Banking Survey, March 2003

At the end of March 2003 broad money M2 made up LTL 14.8 billion.In the course of one month it increased by LTL 330.7 million, i.e. 2.3 per cent, while the annual increase amounted to LTL 2.0 billion, i.e. 15.6 per cent.

Currency in circulation grew by LTL 13.2 million in March, demand deposits in litas went up by LTL 197.7 million, of which deposits of non-financial public companies, non-financial private companies and non-banking financial institutions increased by LTL 56.4 million, LTL 131.2 million and LTL 40.3 million, respectively, while deposits of local government institutions went down by LTL 37.7 million.

Litas time and savings deposits increased by LTL 65.2 million, of which deposits of non-financial private companies, natural persons and non-profit organisations increased by LTL 44.9 million, LTL 29.4 million and LTL 14.2 million, respectively, and such deposits of non-financial public companies and non-banking financial institutions decreased by LTL 12.5 million and LTL 11.4 million, respectively.Deposits in foreign currencies went up by LTL 54.6 million, of which deposits of natural persons increased by LTL 43.1 million.

Net foreign assets increased in March by LTL 1,444.1 million, of which foreign assets went up by LTL 1,069.5 million, and foreign liabilities went down by LTL 374.6 million.

Domestic credit contracted by LTL 1,129.8 million, of which net claims on the central government and mandatory social and health insurance funds went down by LTL 1,305.6 million, while claims on the private sector and non-banking financial institutions rose by LTL 126.0 million and LTL 29.9 million, respectively.

The main reason behind the increase of net foreign assets and the decline of net claims on the central government and mandatory social and health insurance funds was the distribution of EUR 400 million Lithuanian Government ten-year Eurobond issue in international markets.