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Money supply in August 2013

Publication date: 13-09-2013

NBP data: A moderate growth in the M3 aggregate was accompanied by slight increases both in bank deposits and loans. Debt incurred by central government bodies grew the fastest.

Preliminary data on money supply in August 2013, published by NBP on 13 September, indicate that the tendencies observed over the last several months still persist. The value of the M3 aggregate rose by 0.7 percent against its July figure. Since the beginning of 2013 a more pronounced growth has been observed in cash and current deposits. In August, the share of the M1 aggregate in the overall money supply amounted to 55.8 per cent, reaching the highest value in the past two years. One of the contributing factors – as noted by NBP analysts – was a continuous decrease in interest rates on term deposits.

Deposits of households grew in August by 0.5 percent, and stood at PLN 531.8bn, whereas credits expanded by 0.7 per cent – although in real terms, adjusted for exchange rate fluctuations, the growth in credits amounted to 0.5 per cent as well. At the end of August, bank debt of households stood at PLN 556.4bn.

Corporate deposits shrank insignificantly, with bank corporate debt rising by 1.1 per cent (1 per cent in real terms). The debt of central government bodies grew at the fastest pace (by 4.9 per cent), reaching PLN 123.5bn net.

See full money supply data, August 2013.

NBP interest rates

Reference rate 6.75
Lombard rate 7.25
Deposit rate 6.25
Rediscount rate 6.80
Discount rate 6.85

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