Narodowy Bank Polski

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Money Supply in December

Publication date: 14-01-2014

NBP data: December saw a sharp rise in the M3 aggregate, which is typical of the month. The total amount of household and corporate deposits increased considerably. The drop in the amount of loans granted to these entities was also of a seasonal nature.

Preliminary data on money supply, posted by NBP on 14 January, show the stock of money to have expanded in December. The M3 aggregate, which reflects the total money supply, amounted to PLN 977.3 at the end of the month, 2.5% up on the end-of-November figure. The amount of money in circulation rose by 0.6% in the same period (up to PLN 114.4bn).

Household bank deposits increased in December. In nominal terms, they grew by PLN 10.0bn (1.9%), to stand at PLN 543.5bn. Also corporate deposits at banks grew in the period under review. At the end of the month, those deposits totalled PLN 206.3, having risen by 6.7% on their November level.

On the other hand, the amount of bank loans extended to individual customers and busi-nesses decreased. Lending to households shrank by nearly PLN 1bn, causing a drop in household bank debt down to PLN 562.2bn. Corporate lending contracted by PLN 1.3bn, to PLN 275.4bn.

See full money supply data, December 2013.

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