Nevertheless, the drop in the cash in the abovesaid interval was more than compensated for by the growing deposits. The M1 monetary aggregate, including both the cash in circulation and the current accounts, slid from 92 billion lei in September last year down to 80 billion lei in this September. In the same time, the M2 aggregate, including term deposits, climbed from 166 up to 182 billion lei.
As following the panic episode last autumn, determined by the rumors of an imminent collapse of the important banks, bankers struggled to regain the trust of the population, by offering higher interests. The strategy worked, with the deposits climbing gradually since the beginning of the year. In the same time, the card operations went up, which also diminished the need for cash.