Government credit jumps 232% year-on-year

At the end of June 2009, non-government loans granted by credit institutions dropped 0.5% from May this year, expressed in lei, up to 198.06 billion lei. The annual growth pace scaled back to 11.2% in nominal terms from 15.9% in May.

This is the fourth successive month of decline in non-government loan compared to a month earlier, after 2.1% fall in March, 1% in April and 0.7% in May.

In May, the non-governmental loan had dropped 0.7% compared to prior month, after 1% decline in April and 2.1% in March. At the end of May, non-government loan totaled 199.08 billion lei.

Compared to end-February peak of 206.89 billion lei (48.2 billion euros), non-government loan decreased by 8.83 billion lei (over 2 million euros) in four months. The annual growth pace dropped three-fold in first quarter, from 33.7% in December 2008.

In real terms, assuming the inflation rate, the loans granted by banks to natural persons and companies fell 0.7% from May, and the advance recorded in the twelve months to June 2009 stood at 5%, National Bank of Romania shows.

Ron-denominated loans contracted in June by 2.1% (1 billion lei) from May, down to 80.93 billion lei (19.2 billio euros). When compared to end-June 2008, RON-denominated loans increased by only 1.1%. In May2008-May2009 interval, RON-denominated loan advanced by 4.5%.

Compared to end-June 2008, the forex-denominated non-government loans increased by 19.4% in nominal terms. When expressed in euro, the annual growth pace of forex-denominated loan was of only 3.5%.

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