,292 18,284,435 3,823,853
4,192,295
x 27,462
897
x
92,415
404,226 17,546,793 3,651,745
4,210,253
x 31,207
890
x
1,562,635
445,413 21,628,016 4,812,764
4,442,688
x 32,231
889
x
1,604,895
448,499 22,467,276 5,449,748
4,384,672
x 34,159
888
x
1,665,195
439,885 22,348,533 5,638,725
4,326,103
x 36,234
863
x
1,680,454
462,080 22,245,126 5,399,331
4,303,350
x 37,167
882
x
1,738,118
472,551 23,240,963 5,471,169
4,241,742
x 42,308
897
x
1,800,552
530,193 25,449,812 7,140,714
4,242,989
x 43,144
876
x
1,974,832
542,991 26,377,211 7,405,389
x 2,179,167 54,073
5,261
x
391,394 20,753,695 7,807,318

x 2,168,450 55,561
3,588
x
1,528,168
416,255 21,956,693 11,536,290
x 2,258,976 55,903
3,230
x
3,068,453
403,419 24,807,626 14,879,667
x 4,734,039 64,031
2,880
x
2,200
486,303 24,587,085 13,356,745
x 4,393,240 67,167
2,526
x
34,870
492,583 26,905,345 13,865,100
x 7,490,300 70,449
2,523
x
175,881
459,020 33,952,085 13,697,073
x 8,122,815 84,029
2,518
x
2,107,988
437,885 39,624,209 12,931,757
x 8,122,815 102,665
4,362
x
2,030,781
533,723 41,136,883 13,342,822
x 8,128,152 115,187
2,530
x
1,870,328
448,520 40,879,023 13,293,690
x 7,633,075 125,278
2,578
x
1,668,776
444,141 44,223,684 14,947,265
x 7,633,011 109,637
2,584
x
1,469,602 2,356,891 43,729,337 15,046,073
x 7,645,063 126,160
2,580
x
1,329,344 2,353,878 48,266,765 15,079,620
x 5,030,483 196,477 127,818
x
2,364,300 48,612,053 15,171,481
x 5,030,483 102,210
12,064
x
2,628,450 48,779,136 15,602,748
x 5,043,128 106,844
11,693
x
5,264 2,546,104 48,088,616 15,203,287
x 5,047,116 116,212
11,687
x
2,551,836 48,113,807 15,876,038
x 5,047,116 121,625
18,861
x
2,654,917 48,437,377 15,385,078
x 5,767,156 122,089
20,219
x
2,654,680 51,882,799 15,521,435
x 5,769,564 125,882
21,509
x
2,439,139 51,790,221 15,605,920
x 5,769,564 85,835
23,233
x
2,491,388 53,327,831 15,763,673
x 5,772,536 99,534
24,524
x
2,568,184 52,729,048 15,954,302
x 5,775,343 109,974
25,697
x
2,746,225 53,789,576 15,742,401
x 5,775,343 115,564
26,934
x
2,713,624 53,839,895 16,034,654
x 5,841,381 133,572
28,113
x
2,933,594 51,662,461 15,739,608
x 3,922,726 123,853 1,662,899
x
2,518,988 55,254,473 17,632,198
x 3,922,726 125,796 1,583,025
x
3,233,181 60,477,963 18,630,794
x 3,973,909 127,313 1,958,420
x
3,316,953 63,158,256 19,868,566
x 3,921,069 133,395 2,343,087
x
3,581,661 66,839,945 23,008,228
x 3,920,695 135,210 1,667,916
x
114,510 3,628,752 68,468,787 24,289,763
x 3,920,695 127,318 2,020,294
x
3,508,383 3,596,827 77,897,047 17,190,109
x 3,920,695 142,439 2,230,139
x
3,611,138 3,824,687 74,840,504 13,509,315
x 3,920,695 128,212 1,580,064
x
3,591,403 3,929,103 80,034,985 13,802,445
x 3,920,695 136,902 2,139,519
x
3,468,234 3,330,004 85,521,920 15,026,186
x 3,920,695 141,161 2,621,946
x
3,330,054 3,675,141 87,480,025 15,263,446
x 3,920,695 150,739 1,607,943
x
3,373,786 3,950,746 92,454,283 15,304,333
x 3,920,695 154,610 2,100,078
x
2,944,960 4,190,512 93,164,879 15,598,094
x
908,627 250,358 3,049,437
x
4,488,225 99,755,894 15,888,147
1) Since December 1995, it has been included in "Capital accounts".
38*
138,079
203,655
657,328
2,425,549
2,434,618
2,465,334
2,548,910
2,616,658
2,452,072
2,787,917
2,762,790
2,690,780
2,682,336
2,733,775
3,038,004
3,065,295
2,976,583
3,171,958
3,118,973
2,952,625
2,429,214
2,375,209
2,455,542
2,378,453
2,355,709
2,418,029
2,488,195
2,626,383
3,739,810
4,701,607
4,161,822
4,747,006
4,766,626
4,432,329
4,509,764
4,485,532
5,981,145
6,150,027
6,045,469
5,951,353
6,125,911
5,889,660
6,123,137
6,040,954
5,992,807
5,900,448
5,975,997
5,966,432
5,405,413
5,748,594
5,566,478
5,898,147
6,190,259
6,511,526
7,413,143
8,933,602
8,696,302
8,461,455
8,693,032
9,859,244
10,012,223
10,280,218
10,273,319
10,456,980
760,600
773,900
786,000
802,300
824,800
810,500
849,000
834,500
851,100
867,000
874,400
892,400
1,499,200
1,562,200
1,584,000
1,603,700
1,622,000
1,687,089
1,726,176
1,830,852
1,867,893
106,020
106,800
108,600
110,820
112,740
296,250
302,700
310,350
319,200
333,750
382,050
386,700
396,000
428,700
440,550
436,950
110,880
112,259
113,540
115,416
118,090
125,251
219,060
Annual Report 1999
Statistical Section

(continued)
Period
BIS
Medium- and long-term
SDR
deposits Total
Loans
Bonds
purchases
from
from IMF
foreign
2)
banks
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.*
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
- millions of lei; end of period DOMESTIC LIABILITIES

Foreign Total
Currency
In
Funds for foreign participations
liabilities
issue
transit
Total
IMF
IBRD
BIS
in lei
accounts
payable
to
depositors
x
447,403
98,034 49,365
138,079 45,479
x
733,616
194,540 95,364
203,655
x 1,798,872
461,686
657,328
x 5,164,153 1,125,776 26,724

2,319,529
x 11,282,949 2,399,336 20,600

2,327,818
x 11,093,505 2,241,638
8,141
2,356,734
x 11,093,561 2,273,251 38,535

2,438,090
x 11,082,609 2,232,778 21,831

2,503,918
x 10,582,440 2,596,626 33,960

2,452,072
x 11,995,523 2,491,445 32,105

2,491,667
x 12,717,489 2,711,479 77,310

2,460,090
x 13,036,899 2,924,894 43,938

2,380,430
x 13,294,850 2,993,478 31,947

2,363,136
x 14,036,625 3,216,828 32,091

2,400,025
x 14,672,254 3,332,784 32,418

2,655,954
x 15,722,405 3,522,023 31,475

2,678,595
438,260
438,260
x 14,569,001 3,952,715
2,580,583
448,800
448,800
x 14,457,753 3,568,290 23,926

2,743,258
628,760
628,760
x 14,008,512 3,428,431 10,937

2,678,423
704,880
704,880
x 14,460,582 3,450,551 56,885

2,515,675
699,120
699,120
x 13,895,048 3,679,268 30,631

2,429,214
2,383,550
973,830 1,409,720
x 16,815,252 3,695,736 43,756
2,375,209
3,074,539
938,680 2,135,859
x 17,017,528 4,105,814 41,387
2,455,542
3,183,183
971,850 2,211,333
x 16,709,808 4,133,814 35,679
2,378,453
3,020,878
790,500 2,230,378
x 16,845,795 4,296,112 59,544
2,355,709
3,115,460
815,250 2,300,210
x 17,769,794 4,521,374 41,332
2,418,029
4,722,685 1,434,375 3,288,310
x 18,309,098 4,731,081 26,046
2,488,195
4,917,194 1,418,445 3,498,749
x 18,971,822 5,096,207 34,792
2,626,383
5,180,935 1,371,900 3,809,035
x 12,946,377 5,905,718
3,739,810
7,796,480 2,016,880 5,779,600
x 10,420,403 4,696,517
4,701,607
10,178,060 2,632,960 7,545,100
x 9,927,959 4,667,364 66,235
4,161,822
9,194,923 2,378,640 6,816,283
x 11,230,340 5,128,782
4,747,006
9,118,094 2,205,363 6,912,731
x 13,040,245 5,793,203
4,766,626
8,930,447 1,997,848 6,932,599
x 20,255,012 5,765,944
4,432,329
8,433,406 1,586,931 6,846,475 66,022 26,692,452 6,841,809 36,011
4,509,764
8,767,036 1,649,713 7,117,323 66,022 27,794,061 7,139,803
4,485,532
8,742,136 1,463,071 7,279,065 66,022 27,585,333 7,709,061
5,220,545
8,900,098 1,489,508 7,410,590 66,022 29,276,419 8,828,373 267,088
5,376,127
8,830,024 1,289,833 7,540,191 66,022 28,683,264 8,932,699
5,259,469
8,968,129 1,310,000 7,658,129 66,022 33,187,145 9,366,617
5,149,053
9,154,106 1,337,167 7,816,939 66,022 33,440,572 9,630,513
5,301,111
9,410,815 1,374,667 8,036,148 66,022 33,176,388 8,965,168
5,079,160
9,247,605 1,350,833 7,896,772 66,022 32,885,329 9,102,037
5,274,137
9,686,879 1,415,000 8,271,879 66,022 32,237,769 8,750,091
5,206,454
9,278,102 1,147,438 8,130,664 66,022 33,052,299 9,673,726
5,141,707
9,462,606 1,170,263 8,292,343 66,022 36,361,364 10,102,319
5,033,448
9,639,450 1,192,125 8,447,325 66,022 36,184,301 10,896,283 40,679
5,101,597
9,721,654 1,202,300 8,519,354 66,022 37,564,158 10,972,660
5,074,032
9,921,848 1,227,050 8,694,798 66,022 36,774,746 11,516,439
5,405,413
10,270,966 1,270,225 9,000,741 66,022 38,047,175 11,875,807
5,748,594
10,220,038
874,471 9,345,567 66,022 37,805,241 11,804,229
5,566,478
10,107,108
919,142 9,187,966 66,022 35,922,853 11,979,755
5,898,147
11,668,029
998,366 10,669,663 66,022 37,622,275 12,305,972 27,058
6,190,259
12,374,513 1,058,810 11,315,703 66,022 41,847,169 11,877,503
6,511,526
13,291,018
845,213 12,445,805 66,022 43,289,690 12,711,238
7,413,143
15,529,063
987,538 14,541,525 66,022 43,831,718 12,346,341
7,434,402
15,290,139
683,385 14,606,754 66,022 44,179,024 12,998,635
7,134,102
8,427,475
712,103 7,715,372 66,332 60,706,938 13,747,748
6,766,575
4,981,416
722,040 4,259,376 66,444 61,331,189 14,819,425
6,977,073
5,043,391
731,020 4,312,371 66,022 66,232,539 15,921,923
8,123,704
5,100,920
739,362 4,361,558 66,022 70,495,734 15,876,098 215,740
8,209,718
5,185,201
751,578 4,433,623 66,022 72,216,579 16,609,082
8,435,952
4,958,093
421,750 4,536,343 66,022 77,149,950 16,917,587
8,317,216
5,258,753
447,325 4,811,428 66,022 77,566,785 16,262,250
8,370,027
5,365,145
456,375 4,908,770 66,022 83,867,747 18,676,376 264,020
2) Since December 1994, the exchange rate "Leu/SDR" has been considered at the end of each month.
39*
26,975
46,049
217,283
701,777
1,850,061
1,850,443
1,851,325
1,852,413
1,853,354
2,312,229
2,339,434
2,340,839
2,342,993
2,344,940
2,348,141
2,358,766
2,359,790
2,361,836
2,369,030
2,371,636
2,370,844
3,327,769
3,331,048
3,342,699
3,343,589
3,345,895
3,349,647
3,357,746
187,072
249,670
309,464
284,779
288,047
288,674
3,499,681
3,510,545
3,516,061
3,520,547
3,524,967
3,528,987
3,534,326
3,541,404
3,538,953
3,549,922
3,557,520
3,563,309
3,677,226
3,679,927
3,685,908
3,697,926
3,710,458
3,727,010
3,757,469
3,779,501
3,818,047
3,889,524
3,937,617
3,959,202
4,010,275
4,016,820
4,003,934
4,010,926
4,023,621
4,047,684
4,069,643
26,211
42,577
204,521
660,125
1,778,223
1,778,223
1,778,223
1,778,223
1,778,223
2,228,915
2,228,915
2,228,915
2,228,915
2,228,915
2,228,915
2,228,915
2,228,915
2,228,915
2,228,915
2,228,915
2,228,915
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
3,185,324
376
718
3,854
12,357
24,922
24,959
25,045
25,151
25,242
25,405
51,444
51,567
51,712
51,881
52,158
53,077
53,166
53,343
53,965
54,191
54,122
54,231
54,451
62,876
62,953
63,235
63,561
64,178
65,445
70,862
76,036
73,900
74,183
74,237
102,542
103,336
103,810
104,195
104,575
104,920
105,386
106,028
105,620
106,719
106,305
106,779
215,738
215,949
216,463
217,360
218,370
219,769
222,251
224,144
227,456
233,598
233,789
235,588
280,039
280,601
281,124
281,889
282,980
285,901
286,934
337
1,835
4,465
12,387
17,153
17,279
17,571
17,930
18,241
18,794
19,172
19,585
20,085
20,657
21,599
24,725
25,026
25,628
27,744
28,511
28,278
27,909
29,394
30,433
30,695
30,695
31,792
34,859
39,170
57,585
75,174
67,913
68,874
69,059
68,214
70,913
72,524
73,835
75,126
76,301
77,805
79,591
80,504
82,416
81,009
82,620
84,164
84,882
86,629
89,677
93,114
97,871
106,306
112,742
124,003
144,884
165,764
172,531
174,647
176,559
159,367
160,056
163,765
163,765
177,209
Annual Report 1999
Statistical Section

(continued)
Period
IFC
EBRD
MIGA
Deposits of foreign organisations

Total
IMF
IBRD
Other
Interbank
MIGA bank
liabilities
deposits
Public deposits
Total
State budget
current
year
**
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.*
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
52
26,510
26,211
299
1,150
225,556
284
635
42,876
42,577
299
1,795
201,631
798
3,092
553
207,389
204,521
2,523
345
398,809
2,510 12,866 1,533
669,678
660,125
8,596
958
1,379,853
3,884 23,756 2,122 1,778,496 1,778,223
8
265
1,191 2,220,695
3,913 23,930 2,138 1,778,499 1,778,223
9
267
1,509 1,688,989
3,979 24,334 2,174 1,778,541 1,778,223
46
272
956 1,919,456
4,060 24,831 2,218 1,778,572 1,778,223
72
277
4,117 1,480,361
4,130 25,261 2,257 1,778,531 1,778,223
26
282
890 1,631,861
4,256 32,534 2,325 2,229,207 2,228,915
1
291
3,244 1,465,419
4,341 33,190 2,372 2,229,212 2,228,915
297
150 1,681,339
4,436 33,912 2,424 2,229,218 2,228,915
303
28 1,561,479
5,027 34,769 2,485 2,229,349 2,228,915
123
311
401 1,588,799
5,170 35,761 2,556 2,229,357 2,228,915
123
319
55 1,849,645
5,406 37,391 2,672 2,229,341 2,228,915
92
334
14 2,095,980
6,188 42,802 3,059 2,229,344 2,228,915
47
382
1 2,869,237
6,264 43,323 3,096 2,229,307 2,228,915
5
387
2,678 3,138,014
6,414 44,365 3,171 2,229,316 2,228,915
5
396
4,823 3,247,090
6,944 48,029 3,433 2,229,344 2,228,915
429
2,897 3,258,194
7,136 49,356 3,527 2,229,356 2,228,915
441
5,591 3,274,008
7,077 48,953 3,499 2,229,352 2,228,915
437
6,092 2,859,376
7,170 49,591 3,544 3,185,767 3,185,324
443 17,921 3,434,274

7,357 50,885 3,637 3,185,779 3,185,324
455
2,267 2,866,804
7,617 52,684 3,765 3,185,795 3,185,324
471
393 2,252,518
7,682 53,137 3,798 3,185,800 3,185,324
1
475
637 2,163,584
7,923 54,801 3,917 3,185,814 3,185,324
490
265 2,661,679
8,200 56,717 4,053 3,185,831 3,185,324
507
871 2,580,251
8,725 60,347 4,313 3,185,863 3,185,324
539
9,135 2,888,208
9,803 67,808 4,846 3,185,930 3,185,324
606
18,637 3,105,547
14,412 99,687 7,124 3,186,215 3,185,324
891
48,294 2,898,711
18,815 130,138 9,301 3,186,487 3,185,324
1,163
1,441 3,293,243
16,997 117,567 8,402 3,186,374 3,185,324
1,050
3,665,393
17,238 119,231 8,521 3,185,325 3,185,324
1
4,410,699
17,284 119,550 8,544 7,307,203 7,306,038
97 1,068
4,289,490
17,073 118,088 8,440 7,354,646 7,306,038 47,553 1,055
5,486,526
19,439 122,760 8,773 7,335,688 7,306,038 28,553 1,097
7,169,174
19,880 125,550 8,973 7,337,063 7,306,038 29,903 1,122
7,357,421
20,240 127,818 9,135 7,337,083 7,306,038 29,903 1,142
8,350,496
20,593 130,054 9,295 7,336,835 7,306,038 29,635 1,162
9,163,672
20,915 132,087 9,440 7,336,715 7,306,038 29,497 1,180
12,225,733
21,349 134,826 9,636 7,337,849 7,306,038 30,607 1,204
11,678,694
21,948 138,607 9,906 7,337,883 7,306,038 30,607 1,238
12,458,157
21,567 136,204 9,734 7,337,760 7,306,038 30,505 1,217
11,658,013
22,592 142,674 10,197 7,337,700 7,306,038 30,387 1,275
12,923,438
22,206 152,653 10,023 7,337,506 7,306,038 30,215 1,253
11,605,868
22,648 155,716 10,222 8,505,503 8,474,462 29,763 1,278
12,545,619
23,071 158,516 10,413 8,615,381 8,474,462 139,617 1,302
11,538,814
23,268 160,002 10,502 8,615,255 8,474,462 139,480 1,313
11,082,349
23,747 163,027 10,718 8,615,046 8,474,462 139,244 1,340
10,388,794
24,582 169,888 11,095 8,614,937 8,474,462 139,088 1,387
11,059,826
25,524 176,606 11,520 8,614,720 8,474,462 138,818 1,440
11,040,513
26,828 185,109 12,109 8,614,371 8,474,462 138,395 1,514
11,758,641
29,141 201,295 13,152 8,615,689 8,474,462 139,583 1,644
13,443,811
30,905 212,437 13,949 8,615,207 8,474,462 139,001 1,744
13,841,186
33,992 231,930 15,342 11,718,151 11,577,232 139,001 1,918
13,944,252
39,715 268,078 17,925 11,718,253 11,577,232 138,780 2,241
15,469,247
39,894 294,840 18,006 11,718,133 11,577,232 138,650 2,251
13,750,137
41,570 305,427 18,762 20,947,950 20,808,086 137,519 2,345
18,720,643
42,150 309,091 19,024 20,991,911 20,808,086 181,447 2,378
15,877,194
42,674 312,401 19,261 20,991,941 20,808,086 181,447 2,408
21,977,336
43,161 315,477 19,481 20,991,968 20,808,086 181,447 2,435
22,416,948
43,875 319,980 19,802 20,991,008 20,808,086 180,447 2,475
25,549,631
44,891 326,400 20,261 20,991,066 20,808,086 180,447 2,533
29,405,021
47,613 343,591 21,490 20,991,219 20,808,086 180,447 2,686
32,526,632
48,576 349,675 21,925 20,990,274 20,808,086 179,447 2,741
33,795,155
40*
296
93,815
238,008
487,303
1,353,849
1,724,648
1,458,987
2,009,740
2,097,479
2,338,765
2,493,680
2,724,830
2,808,429
3,031,149
3,289,600
3,560,748
2,661,564
2,668,316
2,656,749
2,974,917
2,519,509
2,532,339
2,662,064
2,725,827
2,821,306
2,929,703
3,391,154
3,588,483
15
34,035
267,350
202
789,580
1,187,486
2,872,633
1,960,295
1,075,863
971,843
674
1,248,242
669,896
770,661
1,437,563
328,471
1,156,070
1,550,615
1,688,206
2,981,613
2,394,522
2,657,733
2,543,482
68,361
23,086
3,546,492
1,054,512
1,344,834
2,966,704
1,449,035
3,892,413
1,419,082
5,205,613
3,374,626
3,911,203
2,336,743
2,846,741
253,496
278,386
370,695
448,196
593,153
620,756
660,372
739,726
829,501
955,558
920,370
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
x
x
x
x
x
x
x
x
x
x
Local
budgets
previous **
years
**
296
296
2,297
505
296
296
296
296
296
296
296
296
296
296
296
296
296
296
296
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
x
x
x
x
x
x
x
x
x
x
18,943
51,453
62,366
96,373
95,320
85,329
81,573
90,813
82,779
92,855
113,743
102,456
83,455
106,701
119,002
126,783
118,542
115,130
126,955
137,915
129,459
121,540
130,975
136,682
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
x
x
x
x
x
x
x
x
x
x
Social
security
budget
**
32,990
28,316
28,316
28,316
28,316
28,316
28,316
28,316
28,316
28,342
28,316
28,316
28,316
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
x
x
x
x
x
x
x
x
x
x
Annual Report 1999
Statistical Section

(continued)
Period
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.*
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
ReHealth StateRestrucGold
Other
Foreign UnemSupple- Treasury
search fund
owned
turing
and
extrabuloans
ployment mentary deposits
fund
**
self
fund
silver
dgetary
**
benefit
pension **
**
financing **
revalua- funds
fund
fund
institutions
tion
**
**
fund
**
**
7,480
51,518
1,626
32,895
282
74,951
3,715
31,945
124,818
170
2,000
2,023
90,428
321,342
37,845
4,729 3,108
128
2,000
92,625 678,748
460,557
64,399
10,403 6,326
124
2,000
143,670 684,948
509,799
33,817
7,778 4,146
583
124
2,000
158,368 319,660
534,521
62,443
3,294 2,652
664
130
2,000
134,849 332,094
966,038
72,340
2,699 6,138
974
130
2,000
96,635 350,418
993,821
72,536
3,122 7,351
1,764
138
2,000
128,890 366,880 1,031,881
89,645
1,887 7,426
2,855
138
2,000
125,177 414,378 1,074,783 35,742 98,353
1,391 11,736
3,970
138
2,000
127,103 334,050 1,175,615 171,867 117,163
1,043 18,604
3,657
138
2,000
150,038 331,058 1,165,297 212,985 72,466
1,133 8,926
5,060
138
2,000
138,529 296,480 1,238,951 265,808 123,156
1,662 18,726
5,403
138
2,000
174,185 235,455 1,341,539 283,797 128,782
1,182 12,550
5,253
149
2,000
185,646 462,523 1,372,626 348,609 118,772
58 7,612
47,029
152
2,000
116,474 383,430 1,612,182 380,102 28,774
128 13,442
6,484
144
2,000
202,937 227,063 1,661,213 384,402 63,506
8,968
6,536
144
2,000
183,906 190,808 1,697,284 401,681 46,124
9,870
26,314
145
2,000
165,259 471,161 1,729,239 396,167 47,979
15,655
53,237
145
2,000
114,213
58,474 1,693,126 378,010 86,107
2,244 9,303
59,965
2,000
122,982
13,586 1,784,143 359,456 63,530
11,814
65,347
2,000
120,210
21,170 1,870,071 372,004 72,493
14,585
70,257
2,000
127,917
3,300 1,940,122 351,097 78,634
245 19,021
77,504
2,000
149,961
5,322 2,030,302 332,901 74,591
17,755
79,145
2,000
140,228
18,797 2,116,565 335,151 98,522
16 27,459
80,194
2,000
482,109
13,403 2,206,619 338,217 110,162
24,971
82,131
2,000
512,304
34,228 2,307,125 330,847 158,195
x
x
x
x
x
15
x
x
x
x
x
x
x
x
x
28
x
x
x
x
x
x
x
x
x
13,047
x
x
x
x
x
x
x
x
x
202
x
x
x
x
x
x
x
x
x
69
x
x
x
x
x
x
x
x
x
7,157
x
x
x
x
x
x
x
x
x 2,472,773
x
x
x
x
x
x
x
x
x
864,264
x
x
x
x
x
x
x
x
x
497,377
x
x
x
x
x
x
x
x
x
497,306
x
x
x
x
x
x
x
x
x
629
x
x
x
x
x
x
x
x
x
350
x
x
x
x
x
x
x
x
x
51
x
x
x
x
x
x
x
x
x
70
x
x
x
x
x
x
x
x
x
51,052
x
x
x
x
x
x
x
x
x
11
x
x
x
x
x
x
x
x
x
46
x
x
x
x
x
x
x
x
x
171
x
x
x
x
x
x
x
x
x
130
x
x
x
x
x
x
x
x
x
3,259
x
x
x
x
x
x
x
x
x
254
x
x
x
x
x
x
x
x
x
389
x
x
x
x
x
x
x
x
x
602
x
x
x
x
x
x
x
x
x
551
x
x
x
x
x
x
x
x
x
168
x
x
x
x
x
x
x
x
x
211
x
x
x
x
x
x
x
x
x
48,332
x
x
x
x
x
x
x
x
x
271
x
x
x
x
x
x
x
x
x
211
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
60,991
x
x
x
x
x
x
x
x
x
286
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
x
x
x
x
x
x
x
x
x
x
x
x
x
41*
General
Account
of
Treasury
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
x
34,007
254,303
789,511
1,180,329
399,860
1,096,031
578,486
474,537
45
1,247,892
669,845
770,591
1,386,511
328,460
1,156,024
1,550,444
1,688,076
2,978,354
2,394,268
2,657,344
2,542,880
67,810
22,918
3,546,281
1,006,180
1,344,563
2,966,493
1,449,035
3,892,413
1,358,091
5,205,327
3,374,626
3,911,203
2,336,743
2,846,741
Capital accounts
Total
Statutory
fund
6,352
10,253
15,596
31,752
81,432
81,431
88,701
88,701
89,203
88,811
85,011
81,431
91,014
100,651
104,032
113,047
119,711
235,536
223,715
259,467
275,759
103,575
209,907
252,994
204,500
258,027
279,577
175,436
141,146
254,416
179,772
482,361
460,914
155,810
8,835
200,269
227,526
181,276
331,189
468,018
511,604
85,468
267,532
649,975
353,812
786,258
1,157,189
687,448
789,490
846,570
798,185
1,093,446
193,569
256,405
312,423
337,637
281,719
274,672
278,217
396,201
438,657
486,927
545,952
480,511
246,490
5,653
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
146,490
Annual Report 1999
Statistical Section

(continued)
Period
(own funds)
Reserve Profit
fund
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.*
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Other
funds
Other liabilities
Gold
Total
Profit
and
2)
silver
revaluation
fund
1)
Net
Gold
Creditors Income
Other
favourable revaluation from
to be
differences account
foreign
received
from foreign (NBR)
operations
assets and 3)
liabilities
revaluation
500
199
13,166
3,178
652
x
3,830
2,059
3,447
5,147
106
47,295
14,750
254
x
20,724
709
10,860
10,506
90
260,102
58,648
254
x
50,438
14,699
136,062
26,661
90
741,290
323,108
254
x
66,485
42,261
309,183
76,341
90 1,577,289
993,677
254
x
179,096 310,478
93,786
76,341
90 1,718,208 1,139,061
254
6,145
179,096 357,843
35,810
83,610
90 1,683,809 1,114,575
254
11,470
179,096 412,868
34,453
83,610
90 1,614,097 1,149,109
254
21,128
179,096 449,303
184,792
84,113
90
500,537
147,590
254
24,945
179,096 445,373
296,721
83,721
90 1,034,299
71,599
254
224,488 540,858
197,101
79,921
90 1,099,874
4,076
254
259,100
224,488 525,628
94,480
76,341
90 1,130,242
191,648
254
259,425
224,488 377,569
76,858
85,924
90 1,208,440
384,393
254
259,832
224,488 227,387
112,086
95,561
90 1,231,909
452,021
254
259,832
224,488 240,627
54,687
98,942
90 1,239,944
632,313
254
259,832
224,488 173,642
50,585
107,957
90 1,037,764
719,908
254
259,796
224,488 190,132
356,814
114,367
344
x
105,222
x
x
253
91
224,488
39,458
159,068
114,367
115,825
344
x
118,620
x
x
725
224,488
43,692
150,285
120,158
98,213
344
x
170,785
x
x
725
224,488
13
396,011
124,044
130,079
344
x
161,829
x
x
950
224,488
12
387,279
128,731
141,684
344
x
75,783
x
x
12,904
224,488
12
313,187
133,125
242,044
344
x
681,265
x
x
13,314
320,813
12
347,126
117,510
87,053
344
x
612,458
x
x
13,616
320,813
12
278,017
121,505
126,145
344
x
780,089
x
x
13,628
320,813
445,648
126,560
72,596
344
x
770,723
x
x
13,787
320,813
436,123
127,964
124,719
344
x
825,705
x
x
111,366
320,813
393,526
131,778
142,455
344
x
764,640
x
x
131,589
320,813
13
312,225
135,930
34,162
344
x
635,952
x
x
132,735
320,813
9
182,395
135,802
344
x
402,312
x
x
96,332
320,813
8
14,841
125,084
123,988
344
x
947,455
x
x
320,813
8 1,268,276
142,001
32,427
344
x 2,043,397
x
x
320,713
8 2,364,118
142,458
334,559
344
x 1,517,551
x
x
320,813
8 1,838,372
147,276
308,294
344
x 1,887,523
x
x
320,813
8 2,208,344
158,555
8,089
344
x 1,260,405
x
x
735,836
8
524,561
162,623
176,802
344
x
609,981
x
x
8
609,973
153,855
41,070
344
x
478,287
x
x
8
478,279
164,311
57,871
344
x
362,338
x
x
8
362,330
168,079
354,699
344
x
182,265
x
x
8
182,257
145,233
481,766
344
x
55,606
x
x
8
55,598
137,738
611,100
344
x
51,131
x
x
51,131
188,036
318,224
344
x
77,690
x
x
77,690
188,036
107,912
344
x
17,647
x
x
17,647
188,036
460,912
344
x
78,535
x
x
78,535
188,036
843,355
344
x
1,878
x
x
259,912
261,790
188,036
547,192
344
x
75,421
x
x
245,114
169,693
188,036
979,638
344
x
880,257
x
x
494,407
385,850
188,036 1,350,569
344
x
884,901
x
x
582,556
302,345
93,036
880,828
344
x
919,802
x
x
741,315
178,487
93,036
982,870
344
x
963,527
x
x
883,693
79,834
93,036 1,039,950
344
x
987,516
x
x 1,201,419
213,903
93,036
991,565
344
x
890,024
x
x 1,118,470
228,446
93,036 1,286,826
344
x
868,161
x
x 1,370,250
502,089
93,225
344
x
744,379
x
x
744,379
93,225
62,836
344
x
69,125
x
x
69,125
95,372
116,707
344
x
268,933
x
x
375,181
644,114
95,372
141,921
344
x 1,274,118
x
x
300,325
1,574,443
95,522
85,853
344
x 1,473,921
x
x
25,446
1,499,367
95,523
78,805
344
x 1,607,688
x
x
1,607,688
95,523
82,350
344
x 1,461,754
x
x
1,461,754
95,523
200,334
344
x 1,509,236
x
x
1,509,236
95,523
242,790
344
x 1,346,776
x
x
1,346,776
95,523
291,060
344
x 1,194,379
x
x
1,194,379
95,523
350,085
344
x 1,355,500
x
x
1,355,500
95,523
284,644
344
x
921,746
x
x
921,746
100,000
x 2,979,048
x
x
456,975
1,534,046
988,027
1) Since December 1995, it has been included in "Capital accounts Other funds"; 2) Since December 1995, it has been included
in "Capital accounts"; 3) Until December 1994, it was included under "Public deposits Gold and silver revaluation".
42*
Forex
assets and
liabilities
revaluation
fund
1)
Annual Report 1999
Statistical Section
15. AGGREGATE BALANCE SHEET OF BANKS

