Narodowy Bank Polski

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Money supply in May 2017

Publication date: 14-06-2017

May 2017 saw an increase in M3 money supply by PLN 6.4 billion. The increase was mainly caused by a growth in bank liabilities towards the corporate sector and an increase in liabilities resulting from repo transactions.

According to preliminary data released by Narodowy Bank Polski on 14 June 2017, in May 2017 the M3 aggregate, which reflects the total money supply, amounted to PLN 1.3 trillion at the end of the month and was PLN 6.4 billion higher than at the end of April 2017.

In May 2017 the value of deposits and other bank liabilities towards the household sector rose by PLN 7.1 billion (i.e. 2.9%) to the level of PLN 251.7 billion. Deposits and other liabilities to local government institutions increased by PLN 1.3 billion (i.e. 3.4%) to the level of PLN 39.4 billion and to non-monetary financial institutions by PLN 0.5 billion (i.e.1.0%) to the level of PLN 48.9 billion. Moreover, growth in the value of liabilities resulting from repo transactions, which are included in other M3 components, exceeded PLN 2.5 billion. On the other hand, the value of deposits and other bank liabilities towards the household sector declined by PLN 4.0 billion (i.e. 0.6%) to the level of PLN 709.2 billion. The value of cash in circulation (excluding vault cash) decreased by PLN 1.4 billion (i.e. 0.8%) to PLN 174.8 billion.

The value of household debt grew by PLN 1.6 billion (i.e. 0.2%) to PLN 668.1 billion, while the debt of non-monetary financial institutions increased by PLN 1.0 billion (i.e. 1.5%) to PLN 68.4 billion. Claims on the corporate sector declined by PLN 1.7 billion (i.e. 0.5%) to PLN 350.5 billion. The net debt of the sector of central government institutions rose by PLN 0.9 billion (i.e. 0.4%) to the level of PLN 221.7 billion.

See full money supply data

Notice on changed release dates for broad money M3 and its counterparts

Pursuant to the provisions of the Resolution of the Management Board of Narodowy Bank Polski no 71/2016 of 22 December 2016 on the manner, detailed scope and deadlines of reporting to NBP data necessary for the monetary policy purposes, periodical evaluation of the state’s monetary situation and assessing financial situation of banks as well as banking sector risk, which entered into force on 1 June 2017, the Department of Statistics announces the following changes in data release dates:

14 June 2017 is the final release date for tables: ”Broad money M3 and its counterparts (short version) – preliminary data” and ”Broad money M3 and its counterparts (short version) – preliminary data; changes vs the beginning of the year and the previous month” which were based on preliminary information and released on the 14th working day following the end of the respective month.

Starting from the data for June 2017, tables: ”Broad money M3 and its counterparts – balance sheet format (including transaction data)” and ”Broad money M3 and its counterparts – balance sheet format (short version)1 ” will be released in accordance with the advance release calendar available at:

1 The table will contain data on changes since the beginning of the year and as compared to the previous month.

NBP interest rates

Reference rate 6.75
Lombard rate 7.25
Deposit rate 6.25
Rediscount rate 6.80
Discount rate 6.85

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00-919 Warszawa

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