Narodowy Bank Polski

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Marginal increase in money supply in June

Date: 13-07-2012

NBP data: Corporate and local government accounts saw a decline in money holdings. At the same time, the level of household and corporate debt edged down.

June saw a slight increase in M3 supply. M3 grew by PLN 0.6 billion, i.e. 0.1% and reached PLN 884.7 billion.

The largest growth, one of PLN 4.1 billion in nominal terms, was recorded in household deposits. Individuals hold the total of PLN 493 million in bank deposits. Corporate bank deposits decreased by PLN 2.4 billion in nominal terms, posting a decline of 1.3%. The largest percentage decline was seen in local government deposits (6.5%). At the end of June, local governments held the total of PLN 25.4 billion at banks (it should be noted that the a month ago these holdings rose after local governments had been granted a share in personal income tax revenue in May 2012).

Household debt fell by nearly PLN 3.8 billion (down to PLN 540.4), whereas corporate debt slid by almost PLN 2 billion to reach PLN 270.7 billion at the end of the month. In both cases the direction and extent of month-on-month changes were significantly affected by the appreciation of the zloty against foreign currencies.

- See full NBP data on money supply in June 2012

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Narodowy Bank Polski
Świętokrzyska 11/21
00-919 Warszawa

+48 22 185 10 00
NIP: 525-000-81-98
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