- millions of lei; end of period Period
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.*
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
ASSETS
FOREIGN ASSETS
Total
Total
Cash
Deposits
and
with
cheques foreign
banks
Participa- Foreign Other

tions in
securities
foreign
banks
Non-convertible currencies
Total
Cash
Deposits
and
with
cheforeign
ques
banks
1,071,178
41,067
19,590
531
16,877
1,956
4
223 21,477
2,289,674
104,697
67,944
3,572
51,860
10,733
19
1,761 36,753
4,002,050
386,632
363,278
12,300
287,649
22,367
5,143 35,818 23,355
9,843,462 1,311,817 1,284,680
44,508
983,368
68,353 107,144 81,306 27,137
20,415,121 2,745,965 2,740,798
69,636 2,238,111 100,356 216,000 116,694 5,167
20,108,411 2,927,766 2,921,749
54,343 2,196,565 122,967 436,899 110,975 6,017
21,025,071 2,993,604 2,987,442
62,525 2,266,003 125,858 407,894 125,162 6,162
22,318,424 2,868,359 2,861,774
66,742 2,090,904 132,404 417,234 154,490 6,585
23,386,790 2,717,950 2,711,922
75,368 1,941,676 134,805 387,651 172,422 6,028
24,561,896 2,876,313 2,870,123
84,680 2,034,002 138,735 420,320 192,387 6,190
25,015,799 2,843,106 2,837,118
78,994 2,230,060 141,282 179,754 207,028 5,988
26,244,444 2,727,365 2,721,253 109,741 2,046,546 145,373 179,596 239,997 6,112
27,398,409 2,628,581 2,622,481 108,778 1,905,619 143,680 210,041 254,362 6,100
28,660,855 2,467,974 2,462,052 138,597 1,709,751 150,564 201,741 261,399 5,922
30,867,479 2,448,653 2,442,385
91,164 1,676,365 159,154 198,011 317,691 6,268
33,320,052 3,007,453 3,000,444
97,210 2,098,080 179,538 227,341 398,275 7,009
32,440,153 3,398,771 3,391,647 108,931 2,550,104 182,213 171,638 378,760 7,124
32,160,403 3,123,059 3,115,744 115,945 2,250,099 181,569 210,398 357,733 7,315
34,191,185 3,485,266 3,477,245 122,044 2,563,735 200,321 159,740 431,405 8,021
36,336,074 3,834,807 3,826,896 110,325 2,887,591 203,017 183,703 442,260 7,911
36,740,154 3,554,790 3,547,094 124,087 2,606,939 198,990 179,152 437,926 7,696
37,884,793 3,694,205 3,686,540 119,506 2,759,673 200,632 198,390 408,339 7,665
38,912,411 3,688,225 3,680,317 119,634 2,729,667 207,888 194,278 428,849 7,908
41,078,666 4,247,610 4,239,206 142,344 3,068,048 219,202 327,151 482,462 8,404
42,589,372 4,041,711 4,033,168 127,132 2,883,368 221,376 302,974 498,320 8,543
44,689,682 4,039,309 4,030,749 160,929 2,958,628 225,476 185,341 500,375 8,560
50,012,068 4,400,989 4,392,148 135,195 3,193,872 235,991 316,546 510,544 8,841
53,390,523 4,734,019 4,724,755 143,486 3,421,177 253,082 343,966 563,044 9,264
55,022,654 6,554,186 6,544,006 188,696 5,100,216 281,384 344,326 629,384 10,180
62,509,661 7,701,445 7,686,988 300,566 5,767,709 397,511 361,049 860,153 14,457
71,702,355 10,336,909 10,318,245 622,477 7,736,493 507,661 489,493 962,121 18,664
71,368,686 9,411,294 9,394,121 481,457 7,023,264 463,257 658,215 767,927 17,173
74,144,487 8,171,810 8,154,759 455,991 5,884,182 463,922 705,090 645,574 17,050
78,010,869 8,375,964 8,368,143 437,056 6,219,864 562,561 522,084 626,577 7,821
82,811,259 8,394,335 8,386,583 336,205 6,278,373 557,510 505,601 708,893 7,752
86,413,550 9,807,391 9,799,430 391,960 7,897,517 559,374 403,480 547,099 7,961
89,997,697 11,040,037 11,031,913 404,509 9,168,757 571,134 327,113 560,399 8,124
92,053,435 11,210,283 11,202,003 354,882 9,533,224 590,894 213,912 509,091 8,280
95,581,285 11,901,642 11,893,467 313,880 10,328,258 615,776 182,191 453,362 8,176
96,427,619 12,884,702 12,876,411 320,577 11,236,343 617,928 180,585 520,978 8,292
100,187,879 13,555,484 13,547,066 403,050 11,686,956 626,041 230,081 600,938 8,418
100,692,245 12,617,813 12,608,376 476,598 10,634,347 691,118 274,800 531,513 9,437
102,659,472 12,648,117 12,638,799 420,746 10,796,655 682,902 213,821 524,675 9,318
108,877,627 11,814,288 11,804,588 520,962 9,749,883 714,408 249,081 570,255 9,699
108,773,578 10,295,784 10,286,215 467,206 8,284,042 709,028 224,423 601,515 9,569
110,619,510 9,919,051 9,909,442 432,018 7,898,112 734,117 241,452 603,743 9,609
113,091,136 10,572,060 10,561,661 507,839 8,426,311 750,221 234,746 642,544 10,399
116,496,968 9,132,561 9,122,513 555,475 6,747,464 755,555 202,036 861,982 10,048
118,661,189 10,113,054 10,102,815 490,877 7,836,110 716,858 221,678 837,291 10,240
125,023,583 9,775,939 9,765,350 613,453 7,174,161 766,071 439,079 772,587 10,589
128,370,083 9,949,133 9,938,099 578,824 7,309,550 836,145 584,062 629,517 11,034
134,507,354 10,172,783 10,161,254 513,042 7,871,762 861,393 271,492 643,565 11,529
148,004,632 17,301,340 17,288,966 701,369 14,700,057 943,091 308,754 635,695 12,374
148,232,976 14,041,199 14,028,038 740,560 11,072,003 1,107,277 483,620 624,578 13,161
154,719,833 14,995,946 14,981,491 1,259,316 11,292,720 1,183,946 523,403 722,105 14,455
172,187,816 19,030,891 19,013,862 966,194 15,208,150 1,202,482 816,221 820,814 17,029
169,897,951 19,330,880 19,313,801 1,160,605 15,512,623 1,215,136 583,482 841,955 17,079
177,542,414 18,691,585 18,673,914 1,051,060 15,055,172 1,241,288 603,442 722,952 17,671
168,251,794 20,337,928 20,319,753 1,291,520 16,512,554 1,253,592 497,139 764,947 18,175
165,959,600 19,136,719 19,118,288 1,424,708 15,405,450 1,304,085 321,254 662,790 18,431
166,518,123 19,339,161 19,320,726 1,368,307 15,707,788 1,302,286 305,897 636,448 18,434
167,510,127 20,838,150 20,837,896 1,171,054 17,658,442 1,347,409 332,293 328,698
254
168,063,438 20,343,079 20,343,036 979,062 17,201,094 1,361,878 386,245 414,758
43
175,802,353 23,068,489 23,068,421 1,076,598 19,655,732 1,411,328 479,918 444,846
68
182,177,625 22,842,698 22,842,650 1,313,524 19,207,107 1,654,318 250,924 416,776
48
43*
111
2
22
6
7
7
9
20
1,511
24
44
98
210
242
94
523
108
94
87
129
67
34
73
60
210
184
67
325
359
156
254
43
68
48
Claims Other
on
bilateral
payments
agreements
11,082
36,750
23,355
25,626
5,143
6,017
6,162
6,585
6,028
6,189
5,988
6,112
6,100
5,922
6,268
7,009
7,102
7,313
8,021
7,911
7,696
7,665
7,908
8,404
8,543
8,560
8,841
9,264
10,180
14,457
18,664
17,173
17,050
7,729
7,625
7,926
8,101
8,256
8,160
8,277
8,403
9,377
9,214
9,482
9,320
9,506
9,856
9,941
10,145
10,502
10,905
11,462
12,341
13,088
14,395
16,819
16,895
17,604
17,850
18,072
18,278
10,284
92
128
35
23
24
16
15
15
16
Annual Report 1999
Statistical Section

Period
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.*
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
(continued)
DOMESTIC ASSETS
Total
Cash
in
vault
Domestic credit
Total
Credit to non-government
Total
In lei
Total
Short-term credit
Total
Current (compensation included)
Total
Economic agents
majority
majority
stateprivate
owned
capital
capital
1,030,111
5,179
683,955
683,955
660,855
438,329
373,136 372,986
2,184,977
17,223 1,499,230 1,375,160 1,317,244 1,061,663
985,749 935,794
44,828
3,615,417
48,814 2,110,961 1,912,770 1,698,819 1,435,091 1,334,244 1,227,651
99,014
8,531,644
75,291 5,300,026 4,901,977 4,060,277 3,671,870 3,525,072 2,964,598
497,871
17,669,156 197,166 10,068,760 9,484,528 7,434,662 6,908,211 6,363,283 5,258,812 1,002,949
17,180,645 229,286 10,560,640 9,852,017 7,648,708 7,118,835 6,405,297 5,192,383 1,102,807
18,031,467 218,725 11,042,999 10,216,248 7,924,851 7,377,665 6,505,951 5,241,239 1,153,484
19,450,065 214,850 12,262,382 10,735,346 8,196,422 7,623,476 6,816,320 5,377,408 1,289,129
20,668,840 235,853 12,998,630 11,174,015 8,481,276 7,891,858 6,872,699 5,407,183 1,326,880
21,685,583 233,040 14,033,316 11,515,637 8,613,742 7,978,966 6,793,965 5,191,822 1,468,047
22,172,693 207,986 14,919,538 11,897,657 8,832,182 8,108,348 6,878,388 5,163,764 1,565,595
23,517,080 209,023 15,869,954 12,463,545 9,245,237 8,477,922 7,142,396 5,408,242 1,581,643
24,769,828 140,599 16,972,152 13,117,390 9,640,111 8,808,329 7,360,180 5,530,092 1,679,458
26,192,881 128,247 18,098,838 14,044,570 10,299,999 9,394,041 8,133,423 5,900,847 2,076,780
28,418,826 166,825 19,703,957 14,955,259 10,859,673 9,870,618 8,565,781 6,149,956 2,230,339
30,312,599 163,161 20,858,575 15,860,558 11,186,939 10,084,910 8,747,196 6,134,025 2,433,878
29,041,382 190,873 18,312,311 16,435,380 11,575,235 10,279,170 8,698,684 6,422,618 2,088,154
29,037,344 168,236 18,840,171 16,779,009 11,879,084 10,566,933 8,618,375 5,590,103 2,847,134
30,705,919 153,187 19,944,243 17,494,902 11,968,103 10,624,214 8,638,593 5,422,011 3,028,914
32,501,267 157,781 21,030,256 18,075,336 12,323,360 10,804,457 8,793,305 4,590,434 3,994,283
33,185,364 194,639 21,899,444 18,656,659 12,633,130 11,054,569 8,985,599 5,833,891 2,909,041
34,190,588 174,346 22,384,037 19,369,185 13,260,786 11,495,410 9,463,668 6,190,676 3,010,987
35,224,186 172,404 23,368,780 19,882,599 13,361,485 11,442,907 9,278,432 6,025,049 2,984,447
36,831,056 191,755 25,026,061 21,015,266 13,951,467 11,875,573 9,529,135 6,269,788 2,997,960
38,547,661 185,321 26,415,331 21,517,073 14,228,289 12,031,777 9,932,866 6,640,022 3,035,434
40,650,374 248,593 27,815,631 22,159,796 14,570,018 12,281,909 10,083,843 6,675,243 3,149,632
45,611,078 204,483 32,066,986 23,787,264 15,498,804 13,139,140 11,031,124 7,180,189 3,583,494
48,656,505 238,574 33,844,217 25,064,617 16,308,816 13,738,000 11,419,705 7,320,564 3,837,358
48,468,468 519,718 32,310,520 26,841,440 16,942,968 14,156,220 11,928,059 7,134,269 4,514,499
54,808,216 257,597 38,159,300 32,168,282 16,930,845 14,108,642 11,600,066 7,004,187 4,327,700
61,365,446 298,734 43,185,433 37,344,272 16,793,692 13,980,803 11,298,732 7,289,227 3,754,884
61,957,393 384,098 40,994,823 35,081,532 16,582,763 13,540,722 10,380,396 6,736,342 3,422,836
65,972,677 374,873 42,012,292 34,636,679 16,413,130 13,226,208 9,984,701 6,459,086 3,358,065
69,634,905 341,152 43,525,477 35,971,428 15,284,545 12,875,347 9,782,856 6,234,597 3,320,633
74,416,924 475,448 43,577,204 36,195,679 15,590,125 13,148,763 9,846,782 6,106,194 3,513,342
76,606,159 380,884 44,912,934 37,372,980 16,013,010 13,487,979 10,068,499 6,108,935 3,727,646
78,957,659 357,921 46,605,450 39,668,335 16,753,861 14,145,836 10,675,334 6,451,933 3,989,826
80,843,151 465,358 48,519,358 38,216,570 14,897,989 12,350,738 10,296,609 5,768,596 4,233,554
83,679,643 404,649 47,487,374 39,733,240 15,791,272 13,052,272 11,041,230 5,894,024 4,778,263
83,542,916 458,392 45,502,518 36,245,999 16,159,658 13,253,446 11,261,883 5,788,154 5,191,422
86,632,395 426,834 46,999,700 35,900,662 16,232,369 12,853,429 11,069,600 5,568,724 5,156,336
88,074,432 457,757 49,921,950 38,245,741 16,998,302 13,468,823 11,469,717 5,307,968 5,741,800
90,011,355 450,236 51,928,288 40,260,789 18,007,279 14,321,819 12,252,512 5,461,208 6,280,009
97,063,340 547,247 53,998,169 41,319,059 18,495,720 14,682,563 12,542,078 5,400,521 6,601,261
98,477,793 564,224 57,330,602 42,404,302 19,415,841 15,371,440 13,068,310 5,532,047 7,033,238
100,700,458 571,688 59,418,239 43,726,467 19,355,569 15,455,688 13,118,338 5,498,595 7,065,907
102,519,076 587,762 61,543,961 45,141,131 20,003,143 15,962,510 13,606,752 5,674,324 7,331,614
107,364,407 531,699 66,198,813 46,296,315 20,744,814 16,661,663 14,188,546 5,955,531 7,552,842
108,548,134 740,186 65,963,342 47,782,142 21,187,659 16,984,099 14,364,926 5,861,199 7,768,116
115,247,644 633,762 69,572,251 51,006,988 22,682,195 18,181,189 15,671,769 6,009,601 8,848,356
118,420,950 612,215 71,635,070 53,924,555 23,818,425 19,161,872 16,564,361 5,988,692 9,695,003
124,334,571 871,749 73,854,371 56,435,604 24,555,172 19,749,176 17,136,559 5,928,003 10,248,810
130,703,292 771,666 77,919,531 59,086,517 24,272,609 19,351,643 16,661,936 5,702,361 9,912,569
134,191,777 762,852 81,004,854 62,212,254 25,258,198 20,352,812 17,391,141 5,764,159 10,597,053
139,723,887 900,204 85,759,910 65,429,580 25,252,665 20,302,575 17,718,545 5,700,864 10,967,473
153,156,925 808,522 93,822,810 72,138,258 25,665,853 20,478,762 17,993,993 5,595,914 11,248,307
150,567,071 823,865 91,934,696 71,660,080 26,171,483 20,893,536 18,247,207 5,451,446 11,679,775
158,850,829 1,109,042 95,876,762 73,664,892 25,947,957 20,688,711 18,161,518 5,380,034 11,701,432
147,913,867 916,412 90,225,327 61,861,257 24,831,173 19,811,874 17,382,975 5,109,945 11,354,212
146,822,881 1,016,373 86,981,251 56,873,985 24,611,686 19,315,252 17,020,560 5,009,172 10,964,832
147,178,962 1,126,214 87,094,120 56,687,070 24,268,992 18,926,681 17,134,044 3,401,169 12,718,840
146,671,976 1,020,529 83,591,096 57,470,932 24,811,378 19,204,753 17,349,026 2,876,362 13,723,066
147,720,359 1,170,222 83,415,894 59,601,029 25,501,170 19,915,304 17,968,658 2,869,051 14,376,861
152,733,864 1,146,166 84,191,683 62,112,394 25,996,858 20,350,130 18,378,693 4,206,817 13,272,659
159,334,927 1,273,958 88,405,741 57,719,485 24,444,938 18,781,531 17,535,185 3,960,177 12,737,690
1) Insurance companies included.
44*
Households
Other
1)
150
5,127
4,354
44,359
74,178
70,958
77,315
86,000
91,086
103,890
113,560
116,208
117,773
121,867
133,166
141,821
147,045
143,415
147,993
161,413
169,562
185,211
194,297
186,237
181,061
181,174
187,014
184,211
199,927
202,903
185,243
159,275
107,250
167,136
165,041
173,839
162,261
172,523
192,190
196,276
233,192
294,696
326,044
324,644
349,879
383,113
408,562
470,019
516,616
594,119
656,364
736,588
839,465
830,865
839,230
888,622
873,717
845,964
703,478
838,235
802,462
525,742
527,471
517,645
523,358
3,224
18,245
27,345
39,150
33,913
63,783
47,550
30,207
35,469
36,302
32,858
33,930
52,320
37,472
40,867
37,723
39,676
47,174
73,105
76,795
74,639
75,149
76,349
77,795
80,427
77,572
79,365
65,276
69,378
61,943
60,301
60,490
62,204
58,078
71,314
121,937
176,753
86,031
111,347
125,253
185,252
215,651
153,147
170,723
192,252
210,154
218,995
219,692
224,302
223,158
207,540
199,063
210,978
261,150
242,268
234,088
215,340
208,321
211,572
223,857
195,274
381,572
313,960
Overdue
Total
65,193
75,914
100,848
146,798
544,928
713,538
871,714
807,156
1,019,159
1,185,000
1,229,960
1,335,526
1,448,149
1,260,618
1,304,837
1,337,714
1,580,486
1,948,558
1,985,622
2,011,152
2,068,970
2,031,742
2,164,475
2,346,438
2,098,912
2,198,066
2,108,017
2,318,296
2,228,161
2,508,577
2,682,071
3,160,326
3,241,507
3,092,491
3,301,982
3,419,480
3,470,501
2,054,129
2,011,042
1,991,562
1,783,829
1,999,106
2,069,307
2,140,486
2,303,130
2,337,350
2,355,758
2,473,116
2,619,173
2,509,421
2,597,511
2,612,617
2,689,707
2,961,672
2,584,029
2,484,770
2,646,329
2,527,193
2,428,899
2,294,691
1,792,638
1,855,727
1,946,646
1,971,437
1,246,345
Annual Report 1999
Statistical Section

(continued)
Period
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.*
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Medium- and long-term credit

Total
Current credit
Total
Economic agents
majority majority
stateprivate
owned capital
capital
222,526
217,299 199,440
329
255,581
251,306 175,470
19,332
263,728
259,075 171,138
36,073
388,407
379,325 193,687 109,768
526,451
492,388 171,097 201,490
529,874
505,097 173,002 207,502
547,186
519,088 170,241 217,626
572,946
538,444 174,726 226,697
589,418
555,426 176,210 238,289
634,776
592,457 175,650 274,927
723,834
657,857 182,661 318,321
767,315
705,649 182,872 352,105
831,782
765,606 174,550 398,356
905,959
814,456 168,757 438,620
989,055
903,825 177,874 500,517
1,102,029 1,006,819 210,479 556,489
1,296,066 1,160,053 264,259 630,171
1,312,151 1,169,487 244,841 644,262
1,343,888 1,201,375 254,862 655,657
1,518,903 1,360,233 264,311 791,929
1,578,561 1,415,042 265,544 822,276
1,765,376 1,452,066 269,742 842,350
1,918,579 1,496,428 275,622 852,834
2,075,894 1,585,882 289,980 897,315
2,196,512 1,660,989 302,221 941,750
2,288,109 1,733,604 324,258 955,182
2,359,664 1,796,578 326,673 986,428
2,570,816 1,958,493 345,749 1,063,511
2,786,748 2,041,882 371,529 1,066,672
2,822,203 2,067,837 395,657 1,056,668
2,812,889 2,024,151 352,428 1,057,966
3,042,041 1,899,670 291,008 1,001,202
3,186,923 1,785,060 223,080 967,145
2,409,198 1,725,208 217,316 924,153
2,441,361 1,715,543 211,488 919,975
2,525,031 1,706,231 203,339 914,596
2,608,026 1,733,297 204,725 922,779
2,547,251 1,684,644 157,151 911,570
2,739,000 1,868,050 151,645 962,860
2,906,212 2,285,026 200,294 1,065,483
3,378,940 2,722,778 258,238 1,120,335
3,529,479 2,638,576 323,079 864,398
3,685,460 2,917,213 316,332 1,144,940
3,813,157 3,032,703 305,496 1,215,185
4,044,401 3,208,815 301,699 1,408,839
3,899,880 3,080,783 293,088 1,233,777
4,040,633 3,116,279 286,723 1,231,829
4,083,151 3,194,672 281,297 1,260,888
4,203,560 3,291,658 283,572 1,283,450
4,501,006 3,560,037 342,479 1,360,422
4,656,553 3,695,989 347,637 1,379,071
4,805,995 3,810,976 353,852 1,416,555
4,920,967 3,836,083 312,699 1,457,470
4,905,385 3,803,286 297,567 1,457,514
4,950,090 3,840,796 293,251 1,499,216
5,187,091 4,066,082 500,035 1,501,326
5,277,947 4,143,773 451,874 1,643,935
5,259,246 4,156,124 477,495 1,656,673
5,019,299 4,370,136 564,292 1,802,030
5,296,434 4,341,984 668,824 1,756,857
5,342,310 4,394,974 704,209 1,791,764
5,606,625 4,669,216 280,831 2,246,798
5,585,866 4,705,918 309,407 2,281,453
5,646,728 4,750,778 759,039 1,893,818
5,663,407 4,780,319 774,934 1,920,954
Economic agents
House- Other
HouseOther
majority
majority
holds
1)
holds
1)
stateprivate
owned
capital
capital
65,193
17,530
75,642
200
72
56,505
93,838
5,958
323
730
51,347
517
111,363
31,645
3,523
267
73,059
2,811
354,944
173,726
9,268
6,990
112,412
7,389
490,715
200,842 10,658
11,323
118,549
6,044
582,712
267,069 11,274
10,659
122,837
8,384
533,432
257,846 11,320
4,559
128,908
8,113
686,485
317,767 12,323
2,584
132,894
8,033
847,675
320,887 13,476
2,963
134,529
7,350
927,865
283,668 14,582
3,844
146,322 10,553
1,011,580
302,786 16,680
4,480
159,836 10,836
1,096,840
329,342 17,062
4,905
169,662 23,038
893,627
343,642 18,911
4,438
182,653 24,426
920,903
359,487 19,951
4,496
199,132 26,304
956,617
359,544 17,457
4,096
209,699 30,152
844,835
713,209 19,406
3,036
223,853 41,771
698,205 1,227,272 19,949
3,133
239,859 40,525
727,464 1,234,557 20,320
3,281
251,244 39,611
832,855 1,156,119 18,727
3,452
257,245 46,748
961,843 1,085,158 18,896
3,073
277,345 49,877
992,562 1,017,229 19,098
2,853
292,445 47,529
1,131,303 1,011,267 19,129
2,776
311,094 56,878
1,306,166 1,016,458 19,962
3,852
328,589 69,998
1,064,293 1,010,729 20,057
3,833
342,910 74,107
1,130,630 1,040,514 22,297
4,625
379,097 75,068
1,026,897 1,054,041 23,792
3,287
410,826 72,652
1,194,551 1,095,080 26,780
1,885
477,261 71,972
1,064,356 1,134,204 27,791
1,810
527,674 76,007
1,228,877 1,247,203 29,179
3,317
536,210 79,302
1,440,358 1,207,626 29,639
4,448
546,494 67,263
1,778,541 1,350,669 27,551
3,565
546,018 61,443
1,854,167 1,367,122 18,221
1,997
535,041 59,794
2,039,507 1,024,982 25,960
2,042
527,304 56,436
2,200,253 1,073,892 25,795
2,042
524,018 60,063
2,325,050 1,066,739 25,418
2,273
529,966 58,330
2,382,122 1,058,534 27,161
2,684
549,443 56,350
1,069,275
957,049 24,549
3,255
557,651 58,272
1,015,102
970,486 23,422
2,031
696,830 56,715
983,455
982,189 23,242
2,677
971,491 47,757
741,022 1,013,112 24,822
4,872
1,296,944 47,260
735,988 1,176,836 41,718
44,564
1,327,723 123,375
683,542 1,282,215 41,757
61,794
1,389,717 66,224
744,618 1,270,268 40,637
84,963
1,466,804 45,218
812,632 1,401,191 42,680
46,626
1,457,418 40,859
835,429 1,408,234 41,814
51,873
1,509,771 44,147
819,427 1,442,043 44,003
50,285
1,553,817 43,909
840,333 1,529,586 46,387
56,810
1,611,543 40,943
911,453 1,597,181 51,103
59,436
1,681,489 43,147
848,308 1,550,226 50,916
59,970
1,814,153 42,982
879,589 1,602,554 54,290
61,077
1,909,924 59,357
911,607 1,582,432 56,430
62,148
1,977,666 62,903
941,537 1,551,032 57,125 140,012
2,003,583 62,331
1,057,068 1,683,993 60,546 160,065
1,978,057 70,148
766,939 1,651,785 62,592 102,713
1,966,542 81,787
725,555 1,638,785 62,278
58,152
1,966,551 98,170
540,817 1,685,089 65,669 354,755
1,956,307 91,658
532,123 1,577,342 63,173 354,555
1,929,852 92,103
511,636 1,497,093 58,050 362,121
1,909,952 93,863
515,799 1,663,644 67,261
47,989
1,820,008 96,295
352,127 1,339,296 62,323
38,891
1,802,558 96,442
383,059 1,368,384 64,853
39,431
2,036,684 104,902
467,332 1,376,194 66,151
36,969
2,011,338 103,720
558,481 1,319,562 65,083
28,311
1,988,471 109,450
287,461
884,972 57,384
16,528
1,990,608 93,823
45*
Overdue credit
Total
Economic agents
majority majority
stateprivate
owned
capital
capital
5,228
5,196
4,275
4,179
20
4,652
3,861
657
9,081
5,731
2,636
34,063
6,567
25,589
24,777
6,812
15,853
28,098
6,887
18,958
34,502
6,893
25,218
33,992
7,094
23,313
42,320
8,257
25,777
65,978
20,863
42,101
61,666
12,054
46,360
66,177
12,356
50,271
91,503
32,927
54,516
85,229
23,738
57,304
95,210
34,112
58,070
136,012
50,709
82,299
142,664
32,039
106,735
142,514
34,119
104,066
158,670
34,339
119,868
163,519
53,269
103,598
313,311 147,710
158,816
422,151 186,541
228,456
490,012 178,777
303,662
535,523 190,640
335,761
554,505 177,654
366,947
563,085 184,989
367,593
612,323 205,933
395,655
744,866 222,593
510,060
754,367 223,767
517,044
788,738 235,218
539,310
1,142,370 261,312
865,524
1,401,863 286,867 1,099,107
683,990 108,721
557,684
725,818 116,034
579,281
818,800 187,868
599,376
874,729 192,480
650,493
862,606 174,288
676,689
870,950 180,314
679,395
621,187 128,151
481,783
656,162 125,748
519,201
890,904 146,623
644,305
768,246
84,655
647,558
780,453
82,063
662,328
835,585
88,172
727,646
819,097
89,894
706,106
924,354 100,241
800,807
888,479
98,941
762,595
911,902
95,134
782,118
940,969 101,189
806,273
960,564
68,744
856,638
995,019
63,985
894,060
1,084,884
67,160
980,595
1,102,100
73,585
989,094
1,109,294
62,136 1,007,216
1,121,009
68,412 1,015,433
1,134,173
35,908 1,058,395
1,103,122
35,125 1,028,326
649,163
42,050
567,830
954,450
46,406
398,233
947,336
28,663
408,952
937,409
27,408
411,911
879,948
24,989
358,174
895,950
30,650
367,909
883,088
34,524
360,600
Annual Report 1999
Statistical Section

