Narodowy Bank Polski

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Money supply in February 2015

Publication date: 13-03-2015

February saw a relatively large increase in the M3 money supply. Deposits of households and local government institutions were the dominant factors in the monthly M3 growth.

According to preliminary data on money supply released by Narodowy Bank Polski on 13 March, the money stock rose in February. At the end of the month, the M3 aggregate, which reflects the total money supply, amounted to PLN 1,053.3 billion and was by PLN 8.2 billion (i.e. by 0.8%) higher than at the end of January 2015.

In February, the value of household deposits rose by PLN 6.8 billion (i.e. by 1.1%) to PLN 603.5 billion. A higher than normal increase in the value of the deposits is typical of the start of a year and is the result of additional payouts of annual premiums and bonuses for employees. Local government institutions also registered a marked rise in deposits – by PLN 3.3 billion (i.e. by 13.9%) to PLN 27.2 billion. The latter development is also observed every year, and it is associated with the transfer of funds due to local governments by the central government institutions sector, whose value is higher than in the remaining months of a year.

The value of corporate deposits decreased for the second month in a row. In February, their value declined by PLN 2.0 billion (i.e. by 0.9%) to PLN 209.4 billion. This development is typical of the first two months of a year as economic agents earmark some funds for additional payouts for their staff. The value of funds deposited at banks by non-monetary financial institutions also decreased. At the end of February, the value of the deposits was PLN 46.1 billion, which means it was by PLN 3.7 billion (i.e. by 7.4%) lower than in January 2015. The fall had substantially constrained money supply in February.

On the side of the counterparts to the money stock, the biggest change was recorded in corporate debt and in the debt by non-monetary financial institutions. In February, corporate claims towards banks increased by PLN 1.2 billion (i.e. by 0.4%) to PLN 302.2 billion. The debt of non-monetary financial institutions, mostly investment funds and insurance companies, grew by PLN 1.0 billion (i.e. by 1.9%) to PLN 52.4 billion.

Household liabilities towards banks declined. In February, they decreased by PLN 4.6 billion (i.e. by 0.8%) on the end-of-January figure to PLN 607.3 billion. The strengthening of the zloty against the Swiss franc had a strong influence on the size and vector of this change. Domestic banks’ claims on government institutions also dropped – by PLN 1.3 billion (i.e. by 0.8%) to PLN 158.5 billion.

See full money supply data, February 2015

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