Narodowy Bank Polski

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Money supply in April

Publication date: 14-05`-2014

NBP Data: In April 2014, the M3 money supply grew, in nominal terms, by 0.6%. Household deposits rose, whereas those of corporates fell. Bank debt rose in both of those sectors.

According to preliminary data on money supply released by NBP on 14 May, the money stock increased in April, in monthly terms. At the end of April, the M3 aggregate which reflects the total money supply amounted to PLN 985.8bn, and was by 0.6% (c. PLN 5.4bn) higher than at the end of March.

Currency in circulation outside banks, which rose by 2.2% ( c. PLN 2.6bn) to PLN 119.3bn, and deposits of non-monetary financial institutions, which rose by 5.9% (c. PLN 2.6bn) to PLN 46.7bn, were the primary M3 components responsible for a monthly increase in the M3 supply. Household deposits grew by 0.3% (c. PLN 1.8bn) to PLN 559.6bn. To the contrary, those of corporates shrunk. At the end of April, they stood at PLN 192.2bn, which represents a decrease of PLN 2.1bn, i.e. 1.1%. Deposits of local governments also fell markedly in the month under review (by c. PLN 1.4bn), to PLN 30.1bn.

The sectoral breakdown shows that the highest debt growth – c. PLN 4bn - occurred in the sector of corporates. At the end of the month, their liabilities to banks amounted to PLN 287.4bn. In April, banks’ claims on households rose by 0.7% (c. PLN 3.8bn) to PLN 573.2bn. The bank debt of non-monetary financial institutions dropped by a total of 5.5% (PLN 2.7bn) and at the end of the month, stood at PLN 46bn.

See full money supply date in April 2014.

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