(continued)
Period
Convertible currency credit

Total
Current
Overdue
credit
credit
Credit
to
Frozen governcredit ment
House- Other
holds 1)
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.*
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
In
Interbank
transit
assets
accounts
payable
to
depositors
Other assets
Total
Credits Profit
taken paid
over
2)
by
banks
(Law
7/92)
32
23,100
786
22,314
323,100
17,877
77
57,915
44,413
202 13,300
124,070 10,015
489,175
169,334 13,778
131
4
213,951
207,437
6,513
198,191
220 1,038,300
417,124 9,541
706
9
841,700
788,719
52,982
398,049
1,293 2,314,299
840,736
x
1,826
81 2,049,867 1,956,283
93,584
584,232 19,191 4,295,224 3,088,815

x
2,014
98 2,203,309 2,060,928
142,381
708,623 16,647 3,780,698 2,593,375

x
2,168
85 2,291,398 2,138,200
153,198
826,751 13,634 3,854,295 2,901,814

x
2,287
104 2,538,924 2,333,360
205,564
1,527,037 18,229 3,992,964 2,961,639
x
2,521
1,064 2,692,738 2,444,840
247,898
1,824,616 18,248 4,119,032 3,297,077
x
6,968
1,318 2,901,895 2,635,896
266,000
2,517,678 14,367 3,821,805 3,583,055
x
2,940
74 3,065,475 2,762,584
302,890
3,021,881 24,803 3,830,998 3,189,370
x
3,171
82 3,218,308 2,893,290
325,018
3,406,409 13,520 3,667,172 3,757,410
x
3,500
50 3,477,279 3,114,181
363,098
3,854,762 29,640 3,673,265 3,954,172
x
3,996
65 3,744,570 3,329,447
415,123
4,054,268
7,925 3,917,101 4,040,770
x
4,112
75 4,095,587 3,651,592
443,994
4,748,697 26,875 4,439,079 4,082,090
x
2,827
201 4,673,619 4,115,320
558,299
4,998,017 21,310 5,010,497 4,259,056
x
2,917
88 4,860,145 4,340,488
519,657
1,876,931 41,174 5,559,151 4,937,874
x
3,750
139 4,899,925 4,347,581
552,345
2,061,162 29,242 5,626,762 4,372,933
x
4,111
218 5,526,800 4,863,215
663,585
2,449,340 55,710 5,524,140 5,028,639
x
4,252
212 5,751,975 4,921,163
830,813
2,954,921 43,222 5,673,026 5,596,982
x
4,321
2,332 6,023,529 5,163,798
859,732
3,242,785 41,009 5,270,655 5,779,618
x
4,388
2,398 6,108,398 5,401,365
707,033
3,014,853 33,489 5,478,093 6,120,623
x
4,650
2,504 6,521,113 5,751,095
770,018
3,486,181 59,331 4,880,462 6,743,208
x
4,966
2,607 7,063,799 6,224,598
839,201
4,010,795 95,336 4,400,623 7,117,282
x
5,734
3,389 7,288,784 6,415,634
873,150
4,898,258 77,643 4,280,885 7,588,480
x
6,393
3,512 7,589,778 6,610,198
979,580
5,655,835 33,410 4,549,543 8,003,196
x
6,443
4,062 8,288,460 7,238,732 1,049,728
8,279,722 30,629 4,906,790 8,402,192
x
6,432
4,303 8,755,801 7,616,646 1,139,154
8,779,601 16,636 5,394,052 9,163,026
x
6,642
5,572 9,898,472 8,930,989
967,483
5,469,080 47,654 5,535,928 10,054,648
x
6,756
6,801 15,237,437 13,580,208 1,657,229
5,991,018 42,612 5,670,673 10,678,034
x
7,233
6,978 20,550,580 18,126,692 2,423,888
5,841,161 23,790 5,921,190 11,936,299
x
7,247
8,288 18,498,769 15,905,920 2,592,849
5,913,291 17,834 6,851,296 13,709,341
x
7,644
8,245 18,223,549 15,346,637 2,876,912
7,375,613
2,536 8,335,497 15,247,480
x
7,580 10,004 20,686,884 15,670,485 5,016,398
7,554,048
3,879 8,669,302 17,095,094
x
7,780 22,723 20,605,554 15,062,127 5,543,428
7,381,525
2,183 10,657,840 19,704,250
x
8,168 23,388 21,359,970 15,479,618 5,880,352
7,539,954 87,788 12,071,185 19,153,367
x
8,688 23,068 22,914,474 16,766,363 6,148,110
6,937,115 32,913 12,956,394 19,004,981
x
7,758
3,872 23,318,581 16,180,016 7,138,566
10,302,788 49,096 12,412,769 19,396,571
x
7,506
3,735 23,941,968 17,184,059 6,757,909
7,754,133
6,746 16,275,038 19,505,835
x
7,351
3,902 20,086,341 13,230,133 6,856,209
9,256,519 21,806 16,525,978 21,034,222
x
7,246
3,967 19,668,294 13,087,201 6,581,093
11,099,037
6,704 16,735,217 22,463,940
x
9,566 90,410 21,247,439 14,095,403 7,152,036
11,676,209 93,512 16,167,880 21,433,333
x
7,877 28,157 22,253,510 13,604,008 8,649,502
11,667,499
1 17,262,507 20,370,323
x
11,358 24,704 22,823,339 13,448,575 9,374,764
12,679,110
143 20,048,450 22,469,331
x
10,041
9,726 22,988,461 13,341,078 9,647,383
14,926,301 15,422 18,746,194 21,821,352
x
13,307
9,791 24,370,898 14,327,176 10,043,721
15,691,773
3,360 18,782,732 21,924,439
x
12,331 10,974 25,137,989 14,354,044 10,783,945
16,402,829
2,749 17,775,343 22,609,262
x
13,036 13,907 25,551,501 14,171,690 11,379,811
19,902,498 120,172 18,863,967 21,649,755
x
14,770 19,880 26,594,483 14,805,668 11,788,815
18,181,199 167,672 18,597,568 23,079,367
x
14,370 19,138 28,324,792 15,720,805 12,603,987
18,565,263 156,249 20,298,037 24,587,345
x
16,369 18,812 30,106,131 16,726,199 13,379,931
17,710,515 145,028 20,847,251 25,181,385
x
17,993 18,981 31,880,432 17,886,195 13,994,237
17,418,768 147,779 21,633,131 27,827,541
x
17,447 19,682 34,813,908 19,557,519 15,256,389
18,833,014 188,362 24,527,797 27,295,937
x
18,984 20,437 36,954,056 20,772,337 16,181,719
18,792,601 13,468 22,658,192 29,752,411
x
19,186 20,756 40,176,915 22,689,843 17,487,072
20,330,330 19,763 22,815,100 30,228,911
x
19,321 17,843 46,472,405 25,875,217 20,597,188
21,684,552
1,216 24,965,468 33,558,909
x
23,352 16,519 45,488,597 25,881,469 19,607,129
20,274,616
8,932 22,574,687 35,224,892
x
22,989 16,682 47,716,935 26,760,105 20,956,831
22,211,870 33,980 26,835,020 34,996,026
x
22,761 16,521 37,030,084 25,659,463 11,370,621
28,364,071 10,165 24,200,803 32,561,160
x
24,231 485,579 32,262,299 24,533,336 7,728,964
30,107,266 74,771 28,696,749 30,053,738
x
26,653 483,068 32,418,078 24,640,653 7,777,425
30,407,051 76,362 29,666,136 29,216,130
x
34,388 463,702 32,659,554 25,386,621 7,272,932
26,120,164 72,021 33,489,787 28,498,543
x
32,665 464,120 34,099,860 26,558,186 7,541,674
23,814,865 68,767 36,358,568 26,706,907
x
32,386 465,004 36,115,536 27,915,522 8,200,014
22,079,289 95,985 40,326,180 26,973,850
x
27,922 460,042 33,274,548 26,887,332 6,387,216
30,686,256 131,303 41,699,326 27,824,599
x
2) Since December 1994, this item has been included under "Other liabilities - Profit paid and withholdings".
46*
7,985
24,870
136,986
56,242
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
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
x
x
x
x
x
x
x
Net
unfavour.
differ.
from
foreign
assets
&liabil.
reval.
2,853
21,311
14
38,476
39,991
43,188
14,291
14,486
24,856
16,433
18,437
13,652
23,857
21,523
46,936
42,162
18,796
15,620
14,860
37,404
18,109
18,563
22,512
23,193
26,467
29,925
35,543
47,897
50,715
112,331
120,425
92,769
237,288
245,152
278,702
268,921
273,282
278,274
289,470
292,700
191,584
150,522
161,272
166,616
25,283
14,541
16,288
20,802
29,308
41,643
54,362
2,990
240
19,508
26,145
679
17,834
176
1,680
71,117
73,074
42,304
31,332
26,232
Annual Report 1999
Statistical Section

(continued)
Period
Other
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.*
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
- millions of lei; end of period LIABILITIES
FOREIGN LIABILITIES
Total
Short-term
Total
Total
BorrowDeposits
ings
of
from
foreign
foreign
banks
banks
Deposits
of other
nonresidents
Lei
Non-convertible currencies
deposits Total
Borrow- Liabili- Deof other
ings
ties on posnonfrom
bilateral its of
resiforeign payfordents
banks ments eign
agree- banks
ments
7,039
1,071,178
59,813
59,636
5,387
3,216
1,030
1,142
13
109,375
2,289,674
136,787 118,986
27,868
17,880
4,956
5,032
63
270,584
4,002,050
241,402 163,210 159,096
86,131
34,776
38,189
1,737
784,493
9,843,462
714,947 462,383 452,471 263,836
29,433 159,202
4,109
3,050,338
20,415,121 1,213,137 497,108 482,061
38,013 248,620 195,428 10,089
2,553,383
20,108,411 1,477,407 702,074 686,446
35,888 241,201 409,357
9,915
2,858,627
21,025,071 1,516,699 706,604 691,651
33,625 241,690 416,336
9,243
2,947,348
22,318,424 1,675,312 796,586 779,962
88,606 229,532 461,823 11,018
3,282,591
23,386,790 1,699,326 799,450 781,303
85,072 249,302 446,929 12,500
3,558,199
24,561,896 1,752,976 821,764 804,014 107,134 258,449 438,431 12,106
3,172,937
25,015,799 1,542,765 619,068 600,439 106,935 270,311 223,193 12,787
3,738,973
26,244,444 1,513,764 563,770 544,568
97,176 258,623 188,769 13,233
3,940,520
27,398,409 1,572,916 612,956 592,906
97,067 260,645 235,194 13,930
4,016,913
28,660,855 1,638,697 647,474 626,766 105,721 300,284 220,761 14,936
4,060,567
30,867,479 1,768,611 617,535 595,189 108,249 323,658 163,281 15,766
4,212,120
33,320,052 2,007,344 745,685 722,341
96,858 340,105 285,378 15,810
4,895,712
32,440,153 2,059,649 570,020 546,330
91,106 278,019 177,205 16,066
4,354,137
32,160,403 2,014,629 521,237 495,907 143,480 123,483 228,944 17,222
5,013,019
34,191,185 2,230,815 584,061 568,436 182,445 137,010 248,982
6,847
5,582,122
36,336,074 2,586,177 882,438 865,245 178,980 433,907 252,359
8,447
5,742,214
36,740,154 2,550,568 868,116 833,867 212,286 382,796 238,785 25,574
6,102,514
37,884,793 2,524,213 844,833 810,762 192,420 382,471 235,871 25,282
6,724,645
38,912,411 2,662,070 903,325 866,946 218,119 409,130 239,698 27,362
7,094,770
41,078,666 2,885,384 995,144 952,800 241,996 440,725 270,079 33,007
7,565,287
42,589,372 2,937,880 975,601 935,882 243,832 426,683 265,367 30,302
7,976,729
44,689,682 2,982,656 988,553 948,044 240,662 441,020 266,362 30,797
8,372,267
50,012,068 3,246,787 1,111,960 1,069,692 264,072 560,849 244,771 32,217
9,127,483
53,390,523 3,581,219 1,275,383 1,232,612 360,449 579,094 293,070 34,055
10,006,751
55,022,654 4,995,406 2,483,921 2,437,554 437,735 1,586,676 413,143 36,574
10,627,319
62,509,661 5,673,960 2,055,328 2,003,551 624,349 940,694 438,507 37,379
11,823,968
71,702,355 7,272,761 2,632,135 2,575,854 809,104 1,242,720 524,030 37,599
13,588,917
71,368,686 7,457,572 2,646,758 2,588,355 870,562 1,122,845 594,948 41,376
15,154,711
74,144,487 7,079,874 2,153,380 2,091,561 1,007,404 567,669 516,487 44,864
16,857,806
78,010,869 7,332,247 2,395,338 2,333,470 951,685 781,058 600,726 44,706
19,459,098
82,811,259 7,147,421 2,408,719 2,341,989 920,215 835,183 586,591 49,777
18,874,665
86,413,550 7,873,735 2,623,208 2,542,367 1,077,768 797,224 667,375 63,117
18,736,060
89,997,697 8,634,686 2,983,276 2,897,737 985,107 1,250,708 661,922 67,533
19,123,289
92,053,435 9,000,841 3,239,863 3,124,300 1,051,506 1,411,153 661,641 97,213
19,227,561
95,581,285 9,567,160 3,260,046 3,070,792 1,106,600 1,108,492 855,701 170,583
20,744,752
96,427,619 9,421,004 3,054,399 2,940,462 1,003,870 1,221,671 714,921 94,999
22,171,240 100,187,879 9,220,733 2,259,249 2,141,126 299,938 1,192,908 648,280 98,767
21,241,748 100,692,245 8,958,029 1,763,662 1,652,039 233,013 1,103,381 315,645 90,987
20,219,801 102,659,472 8,901,875 1,822,509 1,700,016 241,485 1,071,165 387,366 102,214
22,308,059 108,877,627 9,405,200 2,094,554 2,001,407 317,596 1,276,236 407,574 71,905
21,654,735 108,773,578 9,570,814 2,053,875 1,976,940 297,328 1,274,882 404,730 56,055
21,899,155 110,619,510 9,552,795 2,222,222 2,131,585 193,203 1,549,090 389,293 69,342
22,594,720 113,091,136 10,055,372 2,686,482 2,604,811 188,219 1,906,879 509,713 59,978
21,633,467 116,496,968 9,671,807 2,368,339 2,285,384 112,395 1,592,085 580,905 61,077
23,058,565 118,661,189 9,338,473 1,568,389 1,480,042 119,586 816,156 544,300 66,018
24,558,037 125,023,583 10,246,705 2,050,155 1,980,548 290,218 1,018,141 672,188 46,493
25,139,742 128,370,083 10,388,221 1,927,051 1,859,263 176,677 919,128 763,458 43,788
27,773,179 134,507,354 10,975,732 2,194,456 2,127,366 218,985 1,206,767 701,613 41,865
27,292,947 148,004,632 8,843,744 2,133,069 2,060,846 168,367 1,120,845 771,634 44,932
29,752,171 148,232,976 9,344,991 2,491,835 2,414,762 146,239 1,313,824 954,699 48,130
30,209,402 154,719,833 10,189,882 2,877,061 2,783,185 153,401 1,575,369 1,054,415 62,042
33,532,764 172,187,816 11,630,476 3,477,170 3,384,312 190,015 2,052,020 1,142,277 55,664
35,224,213 169,897,951 11,523,946 3,428,684 3,330,728 101,943 1,934,029 1,294,757 60,595
34,978,192 177,542,414 11,384,209 3,203,768 3,102,916 119,871 1,789,701 1,193,345 61,921
32,560,983 168,251,794 11,815,719 3,949,447 3,853,846 604,947 1,978,614 1,270,285 56,127
30,052,058 165,959,600 11,709,952 3,877,575 3,790,466 511,159 1,945,780 1,333,527 47,144
29,145,012 166,518,123 11,505,818 4,414,602 4,316,879 472,625 2,211,906 1,632,348 57,291
28,425,469 167,510,127 11,375,685 4,003,540 3,952,176 465,015 1,679,998 1,807,163 51,352
26,664,603 168,063,438 11,527,878 4,216,098 3,871,701 550,373 1,385,968 1,935,360 344,384
26,942,519 175,802,353 11,087,387 3,785,477 3,734,336 486,849 1,065,602 2,181,885 51,099
27,798,366 182,177,625 11,178,578 4,084,424 4,036,696 441,303 1,487,865 2,107,528 47,685
47*
54,237 41,908
91,056
2,377
5,803
4,958
5,713
5,710
5,606
5,647
5,644
5,842
5,969
6,120
5,772
6,581
7,534
7,625
8,108
8,778
8,747
8,675
8,789
9,018
9,337
9,417
9,712
10,051
8,717
9,794
14,399
18,683
17,028
16,955
17,163
16,953
17,724
18,005
18,350
18,671
18,938
19,356
20,637
20,279
21,242
20,879
21,295
21,693
21,878
22,328
23,114
23,999
25,225
27,290
28,943
31,834
37,194
37,361
38,931
39,474
39,965
40,433
11
13
13
13
13
42
42
43
43
12,329
91,056
2,370
5,096
4,958
5,713
5,710
5,606
5,647
5,644
5,842
5,969
6,120
5,772
6,581
7,534
7,625
8,108
8,778
8,747
8,675
8,789
9,018
9,337
9,417
9,712
10,051
8,717
9,794
14,399
18,683
17,028
16,955
17,163
16,953
17,624
18,005
18,350
18,671
18,938
19,356
20,637
20,279
21,242
20,879
21,295
21,693
21,878
22,328
23,114
23,999
25,225
27,290
28,943
31,834
37,194
37,361
38,931
39,474
39,965
40,421
7
707
100
Annual Report 1999
Statistical Section

(continued)
Period
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.*
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
DOMESTIC LIABILITIES
Medium- & long-term
Total
Non-bank clients deposits
Total
of which:
Total
Demand deposits
Convertible
Total
Economic agents
currencies
majority
majority
stateprivate
owned
capital
capital
177
177
1,011,365
420,018
122,831
17,801
17,795
2,152,887
854,980
518,267
78,192
78,192
3,760,648
1,444,628
616,782
252,564
252,541
9,128,515
3,423,639 1,182,587
716,029
716,029 19,201,984
8,446,915 2,332,445
775,333
775,333 18,631,004
8,435,255 1,985,780
810,095
810,095 19,508,372
8,511,652 1,792,865
878,727
878,727 20,643,112
9,170,708 2,048,216
899,876
899,876 21,687,463
9,144,725 1,881,818
931,211
931,211 22,808,921
9,777,714 2,094,557
923,697
923,697 23,473,035 10,251,435 2,137,045
949,994
949,994 24,730,680 10,638,007 2,276,381
959,959
959,959 25,825,493 11,227,468 2,401,600
991,224
991,224 27,022,158 11,535,341 2,429,411
1,151,076 1,151,076 29,098,868 12,231,296 2,741,060
1,261,659 1,261,659 31,312,708 13,249,960 2,892,203
1,489,629 1,489,629 30,380,504 14,514,925 3,320,017
1,493,392 1,493,392 30,145,774 14,850,667 3,153,768
1,646,754 1,646,754 31,960,370 15,627,715 3,099,331
1,703,739 1,703,739 33,749,897 16,062,800 3,119,237
1,682,452 1,682,452 34,189,587 16,308,262 3,251,017
1,679,379 1,679,379 35,360,581 17,106,453 3,540,860
1,758,744 1,758,744 36,250,341 17,471,392 3,414,041
1,890,240 1,890,240 38,193,283 18,640,035 3,902,530
1,962,279 1,962,279 39,651,492 19,126,154 3,969,041
1,994,103 1,994,103 41,707,026 19,842,199 4,235,143
2,134,827 2,134,827 46,765,281 21,402,185 4,990,307
2,305,835 2,305,835 49,809,305 22,824,806 5,304,973
2,511,485 2,511,485 50,027,248 24,933,269 5,772,013
3,618,632 3,618,632 56,835,701 29,139,482 5,241,058
4,640,626 4,640,626 64,429,594 33,438,498 4,535,092
4,810,813 4,810,813 63,911,114 33,124,461 4,207,110
4,926,494 4,926,494 67,064,613 34,332,357 4,681,173
4,936,909 4,936,909 70,678,622 36,219,721 5,129,726
4,738,701 4,738,701 75,663,838 37,594,088 5,491,312
5,250,527 5,250,527 78,539,815 41,067,410 6,050,339
5,651,411 5,651,411 81,363,010 41,970,132 6,039,904
5,760,978 5,760,978 83,052,593 43,167,613 6,403,843
6,307,114 6,307,114 86,014,125 44,735,842 6,716,852
6,366,605 6,366,605 87,006,615 47,500,924 6,674,417
6,961,484 6,961,484 90,967,146 52,950,348 9,531,063
7,194,367 7,194,367 91,734,216 51,756,411 6,647,210
7,079,366 7,079,366 93,757,597 53,191,324 6,973,445
7,310,646 7,310,646 99,472,427 55,611,453 7,167,998
7,516,939 7,516,939 99,202,764 55,779,067 6,559,620
7,330,573 7,330,573 101,066,714 57,342,861 6,600,403
7,368,890 7,368,890 103,035,764 59,178,289 7,011,386
7,303,467 7,303,467 106,825,161 60,561,487 6,978,188
7,770,085 7,770,085 109,322,715 62,031,916 7,139,984
8,196,550 8,196,550 114,776,877 63,837,726 7,407,426
8,461,171 8,461,171 117,981,862 65,387,766 7,009,123
8,781,276 8,781,276 123,531,622 68,097,652 7,660,754
6,710,675 6,710,675 139,160,888 81,004,864 10,584,719
6,853,157 6,853,157 138,887,985 80,849,464 7,123,543
7,312,821 7,312,821 144,529,951 84,729,713 6,902,725
8,153,306 8,153,306 160,557,340 89,241,157 7,778,806
8,095,262 8,095,262 158,374,005 86,758,834 7,316,238
8,180,440 8,180,440 166,158,206 87,542,053 7,986,613
7,866,272 7,866,272 156,436,075 89,609,220 8,577,610
7,832,377 7,832,377 154,249,648 94,097,179 8,711,366
7,091,215 7,091,215 155,012,305 96,220,057 8,747,388
7,372,145 7,372,145 156,134,442 98,611,575 8,781,380
7,311,780 7,311,780 156,535,560 100,664,564 8,570,399
7,301,910 7,301,910 164,714,965 104,655,669 8,878,315
7,094,154 7,094,154 170,999,047 116,750,882 12,297,315
67,014
419,878
242,430
407,583
787,162
660,016
585,140
672,232
610,463
707,763
717,125
761,700
789,351
766,588
891,434
966,518
1,108,090
1,214,713
1,170,231
995,116
1,007,685
1,138,989
971,822
1,257,097
1,301,103
1,497,482
1,864,693
1,938,541
2,095,521
2,065,124
1,715,195
1,402,952
1,574,118
1,551,626
1,444,355
1,621,094
1,545,302
1,718,370
1,860,674
1,638,457
2,946,885
2,004,666
2,193,750
2,134,420
1,806,186
1,637,342
1,527,830
1,469,907
1,500,377
1,747,008
1,463,524
1,742,486
2,700,060
1,900,845
1,862,321
1,979,978
1,644,603
1,755,887
1,793,379
1,737,444
1,676,941
1,580,167
1,468,052
1,795,369
2,348,360
48*
17,797
55,358
165,487
384,279
831,345
664,971
564,861
661,812
669,985
808,869
818,794
903,498
971,855
963,470
1,094,064
1,179,924
1,466,629
1,234,017
1,184,827
1,285,987
1,330,053
1,460,950
1,500,077
1,659,408
1,744,185
1,754,580
2,065,197
2,281,745
2,562,666
2,252,652
1,683,243
1,686,430
1,760,384
2,007,514
2,344,101
2,897,105
2,926,273
3,138,767
3,187,325
3,241,256
5,057,163
3,264,536
3,464,360
3,424,852
3,339,038
3,536,979
4,021,885
4,034,232
4,035,918
4,172,346
3,873,523
4,104,176
6,078,150
3,615,523
3,452,559
4,051,943
4,022,481
4,469,174
4,992,188
4,972,239
5,174,098
5,558,363
5,048,082
5,288,561
7,920,113
House- Limited Other 1)

hold
cheques
deposits
8,410
43,497
182,932
182,232
179,258
195,254
202,032
210,020
229,842
231,721
240,186
233,033
270,201
257,208
280,209
203,064
244,123
289,194
332,093
365,620
398,710
413,945
422,423
428,720
465,657
475,919
504,373
291,260
370,700
523,398
657,823
762,331
794,734
774,599
761,143
664,347
699,336
701,344
692,898
593,203
562,412
617,288
624,445
658,227
669,926
684,727
706,870
654,491
831,170
917,050
769,371
587,361
703,400
733,178
735,803
845,290
833,153
929,384
924,530
627,904
751,459
744,222
745,275
Household savings
Total
Demand
38,020
249,088
55,803
43,031
261,799
79,589
114,053
86,403
409,212
83,381
182,866 164,361
645,789 116,731
291,808 239,198 2,727,607 359,327
278,887 199,675 2,976,277 315,777
276,084 187,522 3,101,727 310,777
323,725 195,192 3,278,389 336,758
188,361 210,977 3,385,707 356,800
141,428 226,477 3,556,480 351,308
131,585 239,698 3,738,811 366,087
141,503 237,959 3,932,181 395,229
146,419 253,789 4,114,464 396,244
152,558 313,763 4,230,075 401,435
185,455 299,906 4,334,887 426,019
194,234 294,320 4,443,150 424,523
166,745 298,344 5,136,421 495,922
168,424 333,551 5,544,061 507,992
176,294 323,857 5,844,529 500,632
216,016 332,925 6,042,434 489,225
244,870 336,316 6,436,563 502,748
248,454 326,847 6,670,162 551,261
196,235 347,197 6,920,967 575,661
211,409 360,672 7,129,557 613,819
185,689 315,642 7,289,411 627,009
207,202 347,159 7,431,024 628,676
243,105 351,655 7,620,517 653,391
235,581 373,188 7,868,217 686,531
203,523 405,930 8,808,111 789,248
227,866 404,157 9,367,681 750,160
221,306 544,647 10,016,699 819,222
206,759 387,572 10,981,330 758,019
187,976 500,872 12,052,003 646,975
222,665 585,591 13,490,621 650,171
234,371 673,752 14,565,615 681,009
256,112 501,429 15,404,812 778,978
270,766 536,421 15,765,796 820,246
300,875 581,484 16,286,767 1,139,504
304,794 664,723 16,934,111 1,291,322
297,519 795,841 17,701,359 1,378,207
44,343 789,774 20,165,532 1,599,451
42,240 742,565 20,793,328 1,546,034
44,843 708,079 21,890,920 1,630,754
44,509 946,929 22,426,467 1,559,589
42,640 747,311 23,380,383 1,513,069
42,656 725,198 24,429,084 1,472,212
48,035 743,709 25,153,244 1,456,226
46,642 742,681 25,797,088 1,441,055
49,255 847,564 26,367,503 1,427,729
54,782 778,799 26,626,706 1,418,729
53,997 786,909 27,306,063 1,436,787
46,943 850,098 28,227,340 1,381,191
42,702 994,436 30,966,689 1,403,418
45,091 974,723 32,484,072 1,434,307
44,510 839,935 32,958,887 1,330,956
53,497 960,209 32,110,152 1,262,434
50,336 863,014 30,943,043 1,152,183
39,700 876,562 29,673,636 1,126,339
38,737 920,154 30,214,731 1,260,377
37,740 1,034,559 32,208,608 1,238,507
43,383 928,436 33,220,905 1,191,645
84,626 930,320 34,178,197 1,312,800
36,361 1,266,444 34,709,872 1,314,457
52,206 997,956 35,086,370 1,249,508
45,398 1,238,169 39,238,116 1,356,743
Annual Report 1999
Statistical Section

(continued)
Period
Time
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.*
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Deposits in lei
Total
Time
Restricted Certificates of
deposit
Convertible currency deposits

