Narodowy Bank Polski

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Money Supply in January

Publication date: 13-02-2015

NBP data: January saw a decline in the M3 money supply, which is typical of the first month of a year. Corporate bank deposits, whose value decreased, were the primary factor influencing the size and vector of the M3 aggregate change. The weakening of the zloty led to a substantial rise in household debt. The corporate sector registered a rise in claims after their fall in December 2014.

According to preliminary data on money supply released by Narodowy Bank Polski on 13 February, the money stock decreased in January. At the end of the month, the M3 aggregate, which reflects the total money supply, amounted to PLN 1,044.6 billion and was by PLN 14.6 billion (i.e. by 1.4%) lower than at the end of December 2014.

The value of corporate deposits dropped by PLN 14.6 billion (or by 7.1%) to PLN 211.3 billion. This development, which is typical of January, was a result of the rebuilding of balances of current accounts of non-financial corporations at the start of a new financial year and payouts of annual premiums and bonuses for employees. The value of funds deposited at banks by non-monetary financial institutions also decreased. At the end of January, the value of the deposits was PLN 49.7 billion, which means it was by PLN 2.2 billion (i.e. by 4.2%) lower than in December 2014. On the other hand, household deposits rose – at the end of January they stood at PLN 596.4 billion, which represented a PLN 4.9 billion (or 0.8%) increase on the end-of-the December-2014 figure.

On the side of the counterparts to the money stock, the biggest change was recorded in household debt, which grew by PLN 18.0 billion (i.e. by 3.0%) to PLN 611.3 billion. The nominal increase was strongly affected by non-transactional changes, associated mainly with the weakening of the zloty against the Swiss franc by over 47 groszes (i.e. by 13.3%). After adjustment for these changes, total claims on households decreased by PLN 0.4 billion. Corporate debt also rose – by PLN 2.5 billion (i.e. by 0.8%) – and amounted to PLN 301.0 billion.

Domestic banks’ claims on government institutions dropped. In January, they declined by PLN 9.3 billion (i.e. by 5.5%) to PLN 159.7 billion. After growing for three months, the debt of non-monetary financial institutions also declined. Claims on these institutions fell by PLN 3.6 billion (i.e. by 6.5%) to PLN 51.5 billion.

See full money supply data, January 2015.

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