Narodowy Bank Polski

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Money supply in October 2015

Publication date: 13-11-2015

NBP data: October has seen the highest rise in the M3 money supply this year. This was driven by an increase in deposits of households and non-monetary financial institutions.

According to preliminary data on money supply released by Narodowy Bank Polski on 13 November 2015, October has seen the highest increase in the stock of money this year. At the end of the month, the M3 aggregate amounted to PLN 1,122.9 billion, which represented an increase of PLN 15.4 billion (or 1.4%) on the end-of-September figure.

The preliminary data show that the rise in the M3 money supply was mainly caused by an increase in the level of deposits of households and non-monetary financial institutions. The value of household deposits rose by PLN 6.2 billion (i.e. 1.0%) to PLN 625.7 billion. This was the highest increment since February 2015. The value of deposits of non-monetary financial institutions grew by PLN 3.9 billion (i.e. 8.2%) to reach the level of PLN 51.6 billion. On the other hand, the value of corporate deposits rose slightly, by PLN 0.5 billion (i.e. 0.2%), to PLN 233.5 billion.

On the side of counterparts to the expansion of money stock, a rise in net debt of central government institutions had the strongest impact on the increase of M3, and the impact of banks’ lending to households was of lesser significance. The net debt of the sector of central government institutions grew by PLN 14.3 billion (i.e. 8.8%) to PLN 176.7 billion. Banks’ claims on households rose by PLN 4.0 billion (i.e. 0.6%) to the level of PLN 630.2 billion. Banks’ claims on corporates amounted to PLN 326.0 billion and remained at the level registered a month earlier. A marked decrease in debt – by PLN 2.4 billion (i.e. 4.1%) to PLN 56.9 billion – was recorded only in the non-monetary institutions sector.

See full money supply data, October 2015

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