Total
Demand
Total
Economic agents
majority
majority
stateprivate
owned
capital
capital
193,285
32,989
444
32,545
15,110
14,671
13,869
182,210
34,489
6,078
28,411
40,410
36,672
21,099
1,895
325,831
86,459
40,940
43,182
2,337
332,175
286,552 163,944
68,885
529,058
298,825 173,617 111,557
13,651 1,296,438 1,054,960 489,098 318,545
2,368,280 1,028,740 489,309 408,498 130,933 2,358,123 1,621,881 482,664 634,020
2,660,500 1,107,021 594,457 357,777 154,787 2,366,177 1,620,508 512,738 598,663
2,790,950 1,182,434 619,936 388,735 173,763 2,434,626 1,644,655 507,656 608,901
2,941,631 1,298,223 616,294 476,272 205,657 2,545,880 1,718,644 561,031 581,754
3,028,907 1,315,602 598,993 495,379 221,230 2,561,599 1,721,765 554,320 554,616
3,205,172 1,424,598 649,286 507,550 267,762 2,702,079 1,825,925 594,465 562,513
3,372,724 1,457,173 723,620 456,902 276,651 2,918,406 2,004,346 611,960 734,056
3,536,951 1,485,642 741,246 450,582 293,814 2,943,803 1,932,898 639,818 611,340
3,718,221 1,678,261 883,963 476,060 318,238 3,033,144 2,093,110 749,729 649,787
3,828,639 1,698,844 880,065 487,910 330,870 3,177,012 2,192,179 753,457 669,812
3,908,868 1,809,448 918,132 530,488 360,829 3,345,901 2,307,822 772,423 729,426
4,018,627 1,933,563 961,815 573,404 398,344 3,981,045 2,671,894 937,538 819,410
4,640,499 1,926,456 944,203 589,556 392,696 4,132,032 2,760,422 913,623 927,357
5,036,069 2,093,440 1,166,679 474,004 452,758 4,059,399 2,787,891 905,242 914,169
5,343,897 2,080,038 1,124,146 493,949 461,943 4,603,817 3,166,693 969,057 1,090,329
5,553,208 2,154,064 1,158,935 526,568 468,562 4,747,066 3,249,097 1,037,034 1,047,573
5,933,815 2,087,262 1,069,915 544,306 473,041 4,533,420 3,148,386 957,296 1,047,938
6,118,901 2,166,329 1,111,307 559,904 495,118 4,729,103 3,212,287 923,208 1,124,303
6,345,307 2,278,067 1,236,243 533,149 508,675 4,858,316 3,223,708 876,276 1,137,577
6,515,738 2,462,448 1,402,305 542,259 517,884 5,145,500 3,465,103 984,602 1,170,125
6,662,402 2,678,005 1,558,048 584,204 535,754 5,189,697 3,501,153 977,250 1,224,302
6,802,349 2,746,712 1,631,133 554,030 561,549 5,429,319 3,542,065 902,462 1,340,214
6,967,126 3,040,680 1,802,040 629,412 609,229 5,750,680 3,623,030 968,309 1,289,479
7,181,686 3,179,151 1,767,337 760,008 651,805 6,472,465 4,236,876 1,143,005 1,460,076
8,018,864 3,267,516 1,893,442 658,134 715,939 7,085,630 4,528,818 1,233,981 1,644,945
8,617,521 3,688,956 2,173,640 770,757 744,558 10,841,786 6,947,866 1,933,184 2,575,954
9,197,476 3,831,842 2,310,336 832,452 689,054 15,054,866 9,456,978 2,869,274 3,400,199
10,223,311 4,104,354 2,602,537 744,456 757,361 13,831,666 8,444,838 2,419,462 2,986,794
11,405,028 3,665,888 2,563,799 209,542 892,548 13,933,292 7,750,445 1,902,455 2,732,135
12,840,450 4,353,718 2,964,180 264,555 1,124,983 13,245,656 7,151,019 1,599,705 2,647,713
13,884,606 4,462,452 2,922,532 315,147 1,224,773 13,074,708 7,719,711 1,625,224 3,165,424
14,625,834 5,515,691 3,819,056 351,164 1,345,470 14,096,568 8,444,075 1,703,854 3,707,783
14,945,550 5,365,082 3,661,541 330,732 1,372,808 14,799,350 8,849,241 2,153,275 3,586,531
15,147,263 5,111,264 3,347,522 357,362 1,406,380 15,365,740 8,960,414 1,907,590 3,866,697
15,642,789 5,195,046 3,423,330 380,606 1,391,109 15,889,832 8,613,817 2,052,067 3,425,468
16,323,153 5,446,063 3,539,947 507,778 1,398,339 17,679,085 9,189,025 2,082,438 3,947,235
18,566,081 5,567,479 3,659,105 387,814 1,520,560 17,686,275 9,442,388 2,369,887 3,715,164
19,247,294 6,266,791 4,093,073 630,299 1,543,420 18,049,016 9,084,843 2,003,914 3,685,860
20,260,166 6,366,832 3,945,287 610,793 1,810,752 17,960,127 8,919,522 2,112,258 3,456,123
20,866,878 6,571,313 3,857,548 663,768 2,049,997 19,445,675 9,533,219 2,305,759 3,587,169
21,867,314 6,965,587 4,067,611 633,953 2,264,024 18,873,476 8,418,942 1,580,733 3,336,082
22,956,872 6,887,641 3,823,985 673,474 2,390,181 19,425,733 8,629,477 1,603,790 3,421,335
23,697,017 6,925,643 3,924,167 692,295 2,309,181 20,088,017 9,055,328 1,676,938 3,661,316
24,356,034 7,105,746 4,110,232 710,318 2,285,196 20,680,465 9,295,231 1,647,755 3,734,451
24,939,774 7,149,243 4,207,352 762,494 2,179,397 21,375,187 9,917,636 2,003,467 3,924,782
25,207,978 7,861,379 4,587,306 1,048,957 2,225,116 21,942,215 10,200,434 2,066,641 3,989,555
25,869,275 8,375,586 4,757,391 1,127,859 2,490,336 22,696,994 10,260,672 1,835,588 4,637,592
26,846,150 8,749,819 5,122,282 1,223,082 2,404,455 23,459,739 10,496,158 2,066,083 4,219,835
29,563,271 9,251,991 5,501,727 1,380,085 2,370,179 30,201,465 11,817,169 2,353,706 4,671,113
31,049,766 9,502,812 5,584,918 1,379,410 2,538,483 31,739,037 11,245,318 2,180,409 4,232,871
31,627,931 10,236,907 6,167,719 1,418,987 2,650,200 34,631,195 12,547,845 2,311,974 5,022,359
30,847,718 10,364,446 6,109,815 1,431,871 2,822,761 38,987,754 14,512,257 2,721,616 5,867,689
29,790,859 10,693,360 5,646,707 1,453,371 3,593,282 37,806,193 13,807,166 2,472,619 5,495,414
28,547,296 11,223,911 4,927,280 1,625,399 4,671,231 38,657,894 14,473,175 2,292,703 6,004,521
28,954,354 11,926,620 5,476,231 1,331,771 5,118,618 38,890,259 14,598,661 2,641,490 6,128,385
30,970,101 12,900,490 5,985,588 1,446,806 5,468,096 40,276,715 14,923,651 3,082,321 6,232,954
32,029,260 13,865,435 6,653,346 1,884,938 5,327,151 40,386,328 15,879,143 3,086,245 7,000,240
32,865,397 13,490,160 6,700,340 1,568,511 5,221,310 42,161,837 16,414,668 2,970,406 7,380,214
33,395,415 13,294,729 6,938,209 1,568,290 4,788,230 44,089,564 16,394,191 2,648,062 7,472,131
33,836,862 12,737,975 6,294,526 2,206,163 4,237,287 47,953,009 17,892,978 2,964,302 8,133,009
37,881,373 14,733,940 7,810,157 2,574,733 4,349,049 50,481,511 22,576,287 5,603,697 9,769,506
49*
Household
deposits
Other 1)
Time
Total
802
13,678
53,607
213,300
375,747
383,798
402,185
427,781
443,332
461,481
451,522
473,159
483,053
503,989
535,137
635,464
665,945
696,458
804,507
854,165
804,462
827,539
866,320
912,974
929,447
928,944
950,872
1,010,608
1,171,290
1,733,221
2,174,994
1,944,993
1,910,857
1,915,849
1,917,363
1,966,240
2,031,904
2,076,837
2,110,508
2,140,786
2,277,233
2,443,477
2,376,809
2,491,665
2,454,830
2,546,907
2,601,931
2,633,102
2,705,420
2,833,246
2,929,517
3,032,340
3,387,059
3,501,437
3,699,509
4,188,584
4,057,043
4,248,764
4,184,118
4,205,655
4,235,758
4,248,611
4,426,859
4,929,428
5,067,189
116
34,017
129,450
125,309
125,913
148,078
169,497
207,465
206,809
208,581
210,541
264,922
270,836
279,482
253,497
272,022
302,800
310,325
338,691
337,237
343,534
397,402
370,155
370,445
414,370
623,187
478,602
705,507
1,012,512
1,093,588
1,204,999
987,752
1,011,701
1,066,198
1,077,530
1,109,291
1,025,775
1,018,566
1,080,103
951,592
974,331
1,148,626
1,047,297
1,057,445
1,115,143
1,279,923
1,283,966
1,310,991
857,976
1,177,900
1,405,291
1,330,602
1,514,003
1,734,368
1,782,089
1,927,188
1,644,668
1,402,721
1,556,900
1,815,437
1,847,139
1,866,238
2,135,895
440
3,738
45,623
208,351
466,671
473,586
492,019
543,172
547,179
594,083
593,553
725,162
643,988
655,302
676,787
837,145
866,397
890,530
1,006,189
1,085,430
962,459
1,062,760
1,199,888
1,201,222
1,216,070
1,411,958
1,594,044
1,681,555
1,959,248
3,050,605
4,360,479
4,092,248
4,065,292
4,220,078
3,713,384
3,956,857
4,399,031
4,593,207
5,220,655
6,231,519
6,114,537
6,746,585
6,942,974
7,871,908
8,520,297
8,861,822
9,036,811
9,358,719
9,249,752
9,518,556
9,907,608
10,634,934
15,647,624
17,788,696
19,263,217
20,906,040
20,581,281
20,577,445
20,028,671
20,690,976
20,182,380
21,115,240
22,906,038
25,074,866
23,254,119
Annual Report 1999
Statistical Section

(continued)
Period
Economic agents
majority
majority
stateprivate
owned
capital
capital
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.*
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Households
deposits
Other 1)
NonRestricted conver2)
tible
currencies
deposits
In
Interbank
transit
liabilities
accounts
payable
to depositors
440
2,827
459,056
192
1,623
1,923
15 235,054
677,752
24,779
9,386
11,444
15
154,921
989,596
113,782
45,848
47,388
1,333
33,127
157,288 2,777,411
174,937 114,823
71,629 105,281 269,571
193,051 4,502,490
174,053 117,656
73,364 108,513 272,084
232,287 4,362,399
163,990 126,622
74,386 127,021 297,952
211,949 4,604,799
168,036 153,953
86,553 134,630 284,064
212,213 5,110,734
163,566 150,177
93,193 140,243 292,655
260,173 5,614,234
171,393 167,980
104,884 149,825 282,072
242,636 5,901,397
158,311 166,122
111,964 157,155 320,507
248,033 6,376,080
163,465 262,336
125,929 173,431 285,744
242,600 6,912,438
161,115 173,162
138,901 170,810 296,045
250,167 7,241,777
163,004 140,107
163,836 188,355 329,531
245,348 7,833,277
171,309 125,892
176,658 202,928 361,293
269,950 8,769,134
151,669 208,659
244,830 231,988 472,005
269,158 9,569,567
180,547 194,889
262,192 228,769 505,213
296,343 7,187,794
166,437 210,281
307,274 206,538 380,977
244,885 6,991,810
156,134 243,146
361,593 245,316 430,936
249,813 7,104,499
155,737 270,795
389,087 269,811 412,538
391,175 7,314,930
109,341 253,472
408,236 191,410 422,575
415,585 7,240,662
121,507 339,194
419,462 182,598 454,055
329,947 7,475,001
104,424 384,475
486,367 224,622 434,720
355,888 7,341,872
108,336 352,040
502,069 238,777 479,175
351,619 7,799,936
119,851 292,307
531,308 272,604 472,474
270,886 8,391,798
111,486 455,910
555,421 289,141 475,297
400,606 8,771,648
149,956 533,620
600,398 310,070 533,606
559,201 11,448,992
170,835 524,128
602,717 383,874 554,034
429,657 12,254,433
163,023 644,920
713,579 437,725 597,564
567,063 11,342,050
305,895 1,015,665 1,079,025 650,019 843,315
807,861 10,826,613
237,502 1,697,357 1,527,608 898,013 1,237,408
616,808 10,564,146
271,790 1,539,947 1,459,545 820,966 1,294,580
435,525 10,541,418
432,088 1,376,658 1,507,343 749,203 2,117,555
527,823 11,268,440
531,868 1,369,623 1,557,504 761,083 1,874,558
667,862 10,968,125
390,649 974,058 2,047,964 300,713 1,641,613
725,546 11,303,454
309,303 1,136,502 2,253,900 257,152 1,695,636
782,825 10,970,985
350,435 1,293,822 2,470,721 284,053 1,551,078
764,424 11,799,392
360,112 1,232,469 2,694,181 306,446 1,812,119
910,358 9,967,917
414,198 1,443,057 3,063,520 299,880 2,055,361
1,057,758 10,868,949
583,429 1,922,213 3,400,965 324,912 2,258,540
856,499 8,699,450
609,948 1,502,147 3,735,266 267,176 2,129,349
102,950 8,751,521
740,643 1,632,856 3,265,765 1,107,321 2,217,588
67 839,775 8,189,013
898,948 1,433,320 4,091,192 519,514 2,097,630
843,958 9,461,489
917,020 2,361,667 4,063,768 529,452 2,040,548
1,469,787 10,242,378
1,221,315 2,780,624 4,121,573 396,785 1,934,238
1,008,977 9,867,227
1,001,503 3,085,828 4,302,331 472,159 1,934,435
883,387 9,028,820
1,186,281 2,839,913 4,524,213 486,404 1,995,879
933,388 9,041,107
1,087,074 3,025,296 4,767,288 479,061 2,026,514
848,113 10,760,837
1,240,910 2,366,320 4,988,971 653,552 2,207,799
1,023,340 10,705,665
1,390,988 2,246,526 5,387,168 493,874 2,223,225
1,141,613 12,468,757
1,206,941 2,402,788 5,839,940 457,938 2,528,713
987,670 13,208,862
777,125 2,883,823 6,424,627 549,360 2,328,647
961,419 13,031,372
4,463,681 3,150,190 7,507,959 525,794 2,736,672
139,754 14,761,261
5,041,291 3,972,135 8,059,917 715,353 2,705,022
1,144,101 13,276,480
5,537,991 3,963,647 8,886,778 874,801 2,820,133
1,292,273 14,117,963
5,658,499 3,844,440 10,454,565 948,537 3,569,457
1,347,284 17,933,041
4,985,277 4,124,584 10,559,645 911,774 3,417,747
1,481,432 17,289,606
4,691,014 4,451,745 10,298,946 1,135,739 3,607,274
1,493,974 19,879,367
3,435,018 4,830,175 10,150,448 1,613,030 4,262,927
1,841,926 14,619,237
4,027,816 4,716,064 10,554,136 1,392,961 4,662,088
1,584,342 13,969,286
2,015,545 6,073,296 10,572,546 1,520,992 4,324,806
1,952,149 12,791,583
2,432,426 6,457,742 11,223,531 1,001,542 4,631,929
2,096,180 7,475,426
2,881,340 6,329,793 12,608,769 1,086,136 4,789,335
1,844,037 7,358,676
3,087,541 5,734,711 14,896,042 1,356,572 4,985,165
2,116,034 8,672,087
1,041,670 5,252,087 15,977,426 982,936 4,651,105
232,449 9,626,508
1) Insurance companies included; 2) Certificates of deposit included.
50*
Public deposits
Total
Deposits
from
MLT
financing
77,261
125,223
357,609
885,413
1,302,936
1,355,056
1,477,648
1,477,655
1,493,993
1,515,010
1,475,853
1,384,730
1,429,190
1,654,375
1,795,125
1,652,732
1,813,950
1,863,045
1,980,274
2,223,407
2,233,184
2,482,863
2,295,755
2,523,225
2,553,706
2,829,003
2,824,481
2,781,513
1,135,276
1,360,052
1,736,285
1,631,655
2,041,794
1,923,240
3,009,787
2,561,459
3,644,214
5,079,984
2,990,068
2,036,112
2,169,066
2,718,424
1,633,865
1,860,038
1,453,863
1,799,506
1,786,434
1,765,247
1,652,658
1,643,538
1,694,926
2,071,207
7,118,835
3,722,531
3,969,271
4,700,837
4,663,313
5,705,820
6,074,290
6,392,455
6,248,134
6,441,236
5,137,282
5,849,412
5,630,419
82,341
88,943
60,307
56,503
56,766
56,699
54,981
63,494
54,993
52,222
51,032
51,025
46,635
36,608
36,526
36,170
36,163
29,502
29,482
29,475
29,455
29,455
28,040
27,730
27,390
18,296
17,556
15,197
184,925
176,528
183,992
183,988
181,095
186,761
190,398
193,287
190,885
193,009
181,998
187,598
227,501
214,601
230,410
250,753
252,875
249,202
244,284
252,264
259,040
257,117
1,644,877
1,776,430
1,895,185
2,210,445
2,218,554
2,310,457
2,408,838
2,452,454
2,452,612
2,594,921
2,656,420
2,872,286
2,902,088
State
Local
Health
budget budgets fund
deposits **
**
for
investment
**
97
65
26,013
40,995
42,180
66,613
99,712
83,347
77,120
99,825
86,380
109,448
79,256
38,292
53,793
48,829
49,613
60,901
72,812
103,710
116,597
179,993
116,266
148,691
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
x
x
x
x
x
x
x
x
x
x
5
4,351
432
13,235
24,286
39,677
55,329
75,790
89,153
100,421
76,165
61,742
65,470
89,255
62,302
57,533
45,028
58,006
62,372
70,709
77,937
88,571
89,635
78,622
98,431
108,962
98,227
84,273
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
x
x
x
x
x
x
x
x
x
x
80
9,144
20,502
5,669
5,149
5,579
5,629
14,846
17,040
14,909
11,743
19,183
15,641
7,594
19,542
30,664
35,362
30,500
24,601
15,099
15,331
14,424
20,573
24,310
26,966
19,702
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
x
x
x
x
x
x
x
x
x
x
Annual Report 1999
Statistical Section

(continued)
Period
Restructuring
fund
**
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.*
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Stateowned
self
financing
institutions fund
**
Special &
other
extrabudgetary
accounts
Social
security
budget
**
Research Unemfund
ploy**
ment
benefit
fund
Deposits
from
Treasury
assets
Treasury
deposits
**
Supplementary
pension
fund
Capital accounts (own funds)

Total
Own capital
Total
Statutory capital
Total
of
which:
convertible
currencies
3,915
8,219
71
4,602
x
60,351
26,551
5,274
4,503
28,885
16,892
1,621
1
x
63,633
69,533
3,008 10,020
68,179
70,057
3,008
1
x
120,482
259,154
695 14,741 363,387 176,813
9,381
x
209,075
567,687
569 35,700 574,109 232,723
43,665
x
311,075
1,337,926
569 21,705 634,749 231,991
27,279
x
310,902
1,407,850
569 22,429 742,694 226,431
12,924
x
314,363
1,427,898
666 24,091 556,744 276,042
11,286 100,000
x
328,578
1,544,324
654 25,039 550,491 212,751
17,302 100,000
x
371,382
1,541,864
576 29,162 499,740 228,225
22,052 100,000
x
356,782
1,661,633
576 28,675 534,564 247,442
29,796 100,000
x
303,254
1,790,379
576 30,863 611,324 244,377
36,277 100,000
x
155,319
1,891,058
576 31,978 672,505 246,182
40,465 100,075
x
109,340
1,987,274
576 30,642 876,580 261,577
43,925 100,077
x
95,155
2,182,675
576 30,551 981,318 314,433
35,709 100,066
x
98,446
2,275,636
576 30,473 909,964 328,916
32,725 100,071
x
69,016
2,458,171
576 35,182 1,178,219 362,588
100,014
x
36,275
3,903,425
576 33,189 1,180,973 381,722
21 100,068
x
3,364
3,453,760
576 35,639 1,263,240 391,321
19 98,295
x
3,494
3,799,124
576 35,903 1,508,427 401,689
94,444
x
2,828
3,815,092
994 38,078 1,508,167 413,992
10 89,116
x
1,194
3,484,658
994 39,835 1,725,444 438,401
10 82,761
x
1,372
3,084,518
847 42,926 1,524,125 438,244
7,101 74,403
x
876
3,448,795
845 45,172 1,741,635 444,195
64,302
x
865
3,652,960
845 47,887 1,732,640 451,656
18 55,758
x
1,261
4,021,327
845 55,781 1,912,587 463,981
5,093 47,958
x
1,763
3,132,284
845 51,235 1,989,911 472,424
7 39,830
x
1,380
3,865,024
845 59,126 1,930,181 484,965
33,740
x
1,693
4,304,941
x
x 1,089,308
x
x 28,079
x
333
5,159,380
x
x 1,171,436
x
x 23,075
150,000
x
344
6,996,585
x
x 1,150,510
x
x 20,524
380,000
x
326
6,362,684
x
x 1,436,729
x
x 18,067
x
331
6,379,892
x
x 1,741,164
x
x 16,344
100,000
x
294
6,581,698
x
x 1,724,096
x
x 14,839
x
317
5,344,594
x
x 2,164,620
x
x 13,760
650,000
x
312
6,391,285
x
x 2,155,921
x
x 12,288
206,141
x
348
6,571,291
x
x 2,520,583
x
x 40,566
892,322
x
345
6,899,305
x
x 2,761,543
x
x 39,796 2,085,022
x
337
6,310,143
x
x 2,087,561
x
x 39,743
671,522
x
357
6,558,824
x
x 1,648,345
x
x 138,060
56,322
x
377
8,011,153
x
x 1,918,695
x
x 67,995
x
378
8,589,975
x
x 1,398,908
x
x 56,521 1,075,000
x
397
8,237,810
x
x 1,350,403
x
x 55,587
x
374
7,743,115
x
x 1,590,501
x
x 54,534
x
402
9,466,278
x
x 1,169,258
x
x 53,337
x
858 10,087,753
x
x 1,496,604
x
x 51,261
x
887
7,404,256
x
x 1,483,750
x
x 48,893
x
916
8,111,417
x
x 1,388,637
x
x 126,464
x
944
8,494,603
x
x 1,283,602
x
x 123,598
x
1,174
9,296,156
x
x 1,269,934
x
x 121,340
9,259,019
x
x 1,318,751
x
x 117,136
8,565,489
x
x 1,699,408
x
x 114,682
x
10,585,035
x
x 5,372,619
x
x 101,340
x
11,264,278
x
x 1,752,498
x
x 93,602
100,000
x
11,711,855
x
x 1,981,840
x
x 92,246
x
12,307,665
x
x 2,403,937
x
x 86,455
x
15,893,348
x
x 2,360,375
x
x 84,384
x
17,816,756
x
x 3,240,149
x
x 155,214
6,306,664
x
x 3,512,278
x
x 153,174
8,663,169
x
x 3,715,324
x
x 224,677
9,910,237
x
x 3,574,881
x
x 220,642
8,898,964
x
x 3,120,222
x
x 216,093
510,000
x
15,001,335
x
x 2,321,706
x
x 159,156
x
15,376,037
x
x 2,820,619
x
x 156,508
x
16,213,616
x
x 2,575,596
x
x 152,735
x
18,102,109
51*
26,551
62,481
201,955
456,829
1,177,252
1,241,921
1,257,342
1,315,456
1,310,322
1,416,399
1,488,707
1,543,263
1,636,183
1,827,692
1,903,440
2,056,345
2,741,837
2,466,502
2,693,606
2,670,773
2,148,145
2,104,448
2,440,724
2,683,922
3,047,265
2,145,362
2,885,273
3,331,688
4,092,161
5,353,577
4,858,885
5,018,942
5,103,130
3,822,206
4,830,722
4,930,643
5,203,278
4,573,841
4,844,171
6,091,926
6,832,377
6,271,861
5,578,629
7,636,282
8,201,668
5,562,421
6,295,269
6,670,424
7,743,170
7,773,819
7,040,297
9,045,190
9,484,187
9,479,645
9,814,523
12,816,127
12,172,341
1,587,160
5,317,380
8,217,259
7,577,564
13,709,602
14,076,543
14,869,985
15,390,795
18,450
46,410
144,396
315,540
520,797
528,757
529,778
510,886
524,127
583,749
618,221
647,409
628,738
636,915
648,611
661,210
661,895
622,857
606,550
589,540
580,151
571,872
592,454
618,396
614,999
620,188
847,981
837,439
1,012,452
1,096,271
1,106,020
1,129,414
1,132,238
1,132,586
1,233,131
1,287,383
1,394,607
1,441,281
1,476,292
1,531,909
1,564,959
1,646,946
1,740,886
1,836,136
1,836,669
1,879,301
1,924,537
1,967,159
2,407,372
3,724,322
4,228,003
4,471,268
5,126,089
5,169,317
5,191,582
5,349,829
5,361,303
5,345,027
6,203,778
7,809,589
7,840,773
7,936,786
7,939,404
8,252,144
9,575,744
3,747
5,125
8,766
4,876
Annual Report 2000
Statistical Section

(continued)
Period
Reserve
fund
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.*
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Risk
fund
Net profit
4)
Other
funds
Supplementary capital
Shares Total
Risk
Other
(stocks)
fund
own
1)
funds
2)
Other liabilities
Total
Profit
Profit paid
and withholdings
3)
Net favOther
ourable
differences from
foreign
assets &
liabilities
revaluation
8,100
x
x
x
x
25,653
10,299
x
294
16,007
x
x
x
64
7,052
7,052
x
190,345
26,543
x
25,261
55,054
x
x
x 2,505
57,198
57,198
x
554,740 162,556
x
2,481
136,015
x
x
x 5,273 110,859 110,859
x 1,317,076 352,304
x
41,464
253,298
x
x 403,157
x 160,674 160,674
x 3,418,666 754,105 498,156
43,191
293,049
x
x 420,114
x 165,929 165,929
x 2,838,156 314,392 151,919
72,220
298,940
x
x 428,624
x 170,556 170,556
x 3,274,426 538,457 332,350
116,558
313,736
x
x 490,835
x 228,868 228,868
x 3,127,478 304,080 277,049
52,554
331,350
x
x 454,844
x 231,542 231,542
x 3,632,475 224,034 153,915
182,306
339,183
x
x 493,466
x 245,235 245,235
x 3,710,530 221,853 150,814
58,520
340,706
x
x 529,780
x 301,671 301,671
x 3,331,256 977,709 390,961
71,501
362,781
x
x 533,073
x 347,796 347,796
x 3,661,847 1,021,658 487,117
82,652
374,180
x
x 633,265
x 351,091 351,091
x 3,689,616 1,176,850 496,729
65,651
372,718
x
x 818,059
x 354,983 354,983
x 3,571,142 1,250,082 520,851
84,846
383,219
x
x 871,610
x 372,197 372,197
x 3,757,727 1,388,103 587,070
107,882
393,918
x
x 1,001,217
x 401,826 401,826
x 4,113,120 1,502,418 664,821
166,762
408,420
x
1,134,551 536,971
x 1,161,589 404,535 757,054 2,664,067
x
x
159,304
437,389
x
569,242 837,013
x 987,258 368,908 618,350 2,741,607
x
x
134,929
450,169
x
748,112 888,776
x 1,105,518 396,657 708,861 3,198,945
x
x
149,285
487,336
x
712,391 881,505
x 1,144,319 413,150 731,169 3,942,494
x
x
477,480
580,388
x
79,801 907,805
x 1,336,513 474,687 861,826 4,507,236
x
x
68,078
605,106
x
391,341 1,318,812
x 980,070 484,668 495,402 4,881,799
x
x
58,070
647,363
x
154,089 1,354,996
x 1,008,071 499,951 508,120 5,336,639
x
x
49,985
647,535
x
20,924 1,397,067
x 969,039 456,227 512,812 5,225,508
x
x
63,607
664,011
x
296,452 1,471,804
x 974,062 460,419 513,643 5,287,620
x
x
66,973
660,239
x
158,090 1,023,025
x 986,922 463,024 523,898 6,731,288
x
x
80,694
590,553
x
54,371 1,392,368
x 979,751 463,451 516,300 6,665,397
x
x
95,301
603,655
x
393,829 1,496,765
x 973,252 429,864 543,389 7,213,956
x
x
117,387
690,101
x
1,451,772 937,837
x 1,067,219 444,061 623,158 6,890,209
x
x
174,409
773,970
x
1,509,328 1,974,009
x 1,643,008 662,563 980,445 7,705,109
x
x
317,921
803,923
x
649,232 2,299,710
x 1,503,799 754,562 749,238 11,711,173
x
x 1,909,618
898,514
x
739,322 2,251,692
x 1,360,950 637,793 723,157 11,798,163
x
x 1,475,164
997,334
x
690,534 2,283,025
x 1,478,568 647,586 830,981 12,312,501
x
x 1,513,837
1,020,772
x
790,194 2,459,042
x 1,522,388 649,775 872,613 15,555,079
x
x 1,908,596
1,109,116
x
122,914 2,611,389
x 1,560,563 653,578 906,985 16,639,678
x
x 1,870,751
1,139,710
x
27,809 2,475,741
x 1,640,648 662,444 978,205 16,585,846
x
x 1,993,883
1,167,534
x
218,721 2,422,416
x 1,696,027 675,717 1,020,310 16,285,543
x
x 2,126,408
1,134,051
x
546,325 2,544,835
x 1,736,302 667,154 1,069,147 17,616,578
x
x 2,262,323
1,158,403
x
389,384 2,598,861
x 1,714,652 682,050 1,032,602 19,802,685
x
x 2,400,404
1,231,962
x
572,164 2,755,891
x 1,919,227 775,696 1,143,531 19,902,477
x
x 2,031,217
1,315,822
x
1,209,369 2,742,228
x 1,757,598 646,642 1,110,956 18,403,287
x
x
919,242
1,543,307
x
120,612 2,960,996
x 1,965,949 778,079 1,187,870 19,992,782
x
x 1,520,360
1,550,888
x
880,597 3,167,452
x 2,164,487 783,617 1,380,869 20,883,845
x
x 1,402,277
1,675,272
x
821,079 3,303,794
x 1,829,996 836,699 993,297 20,822,494
x
x
110,688
1,830,211
x
1,213,607 3,321,181
x 1,886,084 838,161 1,047,923 21,005,878
x
x
168,220
1,798,250
x 1,469,507 3,354,376
x 1,841,835 817,847 1,023,988 24,607,885
x
x
137,024
1,901,025
x 1,060,304 3,530,011
x 1,816,147 828,651 987,496 23,985,130
x
x
90,361
1,971,136
x
963,515 3,695,645
x 1,824,179 832,673 991,506 24,394,873
x
x
106,436
1,931,106
x
54,218 3,350,474
x 1,552,986 763,839 789,147 24,612,981
x
x
136,435
1,918,750
x
637,450 2,768,197
x 1,485,200 788,444 696,756 26,426,225
x
x
226,913
1,998,140
x 2,051,866 2,866,021
x 1,525,191 824,124 701,067 28,137,150
x
x
286,609
2,205,439
x 1,564,707 3,933,190
x 1,539,845 838,363 701,483 28,784,936
x
x
369,704
2,289,150
x 2,479,540 4,548,488
x 1,780,091 885,904 894,187 24,871,896
x
x
131,608
2,588,606
x 3,172,380 4,894,103
x 2,232,210 917,060 1,315,150 28,183,554
x
x
93,580
2,756,925
x 3,176,477 5,042,494
x 2,493,142 1,180,817 1,312,325 28,113,066
x
x
113,753
4,014,438
x 2,499,370 5,951,231
x 3,077,221 1,261,120 1,816,101 31,441,674
x
x
157,963
3,840,081
x 3,210,543 6,181,499
x 5,644,415 1,273,279 4,371,137 30,364,064
x
x
152,966
2,784,134 951,729 13,256,991 5,763,261
x 4,719,504
x 4,719,504 45,230,327
x
x
160,607
2,848,215 943,396 11,131,332 6,453,322
x 3,345,790
x 3,345,790 35,628,233
x
x
6,975
2,950,150 915,674 9,975,054 6,516,900
x 1,692,978
x 1,692,978 28,296,148
x
x
7,793
3,039,792 769,428 10,360,003 6,287,574
x 1,321,401
x 1,321,401 28,901,419
x
x
8,278
2,993,017 934,103 4,556,080 6,401,776
x 1,291,732
x 1,291,732 26,508,691
x
x
7,144
3,092,400 945,824 4,299,124 6,398,038
x 1,299,494
x 1,299,494 26,154,964
x
x
2,094
3,200,987 1,018,868 3,989,330 6,387,317
x 1,343,631
x 1,343,631 27,208,147
x
x
780
3,121,600 957,715 4,769,925 6,505,660
x 2,711,314
x 2,711,314 20,656,680
x
x
19,527
1) Since December 1994, this item has been included in "Statutory capital"; 2) Until December 1995, it was included under "Other
liabilities- Other"; 3) Until December 1994, it was included under "Other assets-Profit paid"; 4) Until December 1995, it was
included under "Other liabilities-Profit" and "Other liabilities-Profit paid and withholdings".
52*
15,060
138,542
389,703
923,309
3,119,527
2,603,462
2,951,762
3,047,894
3,380,051
3,580,971
2,673,007
3,044,654
2,943,844
2,757,064
2,848,812
3,108,761
2,504,763
2,606,678
3,049,660
3,465,013
4,439,157
4,823,729
5,286,654
5,161,901
5,220,647
6,650,594
6,570,096
7,096,569
6,715,800
7,387,188
9,801,555
10,322,999
10,798,664
13,646,484
14,768,927
14,591,962
14,159,136
15,354,255
17,402,281
17,871,260
17,484,045
18,472,422
19,481,568
20,711,806
20,837,658
24,470,860
23,894,769
24,288,437
24,476,546
26,199,312
27,850,541
28,415,232
24,740,289
28,089,974
27,999,313
31,283,711
30,211,098
45,069,720
35,621,258
28,288,355
28,893,141
26,501,547
26,152,870
27,207,367
20,637,153
Annual Report 1999
Statistical Section
16. CONSOLIDATED MONETARY SURVEY

