Narodowy Bank Polski

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Money Supply in November 2014

Date: 12-12-2014

NBP data: Money supply M3 in November increased by PLN 4.5bn in nominal terms. Household deposits grew, as did corporate deposits, albeit those latter at a lower rate. Debt of households was growing at a slower pace than in the previous month. On the other hand debt of corporates increased, following a decrease observed in October.

Preliminary data, posted by NBP on 12 December, show that money stock rose moderately in November. The M3 aggregate, which reflects the total money supply, amounted to PLN 1,033.1bn at the end of November, and was higher by PLN 4.5bn (i.e. by 0.4%) than at the end of October.

The component that dominated the M3 monthly growth were household deposits, which increased by PLN 4.8bn (i.e. by 0.8%) to reach PLN 576.6bn. Corporate deposits grew by a slightly smaller amount. At the end of November their value amounted to PLN 213.5bn, and was higher by almost PLN 4bn (i.e. 1.9%) than at the end of October. On the other bank deposits of non-monetary financial institutions shrank. At the end of November they stood at PLN 49bn, which represents a drop of PLN 4.5bn (i.e. 8.5%) as against the end of October.

Bank claims on corporates rose by PLN 3.4bn (i.e. by 1.1%) and stood at PLN 303bn. Household debt increased by PLN 1.5bn (i.e. by 0.2%) to reach PLN 593.5bn. Debt of non-monetary financial institutions was growing fast for a second consecutive month. Debt owed by these entities went up by PLN 2.9bn (i.e. by 5.9%) to PLN 52bn.

See full money supply date in November 2014.

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