Narodowy Bank Polski

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Money supply in February 2016

Publication date: 14-03-2016

NBP data: February 2016 saw a rise in M3 money supply by PLN 7.1 billion. 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 14 March 2016, the stock of money increased moderately in February. At the end of the month, the M3 aggregate, which reflects the total money supply, amounted to PLN 1,158.2 billion and was PLN 7.1 billion (i.e. 0.6%) higher than at the end of January 2016.

The value of household deposits rose by PLN 5.6 billion (i.e. 0.9%) to PLN 658.3 billion. In February the monthly increase in deposits of this sector is usually higher than in the following months, among others, due to the continuation of additional payouts of annual premiums and bonuses for employees. Local government institutions also registered a marked rise in deposits – by PLN 5.0 billion (i.e. 20.2%) to the level of PLN 30.0 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. However, the value of corporate deposits decreased – by PLN 1.4 billion (i.e. 0.6%) to PLN 235.3 billion. This development is typical of the first two months of the year as economic agents earmark some funds for additional payouts for their staff.

The net debt of the sector of central government institutions contributed to the increase in M3 money supply. It grew by PLN 21.3 billion (i.e. 10.8%) to PLN 218.8 billion. However, the debt of non-monetary financial institutions and corporates decreased. The debt of non-monetary financial institutions fell by PLN 5.1 billion (i.e. 9.0%) to reach the level of PLN 51.8 billion. The debt of corporates decreased by PLN 3.5 billion (i.e. 1.0%) to PLN 332.6 billion at the end of February . However, household debt increased. Banks’ claims on households rose by PLN 1.0 billion (i.e. 0.2%) to the level of PLN 638.1 billion. Compared to other months, February is characterised by seasonally reduced demand for loans on the part of households.

See full money supply data, February 2016

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