Period
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.*
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
- millions of lei; end of period NET FOREIGN ASSETS

NET DOMESTIC ASSETS
Total
Gold
Convertible Total
Domestic credit
currencies,
Total
Credit to non-government
Credit to government, net
net
Total
Lei
Convertible Total
State
currencies
budget**
deficit (+)
surplus ()
41,994
27,059
14,935
471,541
645,022
718,770
660,855
57,915
4,109
125,834
121,725 1,029,157
1,321,287 1,375,158 1,317,243
57,915
322,396
358,772
36,376 1,533,694
1,778,368 1,912,770 1,698,819
213,951
1,155,699 1,179,371
23,672 3,316,682
4,263,611 4,901,977 4,060,277
841,700
1,866,740 1,704,473
162,267 8,781,952
9,183,376 9,484,528 7,434,662 2,049,867
1,611,143 1,709,004
97,861 8,836,529
9,174,302 9,852,017 7,648,708 2,203,309
1,471,482 1,713,097
241,615 9,094,200
9,475,527 10,216,248 7,924,851 2,291,398
1,115,484 1,717,297
601,813 10,075,725 10,169,852 10,735,346 8,196,422 2,538,924
945,787 1,721,624
775,837 10,558,784 10,799,405 11,174,015 8,481,276 2,692,738
1,014,155 1,725,956
711,801 11,023,736 11,183,059 11,515,637 8,613,742 2,901,895
1,316,763 1,983,979
667,217 11,436,596 11,872,516 11,897,657 8,832,182 3,065,475
1,268,967 1,989,900
720,933 12,083,238 12,670,722 12,463,545 9,245,237 3,218,308
1,140,524 1,993,816
853,292 12,938,190 13,580,077 13,117,390 9,640,111 3,477,279
859,366 1,999,936 1,140,570 13,762,906 14,213,155 14,044,570 10,299,999 3,744,570
677,541 2,005,146 1,327,605 14,718,286 15,390,711 14,955,259 10,859,673 4,095,587
830,591 2,009,051 1,178,460 15,776,628 16,388,573 15,860,558 11,186,939 4,673,619
724,272 2,010,863 1,286,591 17,553,834 17,399,015 16,435,380 11,575,235 4,860,145
454,663 2,013,361 1,558,698 17,799,370 17,963,785 16,779,009 11,879,084 4,899,925
35,730 2,016,327 1,980,597 18,868,828 18,733,458 17,494,902 11,968,103 5,526,800
273,935 2,064,788 1,790,853 19,085,768 19,340,161 18,075,336 12,323,360 5,751,975
121,518 2,071,558 1,950,040 19,676,030 20,079,107 18,656,659 12,633,130 6,023,529
44,037 2,082,860 2,038,823 20,600,376 20,207,260 19,369,185 13,260,786 6,108,398
120,867 2,086,929 2,207,796 21,526,076 21,521,630 19,882,599 13,361,485 6,521,113
359,480 2,094,473 2,453,953 22,940,162 22,895,662 21,015,266 13,951,467 7,063,799
609,663 2,101,529 2,711,192 23,845,395 23,584,739 21,517,073 14,228,289 7,288,784
581,023 2,206,601 2,787,624 24,694,483 24,869,454 22,159,796 14,570,018 7,589,778
883,510 2,227,932 3,111,442 26,811,144 27,275,355 23,787,264 15,498,804 8,288,460
1,294,846 2,237,656 3,532,502 28,982,775 29,022,797 25,064,617 16,308,816 8,755,801
683,127 3,429,498 4,112,625 31,017,757 31,450,022 26,841,440 16,942,968 9,898,472
2,746,170 3,437,347 6,183,517 36,369,358 36,765,213 32,168,282 16,930,845 15,237,437
4,470,958 3,441,258 7,912,216 42,276,140 41,867,367 37,344,272 16,793,692 20,550,580
3,595,046 3,482,332 7,077,378 41,460,638 40,298,367 35,081,532 16,582,763 18,498,769
1,296,460 3,524,223 4,820,683 41,043,890 39,368,706 34,636,679 16,413,130 18,223,549
620,968 3,596,920 4,217,888 42,262,038 40,414,751 35,971,428 15,284,545 20,686,884
3,625,259 3,666,749
41,490 40,331,633 37,697,187 36,195,679 15,590,125 20,605,554
5,631,506 3,776,438 1,855,068 42,191,024 40,393,221 37,372,980 16,013,010 21,359,970
6,209,219 3,834,957 2,374,262 43,108,331 41,991,059 39,668,335 16,753,861 22,914,474
8,536,831 3,882,668 4,654,163 42,989,845 42,591,947 38,216,570 14,897,989 23,318,581
8,491,176 3,977,731 4,513,445 44,768,063 44,722,317 39,733,240 15,791,272 23,941,968
10,302,355 4,034,017 6,268,338 46,101,948 45,959,883 36,245,999 16,159,658 20,086,341
15,935,302 8,997,727 6,937,575 46,215,112 47,431,996 35,900,662 16,232,369 19,668,294
15,004,932 9,133,061 5,871,871 45,255,133 49,348,211 38,245,741 16,998,302 21,247,439
14,993,353 9,160,306 5,833,047 46,845,243 51,784,285 40,260,789 18,007,279 22,253,510
12,932,157 9,225,814 3,706,343 50,877,591 54,559,216 41,319,059 18,495,720 22,823,339
12,650,579 9,264,503 3,386,076 52,234,051 56,981,530 42,404,302 19,415,841 22,988,461
12,731,094 9,305,427 3,425,667 54,137,970 59,184,213 43,726,467 19,355,569 24,370,898
12,930,171 9,340,461 3,589,710 56,548,195 61,185,414 45,141,131 20,003,143 25,137,989
12,964,493 9,430,006 3,534,487 58,028,892 64,456,596 46,296,315 20,744,814 25,551,501
12,899,572 9,460,003 3,439,569 59,898,662 66,460,534 47,782,142 21,187,659 26,594,483
10,925,928 9,477,186 1,448,742 64,142,378 70,928,318 51,006,988 22,682,195 28,324,792
9,826,207 9,501,944
324,263 66,741,517 73,953,321 53,924,555 23,818,425 30,106,131
7,766,068 9,530,427 1,764,359 71,430,057 77,814,084 56,435,604 24,555,172 31,880,432
16,162,110 10,155,485 6,006,625 76,367,782 79,919,360 59,086,517 24,272,609 34,813,908
15,328,334 10,167,009 5,161,325 76,625,229 82,678,490 62,212,254 25,258,198 36,954,056
12,086,538 10,177,402 1,909,136 84,440,009 90,074,974 65,429,580 25,252,665 40,176,915
12,629,276 10,194,878 2,434,398 88,134,794 95,227,611 72,138,258 25,665,853 46,472,405
12,197,556 10,201,141 1,996,415 86,723,141 93,463,285 71,660,080 26,171,483 45,488,597
13,342,548 10,235,459 3,107,089 86,825,193 96,193,971 73,664,892 25,947,957 47,716,935
15,250,381 10,245,314 5,005,067 88,247,270 92,441,241 61,861,257 24,831,173 37,030,084
18,425,242 10,293,466 8,131,776 90,553,178 92,110,369 56,873,985 24,611,686 32,262,299
24,053,606 10,332,340 13,721,266 86,872,511 89,131,033 56,687,070 24,268,992 32,418,078
28,082,746 10,365,959 17,716,787 86,088,349 91,620,805 57,470,932 24,811,378 32,659,554
30,283,840 10,388,202 19,895,638 86,099,455 94,337,032 59,601,029 25,501,170 34,099,860
31,601,367 10,415,730 21,185,637 88,141,792 97,046,108 62,112,394 25,996,858 36,115,536
41,380,750 17,628,942 23,751,808 92,741,702 101,340,362 57,719,485 24,444,938 33,274,548
53*
73,747
53,872
134,402
638,367
301,152
677,715
740,721
565,494
374,610
332,578
25,141
207,177
462,687
168,585
435,451
528,015
963,635
1,184,776
1,238,556
1,264,825
1,422,448
838,076
1,639,032
1,880,396
2,067,666
2,709,659
3,488,091
3,958,180
4,608,582
4,596,931
4,523,095
5,216,835
4,732,028
4,443,322
1,501,508
3,020,241
2,322,724
4,375,377
4,989,077
9,713,884
11,531,334
11,102,470
11,523,497
13,240,157
14,577,229
15,457,746
16,044,283
18,160,281
18,678,391
19,921,330
20,028,765
21,378,480
20,832,843
20,466,237
24,645,394
23,089,353
21,803,205
22,529,079
30,579,984
35,236,384
32,443,963
34,149,873
34,736,003
34,933,714
43,620,877
+3,416
+40,736
+303,603
+578,672
+1,987,582
+1,655,856
+1,383,833
+1,527,712
+1,676,873
+1,430,815
+1,808,682
+2,068,844
+2,303,629
+2,370,127
+2,654,583
+2,809,938
+3,299,138
+3,437,260
+3,222,373
+3,564,153
+3,108,908
+2,710,791
+3,344,135
+3,634,941
+3,355,211
+4,232,121
+3,546,704
+4,050,184
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
x
x
x
x
x
x
x
x
x
x
Annual Report 1999
Statistical Section

(continued)
Period
Treasury
bills
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.*
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Other
credits to
government
Local
budgets**
deficit (+)
surplus ()
Social
security
budget**
deficit (+)
surplus ()
Research
fund**
Medium- and Deposits from Restruclong-term

medium- and turing
public debt long-term
fund from
1)
external
stocks
financing
revaluation
**
5
71
60,351
4,351
16,892
1,621
63,633
124,070
12,754
432
70,057
3,008
80
120,482
155,314
114,287
3,290
13,235
209,803
9,381
9,144
209,075
155,172
179,370
865
142,556
43,229
261,039
48,394 23,610
311,075
225,199
739,055
697
212,886
91,130
232,054
37,681 11,995
310,902
225,189
741,451
693
212,885
117,695
200,696
20,701
9,295
314,363
225,468
376,426
693
676,773
172,163
224,606
14,580
8,231
328,578
224,494
388,793
796
677,758
184,472
118,434
20,001 11,767
371,382
224,494
405,399
784
677,758 363,000
185,750
124,635
25,174 22,197
356,782
224,557
430,374
714
652,876 447,000
157,738
140,859
31,683 24,466
338,996
196,536
469,371
714
683,586 469,262
152,555
102,977
37,668 26,645
327,186
187,541
386,272
714
691,265 534,000
148,249
129,592
41,508 30,347
322,325
186,633
382,090
714
545,943 635,000
182,110
89,664
45,058 28,109
360,963
186,633
347,505
714
646,791 715,000
176,045
90,882
37,371 34,367
382,243
186,633
282,090
714
642,136 797,000
159,989
51,366
33,907 20,144
417,625
186,633
499,131
725
677,772 1,040,277
128,483
99,804
58 27,154
416,377
158,883
419,956
728
708,868 1,070,277
164,707
79,460
149 44,106
387,766
158,883
263,233
720
939,944 1,140,277
181,374
31,308
19 44,330
405,175
158,883
226,971
720
1,127,044 1,140,277
197,492
+22,383
40,370
398,995
158,774
500,663
721
1,221,567 1,140,277
196,479
+82,012
10 40,256
379,204
158,772
87,956
1,139
1,275,499 1,140,277
203,701
+77,481
2,254 24,402
360,828
149,928
43,061
994
1,317,825 1,140,277
216,590
+133,630
7,101 27,145
372,880
149,928
50,625
847
1,430,797 1,140,277
216,537
+225,600
29,009
351,962
149,928
32,755
845
1,603,554 1,140,277
227,890
+304,504
263 39,594
334,162
149,936
33,362
845
1,606,638 1,140,277
230,502
+353,667
5,093 42,065
336,914
149,936
46,527
845
3,488,517 1,140,276
229,202
+435,714
23 54,425
339,597
149,936
40,793
845
3,494,764 1,132,000
220,955
+491,323
44,673
332,540
149,913
52,524
845
3,764,299 1,132,000
x
x
x
x
333
149,913
17,556
x
4,087,431 1,132,000
x
x
x
x
344
149,913
15,197
x
4,438,389 1,132,000
x
x
x
x
326
144,769
184,925
x
4,122,495 1,132,000
x
x
x
x
331
144,769
176,528
x
5,012,366 1,132,000
x
x
x
x
294
143,619
183,992
x
5,000,143 1,132,000
x
x
x
x
317
143,667
183,988
x
4,846,472 1,132,000
x
x
x
x
312
142,001
181,095
x
4,954,731 1,132,000
x
x
x
x
348
141,824
186,761
x
6,340,651
x
x
x
x
345
141,824
190,398
x
6,340,433
x
x
x
x
337
141,824
193,287
x
3,883,072
x
x
x
x
357
141,824
190,885
x
4,392,417
x
x
x
x
377
141,825
193,009
x
5,752,249
x
x
x
x
378
141,825
181,998
x
5,792,791
x
x
x
x
397
305,667
187,598
x
5,674,395
x
x
x
x
374
438,157
227,501
x
5,639,046
x
x
x
x
402
145,972
214,601
x
6,550,169
x
x
x
x
858
155,650
230,410
x
8,137,041
x
x
x
x
887
143,564
250,753
x
8,822,379
x
x
x
x
916
143,564
252,875
x
11,336,109
x
x
x
x
944
143,564
249,202
x
11,076,002
x
x
x
x
1,174
143,564
244,284
x
11,987,692
x
x
x
x
143,564
252,264
x
11,940,885
x
x
x
x
142,161
259,040
x
10,995,109
x
x
x
x
139,302
257,117
x
15,096,358
x
x
x
x
137,262
1,644,877
x
14,580,819
x
x
x
x
137,262
1,776,430
x
16,032,377
x
x
x
x
137,264
1,895,185
x
16,222,234
x
x
x
x
137,264
2,210,445
x
16,506,633
x
x
x
x
137,264
2,218,554
x
15,155,023
x
x
x
x
137,265
2,310,457
x
16,826,696 2,508,000
x
x
x
x
137,264
2,408,838
x
16,498,717 3,432,300
x
x
x
x
137,264
2,452,454
x
14,793,680 5,857,300
x
x
x
x
137,264
2,452,612
x
11,985,461 4,877,300
x
x
x
x
x
2,594,921
x
11,716,001 3,445,403
x
x
x
x
x
2,656,420
x
12,336,734 1,570,403
x
x
x
x
x
2,872,286
x
15,867,832 1,120,403
x
x
x
x
x
2,902,088
x
1) According to Law No.7/1992 and, since September 1994, according to Government Ordinance No.1/1994.
54*
Health
fund**
Supplementary
pension
fund
Annual Report 1999
Statistical Section

(continued)
Period
Other assets, net

Total
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.*
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
StateUnemploy- Other
Gold
Treasury
Forex
General
Other
owned
ment
extrabud- revaluation deposits
bonds
Account
governself
benefit fund getary
fund, net
**
of
ment
financing
accounts
Treasury
securiinstitutions
ties
fund**
3,915
4,602
8,219
x
x
x
4,503
32,896
30,511
51,518
x
x
x
10,020
124,819
71,893
74,951
x
x
x
14,741
321,342
365,410
2,000
37,845
x
x
x
35,700
460,557
666,734
2,000
64,399
x
x
x
21,705
509,799
778,419
2,000
33,817
x
x
x
23,012
534,521
901,062
2,000
62,443
x
x
x
24,755 1,066,038
691,593
2,000
72,340
x
x
x
26,012 1,093,821
647,126
2,000
72,536
x
x
x
30,926 1,131,881
628,630
2,000
89,645
x
x
x
31,530 1,174,783
659,741
2,000
98,353
x
x
x
34,833 1,275,615
738,427
2,000
117,163
x
x
x
35,635 1,265,372
822,543
2,000
72,466
x
x
x
35,702 1,339,028 1,015,109
2,000
123,156
x
x
x
35,954 1,441,605 1,155,503
2,000
128,782
x
x
x
35,726 1,472,697 1,095,610
2,000
118,772
x
x
x
82,211 1,712,196 1,294,693
2,000
28,774
x
x
x
39,673 1,761,281 1,383,910
2,000
63,506
x
x
x
42,175 1,795,579 1,447,146
2,000
46,124
x
x
x
62,217 1,823,683 1,673,686
2,000
47,979
x
x
x
91,315 1,782,242 1,622,380
2,000
86,107
x
x
x
99,800 1,866,904 1,848,426
2,000
63,530
x
x
x
108,273 1,944,474 1,644,335
2,000
72,493
x
x
x
115,429 2,004,424 1,869,552
2,000
78,634
x
x
x
125,391 2,086,060 1,882,601
2,000
74,591
320,943
x
x
134,926 2,164,523 2,052,815
2,000
98,522
341,752
x
x
131,429 2,246,449 2,472,020
2,000
110,162
353,890
x
x
141,257 2,340,865 2,442,485
2,000
158,195
376,336
x
x
x
28,079 1,089,323
x
x
422,868
274,793
x
x
23,075 1,171,464
x
621,674
34,007
x
x
20,524 1,163,557
x
811,571
254,303
x
x
18,067 1,436,931
x 1,257,880
191,547
x
x
16,344 1,741,233
x 1,275,417
789,511
x
x
14,839 1,731,253
x 1,278,238 1,180,329
x
x
13,760 4,637,393
x 1,263,455
399,860
x
x
12,288 3,020,185
x 1,313,439 1,096,031
x
x
40,566 3,017,960
x
560,325
578,486
x
x
39,796 3,258,849
x
570,450
474,537 3,374,497
x
39,743 2,088,190
x
580,425
45 3,374,497
x
138,060 1,648,695
x
589,500 1,247,892 7,874,497
x
67,995 1,918,746
x
601,725
669,845 7,874,497
x
56,521 1,398,978
x
618,600
770,591 7,874,497
x
55,587 1,401,455
x
607,875 1,386,511 7,874,497
x
54,534 1,590,512
x 1,467,721
328,460 8,175,926
x
53,337 1,169,304
x 2,305,467 1,156,024 8,175,876

x
51,261 1,496,775
x 2,351,385 1,550,444 8,175,877

x
48,893 1,483,880
x 2,377,054 1,688,076 8,175,926

x
126,464 1,391,896
x 3,251,543 2,978,354 8,175,925

x
123,598 1,283,856
x 3,330,079 2,394,268 8,175,926

x
121,340 1,270,323
x 3,915,418 2,657,344 8,175,927

x
117,136 1,319,353
x 4,008,199 2,542,880 8,175,927

x
114,682 1,699,959
x 4,207,710
67,810 8,175,927
x
101,340 5,372,787
x 4,570,380
22,918 8,170,763
x
93,602 1,752,709
x 4,846,616 3,546,281 8,170,563

x
92,246 2,030,172
x 5,330,692 1,006,180 8,168,845

x
86,455 2,404,208
x 4,606,682 1,344,563 8,168,845

x
84,384 2,360,586
x 4,620,480 2,966,493 8,168,844

x
155,214 3,240,149
x 6,040,843 1,449,035 8,350,804

x
153,174 3,512,278
x 8,542,057 3,892,413 12,532,670

x
224,677 3,776,315
x 7,742,615 1,358,091 15,237,025

x
220,642 3,575,167
x 7,831,514 5,205,327 15,277,951

x
216,093 3,120,222
x 9,508,413 3,374,626 17,594,561

x
159,156 2,321,706
x 9,728,538 3,911,203 18,894,546

x
156,508 2,820,619
x 10,318,186 2,336,743 18,894,546

x
152,735 2,575,596
x 14,021,955 2,846,741 21,087,847

55*
Deposits
from
Treasury
assets
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
x
x
150,000
380,000
100,000
650,000
206,141
892,322
2,085,022
671,522
56,322
1,075,000
100,000
-510,000
173,481
292,129
244,674
946,929
401,425
337,773
381,327
94,127
240,620
159,324
435,920
587,484
641,887
450,248
672,425
611,946
154,818
164,415
135,370
254,393
403,077
393,116
4,446
44,501
260,656
174,972
464,211
40,022
432,264
395,855
408,773
1,162,271
1,675,184
1,847,288
2,634,446
1,797,803
1,117,272
397,898
45,746
142,065
1,216,884
4,093,078
4,939,042
3,681,625
4,747,479
5,046,242
4,637,220
6,427,704
6,561,872
6,785,940
7,211,804
6,384,027
3,551,578
6,053,261
5,634,966
7,092,817
6,740,144
9,368,779
4,193,971
1,557,191
2,258,522
5,532,456
8,237,577
8,904,316
8,598,660
Annual Report 1999
Statistical Section

(continued)
Period
Nonconvertible
foreign
assets,
net
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.*
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
In transit
accounts
payable to
depositors
Capital
Participaaccounts
tions in
(own funds) foreign
banks 2)
Other
BROAD MONEY (M2)

of which:
Total
Lei
- millions of lei; end of period Memorandum items

Gold price Exchange
Convertible (lei/gram)
rate; end
currencies 1)
of period
(lei/USD)
32,585
52,193
32,903
2,193
57,993
513,535
498,425
15,110
394.00
34.71
54,205
320,403
79,785
12,512
149,752
1,033,266
992,857
40,410
1,800.00
189.00
19,241
118,860
274,750
63,328
66,368
1,856,091
1,523,916
332,175
5,000.00
460.00
17,226
182,720
599,439
256,804
438,800
4,472,381
3,175,943
1,296,438 16,000.00
1,276.00
9,880
194,460 1,419,357
100,356
1,121,917 10,648,692
8,290,569
2,358,123 20,873.00
1,767.00
9,611
223,781 1,489,281
122,967
1,261,933 10,447,672
8,081,495
2,366,177 20,873.00
1,780.00
8,791
236,850 1,516,599
125,858
1,255,054 10,565,682
8,131,056
2,434,626 20,873.00
1,810.00
10,039
215,816 1,633,025
132,404
1,632,350 11,191,209
8,645,329
2,545,880 20,873.00
1,847.00
12,119
275,885 1,631,067
134,805
1,543,645 11,504,571
8,942,973
2,561,599 20,873.00
1,879.00
11,560
260,374 1,750,444
138,735
1,724,320 12,037,891
9,335,811
2,702,079 20,873.00
1,937.00
12,641
300,540 1,875,390
141,282
1,611,369 12,753,358
9,834,952
2,918,406 23,939.84
1,975.00
13,090
273,018 1,972,489
145,373
1,525,740 13,352,205 10,408,402
2,943,803 23,939.84
2,018.00
13,950
252,474 2,078,288
143,680
1,559,146 14,078,713 11,045,570
3,033,144 23,939.84
2,069.00
14,786
269,514 2,283,326
150,564
1,966,814 14,622,272 11,445,260
3,177,012 23,939.84
2,128.00
16,079
275,493 2,379,668
159,154
1,839,661 15,395,827 12,049,926
3,345,901 23,939.84
2,225.00
16,335
279,323 2,571,218
179,538
2,075,392 16,607,218 12,626,174
3,981,045 23,939.84
2,547.00
16,567
240,927 4,023,136
182,213
4,253,235 18,278,106 14,146,074
4,132,032 23,940.00
2,578.00
18,015
239,569 3,689,296
181,569
3,600,896 18,254,033 14,194,635
4,059,399 23,940.00
2,640.00
7,604
205,040 4,022,839
200,321
4,170,532 18,904,558 14,300,741
4,603,817 39,122.90
2,859.00
9,283
404,838 4,074,559
203,017
4,031,270 19,359,703 14,612,637
4,747,066 39,122.90
2,937.00
26,553
405,207 3,760,417
198,990
3,590,110 19,797,547 15,264,128
4,533,420 39,122.90
2,913.00
26,406
340,214 2,980,943
200,632
3,540,047 20,644,413 15,915,310
4,729,103 39,122.90
2,951.00
28,472
337,944 3,658,702
207,888
3,821,676 21,405,209 16,546,894
4,858,316 39,122.90
3,028.00
33,940
291,962 3,905,954
234,588
4,041,769 22,580,683 17,435,183
5,145,500 39,122.90
3,135.00
31,176
252,787 4,225,827
236,895
4,533,552 23,235,732 18,046,035
5,189,697 39,122.90
3,162.00
31,949
408,528 3,390,311
241,481
3,414,334 24,113,460 18,684,140
5,429,319 39,122.90
3,261.00
33,427
554,618 4,144,601
252,555
4,015,880 25,927,634 20,176,954
5,750,680 39,122.90
3,375.00
33,508
447,813 4,480,377
270,706
4,650,969 27,687,929 21,215,464
6,472,465 39,122.90
3,591.00
36,188
518,253 5,300,526
x
5,422,702 30,334,630 23,249,001
7,085,630 39,122.90
4,035.00
37,321
747,263 7,251,001
x
7,639,729 33,623,187 22,781,401 10,841,786 95,823.00
5,932.00
37,618
659,253 6,542,456
x
7,648,101 37,805,182 22,750,316 15,054,866 95,823.00
7,744.00
41,231
362,103 6,862,253
x
8,427,858 37,865,593 24,033,926 13,831,666 95,823.00
6,996.00
44,769
452,289 7,042,612
x
9,214,854 39,747,430 25,814,138 13,933,292 95,823.00
7,095.00
54,047
631,982 5,500,404
x
8,033,722 41,641,071 28,395,415 13,245,656 95,823.00
7,110.00
125,000
759,375 6,382,450
x
9,901,271 43,956,892 30,882,184 13,074,708 95,823.00
7,032.00
138,901
602,762 6,771,560
x
9,311,026 47,822,530 33,725,962 14,096,568 95,823.00
7,354.00
143,436
726,607 7,126,831
x
9,114,146 49,317,550 34,518,200 14,799,350 95,823.00
7,471.00
173,304 1,128,350 6,128,867
x
7,828,420 51,526,675 36,160,936 15,365,740 95,823.00
7,613.00
247,100 1,038,552 6,227,635
x
7,559,033 53,259,238 37,369,406 15,889,832 95,823.00
7,741.00
171,668
832,572 7,543,135
x
8,689,440 56,404,302 38,725,218 17,679,085 95,823.00
7,860.00
175,727
87,231 9,101,579
x
8,147,653 62,150,414 44,464,140 17,686,275 95,823.00
8,023.00
168,209
473,850 8,323,278
x
4,872,260 60,260,066 42,211,050 18,049,016 95,823.00
8,248.00
179,197
656,960 7,475,583
x
3,372,699 61,838,596 43,878,469 17,960,127 95,823.00
8,105.00
149,470 1,300,878 8,816,303
x
6,585,027 63,809,749 44,364,074 19,445,675 95,823.00
8,490.00
133,387
727,681 9,733,941
x
5,847,530 64,884,630 46,011,154 18,873,476 95,823.00
8,345.00
147,050
646,902 6,617,998
x
2,365,708 66,869,065 47,443,331 19,425,733 95,823.00
8,511.00
137,294
971,317 6,954,228
x
3,425,619 69,478,366 49,390,349 20,088,017 95,823.00
8,670.00
138,929
688,222 7,807,155
x
2,206,602 70,993,385 50,312,920 20,680,465 95,823.00
8,744.00
144,129
762,036 8,506,666
x
2,850,959 72,798,234 51,423,047 21,375,187 95,823.00
8,924.00
125,040
721,819 8,412,449
x
2,473,368 75,068,306 53,126,091 21,942,215 95,823.00
9,162.00
122,776
615,469 7,767,304
x
1,293,745 76,567,724 53,870,730 22,696,994 95,823.00
9,592.00
121,583
375,154 9,491,589
x
3,604,300 79,196,125 55,736,386 23,459,739 95,823.00
10,082.00
125,870
21,550 11,457,847
x
8,010,590 92,529,892 62,328,428 30,201,465 101,272.00
10,951.00
129,933 1,130,036 11,968,260
x
7,174,969 91,953,563 60,214,526 31,739,037 101,272.00
11,614.00
145,443 1,199,339 12,620,088
x
8,329,904 96,526,547 61,895,352 34,631,195 101,272.00
12,774.00
141,851 1,176,435 16,230,985
x 10,456,453 100,764,071 61,776,317 38,987,754 101,272.00
14,925.00
146,899 1,279,472 18,098,475
x 12,784,702 98,920,697 61,114,504 37,806,193 101,272.00
14,992.00
149,512 1,407,130 6,581,336
x 1,230,800 100,167,740 61,509,846 38,657,894 101,272.00
15,622.00
143,870 1,530,209 8,941,386
x
6,421,494 103,497,651 64,607,392 38,890,259 101,272.00
15,840.00
134,700
908,766 10,306,438
x
9,792,714 108,978,420 68,701,705 40,276,715 101,272.00
16,037.00
145,311 2,091,527 9,337,621
x
9,315,938 110,926,117 70,539,789 40,386,328 101,272.00
16,220.00
117,132 1,676,624 15,488,262
x 11,749,562 114,171,095 72,009,258 42,161,837 101,272.00
16,488.00
410,376 1,497,435 15,921,989
x
9,592,222 116,383,295 72,293,731 44,089,564 101,272.00
16,870.00
117,095 1,734,873 16,694,127
x
9,641,778 119,743,158 71,790,149 47,953,009 101,272.00
17,893.00
113,702
365,166 18,348,599
x 10,228,807 134,122,453 83,640,941 50,481,511 170,703.00
18,255.00
1) February through November 1996 and March through November 1997, inputs and outputs were carried out at current price.
The stock is revalued at the end of the year. 2) Starting December 1996, this item has been included in "Net foreign assets".
56*
Annual Report 1999
Statistical Section
17. MONETARY SURVEY

