More Deposits, More Lending
NBP data: In August, money supply rose by 1.9% on the July figure. Household deposits increased by PLN 5 billion.
On 14 September, the NBP released data on money supply in August. M3 supply expanded by 1.9%. Household deposits held at banks increased by PLN 5 billion (i.e. 1.1%) on the previous month. At the end of August, individuals’ savings deposited at banks amounted to a total of PLN 445.1 billion. NBP analysts point to the enhanced offer extended by banks to the saving public. The average interest paid on zloty deposits stood at 4.2% in July, as compared with 3.6% at the end of last year.
Credit to households expanded by PLN 5.5 billion. Individuals’ bank debt amounts to a total of PLN 521,6 billion.
Corporate deposits grew as well (by 2%). Lending to businesses weakened on the previous months. In August, the amount of corporate loans increased by PLN 2.4 billion in nominal terms. However, when adjusted for exchange rates movements ,this increase translates to PLN 0.7 billion. Corporate liabilities towards banks total PLN 242 billion, while corporate deposits at banks amount to a total of PLN 175.8 billion.
See complete money supply data August 2011