Narodowy Bank Polski

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Money Supply Up in March 2013

Publication date: 12-04-2013

NBP data: Broad money supply expanded in March, mostly as a result of a parallel increase in cash in circulation, and in bank deposits of both households and corporates.

On 12 April, the National Bank of Poland released data on money supply in March 2013. They show that the M3 aggregate rose on the end-of-February figure by 1.3 % in nominal terms.

March saw a rise in cash in circulation, related to cash hoarding by households preparing to meet Easter expenditure.

Despite this, households' bank deposits rose as well, by PLN 4.2bn. Notably, this occurred amidst heightened interest in the purchase of investment fund units. At the end of March, individuals held a total of PLN 531.9bn at banks. Corporate deposits increased as well.

Household debt due to banks grew less steeply than deposits - by PLN 2.9bn, up to PLN 542.8bn. The amount of corporate bank debt remained largely unchanged in March, in similarity to the first two months of the year.

See full money supply data, March 2013.

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00-919 Warszawa

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