Period
1985 Dec.
1986 Dec.
1987 Dec.
1988 Dec.
1989 Dec.
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
TOTAL
ASSETS
FOREIGN ASSETS
Total
Gold
Convertible
currencies
- millions of lei; end of period DOMESTIC ASSETS

TOTAL
Credit to non- Credit to
mill. USD Nongovernment
government,
convertible
net
currencies
489,686
22,637
792
12,155
773
490,629
28,676
487
20,282
1,327
488,867
28,275
283
20,872
1,519
499,185
44,081
17,753
12,390
862
563,625
66,413
26,639
28,631
1,983
679,442
69,234
27,059
20,511
591
1,591,529
270,242
125,834
107,495
569
2,565,062
786,694
358,772
404,567
879
6,808,787
2,545,176
1,179,371
1,338,668
1,049
14,678,923
5,495,546
1,704,473
3,785,906
2,143
14,687,859
5,513,557
1,709,004
3,798,536
2,134
14,920,252
5,444,725
1,713,097
3,725,465
2,058
15,499,519
5,329,667
1,717,297
3,605,785
1,952
16,049,057
5,249,652
1,721,624
3,522,000
1,874
16,390,702
5,207,642
1,725,956
3,475,496
1,794
17,507,319
5,634,803
1,983,979
3,644,836
1,845
18,203,153
5,532,431
1,989,900
3,536,419
1,752
18,970,345
5,390,269
1,993,816
3,390,353
1,639
19,378,768
5,165,613
1,999,936
3,159,755
1,485
20,554,559
5,163,848
2,005,146
3,152,434
1,417
22,248,177
5,859,604
2,009,051
3,843,544
1,509
23,669,925
6,270,910
2,010,863
4,252,923
1,650
23,840,446
5,876,660
2,013,361
3,855,984
1,461
24,793,117
6,059,659
2,016,327
4,035,311
1,411
26,014,843
6,674,682
2,064,788
4,601,983
1,567
26,376,385
6,297,278
2,071,558
4,218,024
1,448
27,561,867
7,354,607
2,082,860
5,264,082
1,784
29,484,109
7,962,479
2,086,929
5,867,642
1,938
31,026,351
8,130,689
2,094,473
6,027,812
1,923
31,281,111
7,696,372
2,101,529
5,586,300
1,767
32,710,307
7,840,853
2,206,601
5,625,692
1,725
36,745,919
9,470,564
2,227,932
7,233,791
2,143
38,681,051
9,658,255
2,237,656
7,411,335
2,064
43,655,761
12,205,739
3,429,498
8,766,061
2,173
51,191,973
14,426,759
3,437,347
10,974,955
1,850
59,511,219
17,643,853
3,441,258
14,183,931
1,832
57,476,407
17,178,041
3,482,332
13,678,536
1,955
58,972,451
19,603,745
3,524,223
16,062,471
2,264
60,764,034
20,349,283
3,596,920
16,744,542
2,355
61,276,623
23,579,436
3,666,749
19,904,935
2,831
67,102,383
26,709,162
3,776,438
22,924,763
3,117
69,985,219
27,994,159
3,834,957
24,151,078
3,233
74,903,579
32,311,632
3,882,668
28,420,684
3,733
77,579,626
32,857,308
3,977,731
28,871,402
3,730
80,591,193
34,631,310
4,034,017
30,589,002
3,892
87,583,785
40,151,789
8,997,727
31,145,644
3,882
88,745,712
39,397,501
9,133,061
30,255,003
3,668
90,703,603
38,919,318
9,160,306
29,749,694
3,671
92,623,142
38,063,926
9,225,814
28,828,412
3,396
94,454,614
37,473,083
9,264,503
28,199,011
3,379
96,842,487
37,658,274
9,305,427
28,343,238
3,330
99,639,583
38,454,169
9,340,461
29,103,309
3,357
102,717,640
38,261,044
9,430,006
28,820,990
3,296
104,508,751
38,048,217
9,460,003
28,577,975
3,202
107,718,312
36,789,994
9,477,186
27,302,219
2,980
110,079,627
36,126,307
9,501,944
26,613,329
2,775
112,173,909
34,359,825
9,530,427
24,817,869
2,462
122,431,406
42,512,046
10,155,485
32,344,187
2,954
125,852,676
43,174,185
10,167,009
32,994,015
2,841
132,074,517
41,999,543
10,177,402
31,807,686
2,490
142,353,740
47,126,129
10,194,878
36,914,222
2,473
141,327,651
47,864,366
10,201,141
37,646,146
2,511
137,961,324
41,767,353
10,235,459
31,514,223
2,017
132,872,786
40,431,546
10,245,314
30,168,057
1,905
135,913,308
43,802,939
10,293,466
33,491,042
2,088
139,571,332
50,440,299
10,332,340
40,089,524
2,472
146,225,549
54,604,744
10,365,959
44,238,531
2,683
151,042,708
56,705,675
10,388,202
46,317,430
2,746
155,215,861
58,169,753
10,415,730
47,753,955
2,669
169,674,135
68,333,773
17,628,942
50,704,783
2,778
57*
9,690
7,908
7,120
13,939
11,143
21,664
36,914
23,355
27,137
5,167
6,017
6,162
6,585
6,028
6,190
5,988
6,112
6,100
5,922
6,268
7,009
7,124
7,315
8,021
7,911
7,696
7,665
7,908
8,404
8,543
8,560
8,841
9,264
10,180
14,457
18,664
17,173
17,050
7,821
7,752
7,961
8,124
8,280
8,176
8,292
8,418
9,437
9,318
9,699
9,569
9,609
10,399
10,048
10,240
10,589
11,034
11,529
12,374
13,161
14,455
17,029
17,079
17,671
18,175
18,431
18,434
254
43
68
48
467,048
461,953
460,591
455,103
497,212
610,208
1,321,287
1,778,368
4,263,611
9,183,376
9,174,302
9,475,527
10,169,852
10,799,405
11,183,059
11,872,516
12,670,722
13,580,077
14,213,155
15,390,711
16,388,573
17,399,015
17,963,785
18,733,458
19,340,161
20,079,107
20,207,260
21,521,630
22,895,662
23,584,739
24,869,454
27,275,355
29,022,797
31,450,022
36,765,213
41,867,367
40,298,367
39,368,706
40,414,751
37,697,187
40,393,221
41,991,059
42,591,947
44,722,317
45,959,883
47,431,996
49,348,211
51,784,285
54,559,216
56,981,530
59,184,213
61,185,414
64,456,596
66,460,534
70,928,318
73,953,321
77,814,084
79,919,360
82,678,490
90,074,974
95,227,611
93,463,285
96,193,971
92,441,241
92,110,369
89,131,033
91,620,805
94,337,032
97,046,108
101,340,362
675,908
696,951
773,645
813,105
810,405
683,955
1,375,158
1,912,770
4,901,977
9,484,528
9,852,017
10,216,248
10,735,346
11,174,015
11,515,637
11,897,657
12,463,545
13,117,390
14,044,570
14,955,259
15,860,558
16,435,380
16,779,009
17,494,902
18,075,336
18,656,659
19,369,185
19,882,599
21,015,266
21,517,073
22,159,796
23,787,264
25,064,617
26,841,440
32,168,282
37,344,272
35,081,532
34,636,679
35,971,428
36,195,679
37,372,980
39,668,335
38,216,570
39,733,240
36,245,999
35,900,662
38,245,741
40,260,789
41,319,059
42,404,302
43,726,467
45,141,131
46,296,315
47,782,142
51,006,988
53,924,555
56,435,604
59,086,517
62,212,254
65,429,580
72,138,258
71,660,080
73,664,892
61,861,257
56,873,985
56,687,070
57,470,932
59,601,029
62,112,394
57,719,485
208,860
234,998
313,054
358,002
313,193
73,748
53,871
134,402
638,367
301,152
677,715
740,721
565,494
374,610
332,578
25,141
207,177
462,687
168,585
435,451
528,015
963,635
1,184,776
1,238,556
1,264,825
1,422,448
838,076
1,639,032
1,880,396
2,067,666
2,709,659
3,488,091
3,958,180
4,608,582
4,596,931
4,523,095
5,216,835
4,732,028
4,443,322
1,501,508
3,020,241
2,322,724
4,375,377
4,989,077
9,713,884
11,531,334
11,102,470
11,523,497
13,240,157
14,577,229
15,457,746
16,044,283
18,160,281
18,678,391
19,921,330
20,028,765
21,378,480
20,832,843
20,466,237
24,645,394
23,089,353
21,803,205
22,529,079
30,579,984
35,236,384
32,443,963
34,149,873
34,736,003
34,933,714
43,620,877
Annual Report 1999
Statistical Section
17. MONETARY SURVEY

Period
1985 Dec.
1986 Dec.
1987 Dec.
1988 Dec.
1989 Dec.
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
(continued)
TOTAL
LIABILITIES
489,686
490,629
488,867
499,185
563,625
679,442
1,591,529
2,565,062
6,808,787
14,678,923
14,687,859
14,920,252
15,499,519
16,049,057
16,390,702
17,507,319
18,203,153
18,970,345
19,378,768
20,554,559
22,248,177
23,669,925
23,840,446
24,793,117
26,014,843
26,376,385
27,561,867
29,484,109
31,026,351
31,281,111
32,710,307
36,745,919
38,681,051
43,655,761
51,191,973
59,511,219
57,476,407
58,972,451
60,764,034
61,276,623
67,102,383
69,985,219
74,903,579
77,579,626
80,591,193
87,583,785
88,745,712
90,703,603
92,623,142
94,454,614
96,842,487
99,639,583
102,717,640
104,508,751
107,718,312
110,079,627
112,173,909
122,431,406
125,852,676
132,074,517
142,353,740
141,327,651
137,961,324
132,872,786
135,913,308
139,571,332
146,225,549
151,042,708
155,215,861
169,674,135
FOREIGN LIABILITIES
Total
Convertible
currencies
115,007
105,615
90,083
33,100
7,414
59,813
320,345
445,057
1,372,275
3,638,686
3,912,025
3,982,033
4,224,222
4,315,984
4,205,048
4,330,682
4,276,554
4,263,696
4,321,033
4,502,386
5,045,348
5,563,204
5,440,012
6,031,533
6,410,030
6,202,313
7,336,977
8,111,818
8,524,109
8,337,211
8,453,825
10,387,501
10,986,608
12,925,054
17,210,250
22,152,428
20,814,317
20,944,974
21,024,299
20,079,177
21,216,557
21,928,377
23,948,106
24,613,233
24,500,623
24,392,214
24,560,778
24,105,162
25,281,239
24,955,892
25,074,230
25,661,292
25,435,480
25,292,774
25,989,106
26,422,876
26,715,340
26,475,806
27,975,785
30,058,447
34,638,703
35,813,709
28,574,318
25,325,034
25,512,397
26,532,004
26,639,131
26,832,211
26,685,481
27,066,725
111,539
103,615
88,024
30,878
4,744
5,576
229,220
440,943
1,362,340
3,623,639
3,896,397
3,967,080
4,207,598
4,297,837
4,187,298
4,312,053
4,257,352
4,243,645
4,300,325
4,480,039
5,022,004
5,539,514
5,414,682
6,015,909
6,392,837
6,168,064
7,302,905
8,075,438
8,481,765
8,297,492
8,413,316
10,345,233
10,943,837
12,878,686
17,158,473
22,096,147
20,755,914
20,883,155
20,962,430
19,946,425
21,069,695
21,776,817
23,766,521
24,357,957
24,320,664
24,208,069
24,383,132
23,916,647
25,122,069
24,812,935
24,917,571
25,513,599
25,286,503
25,138,406
25,853,477
26,289,066
26,582,228
26,337,561
27,832,690
29,898,549
34,479,823
35,649,731
28,407,134
25,162,989
25,359,266
26,368,258
26,521,745
26,421,792
26,568,319
26,952,975
mill. USD
Nonconvertible
currencies
7,091
6,781
6,406
2,149
329
161
1,213
959
1,068
2,051
2,189
2,192
2,278
2,287
2,162
2,183
2,110
2,051
2,021
2,014
1,972
2,149
2,051
2,104
2,177
2,117
2,475
2,667
2,706
2,624
2,580
3,065
3,048
3,192
2,893
2,853
2,967
2,943
2,948
2,837
2,865
2,915
3,122
3,147
3,094
3,017
2,956
2,951
2,959
2,973
2,928
2,943
2,892
2,817
2,822
2,741
2,637
2,405
2,396
2,341
2,310
2,378
1,818
1,589
1,581
1,626
1,609
1,566
1,485
1,476
3,468
2,000
2,059
2,222
2,669
54,236
91,125
4,114
9,935
15,047
15,628
14,953
16,624
18,147
17,750
18,629
19,202
20,050
20,708
22,347
23,344
23,691
25,330
15,625
17,194
34,249
34,071
36,380
42,344
39,719
40,509
42,268
42,771
46,368
51,778
56,282
58,403
61,819
61,869
132,752
146,862
151,560
181,585
255,276
179,959
184,145
177,646
188,515
159,170
142,957
156,659
147,693
148,977
154,368
135,629
133,810
133,112
138,245
143,095
159,898
158,880
163,978
167,184
162,045
153,131
163,745
117,386
410,419
117,163
113,750
58*
- millions of lei; end of period DOMESTIC LIABILITIES

Other
Capital
Total
Broad money In transit
liabilities, net
accounts
accounts
(own funds)
payable to
depositors
374,679
318,798
12,642
12,560
30,679
385,013
343,985
15,677
12,789
12,563
398,784
359,206
21,232
13,156
5,190
466,084
395,942
21,738
30,376
18,028
556,211
420,914
97,591
30,563
7,144
619,629
514,360
52,193
32,903
20,999
1,271,184
1,033,266
320,403
79,785
162,270
2,120,005
1,856,091
118,860
274,750
129,696
5,436,512
4,472,381
182,720
599,439
181,973
11,040,237 10,648,692
194,460
1,419,357 1,222,273
10,775,834 10,447,672
223,781
1,489,281 1,384,900
10,938,219 10,565,682
236,850
1,516,599 1,380,912
11,275,297 11,191,209
215,816
1,633,025 1,764,753
11,733,073 11,504,571
275,885
1,631,067 1,678,450
12,185,654 12,037,891
260,374
1,750,444 1,863,055
13,176,637 12,753,358
300,540
1,875,390 1,752,651
13,926,599 13,352,205
273,018
1,972,489 1,671,113
14,706,650 14,078,713
252,474
2,078,288 1,702,826
15,057,734 14,622,272
269,514
2,283,326 2,117,378
16,052,173 15,395,827
275,493
2,379,668 1,998,815
17,202,829 16,607,218
279,323
2,571,218 2,254,930
18,106,721 18,278,106
240,927
4,023,136 4,435,449
18,400,434 18,254,033
239,569
3,689,296 3,782,465
18,761,584 18,904,558
205,040
4,022,839 4,370,853
19,604,813 19,359,703
404,838
4,074,559 4,234,286
20,174,072 19,797,547
405,207
3,760,417 3,789,100
20,224,891 20,644,413
340,214
2,980,943 3,740,679
21,372,292 21,405,209
337,944
3,658,702 4,029,564
22,502,242 22,580,683
291,962
3,905,954 4,276,357
22,943,900 23,235,732
252,787
4,225,827 4,770,446
24,256,482 24,113,460
408,528
3,390,311 3,655,816
26,358,418 25,927,634
554,618
4,144,601 4,268,435
27,694,444 27,687,929
447,813
4,480,377 4,921,675
30,730,707 30,334,630
518,253
5,300,526 5,422,702
33,981,722 33,623,187
747,263
7,251,001 7,639,729
37,358,791 37,805,182
659,253
6,542,456 7,648,101
36,662,090 37,865,593
362,103
6,862,253 8,427,858
38,027,477 39,747,430
452,289
7,042,612 9,214,854
39,739,735 41,641,071
631,982
5,500,404 8,033,722
41,197,446 43,956,892
759,375
6,382,450 9,901,271
45,885,826 47,822,530
602,762
6,771,560 9,311,026
48,056,842 49,317,550
726,607
7,126,831 9,114,146
50,955,473 51,526,675
1,128,350
6,128,867 7,828,420
52,966,393 53,259,238
1,038,552
6,227,635 7,559,033
56,090,570 56,404,302
832,572
7,543,135 8,689,440
63,191,572 62,150,414
87,231
9,101,579 8,147,653
64,184,934 60,260,066
473,850
8,323,278 4,872,260
66,598,441 61,838,596
656,960
7,475,583 3,372,699
67,341,903 63,809,749
1,300,878
8,816,303 6,585,027
69,498,722 64,884,630
727,681
9,733,941 5,847,530
71,768,257 66,869,065
646,902
6,617,998 2,365,708
73,978,292 69,478,366
971,317
6,954,228 3,425,619
77,282,160 70,993,385
688,222
7,807,155 2,206,602
79,215,977 72,798,234
762,036
8,506,666 2,850,959
81,729,206 75,068,306
721,819
8,412,449 2,473,368
83,656,752 76,567,724
615,469
7,767,304 1,293,745
85,458,569 79,196,125
375,154
9,491,589 3,604,300
95,955,599 92,529,892
21,550 11,457,847 8,010,590
97,876,891 91,953,563
1,130,036 11,968,260 7,174,969
102,016,070 96,526,547
1,199,339 12,620,088 8,329,904
107,715,037 100,764,071
1,176,435 16,230,985 10,456,453
105,513,943 98,920,697
1,279,472 18,098,475 12,784,702
109,387,007 100,167,740
1,407,130
6,581,336
1,230,800
107,547,752 103,497,651
1,530,209
8,941,386 6,421,494
110,400,911 108,978,420
908,766 10,306,438 9,792,714
113,039,328 110,926,117
2,091,527
9,337,621 9,315,938
119,586,418 114,171,095
1,676,624 15,488,262 11,749,562
124,210,497 116,383,295
1,497,435 15,921,989 9,592,222
128,530,380 119,743,158
1,734,873 16,694,127 9,641,778
142,607,410 134,122,453
365,166 18,348,599 10,228,807
Annual Report 1999
Statistical Section
18. DOMESTIC CREDIT

Period
1985 Dec.
1986 Dec.
1987 Dec.
1988 Dec.
1989 Dec.
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
- millions of lei; end of period TO NON-GOVERNMENT

Total
Credits in lei
Total
Short-term credits
Medium- and long-term credits
Total
Economic Economic House- Other 1) Total
Economic Economic Houseagents with agents
agents
agents with holds
holds
majority
with
with
majority
statemajority
majority
private
owned
stateprivate
capital
capital
owned
capital
capital
467,048
675,908
663,510
394,182 394,182
x
... 269,327
269,327
x
461,953
696,951
687,193
410,799 410,799
x
... 276,394
276,394
x
460,591
773,645
754,006
474,872 474,872
x
... 279,134
279,134
x
455,103
813,105
794,923
516,789 516,789
x
... 278,134
278,134
x
497,212
810,405
790,096
565,495 565,495
x
... 224,602
224,602
x
610,208
683,955
660,855
438,329 438,179
...
150
... 222,526
204,964
...
17,562
1,321,288 1,375,159 1,317,244 1,061,663 1,011,436
45,028
5,199
... 255,581
179,648
19,351
56,582
1,778,368 1,912,770 1,698,819 1,435,091 1,321,489
104,972
4,677
3,954 263,728
174,999
36,730
51,478
4,263,611 4,901,977 4,060,277 3,671,870 3,075,961
529,515 47,882 18,512 388,407
199,418 112,404
73,765
9,183,376 9,484,528 7,434,662 6,908,211 5,613,756 1,176,675 83,446 34,335 526,451
177,664 227,079 114,238
9,174,302 9,852,017 7,648,708 7,118,835 5,683,097 1,303,649 81,616 50,473 529,874
179,814 223,355 120,563
9,475,527 10,216,248 7,924,851 7,377,665 5,823,951 1,420,553 88,589 44,572 547,186
177,128 236,584 125,005
10,169,852 10,735,346 8,196,422 7,623,476 5,910,840 1,546,974 97,320 68,342 572,946
181,619 251,915 131,194
10,799,405 11,174,015 8,481,276 7,891,858 6,093,668 1,644,647 103,409 50,134 589,418
183,304 261,602 135,415
11,183,059 11,515,637 8,613,742 7,978,966 6,039,497 1,788,934 117,366 33,169 634,776
183,907 300,704 141,497
11,872,516 11,897,657 8,832,182 8,108,348 6,091,629 1,849,264 128,142 39,313 723,834
203,524 360,422 149,262
12,670,722 12,463,545 9,245,237 8,477,922 6,419,822 1,884,429 132,888 40,783 767,315
194,926 398,465 163,006
13,580,077 13,117,390 9,640,111 8,808,329 6,626,931 2,008,800 134,835 37,763 831,782
186,905 448,627 173,162
14,213,155 14,044,570 10,299,999 9,394,041 6,794,473 2,420,421 140,779 38,368 905,959
201,684 493,135 186,648
15,390,711 14,955,259 10,859,673 9,870,618 7,070,859 2,589,826 153,117 56,816 989,055
201,612 557,820 203,244
16,388,573 15,860,558 11,186,939 10,084,910 7,090,643 2,793,422 159,278 41,568 1,102,029
244,591 614,559 212,526
17,399,015 16,435,380 11,575,235 10,279,170 7,267,453 2,801,363 166,451 43,903 1,296,066
314,967 712,470 226,769
17,963,785 16,779,009 11,879,084 10,566,933 6,288,307 4,074,406 163,364 40,856 1,312,151
276,880 750,997 243,610
18,733,458 17,494,902 11,968,103 10,624,214 6,149,474 4,263,471 168,313 42,957 1,343,888
288,981 759,723 255,355
19,340,161 18,075,336 12,323,360 10,804,457 5,423,288 5,150,402 180,140 50,626 1,518,903
298,650 911,797 261,496
20,079,107 18,656,659 12,633,130 11,054,569 6,795,735 3,994,199 188,458 76,178 1,578,561
318,813 925,874 281,666
20,207,260 19,369,185 13,260,786 11,495,410 7,183,237 4,028,216 204,309 79,648 1,765,376
417,452 1,001,166 296,833
21,521,630 19,882,599 13,361,485 11,442,907 7,156,352 3,995,714 213,426 77,414 1,918,579
462,163 1,081,290 315,744
22,895,662 21,015,266 13,951,467 11,875,573 7,575,954 4,014,418 206,199 79,001 2,075,894
468,757 1,200,977 333,555
23,584,739 21,517,073 14,228,289 12,031,777 7,704,315 4,046,163 201,118 80,181 2,196,512
492,861 1,277,511 348,644
24,869,454 22,159,796 14,570,018 12,281,909 7,805,873 4,190,146 203,471 82,420 2,288,109
501,912 1,322,128 385,490
27,275,355 23,787,264 15,498,804 13,139,140 8,207,086 4,637,535 210,806 83,714 2,359,664
511,661 1,354,020 417,269
29,022,797 25,064,617 16,308,816 13,738,000 8,515,115 4,932,438 210,991 79,457 2,570,816
551,682 1,459,166 483,693
31,450,022 26,841,440 16,942,968 14,156,220 8,198,624 5,648,703 227,719 81,175 2,786,748
594,121 1,576,732 534,317
36,765,213 32,168,282 16,930,845 14,108,642 8,233,064 5,574,903 232,082 68,593 2,822,203
619,424 1,573,711 542,966
41,867,367 37,344,272 16,793,692 13,980,803 8,729,585 4,962,510 214,882 73,826 2,812,889
587,646 1,597,276 553,727
40,298,367 35,081,532 16,582,763 13,540,722 8,514,883 4,773,505 186,826 65,508 3,042,041
552,319 1,866,726 553,264
39,368,706 34,636,679 16,413,130 13,226,208 8,313,253 4,725,187 125,471 62,298 3,186,923
509,947 2,066,252 542,685
40,414,751 35,971,428 15,284,545 12,875,347 8,274,104 4,345,615 193,097 62,531 2,409,198
326,037 1,481,837 534,884
37,697,187 36,195,679 15,590,125 13,148,763 8,306,447 4,587,234 190,836 64,246 2,441,361
327,521 1,499,257 531,797
40,393,221 37,372,980 16,013,010 13,487,979 8,433,985 4,794,385 199,258 60,351 2,525,031
391,208 1,513,972 538,134
41,991,059 39,668,335 16,753,861 14,145,836 8,834,055 5,048,360 189,422 73,998 2,608,026
397,205 1,573,272 558,131
42,591,947 38,216,570 14,897,989 12,350,738 6,837,871 5,190,604 197,072 125,192 2,547,251
331,439 1,588,259 565,409
44,722,317 39,733,240 15,791,272 13,052,272 6,909,126 5,748,750 215,612 178,784 2,739,000
331,959 1,642,255 704,336
45,959,883 36,245,999 16,159,658 13,253,446 6,771,609 6,173,611 219,519 88,707 2,906,212
328,444 1,547,266 978,842
47,431,996 35,900,662 16,232,369 12,853,429 6,309,747 6,169,448 258,014 116,219 3,378,940
383,986 1,639,537 1,304,190
49,348,211 38,245,741 16,998,302 13,468,823 6,043,956 6,918,636 336,414 169,817 3,529,479
469,701 1,508,703 1,337,289
51,784,285 40,260,789 18,007,279 14,321,819 6,144,750 7,562,224 367,800 247,045 3,685,460
400,987 1,792,498 1,397,594
54,559,216 41,319,059 18,495,720 14,682,563 6,145,139 7,871,529 365,281 300,614 3,813,157
387,560 1,877,513 1,478,162
56,981,530 42,404,302 19,415,841 15,371,440 6,344,678 8,434,429 392,559 199,773 4,044,401
389,872 2,136,484 1,467,459
59,184,213 43,726,467 19,355,569 15,455,688 6,334,024 8,474,141 424,928 222,595 3,899,880
382,982 1,939,883 1,523,078
61,185,414 45,141,131 20,003,143 15,962,510 6,493,751 8,773,657 452,565 242,537 4,040,633
386,964 2,032,637 1,566,149
64,456,596 46,296,315 20,744,814 16,661,663 6,795,864 9,082,428 516,406 266,964 4,083,151
380,238 2,023,484 1,624,579
66,460,534 47,782,142 21,187,659 16,984,099 6,772,652 9,365,297 567,719 278,432 4,203,560
378,706 2,065,568 1,696,259
70,928,318 51,006,988 22,682,195 18,181,189 6,857,910 10,398,582 645,035 279,662 4,501,006
443,668 2,166,695 1,828,523
73,953,321 53,924,555 23,818,425 19,161,872 6,868,281 11,297,557 710,654 285,380 4,656,553
416,381 2,235,709 1,926,293
77,814,084 56,435,604 24,555,172 19,749,176 6,839,611 11,831,242 793,017 285,306 4,805,995
417,838 2,310,615 1,995,658
79,919,360 59,086,517 24,272,609 19,351,643 6,643,899 11,463,601 896,591 347,552 4,920,967
379,858 2,438,066 2,021,030
82,678,490 62,212,254 25,258,198 20,352,812 6,821,226 12,281,046 891,412 359,128 4,905,385
371,152 2,446,607 1,997,041
90,074,974 65,429,580 25,252,665 20,302,575 6,467,803 12,619,258 901,823 313,691 4,950,090
355,387 2,506,432 1,985,728
95,227,611 72,138,258 25,665,853 20,478,762 6,321,469 12,887,092 950,900 319,301 5,187,091
568,447 2,516,759 1,985,872
93,463,285 71,660,080 26,171,483 20,893,536 5,992,263 13,364,864 939,386 597,023 5,277,947
487,781 2,702,329 1,979,659
96,193,971 73,664,892 25,947,957 20,688,711 5,912,157 13,278,774 909,137 588,644 5,259,246
512,620 2,685,000 1,952,841
92,441,241 61,861,257 24,831,173 19,811,874 5,621,581 12,851,305 761,528 577,460 5,019,299
606,342 2,369,860 1,932,713
92,110,369 56,873,985 24,611,686 19,315,252 5,524,971 12,628,476 905,496 256,310 5,296,434
715,230 2,155,090 1,844,239
89,131,033 56,687,070 24,268,992 18,926,681 3,753,296 14,058,136 864,786 250,463 5,342,310
732,873 2,200,716 1,829,211
91,620,805 57,470,932 24,811,378 19,204,753 3,259,421 15,091,450 590,595 263,288 5,606,625
308,239 2,658,709 2,071,072
94,337,032 59,601,029 25,501,170 19,915,304 3,336,383 15,753,055 593,622 232,243 5,585,866
334,396 2,639,627 2,044,003
97,046,108 62,112,394 25,996,858 20,350,130 4,765,297 14,592,222 582,728 409,883 5,646,728
789,689 2,261,728 2,020,857
101,340,362 57,719,485 24,444,938 18,781,531 4,247,638 13,622,662 580,743 330,489 5,663,407
809,458 2,281,554 2,018,530
Note: Since December 1992, foreign banks branches have been included. 1) Insurance companies included.
TOTAL
59*
Annual Report 1999
Statistical Section
18. DOMESTIC CREDIT

