Narodowy Bank Polski

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Money supply in January 2017

Publication date: 14-02-2017

January 2017 saw a decline in M3 money supply by PLN 17.0bn. The decrease was mainly driven by a fall in corporate deposits and a drop in the value of cash in circulation (excluding vault cash) and deposits of social security funds.

Preliminary data released by Narodowy Bank Polski on 14 February show that in January 2017 the M3 aggregate, which reflects the total money supply, amounted to PLN 1,248.6bn at the end of the month and was PLN 17.0bn lower than at the end of December 2016.

In January 2017, the value of deposits in the corporate sector fell significantly, which is typical of that month of a year, by PLN 13.3bn or 5.0%. The decline in the money supply was also driven by a fall of PLN 1.9bn (35.5%) in other bank liabilities towards social security funds to the level of PLN 3.5bn. The value of cash in circulation (excluding vault cash) decreased by PLN 3.1bn, or 1.8%, to PLN 171.3bn.

On the side of expansion of counterparts to money stock, there was a fall in the net debt of central government institutions, which is also typical of January, amounting to PLN 26.4bn (10.4%) to PLN Claims on households decreased by PLN 1.2bn (0.2%) to PLN 663.9bn. The value of debt rose only in the corporate sector – by PLN 1.3bn (0.4%) to PLN 341.4bn.

See full money supply data

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