Money Supply in May 2013
Publication date: 14-06-2013
NBP data: Balances on corporate and local government bank accounts have increased. Households have moved some of their bank savings to investment funds. Lending continues to stall.
On 14 June, the National Bank of Poland released data on money supply in May 2012. There were only minor changes in the key indicators. The only substantial change - of PLN 5.6bn, up to PLN 187.3bn - was recorded in corporate deposits. NBP analysts point out that corporate deposits have been growing for a fourth consecutive month, since a decline in January. There was also a PLN 2.1bn rise in of local government deposits, related to disbursement of local government’s share in PIT receipts from the central budget.
Household deposits diminished by PLN 2.7bn, to PLN 526.8bn. Some of the holdings were placed in investment funds - net household inflow to investment funds is estimated at approx. PLN 1.5-2.0bn.
Household bank debt climbed by approx. PLN 7.0bn in nominal terms; yet most of the increase was attributable to a weaker zloty. In real terms, loans to private individuals expanded by a mere PLN 2.4bn.
A similar development was observed in corporate bank debt. It showed an increase resulting from changes in the zloty exchange rate; in real terms, corporate debt remained virtually unchanged. In May 2013, annual nominal growth in corporate bank debt was negative (posting a fall of 0.2%). This indicator has fallen for the first time since December 2010.
See full money supply data, May 2013.