(continued)
Period
1985 Dec.
1986 Dec.
1987 Dec.
1988 Dec.
1989 Dec.
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
TO GOVERNMENT, NET
Convertible Total
Public
Unemploy- Treasury
currency
debt
ment
bills
benefit fund
Other 1) domestic
deposits
credits
...
...
...
...
...
...
...
521
2,820
7,470
6,142
8,469
8,217
9,097
8,668
10,627
10,918
23,088
24,491
26,379
30,353
41,859
40,664
39,829
46,960
52,208
49,927
59,382
72,605
77,496
78,579
76,714
76,275
81,578
86,102
74,240
69,731
68,039
66,440
82,786
81,718
79,418
62,145
60,450
51,659
51,227
213,786
94,381
69,923
50,586
53,938
54,884
54,851
63,027
62,120
78,170
81,884
82,013
90,585
102,543
116,013
108,177
108,785
110,384
581,875
579,511
568,605
567,840
574,454
553,865
12,398
9,758
19,640
18,182
20,309
23,100
57,915
213,951
841,700
2,049,867
2,203,309
2,291,398
2,538,924
2,692,738
2,901,895
3,065,475
3,218,308
3,477,279
3,744,570
4,095,587
4,673,619
4,860,145
4,899,925
5,526,800
5,751,975
6,023,529
6,108,398
6,521,113
7,063,799
7,288,784
7,589,778
8,288,460
8,755,801
9,898,472
15,237,437
20,550,580
18,498,769
18,223,549
20,686,884
20,605,554
21,359,970
22,914,474
23,318,581
23,941,968
20,086,341
19,668,294
21,247,439
22,253,510
22,823,339
22,988,461
24,370,898
25,137,989
25,551,501
26,594,483
28,324,792
30,106,131
31,880,432
34,813,908
36,954,056
40,176,915
46,472,405
45,488,597
47,716,935
37,030,084
32,262,299
32,418,078
32,659,554
34,099,860
36,115,536
33,274,548
208,860
234,998
313,054
358,002
313,193
73,748
53,872
134,402
638,367
301,152
677,715
740,721
565,494
374,610
332,578
25,141
207,177
462,687
168,585
435,451
528,015
963,635
1,184,776
1,238,556
1,264,825
1,422,448
838,076
1,639,032
1,880,396
2,067,666
2,709,659
3,488,091
3,958,180
4,608,582
4,596,931
4,523,095
5,216,835
4,732,028
4,443,322
1,501,508
3,020,241
2,322,724
4,375,377
4,989,077
9,713,884
11,531,334
11,102,470
11,523,497
13,240,157
14,577,229
15,457,746
16,044,283
18,160,281
18,678,391
19,921,330
20,028,765
21,378,480
20,832,843
20,466,237
24,645,394
23,089,353
21,803,205
22,529,079
30,579,984
35,236,384
32,443,963
34,149,873
34,736,003
34,933,714
43,620,877
124,070
155,314
155,172
225,199
225,189
225,468
224,494
224,494
224,557
196,536
187,541
186,633
186,633
186,633
186,633
158,883
158,883
158,883
158,774
158,772
149,928
149,928
149,928
149,936
149,936
149,936
149,913
149,913
149,913
144,769
144,769
143,619
143,667
142,001
141,824
141,824
141,824
141,824
141,825
141,825
305,667
438,157
145,972
155,650
143,564
143,564
143,564
143,564
143,564
142,161
139,302
137,262
137,262
137,264
137,264
137,264
137,265
137,264
137,264
137,264
4,602
32,896
124,819
321,342
460,557
509,799
534,521
1,066,038
1,093,821
1,131,881
1,174,783
1,275,615
1,265,372
1,339,028
1,441,605
1,472,697
1,712,196
1,761,281
1,795,579
1,823,683
1,782,242
1,866,904
1,944,474
2,004,424
2,086,060
2,164,523
2,246,449
2,340,865
28,079
23,075
20,524
18,067
16,344
14,839
13,760
12,288
40,566
39,796
39,743
138,060
67,995
56,521
55,587
54,534
53,337
51,261
48,893
126,464
123,598
121,340
117,136
114,682
101,340
93,602
92,246
86,455
84,384
155,214
153,174
224,677
220,642
216,093
159,156
156,508
152,735
142,556
212,886
212,885
676,773
677,758
677,758
652,876
683,586
691,265
545,943
646,791
642,136
677,772
708,868
939,944
1,127,044
1,221,567
1,275,499
1,317,825
1,430,797
1,603,554
1,606,638
3,488,517
3,494,764
3,764,299
4,087,431
4,438,389
4,122,495
5,012,366
5,000,143
4,846,472
4,954,731
6,340,651
6,340,433
3,883,072
4,392,417
5,752,249
5,792,791
5,674,395
5,639,046
6,550,169
8,137,041
8,822,379
11,336,109
11,076,002
11,987,692
11,940,885
10,995,109
15,096,358
14,580,819
16,032,377
16,222,234
16,506,633
15,155,023
16,826,696
16,498,717
14,793,680
11,985,461
11,716,001
12,336,734
15,867,832
60*
Other
credits to
government
363,000
447,000
469,262
534,000
635,000
715,000
797,000
1,040,277
1,070,277
1,140,277
1,140,277
1,140,277
1,140,277
1,140,277
1,140,277
1,140,277
1,140,277
1,140,276
1,132,000
1,132,000
1,132,000
1,132,000
1,132,000
1,132,000
1,132,000
1,132,000
1,132,000
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
2,508,000
3,432,300
5,857,300
4,877,300
3,445,403
1,570,403
1,120,403
Other
extrabudgetary
accounts
Forex
bonds
General
Account
of State
Treasury
...
x
x
...
x
x
...
x
x
...
x
x
...
x
x
8,219
x
x
30,511
x
x
71,893
x
x
365,410
x
x
666,734
x
x
778,419
x
x
901,062
x
x
691,593
x
x
647,126
x
x
628,630
x
x
659,741
x
x
738,427
x
x
822,543
x
x
1,015,109
x
x
1,155,503
x
x
1,095,610
x
x
1,294,693
x
x
1,383,910
x
x
1,447,146
x
x
1,673,686
x
x
1,622,380
x
x
1,848,426
x
x
1,644,335
x
x
1,869,552
x
x
1,882,601
320,943
x
2,052,815
341,752
x
2,472,020
353,890
x
2,442,485
376,336
x
1,089,323
422,868
274,793
1,171,464
621,674
34,007
1,163,557
811,571 254,303
1,436,931 1,257,880
191,547
1,741,233 1,275,417 789,511
1,731,253 1,278,238 1,180,329
4,637,393 1,263,455 399,860
3,020,185 1,313,439 1,096,031
3,017,960
560,325 578,486
3,258,849
570,450 474,537
2,088,190
580,425
45
1,648,695
589,500 1,247,892
1,918,746
601,725 669,845
1,398,978
618,600 770,591
1,401,455
607,875 1,386,511
1,590,512 1,467,721 328,460
1,169,304 2,305,467 1,156,024
1,496,775 2,351,385 1,550,444
1,483,880 2,377,054 1,688,076
1,391,896 3,251,543 2,978,354
1,283,856 3,330,079 2,394,268
1,270,323 3,915,418 2,657,344
1,319,353 4,008,199 2,542,880
1,699,959 4,207,710
67,810
5,372,787 4,570,380
22,918
1,752,709 4,846,616 3,546,281
2,030,172 5,330,692 1,006,180
2,404,208 4,606,682 1,344,563
2,360,586 4,620,480 2,966,493
3,240,149 6,040,843 1,449,035
3,512,278 8,542,057 3,892,413
3,776,315 7,742,615 1,358,091
3,575,167 7,831,514 5,205,327
3,120,222 9,508,413 3,374,626
2,321,706 9,728,538 3,911,203
2,820,619 10,318,186 2,336,743
2,575,596 14,021,955 2,846,741
Other
Other
government public
securities deposits,
net
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
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
3,374,497
3,374,497
7,874,497
7,874,497
7,874,497
7,874,497
8,175,926
8,175,876
8,175,877
8,175,926
8,175,925
8,175,926
8,175,927
8,175,927
8,175,927
8,170,763
8,170,563
8,168,845
8,168,845
8,168,844
8,350,804
12,532,670
15,237,025
15,277,951
17,594,561
18,894,546
18,894,546
21,087,847
208,860
234,998
313,054
358,002
313,193
60,926
114,535
93,003
106,787
458,384
172,428
256,508
290,870
464,085
162,619
512,971
880,831
1,138,704
1,155,146
1,484,135
1,470,554
2,093,593
2,391,940
2,242,177
2,336,099
2,306,454
1,987,702
2,619,811
3,033,370
2,821,617
3,688,394
3,073,942
3,588,517
17,889
165,541
565,251
176,859
284,286
184,305
831,407
393,250
1,083,065
2,278,646
862,764
249,708
182,376
1,262,995
227,875
215,003
231,268
251,640
253,792
250,146
245,458
252,264
259,040
257,117
1,644,877
1,876,430
1,895,185
2,210,445
2,218,554
2,310,457
2,408,838
2,452,454
2,452,612
3,104,921
2,656,420
2,872,286
2,902,088
Annual Report 1999
Statistical Section
19. BROAD MONEY

- end of period Period
M2
Total
M1
Total
1985 Dec.
1986 Dec.
1987 Dec.
1988 Dec.
1989 Dec.
1990 Dec.
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Currency outside
banks
Demand
deposits 1)
QUASI-MONEY
Total
bill.lei
bill.lei
%
bill.lei
%
bill.lei
%
bill.lei
318.8
161.8 50.8
54.6 17.1
107.2 33.6
157.0
344.0
172.5 50.1
59.7 17.4
112.8 32.8
171.5
359.2
177.2 49.3
60.2 16.8
117.0 32.6
182.0
395.9
205.8 52.0
64.6 16.3
141.2 35.7
190.1
420.9
215.2 51.1
74.3 17.7
140.9 33.5
205.7
514.4
217.2 48.6
92.4 18.0
157.0 30.6
297.2
1,033.3
696.6 67.4
176.5 17.3
520.1 50.2
336.7
1,856.1
1,028.2 55.4
411.5 22.2
616.8 33.2
827.8
4,472.4
2,231.3 49.9
1,048.7 23.4
1,182.6 26.4
2,241.1
10,648.7
4,534.2 42.6
2,200.6 20.7
2,333.6 21.9
6,114.5
10,447.7
3,998.2 38.3
2,010.9 19.2
1,987.3 19.0
6,449.5
10,565.7
3,846.9 36.4
2,053.1 19.4
1,793.8 17.0
6,718.8
11,191.2
4,068.7 36.4
2,016.4 18.0
2,052.3 18.3
7,122.5
11,504.6
4,241.7 36.9
2,359.0 20.5
1,882.7 16.4
7,262.9
12,037.9
4,354.7 36.2
2,256.9 18.7
2,097.8 17.4
7,683.2
12,753.4
4,639.0 36.4
2,501.8 19.6
2,137.2 16.8
8,114.4
13,352.2
4,990.6 37.4
2,714.2 20.3
2,276.4 17.0
8,361.6
14,078.7
5,252.8 37.3
2,850.8 20.2
2,402.0 17.1
8,825.9
14,622.3
5,516.3 37.7
3,086.9 21.1
2,429.5 16.6
9,105.9
15,395.8
5,905.6 38.4
3,164.5 20.6
2,741.1 17.8
9,490.2
16,607.2
6,249.5 37.6
3,357.3 20.2
2,892.2 17.4 10,357.8
18,278.1
7,083.2 38.8
3,760.5 20.6
3,322.7 18.2 11,194.9
18,254.0
6,557.1 35.9
3,398.5 18.6
3,158.6 17.3 11,696.9
18,904.6
6,376.2 33.7
3,273.9 17.3
3,102.2 16.4 12,528.4
19,359.7
6,416.1 33.1
3,291.3 17.0
3,124.8 16.1 12,943.6
19,797.5
6,740.3 34.0
3,483.2 17.6
3,257.1 16.5 13,057.2
20,644.4
7,078.8 34.3
3,520.0 17.1
3,558.8 17.2 13,565.6
21,405.2
7,347.9 34.3
3,931.6 18.4
3,416.3 16.0 14,057.4
22,580.7
7,843.2 34.7
3,940.3 17.4
3,902.9 17.3 14,737.5
23,235.7
8,078.6 34.8
4,108.9 17.7
3,969.7 17.1 15,157.1
24,113.5
8,506.4 35.3
4,271.0 17.7
4,235.4 17.6 15,607.1
25,927.6
9,515.8 36.7
4,524.6 17.5
4,991.2 19.3 16,411.9
27,687.9 10,168.1 36.7
4,854.0 17.5
5,314.1 19.2 17,519.8
30,334.6 11,173.4 36.8
5,382.7 17.7
5,790.6 19.1 19,161.3
33,623.2
9,724.8 28.9
4,435.4 13.2
5,289.4 15.7 23,898.4
37,805.2
8,901.8 23.5
4,365.2 11.5
4,536.5 12.0 28,903.4
37,865.6
8,948.2 23.6
4,741.1 12.5
4,207.1 11.1 28,917.4
39,747.4 10,096.2 25.4
5,415.1 13.6
4,681.2 11.8 29,651.2
41,641.1 10,551.1 25.3
5,421.3 13.0
5,129.7 12.3 31,090.0
43,956.9 11,854.1 27.0
6,362.8 14.5
5,491.3 12.5 32,102.8
47,822.5 12,805.5 26.8
6,755.1 14.1
6,050.3 12.7 35,017.1
49,317.5 13,387.3 27.1
7,347.4 14.9
6,039.9 12.2 35,930.2
51,526.7 14,762.9 28.7
8,359.1 16.2
6,403.8 12.4 36,763.8
53,259.2 15,240.2 28.6
8,523.4 16.0
6,716.9 12.6 38,019.0
56,404.3 15,577.8 27.6
8,903.4 15.8
6,674.4 11.8 40,826.5
62,150.4 18,731.1 30.1
9,200.1 14.8
9,531.1 15.3 43,419.3
60,260.1 15,150.9 25.1
8,503.7 14.1
6,647.2 11.0 45,109.2
61,838.6 15,620.7 25.3
8,647.3 14.0
6,973.4 11.3 46,217.9
63,809.7 15,366.3 24.1
8,198.3 12.8
7,168.0 11.2 48,443.5
64,884.6 15,665.2 24.1
9,105.6 14.0
6,559.6 10.1 49,219.4
66,869.1 16,126.6 24.1
9,526.2 14.2
6,600.4 9.9 50,742.5
69,478.4 17,311.5 24.9 10,300.1 14.8
7,011.4 10.1 52,166.9
70,993.4 17,410.1 24.5 10,431.9 14.7
6,978.2 9.8 53,583.3
72,798.2 17,906.3 24.6 10,766.3 14.8
7,140.0 9.8 54,891.9
75,068.3 18,638.0 24.8 11,230.6 15.0
7,407.4 9.9 56,430.3
76,567.7 18,189.1 23.8 11,180.0 14.6
7,009.1 9.2 58,378.6
79,196.1 18,759.2 23.7 11,098.5 14.0
7,660.8 9.7 60,436.9
92,529.9 22,109.7 23.9 11,525.0 12.5 10,584.7 11.4 70,420.1
91,953.6 18,227.6 19.8 11,104.1 12.1
7,123.5 7.7 73,725.9
96,526.5 18,699.6 19.4 11,796.8 12.2
6,902.7 7.2 77,827.0
100,764.1 19,301.7 19.2 11,522.9 11.4
7,778.8 7.7 81,462.4
98,920.7 19,478.1 19.7 12,161.9 12.3
7,316.2 7.4 79,442.6
100,167.7 20,612.3 20.6 12,625.7 12.6
7,986.6 8.0 79,555.4
103,497.7 22,466.0 21.7 13,888.4 13.4
8,577.6 8.3 81,031.6
108,978.4 23,592.6 21.6 14,881.2 13.7
8,711.4 8.0 85,385.8
110,926.1 23,453.4 21.1 14,706.1 13.3
8,747.4 7.9 87,472.7
114,171.1 24,340.9 21.3 15,559.5 13.6
8,781.4 7.7 89,830.2
116,383.3 24,289.1 20.9 15,718.7 13.5
8,570.4 7.4 92,094.2
119,743.2 23,965.8 20.0 15,087.5 12.6
8,878.3 7.4 95,777.4
134,122.5 29,668.9 22.1 17,371.6 13.0 12,297.3 9.2 104,453.6
1) Until December 1991, it also included time deposits of economic agents.
61*
%
49.2
49.9
50.7
48.0
48.9
51.4
32.6
44.6
50.1
57.4
61.7
63.6
63.6
63.1
63.8
63.6
62.6
62.7
62.3
61.6
62.4
61.2
64.1
66.3
66.9
66.0
65.7
65.7
65.3
65.2
64.7
63.3
63.3
63.2
71.1
76.5
76.4
74.6
74.7
73.0
73.2
72.9
71.3
71.4
72.4
69.9
74.9
74.7
75.9
75.9
75.9
75.1
75.5
75.4
75.2
76.2
76.3
76.1
80.2
80.6
80.8
80.3
79.4
78.3
78.4
78.9
78.7
79.1
80.0
77.9
Household
savings
bill.lei
153.2
167.3
176.5
185.6
201.7
249.1
261.8
409.2
645.8
2,727.6
2,976.3
3,101.7
3,278.4
3,385.7
3,556.5
3,738.8
3,932.2
4,114.5
4,230.1
4,334.9
4,443.1
5,136.4
5,544.1
5,844.5
6,042.4
6,436.6
6,670.2
6,921.0
7,129.6
7,289.4
7,431.0
7,620.5
7,868.2
8,808.1
9,367.7
10,016.7
10,981.3
12,052.0
13,490.6
14,565.6
15,404.8
15,765.8
16,286.8
16,934.1
17,701.4
20,165.5
20,793.3
21,890.9
22,426.5
23,380.4
24,429.1
25,153.2
25,797.1
26,367.5
26,626.7
27,306.1
28,227.3
30,966.7
32,484.1
32,958.9
32,110.2
30,943.0
29,673.6
30,214.7
32,208.6
33,220.9
34,178.2
34,709.9
35,086.4
39,238.1
%
48.1
48.6
49.1
46.9
47.9
48.5
25.3
22.0
14.4
25.6
28.5
29.4
29.3
29.4
29.5
29.3
29.4
29.2
28.9
28.2
26.8
28.1
30.4
30.9
31.2
32.5
32.3
32.3
31.6
31.4
30.8
29.4
28.4
29.0
27.9
26.5
29.0
30.3
32.4
33.1
32.2
32.0
31.6
31.8
31.4
32.4
34.5
35.4
35.1
36.0
36.5
36.2
36.3
36.2
35.5
35.7
35.6
33.5
35.3
34.1
31.9
31.3
29.6
29.2
29.6
29.9
29.9
29.8
29.3
29.3
Time and
restricted
deposits (lei)
bill.lei
x
x
x
x
x
x
34.5
86.5
298.8
1,028.7
1,107.0
1,182.4
1,298.2
1,315.6
1,424.6
1,457.2
1,485.6
1,678.3
1,698.8
1,809.4
1,933.6
1,926.5
2,093.4
2,080.0
2,154.1
2,087.3
2,166.3
2,278.1
2,462.4
2,678.0
2,746.7
3,040.7
3,179.2
3,267.5
3,689.0
3,831.8
4,104.4
3,665.9
4,353.7
4,462.5
5,515.7
5,365.1
5,111.3
5,195.0
5,446.1
5,567.5
6,266.8
6,366.8
6,571.3
6,965.6
6,887.6
6,925.6
7,105.7
7,149.2
7,861.4
8,375.6
8,749.8
9,252.0
9,502.8
10,236.9
10,364.4
10,693.4
11,223.9
11,926.6
12,900.5
13,865.4
13,490.2
13,294.7
12,738.0
14,733.9
x
x
x
x
x
x
3.3
4.7
6.7
9.7
10.6
11.2
11.6
11.4
11.8
11.4
11.1
11.9
11.6
11.8
11.6
10.5
11.5
11.0
11.1
10.5
10.5
10.6
10.9
11.5
11.4
11.7
11.5
10.8
11.0
10.1
10.8
9.2
10.5
10.2
11.5
10.9
9.9
9.8
9.7
9.0
10.4
10.3
10.3
10.7
10.3
10.0
10.0
9.8
10.5
10.9
11.0
10.0
10.3
10.6
10.3
10.8
11.2
11.5
11.8
12.5
11.8
11.4
10.6
11.0
Residents'
deposits in
convertible
currencies
bill.lei
%
3.8 1.2
4.2 1.2
5.5 1.5
4.5 1.1
4.0 0.9
15.1 2.9
40.4 3.9
332.2 17.9
1,296.4 29.0
2,358.1 22.1
2,366.2 22.6
2,434.6 23.0
2,545.9 22.7
2,561.6 22.3
2,702.1 22.4
2,918.4 22.9
2,943.8 22.0
3,033.1 21.5
3,177.0 21.7
3,345.9 21.7
3,981.0 24.0
4,132.0 22.6
4,059.4 22.2
4,603.8 24.4
4,747.1 24.5
4,533.4 22.9
4,729.1 22.9
4,858.3 22.7
5,145.5 22.8
5,189.7 22.3
5,429.3 22.5
5,750.7 22.2
6,472.5 23.4
7,085.6 23.4
10,841.8 32.2
15,054.9 39.8
13,831.7 36.5
13,933.3 35.1
13,245.7 31.8
13,074.7 29.7
14,096.6 29.5
14,799.4 30.0
15,365.7 29.8
15,889.8 29.8
17,679.1 31.3
17,686.3 28.5
18,049.1 30.0
17,960.1 29.0
19,445.7 30.5
18,873.5 29.1
19,425.7 29.1
20,088.0 28.9
20,680.5 29.1
21,375.2 29.4
21,942.2 29.2
22,697.0 29.6
23,459.7 29.6
30,201.5 32.6
31,739.0 34.5
34,631.2 35.9
38,987.8 38.7
37,806.2 38.2
38,657.9 38.6
38,890.3 37.6
40,276.7 37.0
40,386.3 36.4
42,161.8 36.9
44,089.6 37.9
47,953.0 40.0
50,481.5 37.6
Annual Report 1999
Statistical Section
20. BROAD MONEY AND CREDIT DYNAMICS

Period
1991 Dec.
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1995
1996
1997
1998
1999
- monthly percentage change BROAD MONEY (M2)

DOMESTIC CREDIT
M1
Quasi-money
To non-government
Total
Total
Total
of which: Total
of which:
Total
of which:
of which:
currency
lei deposits
Residents'
StatePrivate In lei
In
outside
Total
of which: foreign
owned
sector
foreign
banks
household currency
sector 1)
currencies
savings
deposits
28.3
35.8
6.9
15.3
20.6
6.6
12.9
65.4
53.0
57.5
22.2
57.3
5.3
20.6
18.5
16.6
23.2
18.4
32.7
31.2
11.6
9.7
8.5
21.0
7.4
31.8
18.7
15.5
8.8
22.0
26.8
42.9
18.7
24.3
7.6
8.0
5.3
4.6
24.8
18.7
20.0
15.4
17.7
24.1
30.8
8.6
25.1
6.9
3.0
54.7
6.8
7.0
1.9
11.8
8.6
5.5
8.7
9.1
0.3
0.1
3.9
1.2
11.9
2.9
7.5
1.1
3.8
2.1
4.2
4.9
4.2
2.9
3.3
3.7
2.0
8.5
3.6
4.0
5.9
5.8
1.8
6.0
6.8
5.7
4.6
7.3
5.1
3.5
9.1
3.4
10.8
2.8
4.3
17.0
2.0
2.7
3.3
0.6
6.2
4.1
3.4
5.7
3.5
6.1
4.6
2.7
4.3
5.8
6.0
5.0
5.5
3.6
3.1
0.4
9.4
1.6
7.8
5.9
6.5
10.8
5.6
4.3
5.1
8.0
6.2
3.3
2.0
6.2
2.5
5.6
4.7
7.6
8.5
3.0
4.3
5.2
0.9
6.7
4.8
5.0
4.3
4.7
5.0
5.4
5.3
5.0
5.6
6.9
4.6
3.0
7.2
5.2
4.0
7.8
4.3
8.0
3.9
5.0
8.3
3.2
2.4
2.8
4.7
4.7
7.1
3.9
13.5
6.8
7.7
5.3
7.1
2.5
4.2
3.6
2.5
5.3
8.3
6.5
5.1
9.1
5.4
9.4
7.9
5.8
6.1
9.1
3.8
2.5
19.0
6.5
6.1
3.5
10.7
3.0
14.1
10.1
13.3
12.0
8.1
10.8
15.6
3.8
6.2
3.6
3.8
3.4
3.5
4.0
0.1
7.4
9.6
4.5
8.1
7.9
1.8
3.2
2.1
11.0
24.5
2.6
0.8
3.6
2.8
3.7
7.1
3.8
5.4
13.4
4.3
4.3
1.2
8.0
0.7
12.8
2.4
0.6
0.5
3.3
3.4
3.4
3.1
3.2
3.3
8.6
16.9
3.0
4.1
2.3
5.1
5.8
0.9
4.0
6.5
4.5
3.8
3.2
19.6
11.4
2.5
4.7
4.3
5.0
1.1
3.9
3.7
3.6
4.3
0.6
3.8
4.0
3.5
5.0
1.4
3.7
3.8
11.7
3.6
4.1
3.8
2.7
6.5
2.7
2.8
2.5
0.8
6.8
5.5
6.7
0.2
4.8
4.3
3.0
5.9
6.4
5.7
7.0
4.2
4.4
8.3
2.9
3.0
4.3
2.8
3.9
2.2
0.9
3.0
2.4
2.2
2.6
2.0
3.2
3.8
5.3
3.9
3.0
2.1
1.9
4.6
5.4
3.0
2.1
4.0
2.4
4.1
7.5
11.9
5.9
5.2
4.8
2.6
5.9
9.7
7.3
6.8
8.0
6.4
9.2
6.8
6.9
7.3
6.8
3.6
3.3
12.6
6.4
5.4
1.7
9.8
5.2
5.6
9.6
9.9
10.9
9.4
9.3
11.9
9.5
8.4
7.1
2.2
12.6
3.9
13.1
10.8
13.0
17.6
24.7
8.1
6.4
53.0
16.9
19.8
20.5
19.2
0.1
53.9
12.4
8.5
1.6
20.9
6.1
6.9
38.9
13.9
16.1
19.5
12.6
0.8
34.9
0.2
0.5
8.6
0.0
8.9
9.6
8.1
3.7
6.1
7.4
4.6
1.3
10.0
5.0
12.8
14.2
2.5
4.2
9.7
0.7
2.3
1.3
1.8
0.7
1.0
1.5
4.8
4.5
0.1
4.9
13.5
11.9
4.9
2.7
3.9
3.7
4.1
6.9
13.5
5.6
12.3
17.4
3.3
6.6
8.0
1.3
6.7
0.6
0.1
1.2
2.0
0.4
8.8
8.0
6.2
9.1
9.9
5.8
7.8
7.2
3.3
2.4
4.1
2.7
3.7
3.1
4.5
8.8
2.6
1.0
2.3
5.0
4.0
6.1
6.6
5.7
4.6
7.3
4.5
10.3
13.8
2.3
1.3
3.3
3.8
1.4
3.7
9.7
2.5
11.1
1.8
3.4
3.2
2.0
3.4
3.4
4.0
3.4
5.0
4.0
0.3
7.8
6.0
2.7
5.9
2.2
4.5
7.4
4.6
4.5
11.3
2.8
8.8
24.2
4.0
2.3
16.1
10.2
20.2
3.3
6.4
11.2
13.9
0.0
3.2
1.0
3.9
0.8
0.4
2.1
3.0
19.1
7.6
3.9
5.2
3.1
2.1
4.0
6.5
0.5
10.6
4.7
8.0
2.6
3.1
1.7
2.5
4.4
5.3
0.5
4.9
5.3
7.3
11.8
5.9
4.7
3.2
1.6
5.2
4.8
2.6
2.4
8.3
5.4
2.6
0.7
4.1
2.7
2.6
1.7
1.9
11.1
1.6
4.6
4.3
2.9
4.4
2.6
3.2
5.0
5.0
0.7
3.1
2.9
4.6
3.1
3.2
4.5
2.9
3.9
3.1
0.7
4.0
0.3
6.0
3.9
7.3
8.1
2.8
2.4
3.0
3.4
3.4
3.2
2.1
5.2
3.3
3.1
2.2
0.6
1.3
2.7
2.6
2.6
2.9
5.3
2.6
2.1
2.7
3.7
1.6
2.5
2.9
3.2
2.4
1.9
2.2
3.4
3.1
3.2
2.2
3.6
2.1
4.1
3.1
4.1
4.3
2.8
2.9
1.0
2.7
6.7
6.7
1.8
8.4
7.1
6.5
2.0
2.4
0.5
3.5
3.5
2.6
3.4
4.3
5.7
1.2
7.1
5.0
6.3
3.4
3.1
0.7
3.5
3.6
3.4
3.4
5.2
4.7
2.4
5.3
3.1
5.9
16.8
17.9
3.8
16.5
8.8
9.7
28.7
2.7
4.7
1.8
5.5
1.2
9.2
0.6
17.6
3.7
4.7
4.4
4.9
5.1
3.5
5.3
5.1
5.3
4.1
6.1
5.0
2.6
6.2
5.6
2.9
1.5
9.1
8.9
5.2
0.6
6.8
0.0
8.7
4.4
3.2
2.3
4.7
1.7
2.6
12.6
5.7
10.3
11.2
10.0
1.6
15.7
1.8
0.9
5.5
2.5
2.0
3.6
3.0
1.9
0.7
12.1
2.3
2.0
2.1
1.3
5.8
3.8
0.1
1.8
4.1
2.3
2.9
2.8
0.1
3.4
0.9
4.9
3.3
9.0
10.0
1.9
3.0
1.8
0.6
3.9
16.0
4.7
18.5
4.3
22.4
5.3
5.0
7.1
5.4
7.0
6.6
3.6
0.4
8.1
1.3
9.8
0.9
12.9
1.8
0.6
1.2
2.4
4.4
3.1
0.3
3.2
0.3
22.6
5.9
1.4
0.5
2.9
3.8
5.8
2.7
1.2
2.9
4.4
2.8
1.4
14.6
4.6
2.2
0.7
1.9
0.2
1.0
2.5
0.7
1.6
4.6
3.0
3.7
4.8
3.5
2.8
4.4
2.9
1.3
4.0
4.0
0.4
1.1
8.8
2.9
4.2
44.3
2.5
1.9
5.9
12.0
23.8
15.1
9.1
12.9
11.8
5.3
4.4
7.1
13.3
5.5
6.0
7.9
Percentage change as compared to the end of previous year
71.6
56.2
70.9
83.1
88.0
88.3
75.2
89.5
73.3
45.1
159.1
55.7
137.1
66.0
57.7
43.1
71.2
71.0
71.5
71.5
80.8
63.3
30.5
119.1
46.4
103.7
104.9
67.6
70.9
126.6
113.1
128.9
149.6
50.8
33.8
2.8
70.9
4.2
98.7
48.9
18.0
25.3
62.2
56.3
53.6
70.8
68.5
64.6
2.0
103.0
49.5
77.0
45.0
34.2
50.7
48.3
2.3
26.7
67.1
26.8
2.3
16.6
1.7
0.7
4.4
1) Until December 1994, convertible currency credits to non-government were included in the state-owned sector only.
62*
Annual Report 1999
Statistical Section
21. REFINANCING FROM THE NATIONAL BANK OF ROMANIA

Period
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1995
1996
1997
1998
1999
Structural
credit 1)
bill.lei
89.0
474.0
1,516.8
1,417.3
1,235.3
1,250.0
1,256.7
1,230.0
1,160.4
1,043.3
1,237.8
1,134.3
1,367.9
1,692.9
1,670.8
1,505.3
1,502.6
1,455.8
1,539.2
1,278.7
1,060.5
1,071.8
969.2
755.4
1,016.2
1,978.4
2,643.1
2,659.6
2,635.9
2,303.9
1,940.2
1,459.1
1,285.1
1,089.6
740.5
359.3
55.2
14.7
Preferential Auction credit Special credit

credit 2)
3)
% bill.lei %
bill.lei
%
bill.lei
25.4 255.4 72.8
4.8 1.4
30.8 306.9 19.9 572.9 37.2
63.1 76.0 3.2 801.4 33.4

7.1
63.9 60.4 2.7 729.8 32.9
3.6
56.1 60.4 2.7 832.9 37.8
29.0
55.6 60.4 2.7 872.6 38.8
65.0
61.2 60.4 2.9 733.7 35.7
1.8
59.9 60.4 2.9 747.4 36.4
16.0
55.6 59.6 2.9 811.0 38.9
26.6
46.8 35.2 1.6 925.2 41.5
84.6
52.3 34.9 1.5 865.6 36.5
32.4
43.9 34.9 1.3 974.8 37.7 208.6
47.6 34.9 1.2 1,053.9 36.7
80.1
50.6 34.5 1.0 889.7 26.6 476.2
46.9 31.2 0.9 824.8 23.1 815.4
40.9
8.4 0.2 946.2 25.7 1,028.1
41.5
8.4 0.2 950.9 26.2 952.0
40.0
7.9 0.2 926.3 25.5 1,152.2
38.6
7.1 0.2 832.8 20.9 1,488.5
29.6
7.1 0.2 591.8 13.7 1,619.1
24.4
7.1 0.2 358.5 8.3 1,715.4
22.7
7.1 0.2 467.1 9.9 516.9
31.6
6.4 0.2 388.1 12.7 137.0
23.7
6.2 0.2 429.2 13.4
24.6
5.8 0.1 1,090.2 26.4
15.7
39.9
5.4 0.1 1,354.8 27.3
55.7
48.6
5.0 0.1 1,547.3 28.4
63.7
51.9
4.6 0.1 1,415.4 27.6
16.3
60.8
4.4 0.1 563.4 13.0
56.9
4.3 0.1 530.3 13.1
59.2
4.0 0.1 166.5 5.1
59.9
3.6 0.1
62.5
3.5 0.2
59.8
3.3 0.2
50.8
3.2 0.2
33.4
3.1 0.3
6.9
2.4 0.3
x
38.3
0.9
2.2 0.1
x 914.3
x
1.8 0.2
x
1.5 0.2
x
1.4 0.2
x
1.3 0.2
x
1.2 0.2
x
1.0 0.2
x
0.9 0.2
x
0.9 0.2
x
0.9 0.2
x
0.8 0.1
x
0.7 0.1
x
0.6 0.1
x
0.5 0.1
x
0.4 0.1
x
0.3 0.0
x 177.7
x
0.3 0.0
x 3,922.9
x
x 5,238.3
x
x 7,763.2
x
x 9,185.7
x
x 5,305.3
x
x 4,231.0
x
x 3,844.4
x
x 347.4
x
x 1,267.3
x
x 1,743.4
Lombard
credit 4)
bill.lei
%
x
1.6 0.5
x 187.5 12.2
0.3
1.4 0.1
0.2
8.5 0.4
1.3
43.3 2.0
2.9
1.1 0.0
0.1
0.5 0.0
0.8
0.9 0.0
1.3
29.7 1.4
3.8 141.5 6.3
1.4 197.8 8.4
8.1 232.6 9.0
2.8 338.0 11.8
14.2 252.9 7.6
22.9 222.8 6.2
27.9 191.5 5.2
26.3 209.7 5.8
31.7
93.9 2.6
37.3
48.2 1.2
37.5 156.4 3.6
39.5 260.2 6.0
11.0 1,646.9 34.9
4.5
x
x
5.4 0.2
0.4
x
1.1
x
1.2
1.0 0.0
0.3
0.7 0.0
x 166.6 3.8
x
32.6 0.8
x
13.2 0.4
x
0.2 0.0
x
x
x
2.5 0.1
x
1.3 0.1
x
0.3 0.0
4.8
0.1 0.0
57.5
0.7 0.0
x
93.8 12.7
x
40.4 6.0
x
28.1 4.4
x
0.4 0.1
x
0.4 0.1
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
24.2
x
87.6
x
90.4
x
93.3
x
94.3
x
90.5
x
88.4
x
87.7
x
40.6
x
71.6
x
77.6
- daily averages Credits

NonTotal
Litigious
Credit granted
granted refinancing debtors
directed
with
5)
impairment of structural according
credit
regulations
to Law
135/1996
bill.lei
bill.lei
% bill.lei % bill.lei %
bill.lei
x
x
x
x
x
x
350.8
x
x
x
x
x
x
x
1,541.3
x
x
x
x
x
x
x
2,402.7
x
x
x
x
x
x
x
2,219.6
x
x
x
x
x
x
x
2,200.9
x
x
x
x
x
x
x
2,249.1
x
x
x
x
x
x
x
2,053.1
x
x
x
x
x
x
x
2,054.7
x
x
x
x
x
x
x
2,087.3
x
x
x
x
x
x
x
2,229.8
x
x
x
x
x
x
x
2,368.5
x
x
x
x
x
x
x
2,585.2
x
x
x
x
x
x
x
2,874.8
x
x
x
x
x
x
x
3,346.2
x
x
x
x
x
x
x
3,565.0
x
x
x
x
x
x
x
3,679.5
x
x
x
x
x
x
x
3,623.6
x
x
x
x
x
x
x
3,636.1
x
71.6
1.8
x
x
x
x
3,987.4
x
662.2 15.3
x
x
x
x
4,315.3
x
935.7 21.6
x
x
x
x
4,337.4
x
1,003.3 21.3
x
x
x
x
4,713.0
x
1,566.5 51.1
x
x
x
x
3,067.2 1,866.0
1,995.1 62.5
x
x
x
x
3,191.3 1,866.0
1,994.7 48.4
x
x
x
x
4,122.6 1,866.0
1,564.9 31.6
x
x
x
x
4,959.2 1,871.3
1,180.5 21.7
x
x
x
x
5,440.6 1,871.3
1,026.1 20.0
x
x
x
x
5,122.7 1,871.3
962.0 22.2
2.9 0.1
3.7 0.1
4,338.9 1,873.6
896.4 22.1 231.0 5.7 52.0 1.3
4,050.5 1,874.7
832.2 25.4 268.3 8.2 52.0 1.6
3,276.4 1,884.5
753.5 30.9 169.4 6.9 52.0 2.1
2,437.8 1,884.5
715.0 34.8
x 52.0 2.5
2,055.6 1,884.5
676.1 37.1
x 52.0 2.9
1,823.5 1,884.5
660.7 45.3
x 52.0 3.6
1,457.7 1,884.5
660.7 61.4
x 52.0 4.8
1,075.4 1,884.5
650.8 81.5
x 52.0 6.5
798.8 1,884.5
605.9 38.1
x 52.0 3.3
1,589.8 1,884.5
592.7 80.1
x 52.0 7.0
740.3 1,884.5
577.2 86.0
x 52.0 7.7
671.1 1,884.5
562.1 87.3
x 52.0 8.1
643.6 1,884.5
547.7 91.1
x 52.0 8.6
601.4 1,884.5
532.6 90.9
x 52.0 8.9
586.2 1,884.5
512.4 90.6
x 52.0 9.2
565.4 1,884.5
503.1 90.5
x 52.0 9.4
556.1 1,884.5
503.1 90.5
x 52.0 9.4
556.0 1,884.5
503.1 90.5
x 52.0 9.4
556.0 1,893.6
503.1 90.5
x 52.0 9.4
555.9 1,895.7
503.1 90.5
x 52.0 9.4
555.9 1,895.7
503.1 90.5
x 52.0 9.4
555.8 1,895.7
503.1 90.6
x 52.0 9.4
555.6 1,912.6
503.1 90.6
x 52.0 9.4
555.5 1,914.4
503.1 68.6
x 52.0 7.1
733.1 1,923.2
503.1 11.2
x 52.0 1.2
4,478.3 1,923.2
503.1
8.7
x 52.0 0.9
5,793.4 1,950.0
503.1
6.0
x 52.0 0.6
8,318.3 1,950.0
503.1
5.2
x 52.0 0.5
9,740.9 1,950.0
503.1
8.6
x 52.0 0.9
5,860.4 1,950.0
503.1 10.5
x 49.9 1.0
4,784.0 1,950.0
503.1 11.5
x 36.4 0.8
4,383.9 1,950.0
503.1 58.7
x
5.9 0.7
856.4 1,950.0
503.1 28.4
x
x
x
1,770.4 1,950.0
503.1 22.4
x
x
x
2,246.5 1,950.0
1,308.1 52.6 47.3 1.9 855.1 34.4 153.3

6.2 122.5 4.9
x
x
x
x
x
x
2,486.2
x
1,398.0 34.2
6.8 0.2 823.6 20.1 728.7 17.8 217.8 5.3 914.5 22.4
x
x
x
x
4,089.4
778.4
1,211.9 50.6
3.4 0.1 223.0 9.3
80.7
3.4
26.0 1.1 752.7 31.4 56.0 2.3 43.6 1.8
2,397.3 1,881.7
x
1.0 0.2
x
5.8 1.0 521.2 89.9
x 52.0 9.0
579.9 1,890.4
x
0.1 0.0
x 3,585.6 86.9
x 503.1 12.2
x 38.0 0.9
4,126.8 1,942.6
Note: Percentage as weight of total refinancing
1) Credit lines until July 31, 1995; 2) Special credit until July 31, 1995; Credits extended at interest rate lower than the refinancing
interest rate or credits on which the interest is not encashed at least once a month; 3) Fixed term credit until July 31, 1995; 4 ) Overdraft
credit until July 31, 1995; 5) Refinancing credits granted and guarantees paid by the NBR in the name of Dacia Felix and Credit Bank.
63*
Annual Report 1999
Statistical Section
22. RESERVE MONEY

Period
1992 Dec.
1993 Dec.
1994 Dec.
1995 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1996 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1997 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1998 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1999 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1995
1996
1997
1998
1999
Vault cash
Currency outside banks Banks' deposits with
Reserve money
(bill. lei)
(bill. lei)
NBR (bill. lei)
(bill. lei)
daily average e.o.p.1) daily average e.o.p.1) daily average e.o.p.1) daily average e.o.p.1)
40.1
48.6
396.4
411.5
113.0
142.2
549.5
602.2
89.3
75.3
1,021.3
1,048.7
170.1
168.0
1,280.7
1,292.1
97.1 197.2
2,145.6
2,200.6
441.7
847.7
2,684.4
3,245.4
107.8 229.3
2,114.5
2,010.9
516.0
294.1
2,738.3
2,534.3
105.7 218.7
2,012.1
2,053.1
386.4
515.0
2,504.2
2,786.8
108.1 214.8
2,048.8
2,016.4
607.1
419.2
2,764.0
2,650.5
105.3 235.9
2,207.8
2,359.0
520.9
422.7
2,834.0
3,017.5
118.8 233.0
2,298.3
2,256.9
496.1
348.7
2,913.2
2,838.6
114.0 208.0
2,383.6
2,501.8
485.7
387.2
2,983.3
3,097.0
127.8 209.0
2,636.5
2,714.2
438.7
309.1
3,203.0
3,232.3
136.6 140.6
2,837.1
2,850.8
487.7
308.4
3,461.4
3,299.9
132.0 128.2
2,982.6
3,086.9
461.5
477.6
3,576.1
3,692.7
137.1 166.8
3,173.4
3,164.5
561.2
544.1
3,871.7
3,875.5
149.6 163.2
3,291.0
3,357.3
833.4
590.0
4,274.0
4,110.4
145.6 190.9
3,638.6
3,760.5
808.0
739.5
4,592.2
4,690.8
161.5 168.2
3,588.6
3,398.5
929.3
678.8
4,679.4
4,245.6
150.8 153.2
3,373.4
3,273.9
925.6
727.0
4,449.8
4,154.2
146.8 157.8
3,300.8
3,291.3
1,073.8
863.4
4,521.4
4,312.5
158.0 194.6
3,462.2
3,483.2
1,128.7
689.0
4,748.9
4,366.9
169.9 174.3
3,556.3
3,520.0
1,161.2 1,092.2
4,887.4
4,786.6
161.4 172.4
3,705.6
3,931.6
1,124.5
886.2
4,991.5
4,990.1
158.1 191.8
3,930.3
3,940.3
1,228.9
761.2
5,317.3
4,893.2
165.6 185.3
4,118.3
4,108.9
1,167.6
806.9
5,451.5
5,101.2
169.9 248.6
4,178.0
4,271.0
1,268.0
954.8
5,615.9
5,474.4
172.0 204.5
4,424.5
4,524.6
1,309.2
997.5
5,905.7
5,726.5
195.3 238.6
4,730.7
4,854.0
1,403.6
993.3
6,329.6
6,085.8
297.7 519.7
5,216.8
5,382.7
1,590.2 1,974.9
7,104.7
7,877.3
319.1 257.6
4,944.4
4,435.4
1,668.3
759.6
6,931.8
5,452.6
231.7 298.7
4,457.1
4,365.2
1,189.5 1,150.7
5,878.3
5,814.7
257.7 384.1
4,727.9
4,741.1
1,751.0 1,312.7
6,736.6
6,438.0
270.3 374.9
5,255.1
5,415.1
1,486.9
632.9
7,012.3
6,422.9
294.9 341.2
5,568.3
5,421.3
1,528.3 1,314.1
7,391.5
7,076.6
298.8 475.4
5,997.1
6,362.8
1,595.5
615.6
7,891.5
7,453.8
315.9 380.9
6,772.1
6,755.1
2,708.5
757.5
9,796.4
7,893.5
320.6 357.9
7,246.9
7,347.4
2,879.6 4,204.5
10,447.2 11,909.9
380.6 465.4
7,932.7
8,359.1
2,886.8 1,087.3
11,200.1
9,911.7
378.3 404.6
8,675.6
8,523.4
2,884.2 3,696.6
11,938.1 12,624.6
422.5 458.4
8,827.6
8,903.4
2,881.0 2,401.9
12,131.1 11,763.6
479.7 426.8
9,700.0
9,200.1
2,789.8
960.1
12,969.5 10,587.0
432.8 457.8
9,053.3
8,503.7
2,819.5 2,480.7
12,305.5 11,442.1
418.0 450.2
8,558.1
8,647.3
4,000.9 3,490.2
12,976.9 12,587.7
443.2 547.2
8,625.1
8,198.3
4,284.5 4,313.6
13,352.8 13,059.2
462.2 564.2
9,224.7
9,105.6
4,445.5 5,237.1
14,132.4 14,906.9
511.1 571.7
9,593.7
9,526.2
4,525.1 1,555.3
14,629.9 11,653.2
489.3 587.8
10,043.9 10,300.1
4,600.0 4,876.4
15,133.1 15,764.2
506.7 531.7
10,753.2 10,431.9
4,710.9 3,739.5
15,970.8 14,703.1
517.0 740.2
10,955.4 10,766.3
6,409.7 6,609.1
17,882.1 18,115.6
547.3 633.8
11,186.6 11,230.6
6,487.4 6,697.2
18,221.2 18,561.5
579.7 612.2
11,513.9 11,180.0
6,858.9 6,334.1
18,952.6 18,126.3
604.7 871.7
11,199.2 11,098.5
6,847.2 6,964.2
18,651.0 18,934.4
705.7 771.7
12,089.1 11,525.0
6,560.0 6,793.4
19,354.7 19,090.1
669.5 762.9
11,312.3 11,104.1
7,049.8 7,233.6
19,031.5 19,100.6
670.8 900.2
11,082.8 11,796.8
7,179.3 6,485.9
18,933.0 19,183.0
670.9 808.5
11,611.5 11,522.9
7,178.9 6,678.8
19,461.4 19,010.2
704.1 823.9
12,396.3 12,161.9
7,461.2 7,410.4
20,561.6 20,396.1
733.1 1,109.0
12,569.8 12,625.7
7,184.2 6,947.4
20,487.1 20,682.2
698.5 916.4
13,248.7 13,888.4
7,291.6 5,291.8
21,238.8 20,096.6
842.9 1,016.4
14,598.7 14,881.2
8,674.8 10,434.6
24,116.3 26,332.2
863.8 1,126.2
15,119.5 14,706.1
10,506.3 9,875.3
26,489.6 25,707.6
863.9 1,020.5
15,131.6 15,559.5
10,923.8 9,032.9
26,919.4 25,612.9
952.5 1,170.2
15,579.2 15,718.7
11,240.6 11,070.0
27,772.3 27,959.0
981.9 1,146.2
15,080.9 15,087.5
14,042.6 14,319.0
30,105.4 30,552.7
1,079.0 1,274.0
16,595.0 17,371.6
17,027.0 17,336.4
34,701.0 35,981.9
124.0 190.9
175.6 519.7
330.8 426.8
518.1 771.7
810.9 1,274.0
1) end of period.
2,635.4
3,760.5
3,965.5
5,382.7
6,675.4
9,200.1
10,233.0 11,525.0
13,693.9 17,371.6
550.2
739.5
1,192.5 1,974.9
2,187.5
960.1
5,212.5 6,793.4
9,646.7 17,336.4
64*
3,309.6
5,333.6
9,193.7
15,963.6
24,151.4
4,690.8
7,877.3
10,587.0
19,090.1
35,981.9
Reserve money
Reserve money
multiplier (m1)
multiplier (m2)
average e.o.p.1) average e.o.p.1)
1.75
1.71
3.12
3.08
1.64
1.64
3.23
3.38
1.58
1.33
3.69
3.21
1.56
1.65
3.86
4.19
1.56
1.42
4.19
3.83
1.44
1.49
3.94
4.17
1.47
1.43
4.01
3.84
1.47
1.50
4.04
4.20
1.51
1.49
4.16
4.11
1.51
1.52
4.08
4.11
1.50
1.57
3.98
4.25
1.51
1.49
4.02
3.96
1.49
1.48
3.89
3.93
1.43
1.50
3.75
4.02
1.47
1.46
3.82
3.85
1.46
1.56
3.91
4.32
1.46
1.54
4.18
4.56
1.42
1.49
4.24
4.49
1.40
1.53
4.14
4.52
1.42
1.45
4.15
4.28
1.44
1.49
4.21
4.30
1.43
1.55
4.14
4.56
1.48
1.58
4.22
4.55
1.47
1.53
4.21
4.38
1.53
1.60
4.24
4.46
1.56
1.64
4.24
4.52
1.52
1.39
4.10
3.82
1.51
1.78
4.61
6.17
1.59
1.53
6.08
6.50
1.35
1.39
5.62
5.88
1.38
1.57
5.53
6.19
1.42
1.49
5.51
5.88
1.43
1.59
5.42
5.90
1.28
1.62
4.68
6.06
1.27
1.12
4.65
4.14
1.26
1.49
4.50
5.20
1.28
1.21
4.39
4.22
1.28
1.32
4.52
4.79
1.37
1.77
4.57
5.87
1.39
1.32
4.97
5.27
1.18
1.24
4.70
4.91
1.18
1.18
4.70
4.89
1.14
1.05
4.55
4.35
1.11
1.38
4.50
5.74
1.11
1.10
4.50
4.41
1.11
1.18
4.40
4.83
1.01
0.99
4.02
4.02
1.01
1.00
4.06
4.04
0.99
1.00
4.00
4.22
0.99
0.99
4.18
4.18
1.10
1.16
4.44
4.85
1.06
0.95
4.85
4.81
0.96
0.97
4.98
5.03
0.97
1.02
5.07
5.30
0.97
0.95
4.86
4.85
0.99
1.00
4.86
4.84
1.01
1.12
4.79
5.15
0.96
0.90
4.41
4.14
0.90
0.91
4.15
4.31
0.89
0.95
4.18
4.46
0.87
0.87
4.15
4.16
0.79
0.78
3.92
3.92
0.78
0.82
3.66
3.73
1.49
1.47
1.37
1.11
0.93
1.46
1.39
1.77
1.16
0.82
3.98
4.16
5.01
4.42
4.49
3.85
3.82
5.87
4.85
3.73
Annual Report 1999
Statistical Section
23. CURRENCY ISSUE COMPOSITION BY DENOMINATION

- end of period Coin
Coin *)
bill.lei
Leu 1
bill.lei
Leu 3
bill.lei
Leu 5
bill.lei
Leu 10
Leu 20
Leu 50
Leu 100
Leu 500
Total
bill.lei
bill.lei
bill.lei
bill.lei
bill.lei
1989
0.4
22.9
0.4 24.9
0.3 14.8
0.6 37.5
1.7 100.0
1990
0.4
19.5
0.5 23.0
0.3 12.8
0.9 42.6
0.0
2.1
2.0 100.0
1991
0.4
9.3
0.5 11.0
0.3
6.1
0.9 21.6
0.4
9.7
0.4 10.7
9.7
4.2 100.0
1992
0.4
3.5
0.5
4.5
0.3
2.3
0.9
8.4
0.8
6.9
1.3 11.8
3.1
28.1
3.9 34.5
11.2 100.0
1993
0.4
2.0
0.5
2.7
0.3
1.3
1.0
5.1
1.0
4.8
1.8
9.1
4.9
24.5
10.1 50.6
20.0 100.0
1994
0.4
1.4
0.6
2.0
0.3
0.9
0.5
1.9
1.1
4.0
2.4
8.6
7.0
24.4
16.3 57.0
28.6 100.0
1995
0.4
0.9
0.6
1.3
0.3
0.6
0.6
1.5
1.4
3.4
2.6
6.3
8.9
21.3
27.1 64.6
42.0 100.0
1996
0.4
0.9
0.6
1.3
0.3
0.6
0.7
1.5
1.4
3.2
2.8
6.2
9.2
20.3
30.0 66.1
45.3 100.0
1997
0.1
0.2
0.7
1.5
1.4
3.1
2.8
6.0
9.4
20.1
32.2 69.0
46.6 100.0
1998
0.1
0.2
0.7
1.5
1.4
3.1
2.8
6.0
9.4
20.0
32.7 69.3
47.2 100.0
1999
0.1
0.1
0.7
0.8
1.4
1.6
2.8
3.0
9.4
10.1
32.7 35.1
46.0 49.4
0.9
21.9
0.4
bill.lei
93.3 100.0
*) fractional coin
- end of period Banknote
Leu 100
bill.lei
Leu 50,000
Leu 100,000
bill.lei
Leu 200
%
bill.lei
bill.lei
bill.lei
bill.lei
bill.lei
bill.lei
bill.lei
1989
73.5 100.0
1990
96.0 100.0
1991
95.9
50.4
1992
43.0
9.5
1.4
1993
4.6
0.4
1994
2.6
1995
1996
Leu 500
Leu 1,000
Leu 2,000
Leu 5,000
Leu 10,000
Total
bill.lei
73.5 100.0
96.0 100.0
59.4 31.2
190.3 100.0
0.3
88.1 19.5 157.4 34.9
160.7 35.7
450.5 100.0
1.8
0.2
94.4
8.5 192.1 17.4
812.9 73.5
1,105.8 100.0
0.1
0.8
0.0
85.7
3.6 209.5
8.8
1,108.5 46.8
963.5
40.6
2,370.6 100.0
0.4
0.0
94.5
2.4 249.0
6.4
1,281.0 32.8
2,285.8
58.4
3,910.7 100.0
88.1
1.5 183.4
3.1
1,196.0 20.4
3,693.9
63.0
699.1 11.9
5,860.4 100.0
1997
82.3
0.9
84.3
0.9
915.9
9.6
3,186.5
33.2 5,314.8 55.5
9,583.9 100.0
1998
73.2
0.6
79.2
0.6
459.4
3.7
2,458.3
20.1 5,704.0 46.5 3,484.6 28.4 12,258.8 100.0
1999
4.4
0.0 150.8
0.8
9.7
0.1
550.2
3.0
3,240.5
17.4 6,408.0 34.5 8,219.5 44.2 18,583.1 100.0
35.1 18.4
- end of period Coin

bill.lei
Banknote
%
bill.lei
Total
bill.lei
1989
1.7
2.3
73.5 97.7
75.2 100.0
1990
2.0
2.0
96.0 98.0
98.0 100.0
1991
4.2
2.2
190.3 97.8
194.5 100.0
1992
11.2
2.4
450.5 97.6
461.7 100.0
1993
20.0
1.8
1,105.8 98.2
1,125.8 100.0
1994
28.6
1.2
2,370.6 98.8
2,399.2 100.0
1995
42.0
1.1
3,910.7 98.9
3,952.7 100.0
1996
45.3
0.8
5,860.4 99.2
5,905.7 100.0
1997
46.6
0.5
9,583.9 99.5
9,630.5 100.0
1998
47.2
0.4 12,258.8 99.6 12,306.0 100.0
1999
93.3
0.5 18,583.1 99.5 18,676.4 100.0
65*
Annual Report 1999
Statistical Section
24a. AGGREGATE SURVEY OF BANKS'

CLASSIFIED CREDITS
31.12.1994
31.12.1995
31.12.1996
31.12.1997
31.12.1998
- billions of lei 31.12.1999 *
9,385.3
18,453.4
26,743.7
40,084.8
66,913.6
59,446.4
Standard
3,349.0
3,096.4
2,969.2
5,464.4
8,366.3
14,611.5
Watch
2,794.2
4,973.1
7,397.0
8,546.6
10,601.9
13,543.1
Substandard
1,101.6
2,591.1
4,878.9
4,998.8
8,797.1
10,253.9
Doubtful
1,114.3
2,528.8
2,690.4
3,982.8
5,155.0
3,978.7
Loss
1,026.2
5,264.0
8,808.2
17,092.3
33,993.4
17,059.3
2. Guarantees and collaterals, total
7,856.4
13,203.9
19,478.2
26,101.0
39,452.4
39,460.3
3. Credits granted, total (net)
1,529.1
5,249.5
7,265.5
13,983.8
27,461.2
19,986.1
Standard
403.8
526.9
585.7
943.6
2,326.8
6,689.2
Watch
447.2
1,403.0
1,248.5
1,629.3
1,617.2
2,107.0
Substandard
184.2
664.8
1,119.9
1,018.3
1,354.4
1,611.1
Doubtful
172.3
635.3
793.1
1,122.3
1,128.5
718.8
Loss
321.6
2,019.5
3,518.2
9,270.5
21,034.3
8,860.0
1. Credits granted, total (gross)
Note: The indicator '' Credits granted, total (gross) '' includes the outstanding interests on which banking
companies computed risk provisions according to Government Decision 335/1995
*) Excluding Bankcoop (during liquidation).
24b. AGGREGATE SURVEY OF BANKS'

RISK PROVISIONS
31.12.1995
31.12.1996
31.12.1997
31.12.1998
- billions of lei 31.12.1999 *
474.4
2,550.0
4,218.2
10,001.1
21,950.3
9,792.7
Watch
22.5
70.2
63.5
81.5
80.9
105.6
Substandard
37.0
133.2
228.5
203.7
270.9
342.4
Doubtful
89.5
317.7
404.0
561.2
564.3
363.9
325.4
2,028.9
3,522.2
9,154.7
21,034.3
8,980.7
130.9
1,785.0
2,513.6
7,312.8
16,207.6
10,056.0
5.1
38.0
114.1
96.5
101.3
106.1
Substandard
13.6
72.6
152.7
272.3
218.3
348.8
Doubtful
17.6
252.7
389.3
541.8
467.1
386.7
94.7
1,421.7
1,857.5
6,402.2
15,420.9
9,214.4
31.12.1997
31.12.1998
31.12.1994
1. Risk provisions required, total
Loss
2. Actual risk provisions, total
Watch
Loss
*) Excluding Bankcoop (during liquidation).
24c. SOLVENCY RATIO

31.12.1995
Aggregate level of the solvency ratio
13.8
66*
31.12.1996
13.3
13.6
10.3
- percent 31.12.1999
17.9

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National Bank of Romania

ISSN 1453 3928

Romania is located in the south-eastern part of Central Europe, inside

and outside the Carpathians range, on the lower course of the

Moldova, and Ukraine.

238,391 sq. km (the twelfth in Europe);

forest 27 percent, other 11 percent.

Republic (according to the Constitution approved in 1991);

the President, following results of general elections);

Romanian leu, fractional coin - ban;

Agricultural Sector Adjustment Loan

Part I: Economic developments

Chapter 2. National economy in 1999........................................................................30

Chapter 3. Financial markets in Romania..................................................................49

Part II: National Bank of Romania's activity

Chapter 5. Licensing, regulation and prudential supervision

Chapter 6. Currency issue and the Romanian payments system ........................91

Chapter 7. Operations with the State Treasury, management of

Part III: Balance sheet and profit and loss account

Part IV: Objectives and guidelines

Overview of the major economic, financial, monetary, and foreign

governance in some sectors lingered; these causes translated into a number of

A. Main macroeconomic constraints

currency was overvalued by approximately 30 percent as against the equilibrium level,

Chapter 1. World economy in 1999

Chapter 1. World economy in 1999

Chapter 1. World economy in 1999

Chapter 1. World economy in 1999

Chapter 1. World economy in 1999

Chapter 1. World economy in 1999

Chapter 1. World economy in 1999

Chapter 1. World economy in 1999

Chapter 1. World economy in 1999

Table 1. MAIN MACROECONOMIC INDICATORS IN SELECTED TRANSITION COUNTRIES, 1995 - 1999

Slovakia Slovenia Hungary

Chapter 1. World economy in 1999

Slovakia Slovenia Hungary

1999 1) 9,984.4 1) 22,863.4

Chapter 2. National economy in 1999

Chapter 2. National economy in 1999

1999 vs. 1998

1. Gross Domestic Product

Chapter 2. National economy in 1999

Speeding up the structural reforms, restructuring of the previously overstaffed sectors

Chapter 2. National economy in 1999

Chapter 2. National economy in 1999

calculated in terms of the economy-wide gross value added

Chapter 2. National economy in 1999

Imports by Group of Countries

Chapter 2. National economy in 1999

Chapter 2. National economy in 1999

index; previous December=100

Chapter 2. National economy in 1999

Chapter 2. National economy in 1999

Chapter 2. National economy in 1999

Chapter 2. National economy in 1999

a) Trade balance (goods)

Chapter 2. National economy in 1999

Chapter 2. National economy in 1999

According to the last budget revision

Chapter 2. National economy in 1999

to improve budget performance;

to deepen budgetary decentralisation by increasing the ability of local

to lower direct taxation compared to indirect one in order to stimulate the